White Mountains Insurance Group Ltd (WTM) - Net Assets
Based on the latest financial reports, White Mountains Insurance Group Ltd (WTM) has net assets worth $1.32 Billion USD as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($7.13 Billion) and total liabilities ($5.81 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Also explore WTM asset base for the complete picture of this company's asset base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $1.32 Billion |
| % of Total Assets | 18.51% |
| Annual Growth Rate | 3.92% |
| 5-Year Change | 68.84% |
| 10-Year Change | 67.37% |
| Growth Volatility | 28.24 |
White Mountains Insurance Group Ltd - Net Assets Trend (1985–2025)
This chart illustrates how White Mountains Insurance Group Ltd's net assets have evolved over time, based on quarterly financial data. Check tangible net worth ratio of White Mountains Insurance Group Ltd to evaluate the tangible quality of the company's equity base.
Annual Net Assets for White Mountains Insurance Group Ltd (1985–2025)
The table below shows the annual net assets of White Mountains Insurance Group Ltd from 1985 to 2025. For live valuation and market cap data, see WTM market cap.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $6.26 Billion | +21.91% |
| 2024-12-31 | $5.13 Billion | +12.48% |
| 2023-12-31 | $4.56 Billion | +15.92% |
| 2022-12-31 | $3.94 Billion | +6.22% |
| 2021-12-31 | $3.70 Billion | -2.96% |
| 2020-12-31 | $3.82 Billion | +21.41% |
| 2019-12-31 | $3.14 Billion | +15.69% |
| 2018-12-31 | $2.72 Billion | -19.12% |
| 2017-12-31 | $3.36 Billion | -10.07% |
| 2016-12-31 | $3.74 Billion | -14.44% |
| 2015-12-31 | $4.37 Billion | -3.78% |
| 2014-12-31 | $4.54 Billion | +3.23% |
| 2013-12-31 | $4.40 Billion | +3.27% |
| 2012-12-31 | $4.26 Billion | -8.78% |
| 2011-12-31 | $4.67 Billion | +9.55% |
| 2010-12-31 | $4.26 Billion | -1.86% |
| 2009-12-31 | $4.34 Billion | +24.21% |
| 2008-12-31 | $3.50 Billion | -37.37% |
| 2007-12-31 | $5.58 Billion | +10.33% |
| 2006-12-31 | $5.06 Billion | +31.97% |
| 2005-12-31 | $3.83 Billion | -1.31% |
| 2004-12-31 | $3.88 Billion | +30.38% |
| 2003-12-31 | $2.98 Billion | +6.10% |
| 2002-12-31 | $2.81 Billion | +1030.04% |
| 2001-12-31 | $-301.90 Million | -128.86% |
| 2000-12-31 | $1.05 Billion | +70.39% |
| 1999-12-31 | $614.00 Million | -12.60% |
| 1998-12-31 | $702.50 Million | -0.06% |
| 1997-12-31 | $702.90 Million | -3.84% |
| 1996-12-31 | $731.00 Million | -1.71% |
| 1995-12-31 | $743.70 Million | -2.29% |
| 1994-12-31 | $761.10 Million | -15.90% |
| 1993-12-31 | $905.00 Million | -8.43% |
| 1992-12-31 | $988.30 Million | -33.94% |
| 1991-12-31 | $1.50 Billion | -6.03% |
| 1990-12-31 | $1.59 Billion | -17.73% |
| 1989-12-31 | $1.94 Billion | +25.81% |
| 1988-12-31 | $1.54 Billion | +1.79% |
| 1987-12-31 | $1.51 Billion | -3.14% |
| 1986-12-31 | $1.56 Billion | +16.07% |
| 1985-12-31 | $1.34 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to White Mountains Insurance Group Ltd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 576.8% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $4.85 Billion | 89.31% |
| Common Stock | $579.00 Million | 10.67% |
| Other Comprehensive Income | $800.00K | 0.01% |
| Total Equity | $5.43 Billion | 100.00% |
White Mountains Insurance Group Ltd Competitors by Market Cap
The table below lists competitors of White Mountains Insurance Group Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Macy’s Inc
NYSE:M
|
$4.93 Billion |
|
Grinm Advanced Materials Co Ltd
SHG:600206
|
$4.93 Billion |
|
Hainan HNA Infrastructure Investment Group Co Ltd
SHG:600515
|
$4.93 Billion |
|
Sonoco Products Company
NYSE:SON
|
$4.93 Billion |
|
Boc International China Co Ltd
SHG:601696
|
$4.92 Billion |
|
United Tractors Tbk PT
JK:UNTR
|
$4.92 Billion |
|
Far East Smarter Energy Co Ltd
SHG:600869
|
$4.92 Billion |
|
Bharat Dynamics Limited
NSE:BDL
|
$4.92 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in White Mountains Insurance Group Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 4,483,700,000 to 5,425,400,000, a change of 941,700,000 (21.0%).
