White Mountains Insurance Group, Ltd. · NYSE:WTM

White Mountains Insurance — Investor Presentation (June 2025)

70 slides from White Mountains Insurance's investor presentation, Jun 6, 2025

  1. Slide 1: 2025 Annual Investor Presentation

    White Mountains Insurance Group, Ltd. 2025 Annual Investor Presentation Exhibit 99.1

  2. Slide 2: Forward-Looking Statements

    1 Forward-Looking Statements Forward-Looking Statements This presentation may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, includ

  3. Slide 3: Notes and Non-GAAP Financial Measures

    2 Notes and Non-GAAP Financial Measures Notes The notes on p. 54-55 in the Appendices include additional context and information that management believes is helpful in understanding White Mountains's financial condition and performance. Non-GAAP Financial Measures Management believes the non-GAAP me

  4. Slide 4: Introductions

    Introductions

  5. Slide 5: Year in Review

    Year in Review

  6. Slide 6: Year in Review

    5 Year in Review  Okay 2024 – Grew ABVPS by 8% to $1,834 – Short of target  10YT + 700 bps [1], or 11%  Key highlights: – Strong operating results at Ark/Outrigger and Bamboo – Mixed operating results elsewhere – Good investment returns – No new deployments  2025 deployments: – BroadStreet Partn

  7. Slide 7: Returns in Context

    6 Returns in Context YTD May 31, Book value returns 2024 1Q25 Market value returns 2024 2025 WTM (A)BVPS [2] 7.7% 0.4% WTM MVPS 29.3% -8.2% 10YT + 700 bps [1] 10.9% 2.9% S&P 500 25.0% 1.1% Dowling & Partners Composite TVC [3] 19.1% n/a S&P Financials 30.3% 5.8% Dowling & Partners Composite [4] 34.0%

  8. Slide 8: Capital & Financial Position

    Capital & Financial Position

  9. Slide 9: Deployments, Distributions and Undeployed Capital

    8 $3.2 $2.1 $3.1 $1.6 $0.5 $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 1Q17 2017 2018 2019 2020 2021 Post-NSM 2022 2023 2024 1Q25 $ in b ill io ns Capital deployments, cumulative Capital distributions, cumulative Undeployed capital Deployments, Distributions and Undeployed Capital [6][5] Post-OneBeacon: $1.8

  10. Slide 10: Financial Position as of 1Q25

    9 Financial Position as of 1Q25  Total capital of $5.8 billion, principally in shareholders’ equity – No financial leverage at parent – Prudent financial leverage at our operating businesses – Consolidated debt to total capital of 12%  Undeployed capital of $0.5 billion, or 9% of total capital

  11. Slide 11: Operating Businesses

    Operating Businesses

  12. Slide 12: Owners' Capital Per Share as of 1Q25

    11 Owners’ Capital Per Share as of 1Q25 [8] Total: $1,752 BVPS Ark $401 WM Outrigger $74 Kudu $296 HG Global $292 Bamboo $91 MediaAlpha $64 PC/DS $58 BroadStreet Partners $58 White Mountains Partners $25 Other operating businesses $60 Strategic investments & other $119 Undeployed capital $213

  13. Slide 13: Key Operating Businesses

    12 Key Operating Businesses Company Initial investment year WTM ownership [9] Management ownership [9] Owners’ Capital [8] ($ in millions) Per Share [8] ($) 2021 62% 38% $1,222 $475 2018 78% 15% 763 296 2012 97% 3% 752 292 2024 64% 27% 235 91 2014 24% 32% 165 64 2015 51% 49% 150 58 2025 <5% n/a 150

  14. Slide 14: Ark: Overview

    13 Ark: Overview  Specialized P&C (re)insurance business  Founded in 2007 by Ian Beaton and Nick Bonnar  Writes five major lines of business: property, specialty, marine & energy, A&H and casualty  Business written via: – Lloyd’s Syndicates 4020 and 3902 and ACSN 3832 – Bermuda-based reinsurer G

  15. Slide 15: Ark: Recent Results

    14 Ark: Recent Results  Excellent results in 2024 – Combined ratio of 83% – Grew Tangible Book Value by 28% – Gross written premiums of $2.2 billion, up 16% YOY and 4x since our acquisition – Blended risk-adjusted rate change flat  Solid 1Q25 – Combined ratio of 94% – Gross written premiums of $1.

