Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) announces
net earnings of $125.5 million ($4.49 net earnings per diluted
share after payment of preferred share dividends) in the first
quarter of 2022 compared to net earnings of $806.0 million ($28.91
net earnings per diluted share after payment of preferred share
dividends) in the first quarter of 2021. Book value per basic share
at March 31, 2022 was $626.21 compared to $630.60 at
December 31, 2021 (an increase of 1.0% adjusted for the $10
per common share dividend paid in the first quarter of 2022).
"The company continued to grow significantly in
the first quarter with gross premiums written up 21.9% and net
premiums written up 27.8% with a combined ratio of 93.1%, led by
continued strong performance at Northbridge (87.3%), Brit (91.8%),
Allied World (92.1%), Odyssey Group (93.7%) and Crum & Forster
(94.8%). Operating income increased to $562.4 million from $298.2
million, reflecting the strong growth in underwriting profit and
increased share of profit of associates.
"During the quarter we had net gains on common
stocks of $262.9 million, but due to rising interest rates we had
unrealized losses on bonds of $494.1 million, for a net loss on
investments of $214.4 million.
"Our low duration of 1.4 years on our $37
billion fixed income portfolio (mainly cash and U.S. treasuries)
reduced the impact that rising interest rates had on our bonds in
the first quarter of 2022 to only a decrease of 1.3% of the fixed
income portfolio, while enabling the company to benefit
significantly from increased interest income in the remainder of
2022 as we deploy the portfolio into one to two year treasury
bonds," said Prem Watsa, Chairman and Chief Executive Officer.
The table below presents the sources of the
company's net earnings in a format which the company has
consistently used as it believes it assists in understanding
Fairfax:
|
First quarter |
|
2022 |
|
2021 |
|
($ millions) |
Gross premiums written |
6,662.9 |
|
|
5,428.0 |
|
Net premiums written |
5,342.7 |
|
|
4,145.9 |
|
Net premiums earned |
4,777.7 |
|
|
3,730.4 |
|
|
|
|
|
Operating income - Property
and casualty insurance and reinsurance: |
|
|
|
Underwriting profit |
324.4 |
|
|
149.0 |
|
Interest and dividends |
110.5 |
|
|
105.8 |
|
Share of profit of associates |
127.5 |
|
|
43.4 |
|
|
562.4 |
|
|
298.2 |
|
Operating income (loss) - Life
insurance and Run-off |
(7.8 |
) |
|
(16.3 |
) |
Operating income (loss) -
Non-insurance companies |
27.1 |
|
|
(84.9 |
) |
Interest expense |
(103.9 |
) |
|
(166.1 |
) |
Corporate overhead and other
income (expense) |
(14.6 |
) |
|
42.5 |
|
Net gains (losses) on
investments |
(214.4 |
) |
|
908.7 |
|
Pre-tax income |
248.8 |
|
|
982.1 |
|
Provision for income
taxes |
(70.2 |
) |
|
(159.5 |
) |
Non-controlling interests |
(53.1 |
) |
|
(16.6 |
) |
Net earnings attributable to
shareholders of Fairfax |
125.5 |
|
|
806.0 |
|
|
|
|
|
|
|
Highlights for the first quarter of 2022 (with
comparisons to the first quarter of 2021 except as otherwise noted)
include the following:
- Net premiums
written by the property and casualty insurance and reinsurance
operations increased by 27.8% to $5,297.3 million from
$4,145.9 million, while gross premiums written increased by
21.9%.
- The consolidated
combined ratio of the property and casualty insurance and
reinsurance operations was 93.1%, producing an underwriting profit
of $324.4 million, compared to a combined ratio of 96.0% and
an underwriting profit of $149.0 million in 2021, driven by
significant growth in business volumes (net premiums earned
increased by 26.9%) and modest catastrophe losses of
$130.2 million or 2.8 combined ratio points in the
quarter.
- Operating income
of the property and casualty insurance and reinsurance operations
increased to $562.4 million from $298.2 million, due to growth in
underwriting profit as previously described and increased share of
profit of associates.
- Float of the
property and casualty insurance and reinsurance operations
increased by 3.5% to $26,846.5 million at March 31, 2022 from
$25,936.8 million at December 31, 2021.
