Fairfax Financial more than doubles first-quarter earnings at US$1.3 billion
TORONTO — Fairfax Financial Holdings Ltd. says it earned US$1.3 billion in the first quarter of 2023, more than double earnings of US$588.7 million a year earlier.
The Toronto-based company, which reports in U.S. dollars, says net earnings per diluted share were US$49.38, compared with US$22.67 the same quarter a year earlier.
Net gains on investments were US$771.2 million, compared with a loss of US$195.2 million a year ago.
Fairfax says gross premiums written totalled US$7.1 billion in the quarter ended March 31, up from US$6.7 billion a year earlier.
Net insurance revenues were US$5.2 billion, up from US$4.7 billion.
Chairman and CEO Prem Watsa said in a press release that significantly higher operating income from Fairfax's property and casualty insurance and reinsurance operations reflected increased interest and dividends, among other positive trends.
This report by The Canadian Press was first published May 11, 2023.
Companies in this story: (TSX:FFH)
The Canadian Press