  16. Slide 16: Ark: Financial Snapshot

    15 $598 $1,059 $1,452 $1,898 $2,207 $2,443 98% 87% 82% 82% 83% 84% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2020 2021 2022 2023 2024 1Q25 TTM C om bined R atio G ro ss W rit te n Pr em iu m s ( $ in m ill io ns ) Property Specialty Marine & Energy

  17. Slide 17: Ark: Relative Performance at Lloyd's

    16 Ark: Relative Performance at Lloyd’s WM Outrigger 2020-2024 Profitability and Volatility [11] Less Profitable More Profitable Le ss V ol at ile M or e Vo la til e Source: Insurance Insider ERS 218 Arch 1955 Antares 1274 CNA Hardy 382 RenRe 1458 Canopius 4444 Brit 2987 Argenta 2121 Liberty 4472 To

  18. Slide 18: Ark: Market Environment

    17 Ark: Market Environment WM Outrigger Rate, Terms & Conditions Uncertainties  Property (re)insurance  softening but still good profitability  Marine & energy  rolling  Specialty  differentiated  A&H  flat  Casualty  up 5-10%  Geopolitics  Deglobalization and tariff impacts  Catastroph

  19. Slide 19: Ark: Going Forward

    18 Ark: Going Forward WM Outrigger  Near-term  cyclical opportunities persisting  Longer-term  secular themes and structural changes emerging  Opportunistic capital redeployment in the face of uncertainty and risk  Build-out of newer teams  A&H, marine liability and political violence / crisi

  20. Slide 20: Ark: Outrigger

    19 Ark: Outrigger  Outrigger Re is a sidecar to Ark’s Bermuda global property cat XOL reinsurance book; renewable annually  Ark launched Outrigger for the 2023 underwriting year; renewed for 2024 and 2025  Solid 2025 renewal season – Premiums and exposures in line with plan – Risk adjusted rate c

  21. Slide 21: Kudu: Overview

    20 Kudu: Overview  Provides capital solutions and advisory services to asset management companies  Deals are typically structured as revenue shares with equity participation rights – Healthy cash yield at inception (~10% on average) – Growing cash yield with growth in AUM / fees kicker – Equity ki

  22. Slide 22: Kudu: Recent Results

    21 Kudu: Recent Results  Solid 2024 results – GAAP ROE of 9%; Levered Return of 9% – Portfolio value up 7% YOY on a same store basis – Deployed $104 million, primarily into two new deals  Strong 1Q25 results – TTM GAAP ROE of 13%; TTM Levered Return of 9% – Portfolio value up 4% on a same store ba

  23. Slide 23: Kudu: Financial Snapshot

    22 $267 $401 $670 $696 $896 $1,014 $1,126 -$100 $100 $300 $500 $700 $900 $1,100 2019 2020 2021 2022 2023 2024 1Q25 G A A P Fa ir V al ue o f P or tfo lio ($ in m ill io ns ) Net equity capital drawn Debt capital drawn Net gain (loss) on Kudu's portfolio Kudu: Financial Snapshot $21 TTM Annualized Ad

  24. Slide 24: Kudu: Returns

    23 7% 8% 11% 8% 12% 9% 9% 6% 7% 20% 12% 17% 9% 13% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 2019 2020 2021 2022 2023 2024 1Q25 TTM R et ur ns Levered Return GAAP ROE Kudu: Returns Average = 12% Average = 9%

  25. Slide 25: HG Global: Overview

    24 HG Global: Overview  BAM is a mutual company that insures essential public purpose municipal bonds  HG Global is a stock company owned by WTM – Provides first-loss reinsurance to BAM – Provided startup capital to BAM  WTM and HG Global have two economic interests: – HG Re reinsurance business

  26. Slide 26: HG Global: Recent Results

    25 HG Global: Recent Results  Mixed year for HG Global / BAM in 2024 – HG Global Growth in Adjusted Book Value of 6% – BAM total premiums [14] of $136 million (up 4% YOY) – BAM par insured [15] of $20 billion (up 26% YOY) – BAM total pricing [14] at 69 bps (down 18% YOY) – Cash payments on surplus

