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White Mountains 2010

White Mountains Insurance Group Ltd consolidated results year ended 31 December ● US$ mn Category 2006 2007 2008 2009 2010 Gross written premium 4,312.50 4,189.70 4,116.50 3,897.60 3,554.30 Net written premium 3,843.50 3,758.60 3,717.60 3,492.00 2,937.70 Increased NWP % 1.8 (2.2) (1.1) (6.1) (15.9) Retention % 89.1 89.7 90.3 89.6 82.7 Net earned premium 3,712.70 3,783.70 3,710.00 3,600.40 3,162.40 Claims incurred 2,452.70 2,406.40 2,506.40 2,119.10 2,068.00 Claims incurred % NEP 66.1 63.6 67.6 58.9 65.4 Operating expenses 1,478.50 1,482.40 1,461.90 1,472.60 1,295.30 Operating expenses % NWP 38.5 39.4 39.3 42.2 44.1 Underwriting result (218.50) (105.10) (258.30) 8.70 (200.90) Underwriting result % NWP (5.7) (2.8) (6.9) 0.2 (6.8) Combined ratio % 104.5 103.0 106.9 101.0 109.5 Life GWP - - - - - Life NWP - - - - - Life result - - - - - Net investment income 435.50 533.00 410.30 272.40 228.50 Net realised gains/(losses) 272.70 263.20 (518.70) (70.40) 147.40 Pre-tax result 729.80 685.20 (1,138.40) 764.00 150.50 Pre-tax % NWP 19.0 18.2 (30.6) 21.9 5.1 Net result 673.20 407.40 (555.30) 470.00 86.50 Shareholders' funds 4,455.30 4,713.40 2,898.80 3,657.40 3,653.00 Solvency margin 115.9 125.4 78.0 104.7 124.3 Unearned premium reserve 1,497.00 1,482.10 1,486.10 1,387.40 955.60 Outstanding claims reserve 4,761.50 4,594.20 4,349.70 4,011.20 3,810.10 Total technical provisions 6,258.50 6,076.30 5,835.80 5,398.60 4,765.70 Technical reserves as % NWP 162.8 161.7 157.0 154.6 162.2 Overall coverage as % NWP 278.8 287.1 235.0 259.3 286.6

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