White Mountains Insurance Group Ltd. has released its financial results for the three months ended March 31, 2025. The company reported total revenues of $577.8 million, a decrease from $647.3 million in the same period of 2024. The decline in revenues was largely due to a significant drop in net realized and unrealized investment gains from its investment in MediaAlpha, which fell to a loss of $36.6 million in 2025 from a gain of $210.7 million in 2024. The company's comprehensive income attributable to its common shareholders was $35.1 million, down from $236.2 million in the previous year. Basic and diluted earnings per share for the period were $13.19, compared to $92.33 in the first quarter of 2024. In the P&C Insurance and Reinsurance segment, revenues increased to $413.2 million from $336.8 million, attributed to higher earned insurance premiums and investment gains. However, expenses also rose to $366.8 million from $293.9 million, driven by increased loss and loss adjustment expenses, acquisition expenses, and a change in fair value of contingent consideration. The Financial Guarantee segment saw a slight increase in earned insurance premiums to $8.2 million from $7.8 million. Meanwhile, the P&C Insurance Distribution segment experienced a significant rise in revenues to $61.4 million from $31.1 million, primarily due to higher commission and fee revenues. Overall, White Mountains Insurance Group Ltd. continues to face challenges in its investment-related revenues, while its insurance operations show growth in premium earnings.