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Fairfax Financial Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Net earnings reached $1.2 billion in Q3 2025, up from $1 billion in Q3 2024, with $3.5 billion for the first nine months of 2025.
Net earnings for Q3 2025 were $1,151.7 million ($52.04 per diluted share), up from $1,030.8 million ($42.62 per diluted share) in Q3 2024, driven by strong underwriting, higher investment income, and favorable associate results.
Book value per share increased to $1,204 (or $1,203.65) at September 30, 2025, up 15.1% year-to-date, adjusted for dividends.
Strong performance across all insurance segments, with favorable reserve development and improved ratings from S&P and AM Best.
Announced sale of 80% interest in Eurolife's life insurance operations for $940 million and acquisition of 45% of ERB Asfalistiki for $68 million.
Financial highlights
Net earnings of $1.2 billion in Q3 2025, up from $1 billion in Q3 2024.
Operating income from non-insurance companies was $211 million, up from $49 million in Q3 2024, driven by acquisitions.
Net gains on investments were $426 million, mainly from $525 million in equity gains, partially offset by bond and other investment losses.
Book value per share rose to $1,204, a 15.1% increase year-to-date.
Common shareholders' equity increased by $2.7 billion to $25.7 billion at September 30, 2025.
Outlook and guidance
Annual operating income is expected to remain stable at approximately $5 billion over the next 3-4 years.
The company expects continued focus on property and casualty insurance and reinsurance, with ongoing benefits from associate investments.
The sale of Eurolife and acquisition of ERB Asfalistiki are expected to close in Q1 2026, with an estimated pre-tax gain of $250 million.
Management remains focused on underwriting discipline and capitalizing on market opportunities as conditions evolve.
Quantify the Eurolife sale's pre-tax gain
Explain bond portfolio's Q3 net loss drivers
Impact of Q3 capital actions on debt ratio
Underwriting strategy in softening market
Capital deployment strategy for excess cash
Interest rate risk mitigation outlook
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Next Fairfax Financial earnings date
Q4 202513 Feb, 2026
Fairfax Financial
Next Fairfax Financial earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Fairfax Financial Holdings Limited, provides property and casualty insurance and reinsurance, and investment management services in the north America, Asia, and internationally. The company also offers investment advisory services. It provides property and casualty insurance solutions to businesses; and works as a commercial insurer with diverse lines of business, including owners' professional liability underwriting, builders risk underwriting, environmental liability underwriting, directors' and officers' insurance, fiduciary liability insurance and employment practices liability underwriting. The company markets its insurance products to businesses in a variety of industry sectors. As of December 31, 2017, it served approximately 84,000 clients through a network of approximately 680 independent agents and brokers. Fairfax Financial Holdings Limited is based in Toronto, Canada.
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