- Net income of 1,106,400,000 contributed positively to equity growth.
- Dividend payments of 2,600,000 reduced retained earnings.
- Share repurchases of 202,600,000 reduced equity.
- Other comprehensive income increased equity by 2,500,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $1.11 Billion | +20.39% |
| Dividends Paid | $2.60 Million | -0.05% |
| Share Repurchases | $202.60 Million | -3.73% |
| Other Comprehensive Income | $2.50 Million | +0.05% |
| Other Changes | $38.00 Million | +0.7% |
| Total Change | $- | 21.00% |
Book Value vs Market Value Analysis
This analysis compares White Mountains Insurance Group Ltd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.99x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 103.99x to 0.99x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1985-12-31 | $20.31 | $2111.91 | x |
| 1986-12-31 | $23.56 | $2111.91 | x |
| 1987-12-31 | $23.71 | $2111.91 | x |
| 1988-12-31 | $29.45 | $2111.91 | x |
| 1989-12-31 | $35.33 | $2111.91 | x |
| 1990-12-31 | $45.08 | $2111.91 | x |
| 1991-12-31 | $55.06 | $2111.91 | x |
| 1992-12-31 | $65.52 | $2111.91 | x |
| 1993-12-31 | $88.32 | $2111.91 | x |
| 1994-12-31 | $70.10 | $2111.91 | x |
| 1995-12-31 | $79.82 | $2111.91 | x |
| 1996-12-31 | $84.12 | $2111.91 | x |
| 1997-12-31 | $90.54 | $2111.91 | x |
| 1998-12-31 | $106.85 | $2111.91 | x |
| 1999-12-31 | $99.90 | $2111.91 | x |
| 2000-12-31 | $176.97 | $2111.91 | x |
| 2001-12-31 | $233.65 | $2111.91 | x |
| 2002-12-31 | $265.96 | $2111.91 | x |
| 2003-12-31 | $280.73 | $2111.91 | x |
| 2004-12-31 | $371.06 | $2111.91 | x |
| 2005-12-31 | $355.12 | $2111.91 | x |
| 2006-12-31 | $412.41 | $2111.91 | x |
| 2007-12-31 | $438.42 | $2111.91 | x |
| 2008-12-31 | $284.67 | $2111.91 | x |
| 2009-12-31 | $413.22 | $2111.91 | x |
| 2010-12-31 | $498.49 | $2111.91 | x |
| 2011-12-31 | $539.43 | $2111.91 | x |
| 2012-12-31 | $548.79 | $2111.91 | x |
| 2013-12-31 | $709.08 | $2111.91 | x |
| 2014-12-31 | $743.44 | $2111.91 | x |
| 2015-12-31 | $742.68 | $2111.91 | x |
| 2016-12-31 | $744.63 | $2111.91 | x |
| 2017-12-31 | $782.65 | $2111.91 | x |
| 2018-12-31 | $813.25 | $2111.91 | x |
| 2019-12-31 | $1001.15 | $2111.91 | x |
| 2020-12-31 | $1239.01 | $2111.91 | x |
| 2021-12-31 | $1217.65 | $2111.91 | x |
| 2022-12-31 | $1392.33 | $2111.91 | x |
| 2023-12-31 | $1677.88 | $2111.91 | x |
| 2024-12-31 | $1770.81 | $2111.91 | x |
| 2025-12-31 | $2124.14 | $2111.91 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently White Mountains Insurance Group Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 20.39%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 40.87%
- • Asset Turnover: 0.22x
- • Equity Multiplier: 2.27x
- Recent ROE (20.39%) is above the historical average (11.97%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1985 | -3.35% | -1.34% | 0.42x | 5.94x | $-179.40 Million |
| 1986 | 9.97% | 4.21% | 0.40x | 5.88x | $-400.00K |
| 1987 | 3.84% | 1.48% | 0.41x | 6.35x | $-93.10 Million |
| 1988 | 16.06% | 6.67% | 0.33x | 7.28x | $93.20 Million |
| 1989 | 3.77% | 2.09% | 0.30x | 6.06x | $-120.50 Million |
| 1990 | 9.61% | 35.33% | 0.03x | 7.81x | $-6.20 Million |
| 1991 | 87.77% | 381.69% | 0.12x | 1.98x | $1.16 Billion |
| 1992 | 2.95% | 10.45% | 0.09x | 3.17x | $-69.63 Million |
| 1993 | 7.78% | 18.77% | 0.11x | 3.65x | $-20.10 Million |
| 1994 | -3.51% | -10.15% | 0.13x | 2.73x | $-89.31 Million |
| 1995 | 12.02% | 37.83% | 0.12x | 2.68x | $14.13 Million |
| 1996 | 1.25% | 2.36% | 0.18x | 2.88x | $-60.10 Million |
| 1997 | 5.96% | 13.39% | 0.15x | 3.05x | $-26.59 Million |
