Fairfax Financial Holdings reports Q4 profit down from year earlier

TORONTO – Fairfax Financial Holdings Ltd. reported a fourth-quarter profit attributable to shareholders of US$1.3 billion, down from US$2.3 billion a year earlier.

The company, which keeps its books in U.S. dollars, says the profit amounted to US$52.87 per diluted share for the quarter ended Dec. 31, down from US$91.87 per diluted share a year earlier.

Gross premiums written totalled US$6.64 billion, down from US$7.02 billion in the last three months of 2022.

Fairfax says its adjusted operating income for property and casualty insurance and reinsurance amounted to US$1.2 billion, up from US$940.1 million in its fourth quarter a year earlier.

The results come after short-seller Muddy Waters Research alleged last week Fairfax manipulated asset values. The company has denied and refuted all of the allegations.

Fairfax shares fell more than 10 per cent the day the Muddy Waters report was released, however, they have since recovered most of the decline.

This report by The Canadian Press was first published Feb. 16, 2024.

Companies in this story: (TSX:FFH)

Note to readers: This is a corrected story. An earlier version incorrectly stated the year ago figure for adjusted operating income for property and casualty insurance and reinsurance.