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Investments in Unconsolidated Affiliates (Tables) | 12 Months Ended
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Dec. 31, 2013
Investments in unconsolidated affiliates |
Schedule of investments in unconsolidated affiliates | White Mountains’ investments in unconsolidated affiliates represent investments in other companies in which White Mountains has a significant voting and economic interest but does not control the entity.
|  | December 31,
Millions |  | 2013 |  | 2012
Symetra common shares |  | $ | 360.9 |  |  | $ | 288.4 |
Unrealized (losses) gains from Symetra’s fixed maturity portfolio |  | (43.6 | ) |  | 62.8 |
Carrying value of Symetra common shares |  | 317.3 |  |  | 351.2 |
Symetra warrants |  | — |  |  | 30.3 |
Total investment in Symetra |  | 317.3 |  |  | 381.5 |
Hamer(1) |  | 4.1 |  |  | 4.0 |
Bri-Mar(1) |  | — |  |  | 1.9 |
Pentelia Capital Management |  | — |  |  | 0.5 |
Total investments in unconsolidated affiliates |  | $ | 321.4 |  |  | $ | 387.9 |
(1) As of October 1, 2012, Hamer and Bri-Mar are no longer consolidated and are accounted for as investments in unconsolidated affiliates.
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 December 31, 2010 |  | $ | 350.4 |  |  | $ | 37.1 |  |  | $ | 387.5 |
Equity in earnings(1)(8) |  | 28.2 |  |  | — |  |  | 28.2 |
Impairment of equity in earnings of Symetra(3) |  | (50.0 | ) |  | — |  |  | (50.0 | )
Equity in 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(4) |  | (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 |
Equity in earnings(1)(5)(8) |  | 32.3 |  |  | — |  |  | 32.3 |
Equity in net unrealized gains from Symetra’s fixed maturity portfolio(6)(7) |  | 62.8 |  |  | — |  |  | 62.8 |
Dividends received |  | (4.9 | ) |  | — |  |  | (4.9 | )
Increase in value of warrants |  | — |  |  | 17.7 |  |  | 17.7 |
Carrying value of investment in Symetra as of December 31, 2012(2) |  | 351.2 |  |  | 30.3 |  |  | 381.5 |
Equity in earnings(1)(5)(8) |  | 37.8 |  |  | — |  |  | 37.8 |
Equity in net unrealized losses from Symetra’s fixed maturity portfolio(6)(7) |  | (106.4 | ) |  | — |  |  | (106.4 | )
Dividends received |  | (6.4 | ) |  | — |  |  | (6.4 | )
Increase in value of warrants |  | — |  |  | 10.8 |  |  | 10.8 |
Exercise of warrants |  | 41.1 |  |  | (41.1 | ) |  | — |
Carrying value of investment in Symetra as of December 31, 2013(2)(9) |  | $ | 317.3 |  |  | $ | — |  |  | $ | 317.3 |
(1) | Equity in earnings for the years end December 31, 2013, 2012 and 2011 excludes tax expense of $2.8, $2.6, and $2.3
(2) | Includes White Mountains’ equity in net unrealized (losses) gains from Symetra’s fixed maturity portfolio of $(43.6), $62.8, and $0 as of December 31, 2013, 2012 and 2011, which excludes tax benefit (expense) of $3.2, $(5.1) and $0
(3) | Impairment of equity in earnings of Symetra excludes tax benefit of $4.1
(4) | Impairment of net unrealized gains from Symetra’s fixed maturity portfolio excludes tax benefit $12.0
(5) | Equity in earnings for the years ended December 31, 2013 and 2012 includes $3.0 and $3.5 increases relating to the pre-tax amortization of the Symetra common share basis difference.
(6) | Net unrealized gains for the years ended December 31, 2013 and 2012 includes $11.8 and $13.1 increases relating to the pre-tax amortization of the Symetra common share basis difference.
(7) | Net unrealized (losses) gains from Symetra’s fixed maturity portfolio excludes tax benefit (expense) of $8.3, $(5.1) and $(6.9) for the years ended December 31, 2013, 2012 and 2011.
(8) | Equity in earnings for the years end December 31, 2013, 2012 and 2011 includes $.2, $1.3, and $1.0 loss from the dilutive effect of Symetra’s yearly dividend and the issuance of restricted shares by Symetra
(9) | The aggregate value of White Mountains’ investment in common shares of Symetra was $380.1 based upon the quoted market price of $18.96 per share at December 31, 2013.
Symetra |
Investments in unconsolidated affiliates |
Summarized statement of financial position of Symetra | The following table summarizes financial information for Symetra as of December 31, 2013 and 2012:
|  | December 31,
Millions |  | 2013 |  | 2012
Symetra balance sheet data: |  |  |  |  |  |
Total investments |  | $ | 27,901.1 |  |  | $ | 27,556.4 |
Separate account assets |  | 978.4 |  |  | 807.7 |
Total assets |  | 30,129.5 |  |  | 29,460.9 |
Policyholder liabilities |  | 25,328.8 |  |  | 23,735.2 |
Long-term debt |  | 449.5 |  |  | 449.4 |
Separate account liabilities |  | 978.4 |  |  | 807.7 |
Total liabilities |  | 27,187.6 |  |  | 25,830.8 |
Common shareholders’ equity |  | 2,941.9 |  |  | 3,630.1 |
The following table summarizes financial information for Symetra for the years ended December 31, 2013, 2012 and 2011:
|  | Years ended December 31,
Millions |  | 2013 |  | 2012 |  | 2011
Symetra income statement data: |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 627.2 |  |  | $ | 605.0 |  |  | $ | 540.5 |
Net investment income |  | 1,285.0 |  |  | 1,275.2 |  |  | 1,270.9 |
Total revenues(1) |  | 2,103.9 |  |  | 2,101.2 |  |  | 1,999.3 |
Policy benefits |  | 1,394.9 |  |  | 1,371.8 |  |  | 1,307.3 |
Total expenses(1) |  | 1,865.3 |  |  | 1,831.1 |  |  | 1,726.1 |
Net income(1) |  | 220.7 |  |  | 205.4 |  |  | 195.8 |
Comprehensive net income |  | (777.6 | ) |  | 549.3 |  |  | 785.5 |
(1) | Amounts for the years ended December 31, 2011 have been restated for the effect of Symetra’s adoption of ASU 2010-26.

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