Quarterly, annual outcomes launched
Fairfax Financial Holdings has revealed its monetary outcomes for 2023, calling the interval the corporate’s “best year” in its historical past.
The group, which lately rejected allegations that it was manipulating asset values and revenue, reported the next numbers for the quarter and yr ended December 31:
|
Metric
|
This autumn 2023
|
This autumn 2022
|
FY 2023
|
FY2022
|
|---|---|---|---|---|
|
Gross written premium
|
US$6.6 billion
|
US$7 billion
|
US$29.1 billion
|
US$27.9 billion
|
|
Net insurance coverage income
|
US$5.7 billion
|
US$5.3 billion
|
US$22 billion
|
US$20.2 billion
|
|
Insurance service consequence
|
US$1.08 billion
|
US$1.13 billion
|
US$4.1 billion
|
US$3.1 billion
|
|
Underwriting revenue
|
US$579.3 million
|
US$496.1 million
|
US$1.5 billion
|
US$1.1 billion
|
|
Adjusted working revenue – P&C insurance coverage 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 outcomes, chair and chief government Prem Watsa mentioned in a launch: “2023 was the very best yr in our historical past with internet earnings of US$4.4 billion, producing file adjusted working revenue of US$3.9 billion (or working revenue of US$5.7 billion together with the advantage of discounting, internet 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 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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