  27. Slide 27: BAM: Financial Highlights & Market Environment

    26 BAM: Financial Highlights & Market Environment Year ended TTM ($ in millions, except where stated) 2022 2023 2024 1Q25 Par insured ($ in billions) [15] 16.0$ 15.6$ 19.7$ 19.0$ Total pricing [14] 91 bps 84 bps 69 bps 69 bps Total premiums [14] 147$ 131$ 136$ 132$ Claims paying resources 1,423$ 1,5

  28. Slide 28: HG Global: Financial Snapshot

    27 HG Global: Financial Snapshot Year ended TTM ($ in millions) 2022 2023 2024 1Q25 HG Global Growth in (Adjusted) Book Value [16] 5% 11% 6% 8% Reinsurance written premiums, net [17] 38$ 35$ 37$ 35$ Reinsurance earned premiums, net [17] 18$ 19$ 21$ 23$ HG Global investment return -8% 6% 3% 6% Princi

  29. Slide 29: HG Global/BAM: Key Priorities

    28 HG Global/BAM: Key Priorities  Enhance HG Global’s contribution to growth in WTM BVPS – Grow written premiums – Optimize investment returns in trust portfolios – Pay down surplus notes – Maximize releases from trust accounts (upstreamed to parent)  Preserve and enhance BAM’s financial strength

  30. Slide 30: Bamboo: Overview

    29 Bamboo: Overview  Homeowners’ insurance MGA founded and led by John Chu  Differentiated model with near and long-term competitive advantages: – Commission-based MGA model with blue-chip distribution and reinsurance partners – Strategically launched in California; now expanding to additional mar

  31. Slide 31: Bamboo: Value Chain

    30 Bamboo: Value Chain Fee based Risk bearing Customers / Agents Bamboo MGA Fronting Carriers (A- Rated) Reinsurance Partners Quota Share Third Party Bamboo Captive WTM CRV Fronting Carriers Cat XOL (Third Party)

  32. Slide 32: Bamboo: Recent Results

    31 Bamboo: Recent Results  Outstanding 2024 – Managed premiums [18] of $484 million, up over 2x YOY – MGA Adjusted EBITDA [19] of $53 million, up over 7x YOY  Strong 1Q25 performance – TTM managed premiums [18] of $542 million, up 12% QOQ – TTM MGA Adjusted EBITDA [19] of $66 million, up 26% QOQ –

  33. Slide 33: Bamboo: Financial Snapshot

    32 Bamboo: Financial Snapshot $215 $542 $7 $15 $27 $42 $53 $66 $0 $10 $20 $30 $40 $50 $60 $70 $0 $100 $200 $300 $400 $500 $600 $700 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 TTM M G A A djusted E BITD A [19]($ in m illions) TT M M an ag ed p re m iu m s[1 8] ($ in m ill io ns ) Managed premiums, renewal Managed

  34. Slide 34: Bamboo: California Wildfires

    33 Bamboo: California Wildfires  January 2025 CA wildfires  largest wildfire insured loss event in US history by 2-3x  Validated underwriting and aggregation management strategy – Programs incurred $160 million of net losses – Strong loss performance relative to market – MGA earnings largely unaf

  35. Slide 35: Bamboo: 4/1 Reinsurance Renewal

    34 Bamboo: 4/1 Reinsurance Renewal Quota Share Cat XOL Sidecar (Greenshoots Re) Catastrophe Bond (Greengrove Re)  Diversified capacity: ~25 traditional reinsurers, affiliated capacity and new sidecar markets  Maintained strong panel of traditional reinsurers and added Chubb and Allianz  Sliding s

  36. Slide 36: Bamboo: Go-Forward Priorities

    35 Bamboo: Go-Forward Priorities  Continue to execute on clear market opportunity in California – Favorable attritional loss ratio outlook for existing book as portfolio scales and seasons – Significant CA “white space” remains  ~3-4% market share today  Leverage existing platform to expand addre

  37. Slide 37: MediaAlpha: Overview

    36 MediaAlpha: Overview  Online customer acquisition technology company (NYSE: MAX)  Industry-leading marketplaces for real-time transactions in clicks, calls and leads  Multiple verticals, including P&C, health and life insurance  Fee-based economic model: take percentage on all marketplace tra

