Fairfax Financial Holdings Ltd

Latest Results (28.08.2026):

Fairfax Financial Holdings Ltd — second quarter of 2026: Fairfax reported net earnings attributable to shareholders of $1,392.7 million ($63.38 diluted EPS) for Q2 2026, with book value per basic share of $1,304.39 at June 30, 2026 (up ~4.8% adjusted for the $15/share dividend). Results reflected strong underwriting performance, sizable investment realizations, active share buybacks and modest mark-to-market bond losses amid higher rates.

Net earnings and EPS

Net earnings attributable to Fairfax shareholders were $1,392.7 million in Q2 2026 ($63.38 diluted EPS); consolidated net earnings were $1,560.6 million. Six‑month earnings attributable to shareholders were $2,088.4 million.

Underwriting performance

Property & casualty underwriting profit (undiscounted) was $458.6 million in Q2 2026 (up from $426.9m a year earlier). The consolidated undiscounted combined ratio improved slightly to 93.1% from 93.3% in Q2 2025. Adjusted operating income for the P&C insurance & reinsurance operations was $1,105.5 million.

Premium growth

Gross premiums written for the P&C operations increased 4.1% year‑over‑year to $9,633.9 million; net premiums written rose 2.4% to $7,344.1 million, led by Global and International insurers (growth at Brit, Fairfax Asia and Fairfax Latin America).

Investment results

Net gains on investments were $768.9 million in Q2 2026, driven by net equity gains of $743.8 million — including an $838.4 million realized gain on the sale of 23.1% of Poseidon — partly offset by $122.1 million of mark‑to‑market losses on bonds due to higher interest rates.

Investment income and portfolio

Consolidated interest and dividends rose to $737.2 million (Q2 2026) from $666.3 million a year earlier. Insurance/reinsurance companies held $71.7 billion of portfolio investments (ex‑Fairfax India) at June 30, 2026, with ~11.4% in cash/short‑term and ~52.4% in government/high‑quality corporate bonds.

Share repurchases and capital items

During Q2 the company purchased 680,307 subordinate voting shares for cancellation for $1,089.3 million (≈$1,601/share). Year‑to‑date Fairfax repurchased 1,055,190 subordinate voting shares for ~$1,720.6 million. Book value per basic share was $1,304.39 at June 30, 2026 (versus $1,260.19 at Dec. 31, 2025, adjusted +4.8% for the $15 dividend).

Liquidity and leverage

Holding company cash and marketable securities were $2.3 billion at June 30, 2026, and the $2.0 billion revolving credit facility was undrawn. Total debt to total capital ratio excluding non‑insurance companies rose to 28.0% (from 26.2% at Dec. 31, 2025), reflecting new senior note issuances and share buybacks/dividends.

Associates and non‑insurance results

Consolidated share of profit of associates was $42.8 million in Q2 2026 (down from $130.7m), with Eurobank contributing strongly (~$108.4m) and other associates (including a non‑cash impairment and a Waterous Energy Fund III loss) reducing the aggregate. Non‑insurance companies reported operating income of $193.6 million (up from $126.0m).