Fairfax Financial Holdings Ltd ( (FRFHF) ) has released its Q3 earnings. Here is a breakdown of the information Fairfax Financial Holdings Ltd presented to its investors.
Fairfax Financial Holdings Limited is a Toronto-based holding company primarily engaged in property and casualty insurance and reinsurance, with a focus on investment management through its subsidiaries.
In the third quarter of 2024, Fairfax Financial Holdings reported net earnings of $1,030.8 million, demonstrating a significant increase in adjusted operating income and net gains on investments. The company’s book value per basic share rose to $1,033.18, marking an 11.7% increase from the previous year-end.
Key highlights from the earnings report include a robust underwriting performance with a consolidated combined ratio of 93.9% and a 17.5% rise in adjusted operating income for its property and casualty insurance and reinsurance operations. The company also noted a 13.9% growth in gross premiums written, bolstered by the acquisition of Gulf Insurance. Fairfax recorded substantial net gains on investments, particularly in bonds and common stocks, totaling $1,287.3 million.
Despite higher catastrophe losses in the current period, Fairfax’s financial strategy, including significant investment gains and a strong cash position, underscores its sound financial management. The company’s acquisition strategy continues with notable purchases such as Sleep Country Canada Holdings Inc.
Looking forward, Fairfax Financial Holdings remains committed to maintaining its financial strength and exploring strategic acquisitions. The company’s management continues to focus on robust underwriting performance and investment strategies to drive future growth.
