속보 • Jun 06
White Mountains Insurance Group Showcases US$7 Billion Capital Base and 25% Book Value Growth White Mountains Insurance Group reported 2025 book value per share of $2,170, reflecting a 25% change, in its 2026 Annual Investor Presentation.
The group highlighted access to $7.0b of capital, including $0.8b of undeployed funds available for future opportunities.
Management pointed to record capital deployment across insurance, asset management and essential services, including the Bamboo sale and an HG Global refinancing, while maintaining no financial leverage at the parent level.
The picture here is of a holding company relying on deployment of its sizable capital base and active portfolio management, while keeping the balance sheet at the parent level free of debt.
For you as an investor, the key questions are how effectively that remaining $0.8b of undeployed capital is put to work and what risks come with concentration in specific sectors such as insurance and essential services. Reported Earnings • May 06
First quarter 2026 earnings released: US$12.59 loss per share (vs US$13.22 profit in 1Q 2025) First quarter 2026 results: US$12.59 loss per share (down from US$13.22 profit in 1Q 2025). Revenue: US$517.8m (down 10% from 1Q 2025). Net loss: US$27.2m (down 181% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. 공시 • Mar 09
White Mountains Insurance Group, Ltd., Annual General Meeting, May 21, 2026 White Mountains Insurance Group, Ltd., Annual General Meeting, May 21, 2026. Location: hamilton parish, Bermuda Declared Dividend • Mar 02
Dividend of US$1.00 announced Dividend of US$1.00 is the same as last year. Ex-date: 16th March 2026 Payment date: 25th March 2026 Dividend yield will be 0.04%, which is lower than the industry average of 1.9%. Payout Ratios Payout ratio: 0.2325%. Cash payout ratio: 0.4422%. 공시 • Feb 27
White Mountains Insurance Group, Ltd. Declares Annual Dividend, Payable on March 25, 2026 At its regular meeting held on February 26, 2026, the Board of Directors of White Mountains Insurance Group, Ltd. declared a $1.00 per share annual dividend, payable in cash on March 25, 2026, to holders of record of Common Shares as of the close of business on March 16, 2026. Reported Earnings • Feb 07
Full year 2025 earnings released: EPS: US$430 (vs US$89.80 in FY 2024) Full year 2025 results: EPS: US$430 (up from US$89.80 in FY 2024). Revenue: US$3.74b (up 59% from FY 2024). Net income: US$1.11b (up 387% from FY 2024). Profit margin: 30% (up from 9.7% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Dec 19
Independent Director recently sold US$338k worth of stock On the 16th of December, Philip Gelston sold around 165 shares on-market at roughly US$2,049 per share. This transaction amounted to 9.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: US$44.18 (vs US$69.69 in 3Q 2024) Third quarter 2025 results: EPS: US$44.18 (down from US$69.69 in 3Q 2024). Revenue: US$864.2m (down 9.4% from 3Q 2024). Net income: US$113.8m (down 36% from 3Q 2024). Profit margin: 13% (down from 19% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$1,921, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 14x in the Insurance industry in the US. Total returns to shareholders of 42% over the past three years. Buy Or Sell Opportunity • Oct 03
Now 33% overvalued after recent price rise Over the last 90 days, the stock has risen 3.1% to US$1,841. The fair value is estimated to be US$1,388, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Meanwhile, the company has become profitable. 공시 • Oct 03
Funds managed by CVC Capital Partners plc (ENXTAM:CVC) signed a definitive agreement to acquire an unknown minority stake in Bamboo Ide8 Insurance Services, LLC from White Mountains Insurance Group, Ltd. (NYSE:WTM) and others for approximately $840 million. Funds managed by CVC Capital Partners plc (ENXTAM:CVC) signed a definitive agreement to acquire an unknown minority stake in Bamboo Ide8 Insurance Services, LLC from White Mountains Insurance Group, Ltd. (NYSE:WTM) and others for approximately $840 million on October 3, 2025. White Mountains will retain an approximately 15% fully-diluted equity stake in Bamboo post-closing.
