Financial services holding company White Mountains Insurance Group yesterday reported profits of $70 million for the last quarter of 2014.

For the year, the firm made a total of $312.7 million with reported revenue of more than $2.2 billion.

On a per-share basis, the company said it had net income of $11.68. Earnings, adjusted for restructuring gains, were $4.45 per share.

The insurer posted revenue of $604.3 million in the period.

The news came in the annual report for the Bermuda-based company, which operates several subsidiaries.

White Mountains listed a book value per share of $665 at 2014 year end, described as “flat for the quarter and up 3.4 per cent for the year, including dividends”.

Chairman and CEO Ray Barrette said the group had “a mixed year” with its OneBeacon arm reporting a closed run-off sale after two years of regulatory review, being given strengthened reserves to “address the recent trend of large claims emergence in a few areas in order to put it behind us”.

He added OneBeacon had logged growth in book value per share of two per cent. He added: “These major steps put the new OneBeacon on a clear path to success with a clean balance sheet, profitable, growing businesses and a deep management team.”

And Mr Barrette said the Sirius Group subsidiary had had “another excellent year” despite a tough renewals season in January that showed a book up by two per cent with “good, expected margins”.

The firm’s BAM arm insured $8 billion in municipal bond par, with a market share of insured deals around 50 per cent — but at much lower margins than expected.

HG Global reported pre-tax income of $5 million for the last quarter and $18 million for 2014.

White Mountains shares have increased 3.5 per cent since the beginning of the year and the stock has climbed 12 per cent in the last year.