FAIRFAX FINL HLDGS LTD
			Symbol			FFH

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Fairfax Financial Holdings Limited: Third Quarter Financial Results

2009-10-29 17:19 ET - News Release

TORONTO, ONTARIO -- (MARKET WIRE) -- 10/29/09

(Note: All dollar amounts in this news release are expressed in U.S. dollars, except as otherwise noted.)

Fairfax Financial Holdings Limited (TSX: FFH)(NYSE: FFH) announces increased net earnings of $562.4 million in the third quarter of 2009 ($31.04 per share and $30.88 per diluted share) compared to net earnings of $467.6 million in the third quarter of 2008 ($25.40 per share and $25.27 per diluted share). The year-over-year increase in quarterly net earnings derived primarily from improved underwriting profit at the company's insurance and reinsurance operations (compared to a significant underwriting loss in the third quarter of 2008 principally related to hurricane losses) and increased interest and dividend income, partially offset by reduced net investment gains ($797.8 million, compared to $864.6 million of net gains on investments in the third quarter of 2008). In the first nine months of 2009, net earnings were $777.4 million ($43.66 per share and $43.42 per diluted share) compared to $1,127.0 million in the first nine months of 2008 ($60.63 per share and $59.89 per diluted share), reflecting the significant investment gains on credit default swaps and equity hedges in the first nine months of 2008.

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