The transaction is expected to close by the end of the fourth quarter of 2025. The closing is subject to regulatory approvals and other customary closing conditions.
Evercore Group L.L.C and Piper Sandler & Co acted as financial advisor for White Mountains Insurance Group, Ltd. and Bamboo Ide8 Insurance Services, LLC. Cravath, Swaine & Moore LLP acted as legal advisor for White Mountains Insurance Group, Ltd. and Bamboo Ide8 Insurance Services, LLC. Willkie Farr & Gallagher LLP acted as legal advisor to the management of Bamboo Ide8 Insurance Services, LLC. David Beller, Philip Wolf, Edmond Parhami, Gary Boss, Paul Kukish, Alexander Traum, Nineveh Alkhas, Bradd Williamson, Megan Alessi, Matthew Dewitz, Joshua Tinkelman, Kendra Kocovsky, Jeffrey Tochner, Robert Blamires, Damara Chambers, Amanda Reeves, Dara Denberg, David Langer, Eric Volkman, Harrison White and Adam Gelardi of Latham & Watkins LLP acted as legal advisor for CVC Capital Partners plc. 공시 • Sep 04
White Mountains Insurance Group, Ltd. (NYSE:WTM) completed the acquisition of an additional 50% stake in Distinguished Programs Group LLC from Aquiline Capital Partners LP and others for approximately $220 million. White Mountains Insurance Group, Ltd. (NYSE:WTM) entered into a definitive agreement to acquire an additional 50% stake in Distinguished Programs Group LLC from Aquiline Capital Partners LP and others for approximately $230 million on July 4, 2025. Distinguished will continue to be led by industry veterans Bill Malloy; CEO, Jason Rotman; President and Steve Sitterly; COO, and no major changes in management or strategy are foreseen as part of the transaction. Key existing shareholders, including Aquiline Capital, will remain significant minority owners. The transaction will result in White Mountains holding a 51% controlling interest in Distinguished following the closing of the transaction.
Completion of the transactions is subject to receipt of certain regulatory approvals and other customary closing conditions. There is no condition with respect to the availability of financing to consummate the transactions. Completion of the transactions does not require the approval of the White Mountains shareholders. The transactions are expected to close in the third quarter of 2025.
The team of Cravath, Swaine & Moore LLP led by Maurio A. Fiore, Peter Feist, Tatiana Lapushchik, Christopher K. Fargo, Amanda Hines Gold, Sasha Rosenthal-Larrea, Jesse M. Weiss, Brian M. Budnick and Rebecca Ryan acted as legal advisor to White Mountains. Justin J. Sommerkamp, Larissa R. Marcellino, and Jeffrey R. Poss of Willkie Farr & Gallagher LLP acted as legal advisor to the Distinguished Programs Group LLC and Aquiline. Mayer Brown LLP acted as legal advisor the Distinguished Programs Group LLC’s management team. Guy Carpenter Capital & Advisory provided a fairness opinion to Aquiline.
White Mountains Insurance Group, Ltd. (NYSE:WTM) completed the acquisition of an additional 50% stake in Distinguished Programs Group LLC from Aquiline Capital Partners LP and others for approximately $220 million on September 2, 2025. White Mountains Insurance Group, Ltd paid $224 million in cash for the transaction. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: US$48.37 (vs US$21.29 loss in 2Q 2024) Second quarter 2025 results: EPS: US$48.37 (up from US$21.29 loss in 2Q 2024). Revenue: US$689.2m (up 74% from 2Q 2024). Net income: US$122.9m (up US$176.8m from 2Q 2024). Profit margin: 18% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. 공시 • Jul 07
White Mountains Insurance Group, Ltd. (NYSE:WTM) entered into a definitive agreement to acquire a 51% stake in Distinguished Programs Group LLC from Aquiline Capital Partners LP and others for approximately $230 million. White Mountains Insurance Group, Ltd. (NYSE:WTM) entered into a definitive agreement to acquire a 51% stake Distinguished Programs Group LLC from Aquiline Capital Partners LP and others for approximately $230 million on July 4, 2025. Distinguished will continue to be led by industry veterans Bill Malloy (CEO), Jason Rotman (President) and Steve Sitterly (COO), and no major changes in management or strategy are foreseen as part of the transaction. Key existing shareholders, including Aquiline Capital, will remain significant minority owners. Completion of the Transactions is subject to receipt of certain regulatory approvals and other customary closing conditions. There is no condition with respect to the availability of financing to consummate the Transactions. Completion of the Transactions does not require the approval of the White Mountains shareholders. The Transactions are expected to close in the third quarter of 2025.
