Fairfax Monetary has reported web earnings attributable to shareholders of $1.15bn for the fourth quarter of 2024 (This fall 2024), a 14.7% lower from $1.32bn in This fall 2023.
Web earnings per diluted share dropped to $50.42 in This fall 2024 from $52.87 the prior yr.
The corporate’s working earnings for property and casualty (P&C) insurance coverage and reinsurance elevated to $2bn within the three-month-period ended 31 December 2024, up from $1.47bn in the identical interval the earlier yr.
Underwriting revenue rose to $658.3m in This fall 2024 in contrast with $579.3m within the year-ago quarter, whereas web premiums written elevated from $5.2bn to $5.9bn.
For the full-year, the corporate logged web earnings of $4.2bn for 2024, down by 19% from $5bn in 2023.
Full-year web earnings per diluted share decreased to $160.56 in 2024 from $173.24 in 2023.
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The working earnings for P&C insurance coverage and reinsurance for the total yr was $6.5bn in 2024, a rise from $5.7bn in 2023.
The corporate’s chairman and CEO, Prem Watsa, attributed this development to “robust underwriting efficiency and curiosity and dividends, and continued beneficial outcomes from share of revenue of associates”.
Underwriting revenue for the total yr stood at $1.8bn in 2024, up from $1.5bn in 2023, reflecting development in enterprise volumes and better web beneficial prior yr reserve growth.
Web premiums written by the P&C insurance coverage and reinsurance operations elevated by 11.6% to a document $25.3bn, with gross premiums written up by 12.6%.
This development was primarily as a result of consolidation of Gulf Insurance coverage on 26 December 2023, which contributed $1.6bn to web premiums written and $2.7bn to gross premiums written in 2024, and continued development throughout most working firms.
On 23 January 2025, Fairfax Monetary offered 80 million shares, roughly a 2.2% fairness curiosity, in Eurobank for gross proceeds of $190.8m (€183.5m), obtained by the holding firm.
This sale diminished the corporate’s fairness curiosity to 32.3% and can end result within the recognition of a realised achieve of roughly $40m within the consolidated assertion of earnings in Q1 2025.
Moreover, on 13 December 2024, the corporate elevated its possession curiosity in Brit from 86.2% to 100% by buying the remaining shares from Brit’s minority shareholder.
Of the whole gross premiums written, the World Insurers and Reinsurers section accounted for $17.15bn, with Brit contributing $3.76bn.
Watsa mentioned: “Through the yr we bought 1,346,953 subordinate voting shares for cancellation for money consideration of roughly $1.6bn, or $1,179 per share.
“We stay centered on being soundly financed and ended 2024 in a robust monetary place with $2.5bn in money, marketable securities and investments within the holding firm, and a further $2bn, at honest worth, of investments in associates and consolidated non-insurance firms owned by the holding firm.”
Earlier this yr, Lloyd’s syndicate Ki transitioned into a stand-alone entity inside Fairfax Group after finishing its separation from its dad or mum firm.
