FAIRFAX FINANCIAL HOLDINGS LIMITED - Q1 2026 Financial Results

Fairfax Financial Holdings Limited reported net earnings of $695.7 million ($31.11 per diluted share) for the first quarter of 2026, a decrease from $945.7 million ($42.70 per diluted share) in the first quarter of 2025. The company's property and casualty operations showed improved performance, with adjusted operating income rising to $1,213.4 million from $685.5 million year-over-year, driven by better underwriting results and increased income from associates and investments. The consolidated combined ratio improved to 94.1% from 98.5%. Investment results were impacted by mark-to-market losses on bonds amounting to $363.9 million due to rising interest rates, contrasting with significant gains in the prior year. The company repurchased 374,883 subordinate voting shares for $631.3 million. Significant transactions expected to close in the second quarter include the sale of 23.1% of Poseidon for approximately $1.9 billion and the sale of Eurolife Life Operations to Eurobank for approximately $935 million, both expected to generate substantial pre-tax gains. Book value per basic share was $1,250.14 at March 31, 2026.