White Mountains Insurance Group Reports Q2 2026 Results

What Happened
White Mountains Insurance Group, Ltd. (WTM) filed an 8‑K on August 6, 2026 to furnish a press release reporting its results for the three and six months ended June 30, 2026. The release (Exhibit 99.1) includes reconciliations of 14 non‑GAAP financial measures used to evaluate subsidiary performance and portfolio returns.

Key Details

• Press release dated August 6, 2026; Exhibit 99.1 contains detailed reconciliations to GAAP.
• Ark tangible book value (June 30, 2026): $1,736.4 million (GAAP book value $1,615.0M less intangibles plus $370.0M contingent consideration).
• Ark growth in tangible book value (quarter-to-date including dividends): 6.1%; year-to-date growth including dividends: 6.8%; year-to-date dividends declared: $50.5 million.
• Total consolidated portfolio return excluding MediaAlpha: 2.8% (Q2) and 3.8% (six months YTD); total equity portfolio return excluding MediaAlpha (Q2): 4.9%.
• The release discloses 14 non‑GAAP measures across businesses (Ark, Kudu, Distinguished/ScaleCo, WTM Partners), including various EBITDA, adjusted EBITDA, annualized revenue and cash revenue yield metrics, with reconciliations provided (see pages referenced in Exhibit 99.1).

Why It Matters
The filing gives investors unit‑level and portfolio metrics beyond GAAP results to assess underlying operating performance and enterprise value—particularly Ark’s tangible book value and growth, and portfolio returns when excluding MediaAlpha. White Mountains’ use of non‑GAAP measures (with reconciliations) helps clarify performance drivers across subsidiaries (Kudu, Distinguished/ScaleCo, WTM Partners), but investors should review the reconciliations in Exhibit 99.1 to understand adjustments and compare to GAAP figures.