Earnings ·
Fairfax Financial Holdings reported second-quarter net earnings of $1,392.7 million ($63.38 per diluted share), down…
FAXRFFairfax Financial Holdings Ltd/ Can
Fairfax Financial Holdings reported second-quarter net earnings of $1,392.7 million ($63.38 per diluted share), down from $1,436.7 million in the prior year period. The company achieved an underwriting profit of $458.6 million with a consolidated combined ratio of 93.1%. Net gains on investments totaled $768.9 million, driven by an $838.4 million realized gain from selling a 23.1% stake in Poseidon. Fairfax purchased 680,307 subordinate voting shares for cancellation at a cost of $1,089.3 million during the quarter. Strategic activities included privatizing Kennedy Wilson for $10.90 per share and forming a consortium to acquire Andrew Peller Limited for approximately $233 million. The company also completed offerings of $212.5 million in 4.40% senior notes due 2036 and $750.0 million in 6.20% senior notes due 2056, while redeeming Cdn$450.0 million in 4.70% notes. Book value per basic share rose to $1,304.39. Fairfax Financial Holdings Limited operates as a diversified holding company primarily engaged in property and casualty insurance, reinsurance, and investment management.