Fairfax Financial Holdings Limited: Q3 2022 Earnings Decline due to Investment Losses, Catastrophe Impact
Fairfax Financial Holdings Limited (the Company) reported a net loss of $79 million for Q3 2022, significantly lower than net income of $576 million in Q3 2021. The decline was driven by investment losses arising from the Company's common stock and equity derivatives exposures, its fixed-income holdings, and currency exchange losses. Moreover, Hurricane Ian caused underwriting losses. Positively, revenues exhibited strong growth, with gross premiums written increasing 16% year over year.
Fairfax Financial Holdings is a financial services holding company. Through its subsidiaries, Co. is engaged in property and casualty insurance and reinsurance and investment management. Co.'s insurance and reinsurance companies operate on a decentralized basis, with autonomous management teams applying a focused underwriting strategy to their markets. Co.'s investments are centrally managed for all the Co.'s group of companies by Hamblin Watsa Investment Counsel Ltd. Co. operates four main operating segments: Insurance, Reinsurance, Reinsurance and Insurance - Other, and Runoff.
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