Fairfax Financial has reported a 21.8% increase in net earnings attributable to shareholders for the first quarter of 2025, reaching $945.7m, up from $776.5m in the same period last year.  

The earnings per diluted share increased to $42.70 from $30.82 year-over-year. 

Net premiums written by the property and casualty insurance and reinsurance operations reported an 8.4% rise in net premiums written to $6.77bn from $6.24bn in the previous year. 

However, the underwriting profit from these operations decreased to $96.9m, a drop from the $373m reported in 2024.  

The adjusted operating income for these operations also saw a reduction to $685.5m, primarily due to the impact of the California wildfires on underwriting profits. 

On 31 March 2025, Fairfax Financial redeemed its Series E, Series F, and Series M preferred shares, with an aggregate carrying value of $352.1m, for $290.8m, or C$25.00 per share. 

Fairfax Financial chairman and CEO Prem Watsa said: “Net gains on investments of $1,056.1 million in the quarter was principally comprised of net gains on common stocks of $779.5 million and mark to market gains on bonds of $388.4 million. 

“We remain focused on being soundly financed and ended the quarter with approximately $2.1 billion of cash and marketable securities and an additional $1.7 billion, at fair value, of investments in associates and consolidated non-insurance companies owned by the holding company.”  

Earlier in the year, Lloyd’s syndicate Ki became a stand-alone entity within Fairfax Group following its separation from the parent company. 

For the fourth quarter of 2024, the company reported net earnings attributable to shareholders of $1.15bn, a decrease of 14.7% from $1.32bn in the fourth quarter of 2023.  

The annual figures for 2024 also showed a downturn, with net earnings totalling $4.2bn, a 19% decline from $5bn in 2023.