Canada · Delayed Price · Currency is CAD Fairfax Financial Holdings Earnings Call Transcripts
Fiscal Year 2026
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Underwriting and investment performance remained strong despite a softening insurance market, with improved combined ratios and robust international growth. Significant capital actions included major asset sales, acquisitions, and share buybacks, while book value per share rose 4.8%.
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Operating income and net earnings rose sharply year-over-year, with strong underwriting and investment results offset by mark-to-market losses on bonds. International operations drove premium growth, while North America faced a softening market. Major asset sales and capital actions are set to impact Q2.
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Celebrating 40 years, the meeting highlighted record financial results, strong underwriting, and robust investment returns. Shareholders approved board and auditor appointments, while a climate disclosure proposal was rejected. Strategic growth, disciplined risk management, and a decentralized culture were emphasized throughout.
Fiscal Year 2025
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Record net earnings of $4.8B and a 20.5% increase in book value per share were achieved, driven by strong underwriting, investment gains, and diversified operations. Premium growth faces headwinds from softening rates, but capital allocation remains disciplined and opportunistic.
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Q3 2025 net earnings rose to $1.2B, with strong underwriting and investment results driving a 15.1% increase in book value per share. Insurance segments maintained robust margins despite some market softening, and non-insurance businesses contributed significantly to growth.
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Q2 2025 net earnings rose to $1.4B, with strong investment gains and underwriting profit. Book value per share increased 10.8% to $1,158, and insurance operations posted robust premium growth and favorable reserve development.
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Q1 2025 net earnings rose to $946 million, with strong investment gains and premium growth offsetting $692 million in wildfire losses. Book value per share increased 3.5%, and underwriting remained profitable despite catastrophe events.
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The meeting celebrated 40 years of growth, highlighted strong financial results, and honored key leaders. Strategic acquisitions, innovation, and a decentralized culture were emphasized. Shareholders rejected a proposal on financed emissions disclosure, and all board nominees and auditors were approved.
Fiscal Year 2024
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Net earnings reached $3.9B with record underwriting and investment income, and book value per share rose 14.5%. Premiums grew 12.6% to $32.5B, driven by Gulf Insurance consolidation and organic growth. Catastrophe losses and FX impacts were absorbed, with strong capital and liquidity maintained.
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Q3 2024 saw net earnings over $1 billion, with strong insurance and investment results, an 11.7% increase in book value per share, and continued premium growth driven by international expansion. Catastrophe losses were significant but manageable, and capital strength remains robust.
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Q2 2024 net earnings reached $915M, with strong insurance and investment results, a 93.9% combined ratio, and book value per share up 6% to $980. Premium growth was driven by Gulf Insurance, while share buybacks and capital strength remained priorities.