| 1998 | 11.17% | 20.11% | 0.18x | 3.08x | $8.25 Million |
| 1999 | 19.70% | 21.41% | 0.28x | 3.34x | $59.57 Million |
| 2000 | 38.99% | 47.94% | 0.24x | 3.39x | $303.35 Million |
| 2001 | -17.92% | -8.01% | 0.20x | 11.41x | $-403.50 Million |
| 2002 | 85.81% | 49.10% | 0.26x | 6.66x | $1.83 Billion |
| 2003 | 9.42% | 7.37% | 0.24x | 5.33x | $-17.30 Million |
| 2004 | 10.78% | 9.20% | 0.24x | 4.90x | $30.31 Million |
| 2005 | 7.57% | 6.26% | 0.24x | 5.07x | $-93.22 Million |
| 2006 | 15.11% | 14.04% | 0.25x | 4.36x | $227.67 Million |
| 2007 | 8.64% | 8.61% | 0.25x | 4.05x | $-63.94 Million |
| 2008 | -19.16% | -18.79% | 0.19x | 5.48x | $-845.18 Million |
| 2009 | 12.85% | 10.57% | 0.29x | 4.22x | $104.26 Million |
| 2010 | 2.03% | 2.42% | 0.25x | 3.41x | $-339.58 Million |
| 2011 | 18.79% | 35.34% | 0.15x | 3.44x | $359.13 Million |
| 2012 | 5.56% | 8.52% | 0.19x | 3.46x | $-165.78 Million |
| 2013 | 7.31% | 23.62% | 0.11x | 2.76x | $-118.14 Million |
| 2014 | 6.88% | 22.12% | 0.13x | 2.30x | $-141.76 Million |
| 2015 | 6.76% | 67.09% | 0.04x | 2.35x | $-141.60 Million |
| 2016 | 10.75% | 254.79% | 0.02x | 1.75x | $28.08 Million |
| 2017 | 18.66% | 167.79% | 0.10x | 1.09x | $291.12 Million |
| 2018 | -5.19% | -38.26% | 0.11x | 1.24x | $-413.02 Million |
| 2019 | 13.18% | 46.40% | 0.22x | 1.27x | $100.03 Million |
| 2020 | 18.56% | 79.13% | 0.19x | 1.27x | $326.91 Million |
| 2021 | -7.43% | -44.82% | 0.09x | 1.89x | $-645.87 Million |
| 2022 | 20.15% | 68.47% | 0.16x | 1.88x | $399.30 Million |
| 2023 | 12.01% | 23.50% | 0.26x | 1.98x | $85.15 Million |
| 2024 | 5.14% | 9.79% | 0.24x | 2.21x | $-217.97 Million |
| 2025 | 20.39% | 40.87% | 0.22x | 2.27x | $563.86 Million |
Industry Comparison
This section compares White Mountains Insurance Group Ltd's net assets metrics with peer companies in the Insurance - Property & Casualty industry.
Industry Context
- Industry: Insurance - Property & Casualty
- Average net assets among peers: $7,561,989,200
- Average return on equity (ROE) among peers: 12.01%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| White Mountains Insurance Group Ltd (WTM) | $1.32 Billion | -3.35% | 4.40x | $4.93 Billion |
| American Coastal Insurance Corp (ACIC) | $54.99 Million | 14.71% | 3.37x | $505.96 Million |
| American Financial Group, Inc. (AFG) | $3.92 Billion | 13.24% | 6.20x | $10.91 Billion |
| Aspen Insurance Holdings Ltd (AHL) | $2.89 Billion | -1.95% | 3.53x | $119.39 Million |
| American Integrity Insurance Group, Inc. (AII) | $337.02 Million | 29.56% | 2.63x | $386.34 Million |
| Assurant Inc (AIZ) | $5.95 Billion | 7.40% | 6.50x | $10.94 Billion |
| The Allstate Corporation (ALL) | $10.30 Billion | 12.64% | 4.76x | $54.30 Billion |
| Ategrity Specialty Insurance Company Holdings (ASIC) | $398.81 Million | 11.81% | 1.82x | $990.91 Million |
| Bowhead Specialty Holdings Inc. (BOW) | $449.27 Million | 11.97% | 4.28x | $888.60 Million |
| Chubb Ltd (CB) | $50.31 Billion | 7.87% | 2.33x | $124.22 Billion |
| Cincinnati Financial Corporation (CINF) | $1.01 Billion | 12.81% | 1.57x | $24.98 Billion |
About White Mountains Insurance Group Ltd
White Mountains Insurance Group, Ltd. provides insurance services in the United States, the United Kingdom, Bermuda, and internationally. It operates through Ark/WM Outrigger, HG Global, Kudu, Distinguished, and Other Operations segments. The company offers property insurance and reinsurance; specialty insurance and reinsurance consisting of aviation, contingency, cyber, fine art and specie, mort… Read more