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Quarterly, annual outcomes launched
Fairfax Monetary Holdings has revealed its monetary outcomes for 2023, calling the interval the corporate’s “finest yr” in its historical past.
The group, which just 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
|
|
Internet insurance coverage income
|
US$5.7 billion
|
US$5.3 billion
|
US$22 billion
|
US$20.2 billion
|
|
Insurance coverage 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
|
|
Internet 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 govt Prem Watsa stated in a launch: “2023 was one of the best yr in our historical past with web earnings of US$4.4 billion, producing report adjusted working revenue of US$3.9 billion (or working revenue of US$5.7 billion together with the advantage of discounting, web of a threat 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 main insurance coverage and reinsurance firms achieved mixed ratios beneath 100% for a consolidated mixed ratio of 93.2% and underwriting revenue of US$1.5 billion, on an undiscounted foundation… We stay targeted on being soundly financed and ended 2023 in a robust monetary place with US$1.8 billion in money and investments within the holding firm, our debt to capital ratio at 23.1%.”
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