Fairfax Financial Holdings Limited: Third Quarter Financial Results
October 31 2019 - 5:02PM
Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) announces
net earnings of $68.6 million ($2.04 net earnings per diluted share
after payment of preferred share dividends) in the third quarter of
2019 compared to net earnings of $106.2 million ($3.34 net earnings
per diluted share after payment of preferred share dividends) in
the third quarter of 2018, primarily reflecting net losses on
investments, partially offset by higher operating income.
Book value per basic share at September 30, 2019 was $462.98
compared to $432.46 at December 31, 2018 (an increase of 9.5%
adjusted for the $10 per common share dividend paid in the first
quarter of 2019).
"Despite the catastrophe activity in the quarter, our insurance
companies continued to have strong underwriting performance with a
third quarter consolidated combined ratio of 97.5%, with Zenith
National at 87.1% and all but one of our other major companies
between 96.2% and 97.9%, and our operating income remained
excellent, improving to $280 million. We continue to be soundly
financed, with over $1 billion cash and marketable securities at
the holding company and no significant holding company debt
maturities until 2022," said Prem Watsa, Chairman and Chief
Executive Officer.
The table below shows the sources of the company's net earnings,
set out in a format which the company has consistently used as it
believes it assists in understanding Fairfax:
|
Third quarter |
|
First nine months |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
($ millions) |
Gross premiums written |
4,211.6 |
|
|
3,763.6 |
|
|
13,273.6 |
|
|
11,763.0 |
|
Net premiums written |
3,318.3 |
|
|
2,960.8 |
|
|
10,614.1 |
|
|
9,376.7 |
|
|
|
|
|
|
|
|
|
Underwriting profit |
81.3 |
|
|
74.2 |
|
|
270.7 |
|
|
299.1 |
|
Interest and dividends -
insurance and reinsurance |
163.1 |
|
|
139.2 |
|
|
501.5 |
|
|
400.8 |
|
Share of profit of associates
- insurance and reinsurance |
35.7 |
|
|
36.5 |
|
|
84.6 |
|
|
24.9 |
|
Operating income |
280.1 |
|
|
249.9 |
|
|
856.8 |
|
|
724.8 |
|
Run-off (excluding net gains
(losses) on investments) |
(14.2 |
) |
|
(49.2 |
) |
|
(45.0 |
) |
|
(102.3 |
) |
Non-insurance operations |
8.2 |
|
|
65.7 |
|
|
163.9 |
|
|
244.8 |
|
Interest expense* |
(121.5 |
) |
|
(84.8 |
) |
|
(355.0 |
) |
|
(259.9 |
) |
Corporate overhead and other
income / expense |
14.0 |
|
|
(2.6 |
) |
|
97.1 |
|
|
(113.8 |
) |
Net gains (losses) on
investments |
(96.7 |
) |
|
41.2 |
|
|
1,075.8 |
|
|
917.2 |
|
Pre-tax income |
69.9 |
|
|
220.2 |
|
|
1,793.6 |
|
|
1,410.8 |
|
Income taxes and
non-controlling interests |
(1.3 |
) |
|
(114.0 |
) |
|
(461.5 |
) |
|
(557.2 |
) |
Net earnings attributable to
shareholders of Fairfax |
68.6 |
|
|
106.2 |
|
|
1,332.1 |
|
|
853.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* Including $19.2 million and $50.8 million in the third quarter
and first nine months of 2019, respectively, related to the revised
accounting for leases effective January 1, 2019
Highlights for the third quarter of 2019 (with comparisons to
the third quarter of 2018 except as otherwise noted) include the
following:
- The consolidated combined ratio of the insurance and
reinsurance operations was 97.5%, producing an underwriting profit
of $81.3 million, compared to a combined ratio of 97.6% and an
underwriting profit of $74.2 million in 2018.
- Net premiums written by the insurance and reinsurance
operations increased by 12.1% to $3,318.1 million (13.7% excluding
the net premiums written by operations not present in the third
quarters of both 2019 and 2018).
