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Fairfax Financial Holdings Ltd T.FFH

Alternate Symbol(s):  FRFHF | T.FFH.PR.C | FXFLF | FRFZF | T.FFH.PR.D | FRFGF | T.FFH.PR.E | FXFHF | T.FFH.PR.F | FAXRF | T.FFH.PR.G | FAXXF | T.FFH.PR.H | FRFXF | T.FFH.PR.I | T.FFH.PR.J | T.FFH.PR.K | FRFFF | T.FFH.PR.M | FFHPF

Fairfax Financial Holdings Limited is a Canada-based holding company. The Company, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and the associated investment management. The Company’s segments include Property and Casualty Insurance and Reinsurance, Life insurance and Run-off and Non-insurance companies. The Property and Casualty Insurance and Reinsurance segment includes North American Insurers, Global Insurers and Reinsurers and International Insurers and Reinsurers. The Life Insurance and Run-off segment include Eurolife and Run-off. The Non-insurance companies segment includes restaurants and retail, Fairfax India, Thomas Cook India and others. Eurolife underwrites traditional life insurance policies (endowments, deferred annuities, whole life and term life), group benefits, including retirement benefits, and accident and health insurance policies. The North American Insurers include Northbridge, Crum & Forster and Zenith National.


TSX:FFH - Post by User

Post by retiredcfon Jan 25, 2024 11:21am
281 Views
Post# 35845057

BMO Raises Target

BMO Raises Target

BMO Nesbitt Burns analyst Tom MacKinnon expects few surprises from fourth-quarter earnings season in Canada’s insurance sector.

“The fourth of the new IFRS17 prints, so still a learning experience, especially for lifecos,” he said. “Still we expect no surprises, with Q4/23E core/base/underlying EPS estimates generally in line with consensus. MTM impacts that account for a large part of the differences between core/underlying/base EPS and reported EPS are expected to be small for Q4/23 (unlike the case in Q3/23), as the MTM impact of Q4/23 favourable equity markets help offset a portion of the once again likely lower than expected ALDA/private NFI asset returns. We continue to believe organic capital generation is a comprehensive KPI for lifecos, especially under IFRS 17 (IFRS 17 earnings are not representative of organic capital generation), and our top picks, SLF & IAG, look more attractive on this measure. For P&C insurers we are generally in line with consensus, looking for 2024 CAT loss guidance from IFC/DFY. Top P&C picks are FFH & IFC.”

For life insurance companies, he made these target adjustments:

Great-West Lifeco Inc. (“market perform”) to $44 from $42. Average: $43.

IA Financial Corp. Inc. ( “outperform”) to $101 from $99. The average is $100.75.

* Manulife Financial Corp. ( “market perform”) to $31 from $29. Average: $30.50.

* Sun Life Financial Inc. ( “outperform”) to $80 from $70. Average: $74.

For property and casualty insurance firms, his changes are:

Fairfax Financial Holdings Ltd.( “outperform”) to $1,550 from $1,400. Average: $1,607.20

* Intact Financial Corp.  to $230 from $225. Average: $224.73.

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