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Press Release: White Mountains Reports Fourth -4-

· 02/05/2021 08:00
Interest expense -- -- -- .2 Total Marketing Technology expenses -- -- -- 54.9 (2) Other Operations Cost of sales 4.8 2.5 11.3 7.5 General and administrative expenses 54.8 35.3 141.9 122.5 Amortization of other intangible assets .7 .5 1.3 .6 Interest expense .6 .3 1.4 .6 Total Other Operations expenses 60.9 38.6 155.9 131.2 Total expenses 163.5 118.8 535.5 488.3 Pre-tax income from continuing operations 357.3 56.5 645.2 405.1 Income tax benefit (expense) 117.6 (10.4) 20.5 (29.3) Net income from continuing operations 474.9 46.1 665.7 375.8 Net (loss) income from sale of discontinued operations, net of tax (1.5) (.8) (2.3) .8 Net income 473.4 45.3 663.4 376.6 Net loss attributable to non-controlling interests 15.8 15.6 45.3 37.9 Net income attributable to White Mountains's common shareholders $489.2 $ 60.9 $708.7 $414.5 (1) Kudu's results are from April 4, 2019, the date White Mountains began consolidating Kudu, to December 31, 2019. (2) MediaAlpha's results are from January 1, 2019 to February 26, 2019, the date of the MediaAlpha transaction with Insignia. WHITE MOUNTAINS INSURANCE GROUP, LTD. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (millions) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2020 2019 2020 2019 Net income attributable to White Mountains's common shareholders $ 489.2 $60.9 $ 708.7 $ 414.5 Other comprehensive income (loss), net of tax 6.3 4.4 7.3 (1.4) Comprehensive income 495.5 65.3 716.0 413.1 Other comprehensive income attributable to non-controlling interests (.2) (.3) (.5) -- Comprehensive income attributable to White Mountains's common shareholders $ 495.3 $65.0 $ 715.5 $ 413.1 WHITE MOUNTAINS INSURANCE GROUP, LTD. EARNINGS PER SHARE (Unaudited) Income (loss) per share attributable to White Mountains's common Three Months Ended Twelve Months Ended shareholders December 31, December 31, 2020 2019 2020 2019 Basic earnings (loss) per share Continuing operations $ 158.19 $19.37 $ 227.72 $130.02 Discontinued operations (.49) (.25) (.75) .25 Total consolidated operations $ 157.70 $19.12 $ 226.97 $130.27 Diluted earnings (loss) per share Continuing operations $ 158.19 $19.37 $ 227.72 $130.02 Discontinued operations (.49) (.25) (.75) .25 Total consolidated operations $ 157.70 $19.12 $ 226.97 $130.27 Dividends declared per White Mountains's common share $ -- $-- $ 1.00 $1.00 WHITE MOUNTAINS INSURANCE GROUP, LTD. QTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) (millions) (Unaudited) For the Three Months Ended December 31, 2020 HG Global/BAM HG Other Global BAM NSM Kudu Operations Total Revenues: Earned insurance premiums $ 4.6 $1.0 $-- $-- $ -- $5.6 Net investment income 1.7 2.7 -- 10.2 2.7 17.3 Net investment income (expense) - BAM surplus note interest 4.7 (4.7) -- -- -- -- Net realized and unrealized investment (losses) gains (.3) .3 -- 14.4 8.6 23.0 Net realized and unrealized investment gains from investment in MediaAlpha -- -- -- -- 391.0 391.0 Advertising and commission revenues -- -- 58.3 -- 2.2 60.5 Other revenues -- .4 15.0 .1 7.9 23.4 Total revenues 10.7 (.3) 73.3 24.7 412.4 520.8 Expenses: Insurance acquisition expenses 1.4 .2 -- -- -- 1.6 Other underwriting expenses -- .1 -- -- -- .1 Cost of sales -- -- -- -- 4.8 4.8 General and administrative expenses 1.0 14.3 45.9 