- Excluding the
impact of Fairfax India’s performance fees to Fairfax (principally
an accrual of $56.0 million in the first quarter of 2021), which
are offset upon consolidation, operating income of the
non-insurance companies improved by $52.9 million, principally
attributed to the Restaurants and retail segment (primarily
reflecting higher business volumes across most companies due to
reduced COVID-19-related restrictions) and Fairfax India (primarily
higher share of profit of associates).
- Consolidated
share of profit of associates of $184.1 million principally
reflected share of profit of $49.7 million from Atlas Corp., $38.0
million from EXCO Resources and $30.7 million from Eurobank.
- Interest expense
of $103.9 million (inclusive of $12.2 million on leases) was
comprised of $77.0 million incurred on borrowings by the holding
company and the insurance and reinsurance companies and $14.7
million incurred on borrowings by the non-insurance companies
(which are non-recourse to the holding company).
- At
March 31, 2022 the company's insurance and reinsurance
companies held portfolio investments of $50.2 billion (excluding
Fairfax India's portfolio of $2.0 billion), of which approximately
$23.2 billion was in cash and short dated investments representing
approximately 46.3% of those portfolio investments. During the
first quarter of 2022 the company used the net proceeds from
maturities of short term investments to purchase $7.4 billion of
U.S. treasuries and Canadian government bonds (one to two year
term), which reduced the proportion of cash and short dated
investments from 50.3% at December 31, 2021 to 46.3%, which
will benefit future interest and dividend income.
- Net losses on
investments of $214.4 million consisted of the following:
|
First quarter of 2022 |
|
($ millions) |
|
Realized gains (losses) |
|
|
Unrealized gains (losses) |
|
Net gains (losses) |
Net gains (losses) on: |
|
|
|
|
|
|
Equity exposures |
81.9 |
|
|
181.0 |
|
|
262.9 |
|
Bonds |
21.0 |
|
|
(515.1 |
) |
|
(494.1 |
) |
Other |
19.8 |
|
|
(3.0 |
) |
|
16.8 |
|
|
122.7 |
|
|
(337.1 |
) |
|
(214.4 |
) |
|
|
|
|
|
|
|
|
|
Net gains on equity exposures of $262.9 million
was primarily comprised of realized and unrealized appreciation of
common stocks and equity total return swaps and net unrealized
gains on equity warrants, partially offset by net unrealized
depreciation of convertible bonds. At March 31, 2022 the
company continued to hold equity total return swaps on 1,964,155
Fairfax subordinate voting shares with an original notional amount
of $732.5 million (Cdn$935.0 million) or approximately $372.96
(Cdn$476.03) per share, on which the company recorded net gains of
$94.9 million in the first quarter of 2022.
Net losses on bonds of $494.1 million included
net losses on U.S. treasuries and Canadian government bonds of
$222.8 million (of which $158.0 million related to net purchases of
$7.4 billion of U.S. treasuries and Canadian government bonds (one
to two year term) in the first quarter), unrealized losses of $71.9
million on Greek government bonds (that back Eurolife's reserves)
and net losses of $182.7 million on corporate and other bonds
(principally U.S. and Canadian corporate bonds), partially offset
by net gains on U.S. treasury bond forward contracts of $68.5
million.
-
The company did not record any gains on its equity accounted
investment in Digit as regulatory approvals to permit the company
to obtain control are still pending and as a result the company’s
ownership interest remained unchanged at 49.0%.
-
At March 31, 2022 the excess of fair value over carrying value
of investments in non-insurance associates and consolidated
non-insurance subsidiaries was $343.9 million.
-
The company's total debt to total capital ratio, excluding
non-insurance companies, remained steady at 24.2% at March 31,
2022 compared to 24.1% at December 31, 2021.
There were 23.8 million and 26.1 million
weighted average common shares effectively outstanding during the
first quarters of 2022 and 2021 respectively. At March 31,
2022 there were 23,810,965 common shares effectively
outstanding.
Unaudited consolidated balance sheet, earnings
and comprehensive income information, together with segmented
premium and combined ratio information, follow and form part of
this news release.
