Fairfax records net loss of $75 million in Q3, while revenues rise

TORONTO – Fairfax Financial Holdings Ltd. says it recorded a net loss of US$75.1 million in the third quarter, down from earnings of $462.4 million in the third quarter of last year.

The Toronto-based holding company, which reports in U.S. dollars, says its earnings resulted in a loss of $3.65 per diluted share compared to $16.22 in earnings per diluted share the year before.

Fairfax says it saw net losses on investments total $519.1 million on bonds as interest rates rose, as well as stocks and currency exchange.

Gross premiums written were up 16.3 per cent to $6.92 billion, while net premiums written rose by 18.6 per cent to $5.61 billion, both of which the company attributed primarily to new business and continued incremental rate increases.

Revenues for the three months ended Sept. 30 were $6.84 billion, up from $6.71 billion last year.

Fairfax is a financial holdings company primarily engaged in insurance.

This report by The Canadian Press was first published Nov. 3, 2022.

Companies in this story: (TSX:FFH)