- The operating income of the insurance and reinsurance
operations increased to $280.1 million from $249.9 million,
reflecting primarily higher interest and dividends.
- Interest and dividends of $214.9 million increased from $193.7
million, primarily reflecting higher interest income earned on
increased holdings of high quality U.S. corporate bonds, partially
offset by lower interest income earned on decreased holdings of
U.S. municipal bonds.
- Share of profit of associates of $149.6 million increased from
$63.9 million, principally reflecting increased share of profit of
Eurolife and IIFL Finance.
- Interest expense of $121.5 million is comprised of $65.7
million incurred on borrowings by the holding company and the
insurance and reinsurance companies, $36.6 million incurred on
borrowings by the non-insurance companies (which are non-recourse
to the holding company) and $19.2 million of accretion on lease
liabilities subsequent to the adoption of IFRS 16 on January 1,
2019.
- Short-dated U.S. treasury bonds and high quality corporate
bonds represented 25.7% of the company's portfolio investments at
September 30, 2019 compared to 34.7% at December 31,
2018.
- Net investment losses of $96.7 million in 2019 consisted of the
following:
|
Third quarter of 2019 |
|
($ millions) |
|
Realized gains (losses) |
|
Unrealized gains(losses) |
|
Net gains(losses) |
Net gains (losses) on: |
|
|
|
|
|
Long equity exposures |
170.7 |
|
|
(159.3 |
) |
|
11.4 |
|
Short equity exposures |
— |
|
|
(17.9 |
) |
|
(17.9 |
) |
Net equity exposures |
170.7 |
|
|
(177.2 |
) |
|
(6.5 |
) |
Bonds |
14.3 |
|
|
48.0 |
|
|
62.3 |
|
Other |
(136.7 |
) |
|
(15.8 |
) |
|
(152.5 |
) |
|
48.3 |
|
|
(145.0 |
) |
|
(96.7 |
) |
|
First nine months of 2019 |
|
($ millions) |
|
Realized gains (losses) |
|
Unrealized gains(losses) |
|
Net gains(losses) |
Net gains (losses) on: |
|
|
|
|
|
Long equity exposures |
599.6 |
|
|
362.2 |
|
|
961.8 |
|
Short equity exposures |
(7.9 |
) |
|
117.0 |
|
|
109.1 |
|
Net equity exposures |
591.7 |
|
|
479.2 |
|
|
1,070.9 |
|
Bonds |
(260.2 |
) |
|
471.6 |
|
|
211.4 |
|
Other |
(134.6 |
) |
|
(71.9 |
) |
|
(206.5 |
) |
|
196.9 |
|
|
878.9 |
|
|
1,075.8 |
|
|
|
|
|
|
|
|
|
|
- Net losses on Other in the third quarter of 2019 in the table
above was primarily due to foreign exchange impacts on investments
denominated in the euro, which weakened against the U.S.
dollar.
- In two approximately equal transactions in late September and
early October 2019 the company sold its remaining 9.9% equity
interest in ICICI Lombard for gross proceeds of $729.0
million.
- On July 15, 2019, the company redeemed its remaining
Cdn$395.6 million principal amount of 6.40% unsecured senior notes
due May 25, 2021 for cash consideration of $329.1 million
(Cdn$429.0 million) including accrued interest, and recognized a
loss on repurchase of long term debt of $23.7 million (Cdn$30.7
million).
- The company held $1,701.8 million of cash, short term
investments and marketable securities at the holding company level
($1,699.0 million net of short sale and derivative obligations) at
September 30, 2019, compared to $1,557.2 million ($1,550.6
million net of short sale and derivative obligations) at
December 31, 2018.
- The company's total debt to total capital ratio, excluding
non-insurance operations, increased to 27.1% at September 30,
2019 from 25.0% at December 31, 2018, primarily reflecting
increased borrowings at the holding company, partially offset by
increased common shareholders' equity.