As previously announced, Fairfax will hold a
conference call to discuss its first quarter 2022 results at 8:30
a.m. Eastern time on Friday April 29, 2022. The call,
consisting of a presentation by the company followed by a question
period, may be accessed at 1 (888) 390-0867 (Canada or U.S.) or 1
(212) 547-0141 (International) with the passcode “FAIRFAX”. A
replay of the call will be available from shortly after the
termination of the call until 5:00 p.m. Eastern time on
Friday, May 13, 2022. The replay may be accessed at 1 (866)
431-2908 (Canada or U.S.) or 1 (203) 369-0955 (International).
Fairfax Financial Holdings Limited is a holding
company which, through its subsidiaries, is primarily engaged in
property and casualty insurance and reinsurance and the associated
investment management.
For further information, contact: |
|
John VarnellVice President, Corporate Development(416)
367-4941 |
|
|
|
CONSOLIDATED BALANCE SHEETSas at March 31,
2022 and December 31, 2021 (unaudited - US$ millions except
per share amounts)
|
|
March 31, 2022 |
|
December 31, 2021 |
Assets |
|
|
|
|
Holding company cash and investments (including assets pledged for
derivative obligations – $103.7; December 31, 2021 – $111.0) |
|
|
1,246.8 |
|
|
|
1,478.3 |
|
Insurance contract receivables |
|
|
7,605.2 |
|
|
|
6,883.2 |
|
|
|
|
|
|
Portfolio investments |
|
|
|
|
Subsidiary cash and short term investments (including restricted
cash and cash equivalents – $896.8; December 31, 2021 –
$1,246.4) |
|
|
13,481.4 |
|
|
|
21,799.5 |
|
Bonds (cost $22,570.9; December 31, 2021 – $13,836.3) |
|
|
22,323.8 |
|
|
|
14,091.2 |
|
Preferred stocks (cost $889.9; December 31, 2021 – $576.6) |
|
|
2,686.2 |
|
|
|
2,405.9 |
|
Common stocks (cost $4,888.0; December 31, 2021 – $4,717.2) |
|
|
5,672.8 |
|
|
|
5,468.9 |
|
Investments in associates (fair value $5,866.6; December 31, 2021 –
$5,671.9) |
|
|
4,885.1 |
|
|
|
4,755.1 |
|
Derivatives and other invested assets (cost $934.6; December 31,
2021 – $888.2) |
|
|
1,169.0 |
|
|
|
991.2 |
|
Assets pledged for derivative obligations (cost $101.0; December
31, 2021 – $119.6) |
|
|
101.0 |
|
|
|
119.6 |
|
Fairfax India cash, portfolio investments and associates (fair
value $3,243.5; December 31, 2021 – $3,336.4) |
|
|
2,049.6 |
|
|
|
2,066.0 |
|
|
|
|
52,368.9 |
|
|
|
51,697.4 |
|
|
|
|
|
|
Deferred premium acquisition costs |
|
|
2,040.5 |
|
|
|
1,924.1 |
|
Recoverable from reinsurers (including recoverables on paid losses
– $1,077.7; December 31, 2021 – $884.3) |
|
|
12,607.1 |
|
|
|
12,090.5 |
|
Deferred income tax assets |
|
|
495.3 |
|
|
|
522.4 |
|
Goodwill and intangible assets |
|
|
6,003.3 |
|
|
|
5,928.2 |
|
Other assets |
|
|
6,219.5 |
|
|
|
6,121.3 |
|
Total assets |
|
|
88,586.6 |
|
|
|
86,645.4 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Accounts payable and accrued liabilities |
|
|
4,960.2 |
|
|
|
4,985.4 |
|
Derivative obligations (including at the holding company – $33.7;
December 31, 2021 – $32.1) |
|
|
198.9 |
|
|
|
152.9 |
|
Deferred income tax liabilities |
|
|
567.7 |
|
|
|
598.8 |
|
Insurance contract payables |
|
|
4,750.1 |
|
|
|
4,493.5 |
|
