NR 08:22 AM EDT, 04/18/2023 (MT Newswires) -- Fairfax Financial Holdings Limited (FFH.TO, FFH-U.TO) on Tuesday announced its preliminary unaudited estimate of the effect of IFRS 17 on common shareholders' equity as at December 31, 2022. The finalized information will be presented in the company's 2023 first quarter unaudited financial results, which will be released after the close of markets on Thursday, May 11.
The company's preliminary estimate of the effect of IFRS 17 is that it will increase common shareholders' equity as at December 31, 2022 by approximately US$2.2 billion (an increase in book value per share of approximately US$94), reflecting the introduction of discounting net claims reserves (approximately US$4.7 billion, partially offset by a risk adjustment of US$1.7 billion for uncertainty related to the timing and amount of cash flows arising from non-financial risks), partially offset by the tax effect of the measurement changes and other of approximately $0.8 billion.