- During the third quarter of 2019 the company purchased 65,815
subordinate voting shares for treasury at an aggregate cost of
$29.8 million. From the fourth quarter of 2017 up to
September 30, 2019, the company has purchased 621,204
subordinate voting shares for cancellation and 662,789 subordinate
voting shares for treasury at an aggregate cost of $635.9
million.
- At September 30, 2019, common shareholders' equity was
$12,417.2 million, or $462.98 per basic share, compared to
$11,779.3 million, or $432.46 per basic share, at December 31,
2018. The increase in common shareholders' equity per basic share
was primarily due to net earnings.
There were 26.9 million and 27.4 million weighted average common
shares effectively outstanding during the third quarters of 2019
and 2018 respectively. At September 30, 2019 there were
26,820,057 common shares effectively outstanding.
Unaudited consolidated balance sheet, earnings and comprehensive
income information, together with segmented premium and combined
ratio information, follow and form part of this news release.
In presenting the company’s results in this news release,
management has included operating income (loss), combined ratio and
book value per basic share measures. Operating income (loss)
is used in the company's segment reporting. The combined
ratio is calculated by the company as the sum of claims losses,
loss adjustment expenses, commissions, premium acquisition costs
and other underwriting expenses, expressed as a percentage of net
premiums earned. Book value per basic share is calculated by
the company as common shareholders' equity divided by the number of
common shares effectively outstanding.
As previously announced, Fairfax will hold a conference call to
discuss its third quarter 2019 results at 8:30 a.m. Eastern time on
Friday, November 1, 2019. The call, consisting of a
presentation by the company followed by a question period, may be
accessed at 1 (800) 369-2013 (Canada or U.S.) or 1 (517) 308-9087
(International) with the passcode “Fairfax”. A replay of the
call will be available from shortly after the termination of the
call until 5:00 p.m. Eastern time on Friday, November 15,
2019. The replay may be accessed at 1 (866) 356-4351 (Canada
or U.S.) or 1 (203) 369-0104 (International).
Fairfax Financial Holdings Limited is a holding company which,
through its subsidiaries, is engaged in property and casualty
insurance and reinsurance and the associated investment
management.
For further information, contact: |
|
John VarnellVice President, Corporate Development(416)
367-4941 |
|
|
|
Certain statements contained herein may constitute
forward-looking statements and are made pursuant to the “safe
harbour” provisions of the United States Private Securities
Litigation Reform Act of 1995. Such forward-looking
statements are subject to known and unknown risks, uncertainties
and other factors which may cause the actual results, performance
or achievements of Fairfax to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, but
are not limited to: a reduction in net earnings if our loss
reserves are insufficient; underwriting losses on the risks we
insure that are higher or lower than expected; the occurrence of
catastrophic events with a frequency or severity exceeding our
