Fairfax calls 2023 “finest yr in our historical past” following brief assault

Fairfax Monetary Holdings has printed its monetary outcomes for 2023, calling the interval the corporate’s “finest yr” in its historical past.

The group, which lately rejected allegations that it was manipulating asset values and earnings, reported the next numbers for the quarter and yr ended December 31:

Commenting on the outcomes, chair and chief govt Prem Watsa mentioned in a launch: “2023 was one of the best yr in our historical past with web earnings of US$4.4 billion, producing report adjusted working earnings of US$3.9 billion (or working earnings of US$5.7 billion together with the good thing about discounting, web of a danger adjustment on claims) from our property and casualty insurance coverage and reinsurance operations, reflecting data achieved in our core underwriting efficiency, curiosity and dividends of US$1.7 billion, and elevated favorable outcomes from revenue of associates.

“All of our main insurance coverage and reinsurance corporations achieved mixed ratios beneath 100% for a consolidated mixed ratio of 93.2% and underwriting revenue of US$1.5 billion, on an undiscounted foundation… We stay centered on being soundly financed and ended 2023 in a powerful monetary place with US$1.8 billion in money and investments within the holding firm, our debt to capital ratio at 23.1%.”

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