  38. Slide 38: MediaAlpha: Recent Results

    37 MediaAlpha: Recent Results  Mixed year in 2024  record operating results but flat stock price – Transaction value of $1.5 billion (up 2.5x YOY) – Adjusted EBITDA of $96 million (up 3.5x YOY) – Share price impacted by news of ongoing FTC matter  Strong 1Q25 results – TTM Adjusted EBITDA of $111

  39. Slide 39: MediaAlpha: Financial Snapshot

    38 $38 $101 $150 $175 $219 $396 $560 $816 $1,019 $738 $593 $1,492 $1,746 $0 $20 $40 $60 $80 $100 $120 $140 $160 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 TTM A djusted E BITD A ($ in m illions) Tr an sa ct io n V al ue

  40. Slide 40: PassportCard / DavidShield: Overview

    39 PassportCard / DavidShield: Overview  Offers travel and expat medical insurance  Delivers coverage and services in 200+ countries around the world  Real-time, paperless insurance solution, delivered via debit card  Superior customer experience, premium pricing and high reactivation rates  Or

  41. Slide 41: PassportCard / DavidShield: Recent Results

    40 PassportCard / DavidShield: Recent Results [21]  Solid year in 2024 despite ongoing war in the Middle East  Core premiums of $212 million (down 3% YOY) – Israeli leisure travel premiums of $107 million (down 13% YOY) – Expat medical premiums of $105 million (up 12% YOY)  Core EBITDA declined t

  42. Slide 42: PassportCard / DavidShield: Financial Snapshot

    41 $55 $79 $107 $132 $154 $75 $125 $232 $217 $212 $228 $6 $6 $10 $15 $18 $2 $14 $35 $18 $6 $8 $0 $5 $10 $15 $20 $25 $30 $35 $40 $0 $40 $80 $120 $160 $200 $240 $280 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 TTM C ore E BITD A ($ in m illions) C or e C on tr ol le d Pr em iu m s ( $ in m

  43. Slide 43: BroadStreet Partners: Overview

    42 BroadStreet Partners: Overview  Leading insurance brokerage platform (U.S. and Canada)  Diversified distribution business with 100% commission and fee-based economic model  Platform with strong operating track record and proven tuck-in M&A strategy  Top-tier management team led by Mike O’Conn

  44. Slide 44: White Mountains Partners: Overview

    43 White Mountains Partners: Overview  Wholly-owned business unit launched in 4Q23  Led by CEO and Managing Partner John Daly  Provides first institutional capital to family, founder and entrepreneur-owned businesses in three sectors: – Essential services – Light industrial – Specialty consumer 

  45. Slide 45: White Mountains Partners: Enterprise Solutions Acquisition

    44 White Mountains Partners: Enterprise Solutions Acquisition  In April, WMP announced its first deal to acquire a 66% interest in Enterprise Solutions for ~$65 million – Co-founders and senior management retained the remaining 34% stake – Entire management team to continue post-close  Enterprise

  46. Slide 46: Investments

    Investments

  47. Slide 47: Investments: Philosophy and Approach

    46 Investments: Philosophy and Approach  Invest for total return  Policyholder funds invested conservatively; shareholder funds invested more aggressively  Relative to insurance peers, we tend to have (i) shorter duration and (ii) higher equity exposure  Parent investment decisions take into acc

  48. Slide 48: Investments: Composition

    47 Investments: Composition ($ in millions) Ark HG Global Parent [23] Consolidated Fixed Income [22] 2,479$ 689$ 679$ 3,847$ Equities and Alternatives [22] 556 - 381 936 Total Portfolio [22] 3,034$ 689$ 1,059$ 4,783$ Investment Leverage 2.1x 1.4x 1.0x 1.1x Fixed income duration (years) [24] 1.1 4.1

  49. Slide 49: Investments: Performance

    48 Investments: Performance [26] 2022 to 2022 to 1Q25 Year ended 1Q25 Annualized 2022 2023 2024 1Q25 Annualized Outperformance Total Portfolio Return -2.1% 9.1% 5.4% 1.7% 4.3% 10YT + 150 bps -14.8% 4.3% -0.2% 4.4% -2.3% +6.6% Conventional Wisdom Benchmark [27] -13.6% 8.5% 4.6% 1.7% -0.1% +4.3% Fixed

