Fairfax Financial (FFH) Q3 2026 earnings summary

Executive summary

• Q3 net earnings attributable to shareholders were $929.6m, or $43.32 per diluted share, versus $1,151.7m and $52.04 in Q3 2025; 9M attributable earnings were $3,018.0m.

• Book value per basic share rose 8.4% YTD to $1,349.15, adjusted for the $15 dividend.

• P&C underwriting remained profitable, while $858.7m of Q3 investment losses, primarily bond marks, weighed on earnings.

Financial highlights

• Q3 total net earnings were $1,096.9m, including $929.6m attributable to shareholders and $167.3m attributable to non-controlling interests.

• Q3 net investment losses were $858.7m versus gains of $426.2m in 2025; 9M losses were $475.7m versus gains of $2,434.3m.

• Q3 interest and dividends were $668.7m versus $655.4m, and associate profit was $378.0m versus $305.0m.

• Q3 non-insurance operating income was $253.6m versus $211.4m; 9M income was $484.1m versus $296m.

Outlook and guidance

• Proposed $5.6bn acquisition of a 60.72% stake in IDBI Bank remains subject to definitive agreements and approvals.

• Proposed Boots transaction with Wittington includes ~$8.9bn of consideration, including assumed debt, with up to ~$2.3bn committed and an expected 50% equity interest; closing is expected in Q1 2027.

• Recipe’s proposed acquisition of Evergood for estimated gross consideration of $350m is expected to close in late 2026 or early 2027, subject to approvals and customary conditions.

• Management expects disciplined underwriting and attractive underlying margins despite softening rates; fourth-quarter actuarial reserve reviews were underway.