Cravath, Swaine & Moore LLP acted as legal advisor to White Mountains. Justin J. Sommerkamp, Larissa R. Marcellino, and Jeffrey R. Poss of Willkie Farr & Gallagher LLP acted as legal advisor to the Company and Aquiline. Mayer Brown LLP acted as legal advisor the Company’s management team. Guy Carpenter Capital & Advisory provided a fairness opinion to Aquiline. 공시 • Jun 30
White Mountains Insurance Group, Ltd.(NYSE:WTM) dropped from Russell 1000 Dynamic Index White Mountains Insurance Group, Ltd.(NYSE:WTM) dropped from Russell 1000 Dynamic Index Reported Earnings • May 07
First quarter 2025 earnings released: EPS: US$13.19 (vs US$92.33 in 1Q 2024) First quarter 2025 results: EPS: US$13.19 (down from US$92.33 in 1Q 2024). Revenue: US$577.8m (down 11% from 1Q 2024). Net income: US$33.9m (down 86% from 1Q 2024). Profit margin: 5.9% (down from 36% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. 공시 • Apr 10
An investor group led by Ethos Capital, LP, British Columbia Investment Management Corporation and White Mountains Insurance Group, Ltd. (NYSE:WTM) acquired an unknown stake in BroadStreet Partners, Inc. from Ontario Teachers' Pension Plan Board. An investor group led by Ethos Capital, LP, British Columbia Investment Management Corporation and White Mountains Insurance Group, Ltd. (NYSE:WTM) acquired an unknown stake in BroadStreet Partners, Inc. from Ontario Teachers' Pension Plan Board on April 10, 2025. Under the terms of the agreement, Ontario Teachers’ Pension Plan will maintain a significant co-control stake and operate in partnership with the Ethos-led investor group.
Ardea Partners LP acted as financial advisor for BroadStreet Partners, Inc. and Ontario Teachers' Pension Plan Board. RBC Capital Markets, LLC acted as financial advisor for BroadStreet Partners, Inc. and Ontario Teachers' Pension Plan Board. BMO Capital Markets acted as financial advisor for BroadStreet Partners, Inc. and Ontario Teachers' Pension Plan Board. Latham & Watkins LLP acted as legal advisor for BroadStreet Partners, Inc. and Ontario Teachers' Pension Plan Board. Torys LLP acted as legal advisor for BroadStreet Partners, Inc. and Ontario Teachers' Pension Plan Board. Kirkland & Ellis LLP acted as legal advisor for Ethos Capital, LP. Debevoise & Plimpton LLP acted as legal advisor for British Columbia Investment Management Corporation. Cravath, Swaine & Moore LLP acted as legal advisor for White Mountains Insurance Group, Ltd.