  50. Slide 50: What to Expect

    What to Expect

  51. Slide 51: What to Expect from Us

    50 What to Expect from Us  More of the same  Focused on growing per share values over long periods of time  Not focused on near-term GAAP results  Adhering to our core operating principles: – Underwriting comes first – Maintain a disciplined balance sheet – Invest for total return – Think like o

  52. Slide 52: Wise Words…

    51 Wise Words… 1-year 5-year 10-year 20-year Since WTM IPO (1985) WTM - (A)BVPS [2] 2.5% 13.5% 10.8% 9.1% 13.2% WTM - MVPS 7.4% 16.2% 11.0% 6.4% 12.3% S&P 500 8.3% 18.6% 12.5% 10.2% 11.3% S&P P&C Insurance Total Return [28] 23.7% 26.2% 16.8% 11.5% 11.0% Return periods ended March 31, 2025

  53. Slide 53: Superior Track Record Over Nearly 40 Years

    52 Superior Track Record Over Nearly 40 Years $20 $75 $280 $1,050 Year 1990 1995 2000 2005 2010 2015 2020 Adjusted Book Value Per Share * Market Value Per Share * Growth since IPO: Adjusted Book Value Per Share 13% annualized, including dividends Market Value Per Share 12% annualized, including divi

  54. Slide 54: Appendices

    Appendices 1. Notes (p. 54) 2. Non-GAAP Financial Measures (p. 56)

  55. Slide 55: Notes

    54 Notes 1. 10YT + 700 bps is the beginning-of-year yield on the 10-year U.S. Treasury plus 700 bps. 2. WTM book value returns reflect growth in Adjusted Book Value Per Share through 2024 and book value per share beginning in 1Q25, both including dividends. 3. Dowling & Partners Composite TVC is a t

  56. Slide 56: Notes

    55 Notes 18. Bamboo managed premiums represent the total premiums placed by Bamboo during the period. Managed premium renewals are presented on a net basis and reflect endorsements, reinstatements and cancellations. Figures shown prior to 1Q24 predate WTM’s ownership of Bamboo. 19. Bamboo MGA EBITDA

  57. Slide 57: Non-GAAP Measures: GAAP BVPS to ABVPS

    56 Non-GAAP Measures White Mountains Insurance Group, Ltd. Reconciliation of GAAP book value per share ("BVPS") to ABVPS and growth in ABVPS ($ millions, except per share amounts; shares in thousands) 2023 2024 Numerator WTM's common shareholders' equity (GAAP BVPS numerator) 4,240$ 4,484$ 97% of HG

  58. Slide 58: Non-GAAP Measures: Owners' Capital

    57 Non-GAAP Measures White Mountains Insurance Group, Ltd. Reconciliation of GAAP book value and GAAP BVPS to Owners' Capital and Owners' Capital Per Share ($ millions, except per share amounts) 1Q25 Owners' Capital 1Q25 Per Share Values GAAP Book Value Adjustments[a] Owners' Capital GAAP Book Value

  59. Slide 59: Non-GAAP Measures: Ark Tangible Book Value

    58 Non-GAAP Measures White Mountains Insurance Group, Ltd. Reconciliation of Ark's GAAP equity to Tangible Book Value and calculation of growth in book value to Growth in Tangible Book Value, including dividends ($ millions) Year Ended December 31, 2024 Beginning GAAP equity [a] 1,230$ Less: goodwil

  60. Slide 60: Non-GAAP Measures: Kudu Adjusted EBITDA and Levered Return

    59 Non-GAAP Measures White Mountains Insurance Group, Ltd. Reconciliations of Kudu GAAP net income to Kudu Annualized Adjusted EBITDA and return on equity to Levered Return Trailing Twelve Months Ended ($ millions) 4Q20 4Q21 4Q22 4Q23 4Q24 1Q25 GAAP net income (loss) [a] 21$ 78$ 62$ 105$ 65$ 104$ Ad