estimates; changes in market variables, including interest rates,
foreign exchange rates, equity prices and credit spreads, which
could negatively affect our investment portfolio; the cycles of the
insurance market and general economic conditions, which can
substantially influence our and our competitors' premium rates and
capacity to write new business; insufficient reserves for asbestos,
environmental and other latent claims; exposure to credit risk in
the event our reinsurers fail to make payments to us under our
reinsurance arrangements; exposure to credit risk in the event our
insureds, insurance producers or reinsurance intermediaries fail to
remit premiums that are owed to us or failure by our insureds to
reimburse us for deductibles that are paid by us on their behalf;
our inability to maintain our long term debt ratings, the inability
of our subsidiaries to maintain financial or claims paying ability
ratings and the impact of a downgrade of such ratings on derivative
transactions that we or our subsidiaries have entered into; risks
associated with implementing our business strategies; the timing of
claims payments being sooner or the receipt of reinsurance
recoverables being later than anticipated by us; risks associated
with any use we may make of derivative instruments; the failure of
any hedging methods we may employ to achieve their desired risk
management objective; a decrease in the level of demand for
insurance or reinsurance products, or increased competition in the
insurance industry; the impact of emerging claim and coverage
issues or the failure of any of the loss limitation methods we
employ; our inability to access cash of our subsidiaries; our
inability to obtain required levels of capital on favourable terms,
if at all; the loss of key employees; our inability to obtain
reinsurance coverage in sufficient amounts, at reasonable prices or
on terms that adequately protect us; the passage of legislation
subjecting our businesses to additional supervision or regulation,
including additional tax regulation, in the United States, Canada
or other jurisdictions in which we operate; risks associated with
government investigations of, and litigation and negative publicity
related to, insurance industry practice or any other conduct; risks
associated with political and other developments in foreign
jurisdictions in which we operate; risks associated with legal or
regulatory proceedings or significant litigation; failures or
security breaches of our computer and data processing systems; the
influence exercisable by our significant shareholder; adverse
fluctuations in foreign currency exchange rates; our dependence on
independent brokers over whom we exercise little control; an
impairment in the carrying value of our goodwill and
indefinite-lived intangible assets; our failure to realize deferred
income tax assets; technological or other change which adversely
impacts demand, or the premiums payable, for the insurance
coverages we offer; disruptions of our information technology
systems; and assessments and shared market mechanisms which may
adversely affect our insurance subsidiaries. Additional risks
and uncertainties are described in our most recently issued Annual
Report which is available at www.fairfax.ca and in our Supplemental
