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White Mountains Insurance Group WTM Financial Guarantee (HG Global) — Unearned Premiums

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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:SupplementaryInsuranceInformationUnearnedPremiums.

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
Years ended: / December 31, 2025Column A / Millions / Years ended: / December 31, 2025Column B / Deferred Acquisition CostsColumn C / Future Policy Benefits, Losses, Claimsand Loss ExpensesColumn D / Unearned PremiumsColumn E / Other Policy Claims and Benefits PayableColumn F / Premiums EarnedColumn G / Net Investment IncomeColumn H / Benefits,Claims,Losses and Settlement ExpensesColumn I / Amortizationof Deferred Acquisition CostsColumn J / Other Operating ExpensesColumn K / Premiums Written
Ark/WM Outrigger$211.1$2,481.0$1,026.1$1,697.4$106.5$844.2$374.4$143.9$1,811.6
HG Global96.9327.930.827.18.061.4
Bamboo Captive (1)26.71.818.09.716.1
Bamboo CRV2.513.69.622.21.520.08.31.4
December 31, 2024
Ark/WM Outrigger165.22,127.5853.31,587.890.7855.8294.1136.11,679.1
HG Global86.6297.331.732.28.2.256.0
Bamboo Captive10.217.831.539.41.420.614.150.0

Item 16. Form 10-K Summary.

FAQ

What is White Mountains Insurance Group's financial guarantee (HG global) — unearned premiums?
White Mountains Insurance Group (WTM) reported financial guarantee (HG global) — unearned premiums of $327.9M in Q4 2025.
How has White Mountains Insurance Group's financial guarantee (HG global) — unearned premiums changed year-over-year?
White Mountains Insurance Group's financial guarantee (HG global) — unearned premiums increased by 10.3% year-over-year, from $297.3M to $327.9M.
What does financial guarantee (HG global) — unearned premiums mean?
The portion of premiums written that relates to the unexpired period of insurance coverage provided by the segment. This liability represents the obligation to provide future coverage for which the premium has already been collected. It is a key indicator of future revenue potential and the volume of active insurance business.

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