Fairfax calls 2023 “best year in our history” following short attack

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Fairfax calls 2023 “best year in our history” following short attack | Insurance Business America















Quarterly, annual results released

Fairfax calls 2023 "best year in our history" following short attack


Insurance News

By
Terry Gangcuangco



Fairfax Financial Holdings has published its financial results for 2023, calling the period the company’s “best year” in its history.

The group, which recently rejected allegations that it was manipulating asset values and income, reported the following numbers for the quarter and year ended December 31:










Metric

Q4 2023

Q4 2022

FY 2023

FY2022

Gross written premium

US$6.6 billion

US$7 billion

US$29.1 billion

US$27.9 billion

Net insurance revenue

US$5.7 billion

US$5.3 billion

US$22 billion

US$20.2 billion

Insurance service result

US$1.08 billion

US$1.13 billion

US$4.1 billion

US$3.1 billion

Underwriting profit

US$579.3 million

US$496.1 million

US$1.5 billion

US$1.1 billion

Adjusted operating income – P&C insurance and reinsurance

US$1.2 billion

US$940.1 million

US$3.9 billion

US$2.6 billion

Net earnings attributable to shareholders

US$1.3 billion

US$2.3 billion

US$4.4 billion

US$3.4 billion

 

Commenting on the results, chair and chief executive Prem Watsa said in a release: “2023 was the best year in our history with net earnings of US$4.4 billion, producing record adjusted operating income of US$3.9 billion (or operating income of US$5.7 billion including the benefit of discounting, net of a risk adjustment on claims) from our property and casualty insurance and reinsurance operations, reflecting records achieved in our core underwriting performance, interest and dividends of US$1.7 billion, and increased favorable results from profit of associates.

“All of our major insurance and reinsurance companies achieved combined ratios below 100% for a consolidated combined ratio of 93.2% and underwriting profit of US$1.5 billion, on an undiscounted basis… We remain focused on being soundly financed and ended 2023 in a strong financial position with US$1.8 billion in cash and investments in the holding company, our debt to capital ratio at 23.1%.”

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