White Mountains Insurance Group (WTM) revenue breakdown
By segment, P&C Insurance and Reinsurance (Ark/WM Outrigger) is the largest at 78% of fiscal 2025 revenue; Asset Management (Kudu) grew fastest, 43% a year over 6 years.
By product, Total commission and other revenue is the largest at 80% of fiscal 2021 revenue; Products and service revenues grew fastest, 299% a year over 2 years.
Revenue by segment
Fiscal years, as White Mountains Insurance Group reports them in its 10-K filings; fiscal 2025 total $2.5B.
| Segments | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P&C Insurance and Reinsurance (Ark/WM Outrigger) | — | — | — | — | — | $668M | $1.0B | $1.6B | $1.8B | $1.9B | 78% |
| P&C Insurance Distribution (Bamboo) | — | — | — | — | — | — | — | — | $180M | $246M | 10% |
| Asset Management (Kudu) | — | — | — | $21M | $46M | $134M | $118M | $177M | $119M | $183M | 7% |
| Financial Guarantee (HG Global) | $17M | $23M | $24M | $67M | $68M | $23M | -$46M | $92M | -$45M | $74M | 3% |
| Specialty Insurance Distribution (Distinguished) | — | — | — | — | — | — | — | — | — | $58M | 2% |
| MediaAlpha | $116M | $163M | $297M | — | — | — | — | — | — | — | — |
| NSM | — | — | $102M | $233M | — | — | — | — | — | — | — |
| MediaAlpha | — | — | — | $49M | — | — | — | — | — | — | — |
Revenue by product
Fiscal years, as White Mountains Insurance Group reports them in its 10-K filings; fiscal 2021 total $428M.
| Products | 2018 | 2019 | 2020 | 2021 | Share |
|---|---|---|---|---|---|
| Total commission and other revenue | $106M | $240M | $293M | $340M | 80% |
| Products and service revenues | — | $6M | $14M | $88M | 20% |
| Advertising revenues | — | $49M | — | — | — |
| Advertising revenues | $296M | — | — | — | — |
Questions
Where does White Mountains Insurance Group make its money?
In fiscal 2025, by segment: P&C Insurance and Reinsurance (Ark/WM Outrigger) $1.9B, P&C Insurance Distribution (Bamboo) $246M, Asset Management (Kudu) $183M, Financial Guarantee (HG Global) $74M, Specialty Insurance Distribution (Distinguished) $58M.
From White Mountains Insurance Group's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.