Fairfax Financial has reported that the net income is due to shareholders of $ 1.15 billion for the fourth quarter of 2024 (Q4 2024), a decrease of 14.7% of $ 1.32 billion in Q4 2023.
The net income per watered share decreased to $ 50.42 in Q4 2024 of $ 52.87 the previous year.
The company income of the company for real estate and victim (P&C) insurance and reinsurance rose to $ 2 billion in the three -month period ended on December 31, 2024, an increase of $ 1.47 billion in the same period, the previous year.
The insurance profit rose to $ 658.3 million in Q4 2024 compared to $ 579.3 million in the quarter of a year ago, while the net written premiums increased from $ 5.2 billion to $ 5.9 billion.
For the entire year, the company registered the net income of $ 4.2 billion for 2024, with a 19% decrease of $ 5 billion in 2023.
The net income of the entire year per watered share fell to $ 160.56 in 2024 from $ 173.24 in 2023.
The operating result for P&C Insurance and Herinsurance for the entire year was $ 6.5 billion in 2024, an increase of $ 5.7 billion in 2023.
The chairman and CEO of the company, Prem Watsa, attributed this growth to “strong insurance performance and interest and dividends, and constant favorable results of the share of the profit of employees”.
Insurance profit for the entire year was $ 1.8 billion in 2024, an increase of $ 1.5 billion in 2023, which is a reflection of the growth of business volumes and higher net favorable development of reserve for last year.
Net premiums written by the P&C Insurance and Herinsurance Operations rose by 11.6% to a record of $ 25.3 billion, written with gross premiums with 12.6%.
This growth was mainly due to the consolidation of golf insurance on December 26, 2023, which contributed $ 1.6 billion to net premiums written and $ 2.7 billion in gross premiums written in 2024, and continuous growth among most business companies.
On January 23, 2025, Fairfax Financial sold 80 million shares, about a share interest of 2.2%, in EuroBank for gross revenues of $ 190.8 million (€ 183.5 million), received by the Holding.
This sale reduced the company’s shareholding to 32.3% and will result in the recognition of a realized profit of approximately $ 40 million in the consolidated profit statement in Q1 2025.
In addition, the company increased its ownership interest in Brit from 86.2% to 100% on December 13, 2024 by buying the remaining shares from Brit’s Minority shareholder.
Of the total written gross premiums, the Global Securers and Re -Insurers -Segment was good for $ 17.15 billion, in which Brit $ 3.76 billion contributed.
Watsa said: “During the year we bought 1,346,953 subordinate votes for cancellation for cash consideration of approximately $ 1.6 billion, or $ 1,179 per share.