Insurance contract liabilities |
|
|
49,108.0 |
|
|
|
47,346.5 |
|
Borrowings – holding company and insurance and reinsurance
companies |
|
|
6,121.9 |
|
|
|
6,129.3 |
|
Borrowings – non-insurance companies |
|
|
1,794.7 |
|
|
|
1,623.7 |
|
Total liabilities |
|
|
67,501.5 |
|
|
|
65,330.1 |
|
|
|
|
|
|
Equity |
|
|
|
|
Common shareholders’ equity |
|
|
14,910.7 |
|
|
|
15,049.6 |
|
Preferred stock |
|
|
1,335.5 |
|
|
|
1,335.5 |
|
Shareholders’ equity attributable to shareholders of Fairfax |
|
|
16,246.2 |
|
|
|
16,385.1 |
|
Non-controlling interests |
|
|
4,838.9 |
|
|
|
4,930.2 |
|
Total equity |
|
|
21,085.1 |
|
|
|
21,315.3 |
|
|
|
|
88,586.6 |
|
|
|
86,645.4 |
|
|
|
|
|
|
|
|
|
|
|
Book value per basic
share |
|
$ |
626.21 |
|
|
$ |
630.60 |
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF EARNINGSfor the
three months ended March 31, 2022 and 2021(unaudited - US$
millions except per share amounts)
|
|
First quarter |
|
|
|
2022 |
|
|
|
2021 |
|
Income |
|
|
|
|
Gross premiums written |
|
|
6,662.9 |
|
|
|
5,428.0 |
|
Net premiums written |
|
|
5,342.7 |
|
|
|
4,145.9 |
|
|
|
|
|
|
Gross premiums earned |
|
|
6,023.3 |
|
|
|
4,757.2 |
|
Premiums ceded to reinsurers |
|
|
(1,245.6 |
) |
|
|
(1,026.8 |
) |
Net premiums earned |
|
|
4,777.7 |
|
|
|
3,730.4 |
|
Interest and dividends |
|
|
168.9 |
|
|
|
167.9 |
|
Share of profit of associates |
|
|
184.1 |
|
|
|
44.3 |
|
Net gains (losses) on investments |
|
|
(214.4 |
) |
|
|
842.0 |
|
Gain on sale of insurance subsidiaries |
|
|
— |
|
|
|
66.7 |
|
Other revenue |
|
|
1,066.3 |
|
|
|
1,146.9 |
|
|
|
|
5,982.6 |
|
|
|
5,998.2 |
|
Expenses |
|
|
|
|
Losses on claims, gross |
|
|
3,795.6 |
|
|
|
3,031.1 |
|
Losses on claims, ceded to reinsurers |
|
|
(803.2 |
) |
|
|
(654.9 |
) |
Losses on claims, net |
|
|
2,992.4 |
|
|
|
2,376.2 |
|
Operating expenses |
|
|
761.4 |
|
|
|
684.8 |
|
Commissions, net |
|
|
801.1 |
|
|
|
619.5 |
|
Interest expense |
|
|
103.9 |
|
|
|
166.1 |
|
Other expenses |
|
|
1,075.0 |
|
|
|
1,169.5 |
|
|
|
|
5,733.8 |
|
|
|
5,016.1 |
|
Earnings before income
taxes |
|
|
248.8 |
|
|
|
982.1 |
|
Provision for income
taxes |
|
|
70.2 |
|
|
|
159.5 |
|
Net
earnings |
|
|
178.6 |
|
|
|
822.6 |
|
|
|
|
|
|
Attributable
to: |
|
|
|
|
Shareholders of Fairfax |
|
|
125.5 |
|
|
|
806.0 |
|
Non-controlling interests |
|
|
53.1 |
|
|
|
16.6 |
|
|
|
|
178.6 |
|
|
|
822.6 |
|
|
|
|
|
|
Net earnings per
share |
|
$ |
4.79 |
|
|
$ |
30.44 |
|
Net earnings per
diluted share |
|
$ |
4.49 |
|
|
$ |
28.91 |
|
Cash dividends paid
per share |
|
$ |
10.00 |
|
|
$ |
10.00 |
|
Shares outstanding
(000) (weighted average) |
|
|
23,838 |
|
|
|
26,116 |
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
for the three months ended March 31, 2022 and 2021(unaudited -
US$ millions)
|
|
First quarter |
|
|
2022 |
|
2021 |
|
|
|
|
|
Net earnings |
|
178.6 |
|
|
822.6 |
|
|
|
|
|
|
Other comprehensive
income (loss), net of income taxes |
|
|
|
|
|
|
|
|
|
Items that may be reclassified to net
earnings |
|
|
|
|
Net unrealized foreign currency translation losses on foreign
subsidiaries |
|
(7.3 |
) |
|
(1.0 |
) |
Losses on hedge of net investment in Canadian subsidiaries |
