Newspaper article The Canadian Press

Fairfax Financial Q3 Profit Slumps on Lower Investment Gains

Newspaper article The Canadian Press

Fairfax Financial Q3 Profit Slumps on Lower Investment Gains

Article excerpt

Fairfax Financial posts lower Q3 profit

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TORONTO - Fairfax Financial Holdings Ltd. (TSX:FFH) has reported lower third-quarter profits compared with last year, citing reduced returns on investments.

In a report issued Thursday after markets closed, Fairfax said it had net earnings of US$424.8 million or $18.16 per diluted share in the quarter compared with US$461.2 million or $20.68 per share in the prior-year period.

That mostly reflected lower net gains on investments, partially offset by increased underwriting profit, it said.

"Our insurance companies continued to have excellent underwriting performance in the third quarter and the first nine months of 2015, with consolidated combined ratios of 90.9 per cent and 91.3 per cent respectively," chairman and CEO Prem Watsa said in the company's earnings statement. …

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