By a News Reporter-Staff News Editor at Insurance Weekly News -- White Mountains Insurance Group, Ltd. (NYSE: WTM) reported an adjusted book value per share of $642 at December 31, 2013, up 3.3% for the quarter and 9.5% for the year, including dividends.
Ray Barrette, Chairman and CEO, commented, "We had a good year. All parts of our company performed well. We grew ABVPS by 9.5% while heavy with dry powder. Total return on investments for the year was 4.1%. OneBeacon grew its book value by 17.3% for the year, driven by a 92% GAAP combined ratio. We expect the runoff sale to close later this year. Sirius Group reported a GAAP combined ratio of 82% for the year, another great year aided by low catastrophes. Sirius had a successful 1/1/14 renewal season, thanks to broad and deep client relationships around the globe. BAM is off to a good start in a challenging environment. It insured $4.7 billion of par value in its first full year of operation and is now past the $5 billion mark. It is the clear leader in its target market. We made good progress in developing opportunities to invest in less capital intensive but high potential insurance services and technology businesses, many outside the U.S."
Adjusted comprehensive income was $128 million in the fourth quarter of 2013 and $340 million in the year, compared to $72 million in the fourth quarter of 2012 and $245 million last year. Net income attributable to common shareholders was $118 million in the fourth quarter of 2013 and $322 million in the year, compared to $68 million in the fourth quarter of 2012 and $207 million last year.
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