and Base Shelf Prospectus (under “Risk Factors”) filed with the
securities regulatory authorities in Canada, which is available on
SEDAR at www.sedar.com. Fairfax disclaims any intention or
obligation to update or revise any forward-looking statements
unless otherwise required by law.
CONSOLIDATED BALANCE SHEETSas at
September 30, 2019 and December 31, 2018(unaudited - US$
millions)
|
September 30, 2019 |
|
December 31, 2018 |
Assets |
|
|
|
|
Holding company cash and investments (including assets pledged for
short sale and derivative obligations – $8.2; December 31, 2018 –
$21.5) |
1,701.8 |
|
|
|
1,557.2 |
|
Insurance contract
receivables |
5,654.4 |
|
|
|
5,110.7 |
|
|
|
|
|
|
Portfolio investments |
|
|
|
|
Subsidiary cash and short term
investments |
10,262.2 |
|
|
|
6,722.0 |
|
Bonds (cost $16,312.1;
December 31, 2018 – $19,281.8) |
16,683.1 |
|
|
|
19,256.4 |
|
Preferred stocks (cost $239.6;
December 31, 2018 – $327.2) |
221.2 |
|
|
|
260.1 |
|
Common stocks (cost $5,794.6;
December 31, 2018 – $5,014.2) |
5,334.2 |
|
|
|
4,431.4 |
|
Investments in associates
(fair value $3,360.3; December 31, 2018 – $3,279.1) |
3,995.2 |
|
|
|
3,471.9 |
|
Derivatives and other invested
assets (cost $1,219.5; December 31, 2018 – $971.3) |
684.9 |
|
|
|
563.6 |
|
Assets pledged for short sale
and derivative obligations (cost $94.0; December 31, 2018 –
$164.8) |
94.3 |
|
|
|
164.6 |
|
Fairfax India and Fairfax
Africa cash, portfolio investments and investments in
associates |
2,629.5 |
|
|
|
2,562.9 |
|
|
39,904.6 |
|
|
|
37,432.9 |
|
|
|
|
|
|
Deferred premium acquisition
costs |
1,306.6 |
|
|
|
1,127.3 |
|
Recoverable from reinsurers
(including recoverables on paid losses – $823.9; December 31, 2018
– $651.0) |
8,715.3 |
|
|
|
8,400.9 |
|
Deferred income taxes |
309.5 |
|
|
|
497.9 |
|
Goodwill and intangible
assets |
6,203.6 |
|
|
|
5,676.9 |
|
Other assets |
5,905.6 |
|
|
|
4,568.3 |
|
Total assets |
69,701.4 |
|
|
|
64,372.1 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Accounts payable and accrued
liabilities |
4,828.3 |
|
|
|
3,020.0 |
|
Short sale and derivative
obligations (including at the holding company – $2.8; December 31,
2018 – $6.6) |
92.7 |
|
|
|
149.5 |
|
Insurance contract
payables |
2,693.6 |
|
|
|
2,003.1 |
|
Insurance contract
liabilities |
36,662.0 |
|
|
|
35,353.9 |
|
Borrowings – holding company
and insurance and reinsurance companies |
5,648.7 |
|
|
|
4,855.2 |
|
Borrowings – non-insurance
companies |
2,134.2 |
|
|
|
1,625.2 |
|
Total liabilities |
52,059.5 |
|
|
|
47,006.9 |
|
|
|
|
|
|
Equity |
|
|
|
|
Common shareholders’
equity |
12,417.2 |
|
|
|
11,779.3 |
|
Preferred stock |
1,335.5 |
|
|
|
1,335.5 |
|
Shareholders’ equity
attributable to shareholders of Fairfax |
13,752.7 |
|
|
|
13,114.8 |
|
Non-controlling interests |
3,889.2 |
|
|
|
4,250.4 |
|
Total equity |
17,641.9 |
|
|
|
17,365.2 |
|
|
69,701.4 |
|
|
|
64,372.1 |
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF EARNINGSfor the
three and nine months ended September 30, 2019 and
2018(unaudited - US$ millions except per share amounts)
|
Third quarter |
|
First nine months |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Income |
|
|
|
|
|
|
|
Gross premiums written |
4,211.6 |
|
|
3,763.6 |
|
|
