Market Movers Fairfax Financial Holdings Ltd. was up after saying it earned US$1.3-billion in the first quarter of 2023, more than double earnings of US$588.7-million a year earlier.
The Toronto-based company says net earnings per diluted share were US$49.38, compared with US$22.67 the same quarter a year earlier.
Net gains on investments were US$771.2-million, compared with a loss of US$195.2-million a year ago.
Fairfax says gross premiums written totalled US$7.1-billion in the quarter ended March 31, up from US$6.7-billion a year earlier.
Net insurance revenues were US$5.2-billion, up from US$4.7-billion.
Chairman and CEO Prem Watsa said in a press release that significantly higher operating income from Fairfax’s property and casualty insurance and reinsurance operations reflected increased interest and dividends, among other positive trends.