No. of Recommendations: 6
Fairfax reported impressive results for FY 2023 after the bell today, calling it "the best year in our history."
Net earnings were U.S. $4,381.8 million, or $173.20 per diluted share after payment of preferred dividends. That compares with $3,374.2 million and $131.37 in FY 2022.
Book value per share at Dec. 31 was $939.65, compared to $762.28 a year earlier, up 23%.
At today's closing price of $1,041.52, it is trading at 1.1x book.
2023 was the best year in our history with net earnings of $4.4 billion, producing record adjusted operating income
of $3.9 billion (or operating income of $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 $1.7 billion and increased favourable 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 $1.5 billion, on an undiscounted basis. Gross
premiums written grew by 4.8% or $1.3 billion to $28.9 billion, while net premiums written grew by 3.5%,
primarily reflecting new business and incremental rate increases in certain lines of business.fairfax.ca - Financial results for the third quarterConference call is tomorrow morning.