13,273.6 |
|
|
11,763.0 |
|
Net premiums written |
3,318.3 |
|
|
2,960.8 |
|
|
10,614.1 |
|
|
9,376.7 |
|
Gross premiums earned |
4,159.1 |
|
|
3,853.3 |
|
|
12,341.3 |
|
|
10,964.5 |
|
Premiums ceded to reinsurers |
(893.6 |
) |
|
(788.5 |
) |
|
(2,394.0 |
) |
|
(2,158.0 |
) |
Net premiums earned |
3,265.5 |
|
|
3,064.8 |
|
|
9,947.3 |
|
|
8,806.5 |
|
Interest and dividends |
214.9 |
|
|
193.7 |
|
|
672.4 |
|
|
582.6 |
|
Share of profit of associates |
149.6 |
|
|
63.9 |
|
|
415.1 |
|
|
126.9 |
|
Net gains (losses) on investments |
(96.7 |
) |
|
41.2 |
|
|
1,075.8 |
|
|
917.2 |
|
Other revenue |
1,392.6 |
|
|
1,077.4 |
|
|
3,889.2 |
|
|
3,144.6 |
|
|
4,925.9 |
|
|
4,441.0 |
|
|
15,999.8 |
|
|
13,577.8 |
|
Expenses |
|
|
|
|
|
|
|
Losses on claims, gross |
2,600.1 |
|
|
2,655.4 |
|
|
8,283.3 |
|
|
7,185.9 |
|
Losses on claims ceded to reinsurers |
(488.5 |
) |
|
(658.3 |
) |
|
(1,759.0 |
) |
|
(1,650.9 |
) |
Losses on claims, net |
2,111.6 |
|
|
1,997.1 |
|
|
6,524.3 |
|
|
5,535.0 |
|
Operating expenses |
609.3 |
|
|
581.9 |
|
|
1,821.6 |
|
|
1,825.0 |
|
Commissions, net |
560.8 |
|
|
529.6 |
|
|
1,624.8 |
|
|
1,497.4 |
|
Interest expense |
121.5 |
|
|
84.8 |
|
|
355.0 |
|
|
259.9 |
|
Other expenses |
1,452.8 |
|
|
1,027.4 |
|
|
3,880.5 |
|
|
3,049.7 |
|
|
4,856.0 |
|
|
4,220.8 |
|
|
14,206.2 |
|
|
12,167.0 |
|
Earnings before income
taxes |
69.9 |
|
|
220.2 |
|
|
1,793.6 |
|
|
1,410.8 |
|
Provision for (recovery of)
income taxes |
(4.5 |
) |
|
71.0 |
|
|
325.1 |
|
|
139.7 |
|
Net
earnings |
74.4 |
|
|
149.2 |
|
|
1,468.5 |
|
|
1,271.1 |
|
|
|
|
|
|
|
|
|
Attributable
to: |
|
|
|
|
|
|
|
Shareholders of Fairfax |
68.6 |
|
|
106.2 |
|
|
1,332.1 |
|
|
853.6 |
|
Non-controlling interests |
5.8 |
|
|
43.0 |
|
|
136.4 |
|
|
417.5 |
|
|
74.4 |
|
|
149.2 |
|
|
1,468.5 |
|
|
1,271.1 |
|
|
|
|
|
|
|
|
|
Net earnings per share |
$ |
2.13 |
|
|
$ |
3.46 |
|
|
$ |
48.20 |
|
|
$ |
29.74 |
|
Net earnings per
diluted share |
$ |
2.04 |
|
|
$ |
3.34 |
|
|
$ |
46.23 |
|
|
$ |
28.83 |
|
Cash dividends paid
per share |
$ |
— |
|
|
$ |
— |
|
|
$ |
10.00 |
|
|
$ |
10.00 |
|
Shares outstanding
(000) (weighted average) |
26,851 |
|
|
27,419 |
|
|
26,926 |
|
|
27,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOMEfor the three and nine months ended
September 30, 2019 and 2018(unaudited - US$ millions)
|
Third quarter |
|
First nine months |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
Net earnings |
74.4 |
|
|
149.2 |
|
|
1,468.5 |
|
|
1,271.1 |
|
|
|
|
|
|
|
|
|
Other comprehensive
loss, net of income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that may be subsequently reclassified to net
earnings |
|
|
|
|
|
|
|
Net unrealized foreign currency translation losses on foreign
operations |
(182.2 |
) |
|
(149.3 |
) |
|
(31.8 |
) |
|
(577.8 |
) |
Gains (losses) on hedge of net investment in Canadian
subsidiaries |
27.9 |
|
|
(36.2 |
) |
|
(61.2 |
) |
|
54.6 |
|
Gains (losses) on hedge of net investment in European
operations |
13.5 |
|
|
4.5 |
|
|
(26.3 |
) |
|
43.3 |
|
Share of other comprehensive loss of associates, excluding net
gains on defined benefit plans |
(50.9 |
) |
|
(24.5 |
) |
|
(61.9 |
) |
|
(36.6 |
) |
|
(191.7 |
) |
|
(205.5 |
) |
|
(181.2 |
) |
|
(516.5 |
) |
Items that will not be subsequently reclassified to net