4.3 54.8 120.3 Broker commission expenses -- -- 18.9 -- -- 18.9 Change in fair value of contingent consideration earnout liabilities -- -- (1.7) -- -- (1.7) Amortization of other intangible assets -- -- 10.5 -- .7 11.2 Interest expense -- -- 6.0 1.7 .6 8.3 Total expenses 2.4 14.6 79.6 6.0 60.9 163.5 Pre-tax income (loss) $ 8.3 $(14.9) $(6.3) $18.7 $ 351.5 $357.3 WHITE MOUNTAINS INSURANCE GROUP, LTD. QTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) (CONTINUED) (millions) (Unaudited) For the Three Months Ended December 31, 2019 HG Global/BAM HG Other Global BAM NSM Kudu Operations Total Revenues: Earned insurance premiums $ 2.1 $.5 $-- $-- $ -- $2.6 Net investment income 1.9 3.6 -- 6.1 12.7 24.3 Net investment income (expense) - BAM surplus note interest 6.8 (6.8) -- -- -- -- Net realized and unrealized investment (losses) gains (.1) (3.2) -- 3.2 55.5 55.4 Net unrealized investment gains from investment in MediaAlpha -- -- -- -- 30.0 30.0 Advertising and commission revenues -- -- 45.8 -- 2.4 48.2 Other revenues -- .3 12.0 -- 2.5 14.8 Total revenues 10.7 (5.6) 57.8 9.3 103.1 175.3 Expenses: Insurance acquisition expenses .5 1.1 -- -- -- 1.6 Other underwriting expenses -- .1 -- -- -- .1 Cost of sales -- -- -- -- 2.5 2.5 General and administrative expenses .4 11.0 40.8 3.4 35.3 90.9 Broker commission expenses -- -- 15.9 -- -- 15.9 Change in fair value of contingent consideration earnout liabilities -- -- (3.5) -- -- (3.5) Amortization of other intangible assets -- -- 5.9 -- .5 6.4 Interest expense -- -- 4.5 .1 .3 4.9 Total expenses .9 12.2 63.6 3.5 38.6 118.8 Pre-tax income (loss) $ 9.8 $(17.8) $(5.8) $5.8 $ 64.5 $56.5 WHITE MOUNTAINS INSURANCE GROUP, LTD. YTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) (millions) (Unaudited) For the Twelve Months Ended December 31, 2020 HG Global/BAM HG Other Global BAM NSM Kudu Operations Total Revenues: Earned insurance premiums $ 18.7 $4.1 $-- $-- $ -- $ 22.8 Net investment income 7.8 11.7 -- 29.5 82.0 131.0 Net investment income (expense) - BAM surplus note interest 18.8 (18.8) -- -- -- -- Net realized and unrealized investment gains (losses) 11.8 11.9 -- 15.9 (8.8) 30.8 Net realized and unrealized investment gains from investment in MediaAlpha -- -- -- -- 686.0 686.0 Advertising and commission revenues -- -- 232.5 -- 8.3 240.8 Other revenue .3 2.2 52.6 .3 13.9 69.3 Total revenues 57.4 11.1 285.1 45.7 781.4 1,180.7 Expenses: Insurance acquisition expenses 4.7 2.3 -- -- -- 7.0 Other underwriting expenses -- .4 -- -- -- .4 Cost of sales -- -- -- -- 11.3 11.3 General and administrative expenses 2.6 53.8 176.9 11.8 141.9 387.0 Broker commission expenses -- -- 75.3 -- -- 75.3 Change in fair value of contingent consideration earnout liabilities -- -- (3.3) -- -- (3.3) Amortization of other intangible assets -- -- 26.7 .3 1.3 28.3 Interest expense -- -- 22.1 6.0 1.4 29.5 Total expenses 7.3 56.5 297.7 18.1 155.9 535.5 Pre-tax income (loss) $ 50.1 $(45.4) $(12.6) $27.6 $ 625.5 $ 645.2 WHITE MOUNTAINS INSURANCE GROUP, LTD. YTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) (CONTINUED) (millions) (Unaudited) For the Twelve Months Ended December 31, 2019 HG Global/BAM HG Kudu Other Global BAM NSM (1) MediaAlpha (2) Operations Total Revenues: Earned insurance premiums $ 13.1 $3.2 $-- $-- $ -- $ -- $16.3

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February 05, 2021 08:00 ET (13:00 GMT)