|
(24.9 |
) |
|
(27.8 |
) |
Gains on hedge of net investment in European operations |
|
18.2 |
|
|
35.7 |
|
Share of other comprehensive loss of associates, excluding net
gains on defined benefit plans |
|
(47.0 |
) |
|
(63.8 |
) |
|
|
(61.0 |
) |
|
(56.9 |
) |
Net unrealized foreign currency translation gains on foreign
subsidiaries reclassified to net earnings |
|
— |
|
|
(0.3 |
) |
|
|
(61.0 |
) |
|
(57.2 |
) |
Items that will not be reclassified to net
earnings |
|
|
|
|
Net gains on defined benefit plans |
|
50.1 |
|
|
— |
|
Share of net gains on defined benefit plans of associates |
|
5.8 |
|
|
2.0 |
|
Other |
|
— |
|
|
13.8 |
|
|
|
55.9 |
|
|
15.8 |
|
|
|
|
|
|
Other comprehensive
income (loss), net of income taxes |
|
(5.1 |
) |
|
(41.4 |
) |
Comprehensive
income |
|
173.5 |
|
|
781.2 |
|
|
|
|
|
|
Attributable
to: |
|
|
|
|
Shareholders of Fairfax |
|
144.6 |
|
|
773.8 |
|
Non-controlling interests |
|
28.9 |
|
|
7.4 |
|
|
|
173.5 |
|
|
781.2 |
|
SEGMENTED INFORMATION (unaudited - US$
millions)
Third party gross premiums written, net premiums
written and combined ratios for the property and casualty insurance
and reinsurance operations (excluding Life insurance and Run-off)
in the first quarters ended March 31, 2022 and 2021 were as
follows:
Gross Premiums Written
|
|
First quarter |
|
% change year-over-year |
|
|
2022 |
|
2021 |
|
Northbridge |
|
474.7 |
|
409.7 |
|
15.9 |
% |
Odyssey Group |
|
1,417.1 |
|
1,157.2 |
|
22.5 |
% |
Crum & Forster |
|
1,036.6 |
|
800.9 |
|
29.4 |
% |
Zenith National |
|
259.0 |
|
271.7 |
|
(4.7 |
)% |
Brit(1) |
|
885.4 |
|
678.6 |
|
30.5 |
% |
Allied World |
|
1,751.8 |
|
1,408.2 |
|
24.4 |
% |
Fairfax Asia(2) |
|
217.1 |
|
128.2 |
|
69.3 |
% |
Insurance and Reinsurance - Other |
|
574.1 |
|
573.5 |
|
0.1 |
% |
Property and casualty
insurance and reinsurance |
|
6,615.8 |
|
5,428.0 |
|
21.9 |
% |
Net Premiums Written
|
|
First quarter |
|
% change year-over-year |
|
|
2022 |
|
2021 |
|
Northbridge |
|
431.1 |
|
374.4 |
|
15.1 |
% |
Odyssey Group |
|
1,320.0 |
|
1,031.9 |
|
27.9 |
% |
Crum & Forster |
|
833.3 |
|
666.0 |
|
25.1 |
% |
Zenith National |
|
257.5 |
|
265.3 |
|
(2.9 |
)% |
Brit(1) |
|
630.2 |
|
385.5 |
|
63.5 |
% |
Allied World |
|
1,334.3 |
|
1,027.2 |
|
29.9 |
% |
Fairfax Asia(2) |
|
88.1 |
|
60.6 |
|
45.4 |
% |
Insurance and Reinsurance - Other |
|
402.8 |
|
335.0 |
|
20.2 |
% |
Property and casualty
insurance and reinsurance |
|
5,297.3 |
|
4,145.9 |
|
27.8 |
% |
Combined Ratios
|
|
First quarter |
|
|
2022 |
|
2021 |
Northbridge |
|
87.3 |
% |
|
87.0 |
% |
Odyssey Group |
|
93.7 |
% |
|
98.8 |
% |
Crum & Forster |
|
94.8 |
% |
|
99.3 |
% |
Zenith National |
|
95.4 |
% |
|
88.1 |
% |
Brit(1) |
|
91.8 |
% |
|
98.4 |
% |
Allied World |
|
92.1 |
% |
|
94.2 |
% |
Fairfax Asia(2) |
|
90.6 |
% |
|
94.0 |
% |
Insurance and Reinsurance - Other |
|
98.9 |
% |
|
97.9 |
% |
Property and casualty
insurance and reinsurance |
|
93.1 |
% |
|
96.0 |
% |
|
|
|
|
|
|
|
(1) Excluding Ki Insurance, in the first
quarter of 2022 gross premiums written increased by 17.7%, net
premiums written increased by 44.0% and the combined ratio was
92.2%.
