Fairfax Financial Holdings Ltd. FFH-T reported an increase in second-quarter earnings Thursday, boosted by investment gains.
The Toronto-based insurance company said it earned $325.2-million (U.S.), or $15.49 per diluted share, in its second quarter, compared with a profit of $275.4-million, or $15.56 per diluted share, a year ago, when it had fewer shares outstanding.
Revenue for the quarter amounted to $1.81-billion, up from $1.74-billion.
“Despite the challenging insurance industry and investment environment, during the second quarter we recorded good operating results and essentially maintained our common shareholders' equity and book value per share,” chairman and chief executive officer Prem Watsa said in a statement.
Fairfax is a holding company which through subsidiaries writes property insurance, reinsurance and provides investment management services around the world.
With more than 5,000 employees, Fairfax operates through Northbridge Financial, Lombard, Federated, Crum & Forster, First Capital Insurance, Odyssey Re and many other companies in North America, Asia and elsewhere.
It also has investment stakes in well-known Canadian companies, including toy maker Mega Brands, furniture retailer Brick Group, as well as insolvent newsprint giant AbitibiBowater, Jazz Air Income Fund and lumber producer International Forest Products.
