Fairfax Financial Holdings Limited (FFH) Earnings Call Transcripts
Fairfax Financial Holdings Limited's Latest Earnings Call - Q1 FY2026
Fairfax Financial Holdings Limited reported a strong start to 2026 with significant growth in operating income and underwriting income, despite net losses on investments. For Q1 2026, operating income reached $1.2 billion, up from $686 million in Q1 2025. Underwriting income was $382 million, with a combined ratio of 94.1%, down from 98.5% in the previous year. However, the company faced net losses on investments of $386 million due to mark-to-market losses on bonds. Net earnings were $696 million, and book value per share increased by 0.5% from year-end 2025. Management provided guidance on upcoming transactions expected to close in Q2 2026, which could significantly impact future earnings.
Reported metrics
| Metric | Value |
|---|---|
| Operating Income | $1.2B (beat) |
| Net Earnings | $696M (neutral) |
| Combined Ratio | 94.1% (beat) |
| Net Investment Losses | $386M (miss) |
| Gross Premiums Written | $8.7B (beat) |
| Interest and Dividend Income | $662M (beat) |
Guidance from management
Management expects to close significant transactions in Q2 2026, including the sale of half its position in Poseidon and Eurolife's life operations, which are expected to contribute substantial pretax gains.
What management said
Good morning, and welcome to our call to discuss Fairfax's 2025 first quarter 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 Canad...
No, that's a good question. And I think just to start off, there really doesn't have to be any messaging to our companies. They're very -- the presidents are very experienced and they've managed through cycles before. And it's very clear, we're all on the same page that underwriting profit is a focus and underwriting discipline. So there's no -- if you need to reduce your premium and pricing is inadequate, that's t...
What analysts pressed on
Analysts expressed concerns about the softening insurance market in North America and the impact of increased retention in the Gulf region amid heightened risks. Questions also focused on the rationale behind the timing of the Poseidon sale and its partial nature.
Main topics on the call
- Operating Income Growth — Operating income for Q1 2026 was $1.2 billion, up from $686 million in Q1 2025. Peter Clarke stated, 'All components of our operating income were strong and up significantly from the first quarter of 2025.'
- Investment Losses — The company reported net losses on investments of $386 million, primarily due to mark-to-market losses on bonds. Clarke noted, 'We expect investment gains to perform well over the long term but will fluctuate quarter-to-...
- Underwriting Performance — Underwriting income was $382 million with a combined ratio of 94.1%, a significant improvement from 98.5% in Q1 2025, driven by lower catastrophe losses.
- Premium Growth — Gross premiums written were $8.7 billion, up 4.1% year-over-year. International operations showed strong growth, with Gulf up 30% and Bryte up 28%.
Read the full Fairfax Financial Holdings Limited transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Fairfax Financial Holdings Limited
Fairfax Financial Holdings Limited (FFH) is a publicly listed company in the Insurance industry, within the Financials sector. It trades on TSX and is based in CA. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 30 calls on record spanning February 14, 2020 to July 31, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 30 Fairfax Financial Holdings Limited earnings call transcripts on record, spanning February 14, 2020 to July 31, 2026. Based on this history, Fairfax Financial Holdings Limited reports quarterly. The most recent call on file is dated July 31, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- FFH
- Exchange
- TSX
- Country
- CA
- Sector
- Financials
- Industry
- Insurance
- Calls on record
- 30
- First call
- February 14, 2020
- Most recent
- July 31, 2026
- Reporting cadence
- quarterly