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FAIRFAX News Release TSX Stock Symbol : FFH and FFH.U TORONTO , April 29 , 2021 FINANCIAL RESULTS FOR THE FIRST QUARTER ( Note : All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted . The financial results are derived from financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board except as otherwise noted , and are unaudited . ) Fairfax Financial Holdings Limited ( TSX : FFH and FFH.U ) announces net earnings of $ 806.0 million ( $ 28.91 net earnings per diluted share after payment of preferred share dividends ) in the first quarter of 2021 compared to a net loss of $ 1,259.3 million ( $ 47.38 net loss per diluted share after payment of preferred share dividends ) in the first quarter of 2020. Book value per basic share at March 31 , 2021 was $ 497.23 compared to $ 478.33 at December 31 , 2020 ( an increase of 6.1 % adjusted for the $ 10 per common share dividend paid in the first quarter of 2021 ) . " In the first quarter of 2021 , all of our major insurance companies achieved a combined ratio below 100 % , with Northbridge and Zenith National leading the way at 87.0 % and 88.1 % . Our consolidated combined ratio of 96.0 % in the first quarter of 2021 included catastrophe losses of $ 210.8 million or 5.7 combined ratio points . Core underwriting performance continued to be very strong , with growth in gross premiums written of 17.3 % and operating income increasing to $ 298.2 million despite the higher catastrophe losses . " Our investments increased significantly with net gains on investments of $ 908.7 million primarily reflecting net unrealized gains related to equity exposures . Mark - to - market movements on certain of our non - insurance investments in associates and consolidated investments , which are not reflected in our financial statements , also increased significantly in the first quarter of 2021 by approximately $ 1.1 billion . " We continue to focus on being soundly financed and ended the quarter with approximately $ 1.4 billion in cash and investments in the holding company . After the close of our RiverStone Barbados transaction we expect to have $ 1.3 billion in cash and investments and our credit facility paid off in full , " said Prem Watsa , Chairman and Chief Executive Officer . The table below presents the sources of the company's net earnings in a format which the company has consistently used as it believes it assists in understanding Fairfax : First quarter 2021 2020 ( $ millions ) Gross premiums written 5,428.0 4,775.7 Net premiums written Underwriting profit 4,145.9 3,846.4 149.0 103.1 Interest and dividends - insurance and reinsurance 105.8 159.4 Share of profit ( loss ) of associates - insurance and reinsurance 43.4 ( 36.9 ) Operating income - insurance and reinsurance 298.2 225.6 Run - off ( excluding net gains ( losses ) on investments ) ( 16.3 ) ( 22.8 ) Non - insurance companies ( excluding net gains ( losses ) on investments ) ( 84.9 ) ( 34.0 ) Interest expense ( 166.1 ) ( 115.7 ) Corporate overhead and other income ( expense ) 42.5 ( 252.1 ) Net gains ( losses ) on investments 842.0 ( 1,539.5 ) Gain on deconsolidation of insurance subsidiaries Pre - tax income ( loss ) Recovery of ( provision for ) income taxes Non - controlling interests 66.7 982.1 ( 159.5 ) ( 16.6 ) 117.1 ( 1,621.4 ) 232.3 129.8 Net earnings ( loss ) attributable to shareholders of Fairfax 806.0 ( 1,259.3 ) FAIRFAX FINANCIAL HOLDINGS LIMITED 95 Wellington Street West , Suite 800 , Toronto , Ontario , M5J 2N7 Telephone : 416-367-4941 Facsimile : 416-367-4946