An investor group led by Ethos Capital, LP, British Columbia Investment Management Corporation and White Mountains Insurance Group, Ltd. (NYSE:WTM) completed the acquisition of an unknown stake in BroadStreet Partners, Inc. from Ontario Teachers' Pension Plan Board on April 10, 2025. 공시 • Mar 05
White Mountains Insurance Group, Ltd., Annual General Meeting, May 22, 2025 White Mountains Insurance Group, Ltd., Annual General Meeting, May 22, 2025. Location: hamilton Bermuda Declared Dividend • Mar 03
Dividend of US$1.00 announced Dividend of US$1.00 is the same as last year. Ex-date: 17th March 2025 Payment date: 26th March 2025 Dividend yield will be 0.05%, which is lower than the industry average of 1.9%. Payout Ratios Payout ratio: 1%. Cash payout ratio: 0.4629%. 공시 • Feb 28
White Mountains Insurance Group, Ltd. Declares Annual Dividend, Payable on March 26, 2025 At its regular meeting held on February 27, 2025, the Board of Directors of White Mountains Insurance Group, Ltd. declared a $1.00 per share annual dividend, payable in cash on March 26, 2025, to holders of record of Common Shares as of the close of business on March 17, 2025. New Risk • Feb 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 9.8% Last year net profit margin: 23% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.8% net profit margin). New Risk • Nov 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: US$69.70 (vs US$9.24 in 3Q 2023) Third quarter 2024 results: EPS: US$69.70 (up from US$9.24 in 3Q 2023). Revenue: US$839.1m (up 62% from 3Q 2023). Net income: US$179.0m (up US$155.7m from 3Q 2023). Profit margin: 21% (up from 4.5% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 08
Second quarter 2024 earnings released: US$21.24 loss per share (vs US$7.64 profit in 2Q 2023) Second quarter 2024 results: US$21.24 loss per share (down from US$7.64 profit in 2Q 2023). Revenue: US$378.2m (flat on 2Q 2023). Net loss: US$54.6m (down 383% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: US$93.70 (vs US$69.84 in 1Q 2023) First quarter 2024 results: EPS: US$93.70 (up from US$69.84 in 1Q 2023). Revenue: US$647.3m (up 22% from 1Q 2023). Net income: US$236.4m (up 33% from 1Q 2023). Profit margin: 37% (up from 33% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. New Risk • May 10
New major risk - Revenue and earnings growth Earnings have declined by 6.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. 공시 • Apr 10
White Mountains Insurance Group, Ltd. Announces Executive Changes White Mountains Insurance Group, Ltd. announced that Giles Harrison will become its executive vice president and chief strategy officer on June 10, 2024. Since 2015, Mr. Harrison has served in various capacities at Zurich Insurance Company Ltd., most recently as chief financial officer of Farmers Group Inc. Prior to joining Zurich, Mr. Harrison was an insurance sector investment banker for 20 years and advised White Mountains on numerous projects in such capacity. The company also announced that Liam Caffrey has been named President of the company. Mr. Caffrey will continue to serve as chief financial officer. 공시 • Mar 02
White Mountains Insurance Group, Ltd., Annual General Meeting, May 23, 2024 White Mountains Insurance Group, Ltd., Annual General Meeting, May 23, 2024. Location: Hamilton, Bermuda Hamilton Bermuda Board Change • Mar 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Reid Campbell was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 01
Upcoming dividend of US$1.00 per share Eligible shareholders must have bought the stock before 08 March 2024. Payment date: 20 March 2024. Payout ratio is a comfortable 0.5% and this is well supported by cash flows. Trailing yield: 0.1%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (1.9%). Declared Dividend • Feb 26
Dividend of US$1.00 announced Dividend of US$1.00 is the same as last year. Ex-date: 8th March 2024 Payment date: 20th March 2024 Dividend yield will be 0.06%, which is lower than the industry average of 1.9%. Payout Ratios Payout ratio: 0.5035%. Cash payout ratio: 0.4595%. Reported Earnings • Feb 08
Full year 2023 earnings released: EPS: US$199 (vs US$42.64 loss in FY 2022) Full year 2023 results: EPS: US$199 (up from US$42.64 loss in FY 2022). Revenue: US$2.17b (up 87% from FY 2022). Net income: US$509.2m (up US$629.7m from FY 2022). Profit margin: 24% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Recent Insider Transactions • Nov 21
