Fairfax Financial Holdings reported strong earnings in Q3 2024, with improved operating income and investments.

From GlobeNewswire: 2024-10-31 17:02:00

Fairfax Financial Holdings Limited reported net earnings of $1,030.8 million in Q3 2024, with adjusted operating income increasing to $1,136.8 million. Property and casualty insurance and reinsurance operations showed strong underwriting performance with a combined ratio of 93.9%. Net gains on investments were $1,287.3 million, driven by mark to market gains on bonds and common stocks.

The company ended the quarter with approximately $2.0 billion in cash and marketable securities. Total debt to total capital ratio increased to 24.2% at September 30, 2024. The company purchased 1,012,906 of its subordinate voting shares for cancellation at an aggregate cost of $1,127.1 million during the first nine months of 2024.

In a strategic move, Fairfax will increase its investment in Peak Achievement Athletics Inc. to a controlling interest. The acquisition of Sleep Country Canada Holdings Inc. was completed on October 1, 2024. The company will consolidate Sleep Country in its Non-insurance companies reporting segment. At September 30, 2024, there were 21,990,603 common shares effectively outstanding.

The consolidated balance sheet as of September 30, 2024, showed total assets of $96,616.3 million and total liabilities of $67,804.7 million. Book value per basic share was $1,033.18. For the third quarter of 2024, net earnings per share were $46.04, and net earnings per diluted share were $42.62.

Key performance measures used by Fairfax include underwriting profit, operating income, adjusted operating income, combined ratios, book value per basic share, and total debt to total capital ratio. These measures provide insights into the company’s financial performance and strategic direction.



Read more at GlobeNewswire:: Fairfax Financial Holdings Limited: Financial Results for