Fairfax Financial (FFH) AGM 2026 summary

Opening remarks and agenda

• Celebrated 40 years since founding, emphasizing long-term shareholder loyalty, company culture, and adherence to guiding principles such as honesty, integrity, and the Golden Rule.

• Outlined agenda: annual report tabling, board elections, auditor reappointment, and shareholder proposal consideration.

• Highlighted the company's decentralized structure, commitment to open communication, and sound financing.

Financial performance review

• Achieved record net income of $4.8 billion in 2025, with book value per share up 21% to $1,260 USD and 20.5% book value growth.

• Gross premiums grew to $33.3 billion, up 2% from 2024, with underwriting profit at $1.8 billion and a combined ratio of 93%.

• Investment income, including gains, reached $6.7 billion, with a 9.3% return on average portfolio.

• Float increased to $40.8 billion, compounding at 18% since inception, with cumulative underwriting profit of $8 billion over 10 years.

• Cumulative stock return reached 19.5% in 2025, outperforming the S&P 500.

Board and executive committee updates

• Recognized retiring director David Johnston for his long service and welcomed new board nominees.

• Leadership team includes executives with decades of experience, ensuring stability and continuity.

• Decentralized management structure with strong presidents leading subsidiaries.

• Highlighted succession planning, with Peter Clarke taking on greater leadership and oversight.