Independent Chairman of the Board recently bought US$1.5m worth of stock On the 17th of November, Weston Hicks bought around 1k shares on-market at roughly US$1,481 per share. This transaction amounted to 77% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Weston's only on-market trade for the last 12 months. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: US$9.19 (vs US$1.68 loss in 3Q 2022) Third quarter 2023 results: EPS: US$9.19 (up from US$1.68 loss in 3Q 2022). Revenue: US$519.6m (up 36% from 3Q 2022). Net income: US$23.6m (up US$28.4m from 3Q 2022). Profit margin: 4.5% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: US$7.64 (vs US$59.00 loss in 2Q 2022) Second quarter 2023 results: EPS: US$7.64 (up from US$59.00 loss in 2Q 2022). Revenue: US$378.4m (up 393% from 2Q 2022). Net income: US$19.3m (up US$192.8m from 2Q 2022). Profit margin: 5.1% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. 공시 • May 27
White Mountains Insurance Group, Ltd. Announces Appointment of Steve Yi as A New Member of the Board of Director, Effective 25 May 2023 White Mountains Insurance Group, Ltd. announced the appointment of Mr. Steve Yi as a new member of the Board of Director effective 25 May 2023. 공시 • May 26
White Mountains Insurance Group, Ltd. Announces Board Changes White Mountains Insurance Group, Ltd. announced that Weston M. Hicks has been elected Chairman of the Board. Mr. Hicks replaces Morgan Davis, who has retired from the Board effective May 25, 2023. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: US$69.83 (vs US$9.78 in 1Q 2022) First quarter 2023 results: EPS: US$69.83 (up from US$9.78 in 1Q 2022). Revenue: US$531.9m (up 104% from 1Q 2022). Net income: US$179.5m (up US$150.4m from 1Q 2022). Profit margin: 34% (up from 11% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Mar 03
Upcoming dividend of US$1.00 per share at 0.1% yield Eligible shareholders must have bought the stock before 10 March 2023. Payment date: 22 March 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.1%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (2.1%). Reported Earnings • Feb 08
Full year 2022 earnings released: US$38.57 loss per share (vs US$95.58 loss in FY 2021) Full year 2022 results: US$38.57 loss per share (improved from US$95.58 loss in FY 2021). Revenue: US$1.16b (up 23% from FY 2021). Net loss: US$110.4m (loss narrowed 62% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Dec 28
MD & Chief Accounting Officer recently sold US$137k worth of stock On the 22nd of December, Michaela Hildreth sold around 100 shares on-market at roughly US$1,372 per share. This transaction amounted to 3.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$264k more than they bought in the last 12 months. Reported Earnings • Nov 09
Third quarter 2022 earnings released: US$1.69 loss per share (vs US$120 loss in 3Q 2021) Third quarter 2022 results: US$1.69 loss per share (improved from US$120 loss in 3Q 2021). Net loss: US$4.90m (loss narrowed 99% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Seeking Alpha • Sep 21
Insurtech startup Pie Insurance gets backing from Centerbridge, Allianz, others Pie Insurance, a tech-driven provider of workers' compensation insurance to small businesses, has raised $315M in a series D round of funding led by Centerbridge Partners and the digital investments arm of Allianz Group. White Mountains Insurance Group (NYSE:WTM) also joined as a new investor.
Existing investors Gallatin Point Capital, Greycroft, and Acrew Capital, as well as others, also participated. The financing round is Pie's largest, more than doubling its total capital raised to $615M.
The company will use the capital to support its growth initiatives including expansion into new lines of business, transitioning to a full-stack carrier, and innovating upon its advanced proprietary pricing algorithms. Pie, operating in the highly fragmented small business commercial insurance market, has proprietary technology designed to more accurately price and underwrite insurance risks.
"This fundraise allows us to strategically expand in a way that serves the long-term interests of our customers, partners, investors, and Pie-oneers," said Pie CEO John Swigart.
