Fairfax Financial Holdings has reported revenues of $1.41bn for the fourth quarter of 2009, a decrease of 31.2% compared to $2.05bn for the same period last year.
The company’s net premiums written for the fourth quarter were $990.5m compared to $964.2m for the same period last year. Net premiums earned were $1.12bn compared to $1.12bn a year ago.
For the fourth quarter of 2009, the company has posted net income of $79.4m, or $1.65 per share compared to $346.8m, or $19.62 per share for the same period last year.
For the full year 2009, the company has reported revenues of $6.6bn compared to $7.8bn in 2008. Net premiums written decreased to $4.23bn from $4.3bn last year. Net premiums earned were down to $4.42bn from $4.53bn in 2008. Net income in 2009 decreased to $856.8m from $1.47bn in 2008.
Prem Watsa, chairman and chief executive officer of Fairfax, said: 2009 was a milestone year in our history. Besides achieving excellent financial results, we privatized OdysseyRe and we financed it by issuing $1bn of common shares. This followed the completion in early 2009 of the privatization of Northbridge.
“Our three major insurance and reinsurance operations are now once again 100%-owned, thereby significantly increasing the annual free cash flow available to Fairfax from these operations.”