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Investments in Unconsolidated Affiliates (Tables) | 12 Months Ended
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Dec. 31, 2014
Investments in unconsolidated affiliates |
Schedule of investments in unconsolidated affiliates | White Mountains’s 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 |  | 2014 |  | 2013
Symetra common shares |  | $ | 373.8 |  |  | $ | 360.9 |
Unrealized gains (losses) from Symetra’s fixed maturity portfolio |  | 37.6 |  |  | (43.6 | )
Carrying value of Symetra common shares |  | 411.4 |  |  | 317.3 |
Hamer |  | 3.0 |  |  | 4.1 |
Total investments in unconsolidated affiliates |  | $ | 414.4 |  |  | $ | 321.4 |
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, 2011(2) |  | $ | 261.0 |  |  | $ | 12.6 |  |  | $ | 273.6 |
Equity in earnings(1)(3)(6) |  | 32.3 |  |  | — |  |  | 32.3 |
Equity in net unrealized gains from Symetra’s fixed maturity portfolio(4)(5) |  | 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)(3)(6) |  | 37.8 |  |  | — |  |  | 37.8 |
Equity in net unrealized losses from Symetra’s fixed maturity portfolio(4)(5) |  | (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) |  | 317.3 |  |  | — |  |  | 317.3 |
Equity in earnings(1)(3)(6) |  | 47.0 |  |  | — |  |  | 47.0 |
Equity in net unrealized gains from Symetra’s fixed maturity portfolio(4)(5) |  | 81.2 |  |  | — |  |  | 81.2 |
Dividends received |  | (34.1 | ) |  | — |  |  | (34.1 | )
Carrying value of investment in Symetra as of December 31, 2014(2)(7) |  | $ | 411.4 |  |  | $ | — |  |  | $ | 411.4 |
(1) | Equity in earnings for the years ended December 31, 2014, 2013 and 2012 excludes tax expense of $3.3, $2.8, and $2.6
(2) | Includes White Mountains’s equity in net unrealized gains (losses) from Symetra’s fixed maturity portfolio of $37.6, $(43.6), and $62.8 as of December 31, 2014, 2013 and 2012, which excludes tax (expense) benefit of $(2.7), $3.2 and $(5.1)
(3) | Equity in earnings for the years ended December 31, 2014, 2013 and 2012 includes $3.0, $3.0 and $3.5 increases relating to the pre-tax amortization of the Symetra common share basis difference.
(4) | Net unrealized gains for the years ended December 31, 2014, 2013 and 2012 includes $12.7, $11.8 and $13.1 increases relating to the pre-tax amortization of the Symetra common share basis difference.
(5) | Net unrealized gains (losses) from Symetra’s fixed maturity portfolio excludes tax (expense) benefit of $(5.9), $8.3 and $(5.1) for the years ended December 31, 2014, 2013 and 2012.
(6) | Equity in earnings for the years ended December 31, 2014, 2013 and 2012 includes $(0.1), $0.2, and $1.3 (gain) loss from the dilutive effect of Symetra’s yearly dividend and the issuance of restricted shares by Symetra
(7) | The aggregate value of White Mountains’s investment in common shares of Symetra was $462.1 based upon the quoted market price of $23.05 per share as of December 31, 2014.
Symetra |
Investments in unconsolidated affiliates |
Summarized statement of financial position of Symetra | The following table summarizes financial information for Symetra as of December 31, 2014 and 2013:
|  | December 31,
Millions |  | 2014 |  | 2013
Symetra balance sheet data: |  |  |  |  |  |
Total investments |  | $ | 30,634.3 |  |  | $ | 27,901.1 |
Separate account assets |  | 949.8 |  |  | 978.4 |
Total assets |  | 32,994.2 |  |  | 30,129.5 |
Policyholder liabilities |  | 27,276.0 |  |  | 25,328.8 |
Long-term debt |  | 697.2 |  |  | 449.5 |
Separate account liabilities |  | 949.8 |  |  | 978.4 |
Total liabilities |  | 29,633.6 |  |  | 27,187.6 |
Common shareholders’ equity |  | 3,360.6 |  |  | 2,941.9 |
The following table summarizes financial information for Symetra for the years ended December 31, 2014, 2013 and 2012:
|  | Years ended December 31,
Millions |  | 2014 |  | 2013 |  | 2012
Symetra income statement data: |  |  |  |  |  |
Net premiums earned |  | $ | 629.1 |  |  | $ | 627.2 |  |  | $ | 605.0 |
Net investment income |  | 1,320.5 |  |  | 1,285.0 |  |  | 1,275.2 |
Total revenues |  | 2,182.3 |  |  | 2,103.9 |  |  | 2,101.2 |
Policy benefits |  | 1,399.6 |  |  | 1,394.9 |  |  | 1,371.8 |
Total expenses |  | 1,882.4 |  |  | 1,865.3 |  |  | 1,831.1 |
Net income |  | 254.4 |  |  | 220.7 |  |  | 205.4 |
Comprehensive net income (loss) |  | 397.0 |  |  | (777.6 | ) |  | 549.3 |

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