Last November, Heritage Insurance (HRTG) entered a partnership with Slide, a startup insurtech P&C carrier. Reported Earnings • Aug 08
Second quarter 2022 earnings released: US$58.95 loss per share (vs US$44.56 profit in 2Q 2021) Second quarter 2022 results: US$58.95 loss per share (down from US$44.56 profit in 2Q 2021). Revenue: US$76.7m (down 82% from 2Q 2021). Net loss: US$175.6m (down 228% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Recent Insider Transactions • Jun 02
MD & Chief Accounting Officer recently sold US$127k worth of stock On the 31st of May, Michaela Hildreth sold around 100 shares on-market at roughly US$1,271 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • May 06
First quarter 2022 earnings released: EPS: US$11.21 (vs US$30.41 loss in 1Q 2021) First quarter 2022 results: EPS: US$11.21 (up from US$30.41 loss in 1Q 2021). Revenue: US$348.9m (up 96% from 1Q 2021). Net income: US$33.4m (up US$126.7m from 1Q 2021). Profit margin: 9.6% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 04
Upcoming dividend of US$1.00 per share Eligible shareholders must have bought the stock before 11 March 2022. Payment date: 23 March 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.1%. Lower than top quartile of American dividend payers (3.6%). Lower than average of industry peers (2.1%). Reported Earnings • Feb 10
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: US$95.53 loss per share (down from US$228 profit in FY 2020). Revenue: US$944.8m (down 20% from FY 2020). Net loss: US$294.1m (down 142% from profit in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 522%. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 11
Third quarter 2021 earnings released: US$120 loss per share (vs US$75.33 profit in 3Q 2020) Third quarter 2021 results: Revenue: -US$10.1m (down 102% from 3Q 2020). Net loss: US$366.9m (down 259% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 08
Second quarter 2021 earnings released: EPS US$44.56 (vs US$37.46 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: US$426.7m (up 64% from 2Q 2020). Net income: US$136.8m (up 19% from 2Q 2020). Profit margin: 32% (down from 44% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Executive Departure • Jun 02
Independent Director has left the company On the 27th of May, Edith Holiday's tenure as Independent Director ended after 16.8 years in the role. We don't have any record of a personal shareholding under Edith's name. A total of 3 executives have left over the last 12 months. Executive Departure • May 16
MD & Chief Accounting Officer has left the company On the 14th of May, J. Palmer's tenure as MD & Chief Accounting Officer ended after 20.0 years in the role. As of December 2020, Palmer personally held 3.29k shares (US$3.3m worth at the time). A total of 3 executives have left over the last 12 months. Reported Earnings • May 13
First quarter 2021 earnings released: US$30.41 loss per share (vs US$40.84 loss in 1Q 2020) The company reported a soft first quarter result with weaker revenues and control over costs, although losses reduced. First quarter 2021 results: Revenue: US$178.2m (down 401% from 1Q 2020). Net loss: US$93.3m (loss narrowed 27% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 01
Full year 2020 earnings released: EPS US$228 (vs US$130 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$1.18b (up 32% from FY 2019). Net income: US$701.7m (up 72% from FY 2019). Profit margin: 59% (up from 46% in FY 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 18
New 90-day high: US$1,181 The company is up 23% from its price of US$962 on 19 November 2020. The American market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 9.0% over the same period. Recent Insider Transactions • Feb 13
Independent Non-Executive Chairman recently sold US$1.7m worth of stock On the 9th of February, Morgan Davis sold around 2k shares on-market at roughly US$1,133 per share. This was the largest sale by an insider in the last 3 months. Morgan has been a seller over the last 12 months, reducing personal holdings by US$904k. Reported Earnings • Feb 07
Full year 2020 earnings released: EPS US$228 (vs US$130 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$1.18b (up 32% from FY 2019). Net income: US$711.0m (up 74% from FY 2019). Profit margin: 60% (up from 46% in FY 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 03
New 90-day high: US$1,073 The company is up 17% from its price of US$919 on 04 November 2020. The American market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 11% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: US$1,015 The company is up 20% from its price of US$842 on 06 October 2020. The American market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: US$1,008 The company is up 24% from its price of US$815 on 16 September 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 13% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: US$968 The company is up 8.0% from its price of US$894 on 25 August 2020. The American market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Insurance industry, which is up 10.0% over the same period. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS US$75.32 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$459.5m (up 196% from 3Q 2019). Net income: US$233.6m (up 396% from 3Q 2019). Profit margin: 51% (up from 30% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Oct 23
New 90-day high: US$968 The company is up 10.0% from its price of US$878 on 24 July 2020. The American market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is flat over the same period. 