Fairfax calls 2023 “best year in our history” following short attack | Insurance Business America
Quarterly, annual results released
Insurance News
By
Terry Gangcuangco
Fairfax Financial Holdings has published its financial results for 2023, calling the period the company’s “best year” in its history.
The group, which recently rejected allegations that it was manipulating asset values and income, reported the following numbers for the quarter and year ended December 31:
Metric | Q4 2023 | Q4 2022 | FY 2023 | FY2022 |
|---|---|---|---|---|
Gross written premium | US$6.6 billion | US$7 billion | US$29.1 billion | US$27.9 billion |
Net insurance revenue | US$5.7 billion | US$5.3 billion | US$22 billion | US$20.2 billion |
Insurance service result | US$1.08 billion | US$1.13 billion | US$4.1 billion | US$3.1 billion |
Underwriting profit | US$579.3 million | US$496.1 million | US$1.5 billion | US$1.1 billion |
Adjusted operating income – P&C insurance 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 results, chair and chief executive Prem Watsa said in a release: “2023 was the best year in our history with net earnings of US$4.4 billion, producing record adjusted operating income of US$3.9 billion (or operating income of US$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 US$1.7 billion, and increased favorable 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 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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