earnings |
|
|
|
|
|
|
|
Share of net gains on defined benefit plans of associates |
6.7 |
|
|
6.4 |
|
|
25.2 |
|
|
8.4 |
|
|
|
|
|
|
|
|
|
Other comprehensive
loss, net of income taxes |
(185.0 |
) |
|
(199.1 |
) |
|
(156.0 |
) |
|
(508.1 |
) |
Comprehensive income
(loss) |
(110.6 |
) |
|
(49.9 |
) |
|
1,312.5 |
|
|
763.0 |
|
|
|
|
|
|
|
|
|
Attributable
to: |
|
|
|
|
|
|
|
Shareholders of Fairfax |
(49.7 |
) |
|
(10.2 |
) |
|
1,219.4 |
|
|
573.2 |
|
Non-controlling interests |
(60.9 |
) |
|
(39.7 |
) |
|
93.1 |
|
|
189.8 |
|
|
(110.6 |
) |
|
(49.9 |
) |
|
1,312.5 |
|
|
763.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENTED INFORMATION(unaudited - US$
millions)
Net premiums written, net premiums earned and combined ratios
for the insurance and reinsurance operations (excluding Run-off) in
the third quarters and first nine months ended September 30,
2019 and 2018 were as follows:
Net Premiums Written
|
Third quarter |
|
First nine months |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Northbridge |
335.3 |
|
|
284.6 |
|
|
975.1 |
|
|
861.4 |
|
Odyssey Group |
855.2 |
|
|
705.8 |
|
|
2,510.1 |
|
|
2,185.5 |
|
Crum & Forster |
598.3 |
|
|
514.1 |
|
|
1,738.3 |
|
|
1,510.4 |
|
Zenith National |
152.4 |
|
|
166.8 |
|
|
579.5 |
|
|
637.5 |
|
Brit |
413.9 |
|
|
424.5 |
|
|
1,239.1 |
|
|
1,220.1 |
|
Allied World |
613.3 |
|
|
518.7 |
|
|
1,997.5 |
|
|
1,882.2 |
|
Fairfax Asia |
55.9 |
|
|
45.8 |
|
|
161.2 |
|
|
145.5 |
|
Insurance and Reinsurance - Other |
293.8 |
|
|
300.6 |
|
|
850.0 |
|
|
934.4 |
|
Insurance and reinsurance
operations |
3,318.1 |
|
|
2,960.9 |
|
|
10,050.8 |
|
|
9,377.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Premiums Earned
|
Third quarter |
|
First nine months |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Northbridge |
332.4 |
|
|
292.0 |
|
|
911.2 |
|
|
835.2 |
|
Odyssey Group |
855.0 |
|
|
741.7 |
|
|
2,363.5 |
|
|
2,067.2 |
|
Crum & Forster |
561.1 |
|
|
498.0 |
|
|
1,589.5 |
|
|
1,457.2 |
|
Zenith National |
186.1 |
|
|
206.4 |
|
|
549.4 |
|
|
602.1 |
|
Brit |
388.3 |
|
|
392.9 |
|
|
1,195.3 |
|
|
1,172.2 |
|
Allied World |
605.1 |
|
|
603.7 |
|
|
1,796.3 |
|
|
1,682.9 |
|
Fairfax Asia |
52.0 |
|
|
47.3 |
|
|
145.1 |
|
|
143.4 |
|
Insurance and Reinsurance - Other |
273.3 |
|
|
281.6 |
|
|
772.0 |
|
|
841.0 |
|
Insurance and reinsurance
operations |
3,253.3 |
|
|
3,063.6 |
|
|
9,322.3 |
|
|
8,801.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined Ratios
|
Third quarter |
|
First nine months |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Northbridge |
97.5 |
% |
|
89.5 |
% |
|
98.7 |
% |
|
98.1 |
% |
Odyssey Group |
97.6 |
% |
|
97.5 |
% |
|
96.3 |
% |
|
93.5 |
% |
Crum & Forster |
97.9 |
% |
|
98.1 |
% |
|
97.7 |
% |
|
98.8 |
% |
Zenith National |
87.1 |
% |
|
80.3 |
% |
|
83.3 |
% |
|
84.9 |
% |
Brit |
104.1 |
% |
|
108.3 |
% |
|
98.9 |
% |
|
101.3 |
% |
Allied World |
96.2 |
% |
|
96.7 |
% |
|
98.7 |
% |
|
95.5 |
% |
Fairfax Asia |
96.9 |
% |
|
98.5 |
% |
|
97.8 |
% |
|
100.9 |
% |
Insurance and Reinsurance - Other |
97.1 |
% |
|
104.7 |
% |
|
99.5 |
% |
|
102.2 |
% |
Insurance and reinsurance
operations |
97.5 |
% |
|
97.6 |
% |
|
97.1 |
% |
|
96.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
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