(2) Includes Singapore Re which was
consolidated on June 17, 2021.
Certain statements contained herein may
constitute forward-looking statements and are made pursuant to the
“safe harbour” provisions of the United States Private Securities
Litigation Reform Act of 1995 and any applicable Canadian
securities regulations. Such forward-looking statements are subject
to known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of
Fairfax to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: a reduction in net earnings if our loss reserves are
insufficient; underwriting losses on the risks we insure that are
higher or lower than expected; the occurrence of catastrophic
events with a frequency or severity exceeding our estimates;
changes in market variables, including interest rates, foreign
exchange rates, equity prices and credit spreads, which could
negatively affect our investment portfolio; risks associated with
the global pandemic caused by COVID-19, and the related global
reduction in commerce and substantial downturns in stock markets
worldwide; the cycles of the insurance market and general economic
conditions, which can substantially influence our and our
competitors' premium rates and capacity to write new business;
insufficient reserves for asbestos, environmental and other latent
claims; exposure to credit risk in the event our reinsurers fail to
make payments to us under our reinsurance arrangements; exposure to
credit risk in the event our insureds, insurance producers or
reinsurance intermediaries fail to remit premiums that are owed to
us or failure by our insureds to reimburse us for deductibles that
are paid by us on their behalf; our inability to maintain our long
term debt ratings, the inability of our subsidiaries to maintain
financial or claims paying ability ratings and the impact of a
downgrade of such ratings on derivative transactions that we or our
subsidiaries have entered into; risks associated with implementing
our business strategies; the timing of claims payments being sooner
or the receipt of reinsurance recoverables being later than
anticipated by us; risks associated with any use we may make of
derivative instruments; the failure of any hedging methods we may
employ to achieve their desired risk management objective; a
decrease in the level of demand for insurance or reinsurance
products, or increased competition in the insurance industry; the
impact of emerging claim and coverage issues or the failure of any
of the loss limitation methods we employ; our inability to access
cash of our subsidiaries; our inability to obtain required levels
of capital on favourable terms, if at all; the loss of key
employees; our inability to obtain reinsurance coverage in
sufficient amounts, at reasonable prices or on terms that
adequately protect us; the passage of legislation subjecting our
businesses to additional adverse requirements, supervision or
regulation, including additional tax regulation, in the United
States, Canada or other jurisdictions in which we operate; risks
associated with government investigations of, and litigation and
negative publicity related to, insurance industry practice or any
other conduct; risks associated with political and other
developments in foreign jurisdictions in which we operate; risks
associated with legal or regulatory proceedings or significant
litigation; failures or security breaches of our computer and data
processing systems; the influence exercisable by our significant
shareholder; adverse fluctuations in foreign currency exchange
rates; our dependence on independent brokers over whom we exercise
little control; impairment of the carrying value of our goodwill,
indefinite-lived intangible assets or investments in associates;
our failure to realize deferred income tax assets; technological or
other change which adversely impacts demand, or the premiums
payable, for the insurance coverages we offer; disruptions of our
information technology systems; assessments and shared market
mechanisms which may adversely affect our insurance subsidiaries;
and adverse consequences to our business, our investments and our
personnel resulting from or related to the COVID-19 pandemic.
Additional risks and uncertainties are described in our most
recently issued Annual Report which is available at www.fairfax.ca
and in our Base Shelf Prospectus (under “Risk Factors”) filed with
the securities regulatory authorities in Canada, which is available
on SEDAR at www.sedar.com. Fairfax disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable securities law.
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