  61. Slide 61: Non-GAAP Measures: HG Global Adjusted Book Value

    60 Non-GAAP Measures White Mountains Insurance Group, Ltd. Reconciliation of HG Global's GAAP book value to Adjusted Book Value and growth in book value to Growth in Adjusted Book Value and (Adjusted) Book Value ($ millions) 2021 2022 2023 2024 WTM interest in HG Global - GAAP book value after inter

  62. Slide 62: Non-GAAP Measures: Bamboo MGA Adjusted EBITDA

    61 Non-GAAP Measures White Mountains Insurance Group, Ltd. Reconciliations of Bamboo GAAP net income to MGA Adjusted EBITDA and 1Q24 Annualized MGA Adjusted EBITDA ($ millions) 4Q24 1Q25 Bamboo's consolidated GAAP net income (loss) 26$ 26$ Exclude: Net (income) loss, Bamboo Captive (1) 3 MGA net inc

  63. Slide 63: Non-GAAP Measures: Fixed Income and Equities and Alternatives

    62 Non-GAAP Measures White Mountains Insurance Group, Ltd. Reconciliation of (i) GAAP fixed maturity and short-term investments to Fixed Income (ii) GAAP common equity securities, investment in MediaAlpha and other long-term investments to Equities and Alternatives and (iii) Equities and Alternative

  64. Slide 64: Non-GAAP Measures: Ark Portfolio

    63 Non-GAAP Measures White Mountains Insurance Group, Ltd. Reconciliation of (i) Ark's GAAP fixed maturity and short-term investments to Ark Fixed Income, (ii) Ark's GAAP common equity securities and other long-term investments to Ark Equities and Alternatives (iii) Ark Equities and Alternatives / T

  65. Slide 65: Non-GAAP Measures: HG Global Fixed Income

    64 Non-GAAP Measures White Mountains Insurance Group, Ltd. Reconciliation of HG Global's GAAP fixed maturity and short-term investments to HG Global Fixed Income. Total HG Global Portfolio equals HG Global Fixed Income ($ millions) 1Q25 HG Global GAAP fixed maturity and short-term investments 686$ A

  66. Slide 66: Non-GAAP Measures: Parent Portfolio

    65 Non-GAAP Measures White Mountains Insurance Group, Ltd. Reconciliation of (i) Other Operations GAAP fixed maturity and short-term investments to Parent Fixed Income (ii) Other Operations GAAP common equity securities, investment in MediaAlpha and other long-term investments to Parent Equities and

  67. Slide 67: Non-GAAP Measures: Investment Leverage

    66 Non-GAAP Measures White Mountains Insurance Group, Ltd. Reconciliation of GAAP portfolio leverage to Investment Leverage for (i) Ark, (ii) HG Global, (iii) Parent and (iv) White Mountains Consolidated ($ millions) Kudu & Investment Leverage: Ark HG Global Parent Other Consolidated Numerator GAAP

  68. Slide 68: Non-GAAP Measures: Equities and Alternatives / Equity

    67 Non-GAAP Measures White Mountains Insurance Group, Ltd. Reconciliation of (i) GAAP common equity securities, investment in MediaAlpha and other long-term investments to Equities and Alternatives and (ii) Equities and Alternatives / Adjusted Shareholders Equity ($ millions) 1Q25 Numerator GAAP com

  69. Slide 69: Non-GAAP Measures: Investment Returns

    68 Non-GAAP Measures White Mountains Insurance Group, Ltd. Reconciliation of GAAP investment returns to Total Portfolio Return, Fixed Income Return and Equity and Alternative Return (returns in USD) 2022 2023 2024 1Q25 GAAP total return on investment portfolio -1.6% 11.4% 6.9% 1.7% Adjusting items R

  70. Slide 70: Non-GAAP Measures: GAAP BVPS vs ABVPS Returns

    69 Non-GAAP Measures White Mountains Insurance Group, Ltd. Comparison of GAAP BVPS returns to ABVPS returns 1-year 5-year 10-year 20-year Since WTM IPO (1985) WTM - BVPS 0.6% 12.4% 10.2% 8.8% 13.0% WTM - (A)BVPS [2] 2.5% 13.5% 10.8% 9.1% 13.2% Return periods ended March 31, 2025

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