Adjusted book value per share is a non-GAAP measure which expands the GAAP definition of book value per share. [1] It is an metric for the insurance industry which tends to be very similar to the fully diluted tangible book value per share. [2] The adjustment made is not uniform but is reported along with the number. [3] When reporting its 2nd quarter 2008 data, White Mountain Insurance Group (WTM) used adjusted book value per share because it includes future commissions from business which it acquired from Answer Financial. [4]
Bet you've never seen portfolio analytics like these.