Prem Watsa’s Fairfax Financial Holdings Ltd. recently had its own shareholders’ annual meeting (a presentation is attached at the end of the post.) It also reported results for the first quarter of 2010.
For the quarter, Fairfax Financial Holdings Ltd. recorded a first-quarter profit of $290.2 million as the owner of stakes in Canadian and U.S. insurers recorded gains from its investments. The profit of $14.02 a share compares with a net loss of $39.6 million, or $3.55, a year earlier, the Toronto-based company said today in a statement sent by Marketwire. Fairfax had investment gains of $415.6 million in the quarter.
During the conference call for the quarterly result last Friday, Chairman and CEO Prem Watsa told investors that the insurance and investment management firm may have to weather this short-term uncertainty, but he believes Fairfax's books could reap the rewards. He says the company has bought a significant amount of high-quality stocks over the past year, half of which could deliver a significant earnings boost over the next five years.
Fairfax 2010 AGM Slide Presentation
For the quarter, Fairfax Financial Holdings Ltd. recorded a first-quarter profit of $290.2 million as the owner of stakes in Canadian and U.S. insurers recorded gains from its investments. The profit of $14.02 a share compares with a net loss of $39.6 million, or $3.55, a year earlier, the Toronto-based company said today in a statement sent by Marketwire. Fairfax had investment gains of $415.6 million in the quarter.
During the conference call for the quarterly result last Friday, Chairman and CEO Prem Watsa told investors that the insurance and investment management firm may have to weather this short-term uncertainty, but he believes Fairfax's books could reap the rewards. He says the company has bought a significant amount of high-quality stocks over the past year, half of which could deliver a significant earnings boost over the next five years.
