Fairfax Financial Holdings Limited (FRFHF) Q4 2024 Earnings Call Transcript

2025-02-14 11:13:51 ET

Fairfax Financial Holdings Limited (FRFHF)

Q4 2024 Earnings Conference Call

February 14, 2025 8:30 AM ET

Company Participants

Derek Bulas - Vice President, Chief Legal Officer

Peter Clarke - President, Chief Operating Officer

Wade Burton - President, Chief Investment Officer, Hamblin Watsa

Jen Allen - Vice President, Chief Financial Officer

Conference Call Participants

Nik Priebe - CIBC Capital Markets

Tom MacKinnon - BMO Capital Markets

Jack Cohen - National Bank Financial

Fahad Alghamdi - NBK Wealth

Fernando Torrealba - Cormak

Howard Flinker - Fllinker & Co

Presentation

Operator

Good morning and welcome to Fairfax's 2024 Year-End Results Conference Call. Your lines have been placed in a listen-only mode. After the presentation, we will conduct a question-and-answer session. [Operator Instructions] Today’s conference is being recorded. [Operator Instructions]

Your host for today's call is Peter Clarke with opening remarks from Derek Bulas. Sir, you may begin.

Derek Bulas

Good morning and welcome to our call to discuss Fairfax's 2024 year-end results. This call may include forward-looking statements. Actual results may differ perhaps materially from those contained in such forward-looking statements as a result of a variety of uncertainties and risk factors, the most foreseeable of which are set out under risk factors in our base shelf prospectus, which has been filed with Canadian securities regulators and is available on SEDAR. Fairfax disclaims any intention or obligation to update or revise any forward-looking statements except as required by applicable securities law.

I'll now turn the call over to our President and COO, Peter Clarke.

Peter Clarke

Thank you, Derek. Good morning and welcome to Fairfax's 2024 fourth quarter and year-end conference call. I plan to give you some highlights and then pass the call to Wade Burton, our President and Chief Investment Officer of Hamblin Watsa to comment on investments; and Jen Allen, our Chief Financial Officer, to provide some additional financial details.

2024 was another outstanding year. We earned $3.9 billion after taxes with record underwriting income of $1.8 billion, record interest and dividend income of $2.5 billion, and strong earnings from investments and associates of $956 million. Operating income from our insurance and reinsurance operations on an undiscounted basis and before risk margin was $4.8 billion. Our book value per share increased 14.5% adjusted for our $15 dividend to $1,060....

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