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Investments in Unconsolidated Affiliates (Tables) | 12 Months Ended
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Dec. 31, 2011
Investments in Unconsolidated Affiliates |
Schedule of investments in unconsolidated affiliates |
Millions |  | December 31, 2011 |  | December 31, 2010 |
Symetra common shares |  | $ | 261.0 |  | $ | 350.4 |
Symetra warrants |  | 12.6 |  | 37.1 |
Total investment in Symetra |  | 273.6 |  | 387.5 |
Pentelia Capital Management |  | 1.7 |  | 2.2 |
Total investments in unconsolidated affiliates |  | $ | 275.3 |  | $ | 389.7
Schedule of changes in unconsolidated affiliates |
The following table summarizes amounts recorded by White Mountains relating to its investment in Symetra:
Millions |  | Common shares |  | Warrants |  | Total |
Carrying value of investment in Symetra as of January 1, 2009 |  | $ | 54.0 |  | $ | 27.3 |  | $ | 81.3 |
Equity in earnings of Symetra(1)(8) |  | 23.9 |  | — |  | 23.9 |
Net unrealized losses from Symetra’s fixed maturity portfolio(5) |  | 191.3 |  | — |  | 191.3 |
Increase in value of warrants |  | — |  | 11.2 |  | 11.2 |
Carrying value of investment in Symetra as of December 31, 2009(2) |  | 269.2 |  | 38.5 |  | 307.7 |
Equity in earnings of Symetra(1)(3)(8) |  | 11.1 |  | — |  | 11.1 |
Net unrealized gains from Symetra’s fixed maturity portfolio(6)(7) |  | 72.7 |  | — |  | 72.7 |
Dividends received |  | (2.6 | ) | — |  | (2.6 | )
Decrease in value of warrants |  | — |  | (1.4 | ) | (1.4 | )
Carrying value of investment in Symetra as of December 31, 2010(2) |  | 350.4 |  | 37.1 |  | 387.5 |
Equity in earnings of Symetra(1)(8) |  | 28.2 |  | — |  | 28.2 |
Impairment of equity in earnings of Symetra(4) |  | (50.0 | ) | — |  | (50.0 | )
Net unrealized gains from Symetra’s fixed maturity portfolio(7) |  | 85.0 |  | — |  | 85.0 |
Impairment of net unrealized gains from Symetra’s fixed maturity portfolio (5) |  | (148.6 | ) | — |  | (148.6 | )
Dividends received |  | (4.0 | ) | — |  | (4.0 | )
Decrease in value of warrants |  | — |  | (24.5 | ) | (24.5 | )
Carrying value of investment in Symetra as of December 31, 2011(2) |  | $ | 261.0 |  | $ | 12.6 |  | $ | 273.6 |
(1) Equity in earnings for the years end December 31, 2011, 2010, and 2009 excludes tax expense of $2.3, $1.4, and $0. (2) Includes White Mountains’ equity in net unrealized gains (losses) from Symetra’s fixed maturity portfolio of $0, $63.7, and $(9.0) as of December 31, 2011, 2010, and 2009, which excludes tax expense of $0, $5.2 and $0. (3) Includes a $17.9 loss from the dilutive effect of Symetra’s public offering (4) Impairment of equity in earnings of Symetra excludes tax benefit of $4.1 (5) Impairment of net unrealized gains from Symetra’s fixed maturity portfolio excludes tax benefit of $12.0 (6) Includes a $1.9 gain from the dilutive effect of Symetra’s public offering. (7) Net unrealized gains (losses) from Symetra’s fixed maturity portfolio excludes tax (expense) benefit of $(6.9), $0.8, and $0 for the years ended December 31, 2011, 2010, and 2009. (8) Equity in earnings for the years end December 31, 2011, 2010, and 2009 includes $1.0, $0.8, and $0 loss from the dilutive effect of Symetra’s yearly dividend and the issuance of restricted shares by Symetra
Summarized statement of financial position of Symetra |
The following table summarizes financial information for Symetra as of December 31, 2011 and 2010:
|  | December 31, |
Millions |  | 2011 |  | 2010 |
Symetra balance sheet data: |  |  |  |  |
Total investments |  | $ | 26,171.7 |  | $ | 23,500.2 |
Separate account assets |  | 795.8 |  | 881.7 |
Total assets |  | 28,212.7 |  | 25,636.9 |
Policyholder liabilities |  | 23,140.6 |  | 21,591.5 |
Long-term debt |  | 449.2 |  | 449.0 |
Separate account liabilities |  | 795.8 |  | 881.7 |
Total liabilities |  | 25,078.7 |  | 23,256.3 |
Common shareholders’ equity |  | 3,134.0 |  | 2,380.6 |
Summarized statement of operations of Symetra |
The following table summarizes financial information for Symetra for the years ended December 31, 2011, 2010 and 2009:
|  | Year Ended December 31, |
Millions |  | 2011 |  | 2010 |  | 2009 |
Symetra income statement data: |  |  |  |  |  |  |
Net premiums earned |  | $ | 540.5 |  | $ | 473.0 |  | $ | 470.1 |
Net investment income |  | 1,270.9 |  | 1,199.4 |  | 1,113.6 |
Total revenues |  | 1,999.0 |  | 1,878.5 |  | 1,714.3 |
Policy benefits |  | 1,307.3 |  | 1,234.6 |  | 1,197.3 |
Total expenses |  | 1,720.0 |  | 1,589.4 |  | 1,533.2 |
Net income |  | 199.6 |  | 200.9 |  | 128.3 |
Comprehensive net income |  | 780.6 |  | 683.1 |  | 1,018.6 |

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