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White Mountains Insurance Group WTM Bamboo Captive — Amortization
of deferred
policy acquisition costs

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Other financials

Income statement

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Revenue$844.6M+22.5%
Gross profit$764.5M+18.2%
Net income$199.5M+62.3%

Balance sheet

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Total debt$932.5M+34.2%
Total equity$5.4B+16.0%
Total assets$13.8B+16.4%

Cash flow

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Operating cash flow-$55.5M-131%

Valuation

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Market cap$5.3B+15.6%
P/E4.7×
P/S1.4×-0.5×

Profitability

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Gross margin94.1%-3.2pp
Net margin29.3%

Returns & leverage

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Return on equity22.4%
Debt / equity0.2×0.0×

Where this comes from

Reported directly by White Mountains Insurance Group in its filing.

Tagged under the XBRL concept us-gaap:SupplementalInformationForPropertyCasualtyInsuranceUnderwritersAmortizationOfDeferredPolicyAcquisitionCosts.

The source filing: White Mountains Insurance Group’s 10-K, filed February 27, 2026.

Filed
Feb 27, 2026, 9:21 AM EST
Fiscal year
FY2025
Accession
0001628280-26-012603
Column A / Affiliation withregistrantColumn B / Deferred acquisitioncostsColumn C / Reservesfor Unpaid Claims and Claims Adjustment ExpensesColumn D / Discount, if any, deducted in Column CColumn E / Unearned PremiumsColumn F / Earned PremiumsColumn G / Net investmentincomeColumn H / Claims and Claims Adjustment Expenses Incurred Related to / Current YearColumn H / Claims and Claims Adjustment Expenses Incurred Related to / Prior YearColumn I / Amortizationof deferredpolicy acquisitioncostsColumn J / Paid Claims and Claims Adjustment ExpensesColumn K / Net Premiumswritten
2024165.22,127.5853.31,587.890.7914.4(58.6)294.1416.71,679.1
2023145.31,605.1743.61,409.761.4706.919.9273.1407.91,520.9
Bamboo Captive (1)
2025$26.7$1.8$16.0$2.0$9.7$27.2$16.1
202410.217.831.539.41.417.33.314.112.050.0
2023
Bamboo CRVs
2025$2.5$13.6$9.6$22.2$1.5$16.2$3.8$8.3$16.4$1.4

Item 16. Form 10-K Summary.

FAQ

What is White Mountains Insurance Group's bamboo captive — amortization
of deferred
policy acquisition costs?
White Mountains Insurance Group (WTM) reported bamboo captive — amortization
of deferred
policy acquisition costs of $2.43M in Q4 2025.
How has White Mountains Insurance Group's bamboo captive — amortization
of deferred
policy acquisition costs changed year-over-year?
White Mountains Insurance Group's bamboo captive — amortization
of deferred
policy acquisition costs decreased by 31.2% year-over-year, from $3.53M to $2.43M.
What does bamboo captive — amortization
of deferred
policy acquisition costs mean?
This represents the systematic expensing of costs directly associated with acquiring, underwriting, and issuing insurance policies over the life of the related contracts. It reflects the timing of recognizing acquisition expenses relative to the earned premium revenue. Monitoring this helps investors understand the efficiency of policy acquisition and the impact of deferred costs on the segment's profitability.

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