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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Fairfax Financial
Fairfax Financial (FFH) investor relations material
Fairfax Financial Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Achieved record net earnings of $4,772.4 million ($213.78 per diluted share) for 2025, up from $3,874.9 million ($160.56 per diluted share) in 2024, marking the best year in company history.
Book value per basic share rose to $1,260.19, a 20.5% increase adjusted for dividends.
All major insurance and reinsurance segments posted combined ratios below 100%, with a consolidated combined ratio of 93.0% and record underwriting profit of $1.8 billion.
Investment performance was strong, with net gains on investments of $3.2 billion and record interest and dividend income of $2.6 billion.
Purchased over 1 million shares for cancellation at a cost of $1.6 billion.
Financial highlights
Gross premiums written increased by 2.3% to $33.3 billion; net premiums written grew by 3.9% to $26.3 billion.
Adjusted operating income for property and casualty insurance and reinsurance was $4,629.8 million, down 2.8% year-over-year.
Float increased by 11.2% to $39.3 billion.
Net gains on investments totaled $3,151.4 million, mainly from equities and equity total return swaps.
Interest and dividend income reached $2,574.0 million.
Outlook and guidance
Consolidated operating income for the coming years is targeted at $5 billion, including $1.5 billion underwriting profit, $2.5 billion interest/dividend income, and $1 billion from associates/non-insurance income.
Underwriting profit guidance remains at $1.5 billion, with recent years exceeding this due to benign catastrophe losses and strong reserves.
Proposed sale of Eurolife Life Operations to Eurobank expected to generate a pre-tax gain of approximately $350 million, with assets/liabilities classified as held for sale.
AGT filed for a CAD 460 million IPO, with the company expecting to retain a 51–53% equity interest post-offering.
Entered into a definitive merger agreement to acquire Kennedy Wilson, committing up to $1.65 billion in funding; transaction expected to close in Q2 2026.
Reconcile 2025 share buybacks with Kennedy Wilson funding
Explain Life/Run-off operating loss increase
Explain discount rate impact on net loss
Quantify 2025 share buyback capital deployment
How did cat losses impact 2025 combined ratio?
What caused increased Life/Run-off operating loss?
What drove 2025's lower effective tax rate?
Capital deployment: buybacks vs. other opportunities?
Any end in sight for runoff business losses?
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Next Fairfax Financial earnings date
Q1 202630 Apr, 2026
Fairfax Financial
Next Fairfax Financial earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Fairfax Financial Holdings Limited, provides property and casualty insurance and reinsurance, and investment management services in the north America, Asia, and internationally. The company also offers investment advisory services. It provides property and casualty insurance solutions to businesses; and works as a commercial insurer with diverse lines of business, including owners' professional liability underwriting, builders risk underwriting, environmental liability underwriting, directors' and officers' insurance, fiduciary liability insurance and employment practices liability underwriting. The company markets its insurance products to businesses in a variety of industry sectors. As of December 31, 2017, it served approximately 84,000 clients through a network of approximately 680 independent agents and brokers. Fairfax Financial Holdings Limited is based in Toronto, Canada.
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