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FRFHF Q2 results

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shalab:
Surprised no one posted anything

TORONTO, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) announces net earnings of $63.1 million ($1.82 net earnings per diluted share after payment of preferred share dividends) in the second quarter of 2018 compared to net earnings of $311.6 million ($12.67 net earnings per diluted share after payment of preferred share dividends) in the second quarter of 2017, reflecting net losses rather than net gains on investments.  Book value per basic share at June 30, 2018 was $453.99 compared to $449.55 at December 31, 2017 (an increase of 3.3% adjusted for the $10 per common share dividend paid in the first quarter of 2018).

Looks like they are shorting some stocks again - not clear if the hedges are back

   First six months of 2018
    ($ millions)
    Realized
gains
(losses)       Unrealized
gains
(losses)       Net gains
(losses)
Net gains (losses) on:                   
Long equity exposures   1,083.2           26.1           1,109.3   
Short equity exposures   (198.8   )       151.3           (47.5   )
Net equity exposures   884.4           177.4           1,061.8   
Bonds   61.1           (210.7   )       (149.6   )
CPI-linked derivatives              (19.2   )       (19.2   )
Other   (17.4   )       0.4           (17.0   )
    928.1           (52.1   )       876.0   

gary17:

--- Quote from: shalab on August 02, 2018, 08:49:33 PM ---Surprised no one posted anything

TORONTO, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) announces net earnings of $63.1 million ($1.82 net earnings per diluted share after payment of preferred share dividends) in the second quarter of 2018 compared to net earnings of $311.6 million ($12.67 net earnings per diluted share after payment of preferred share dividends) in the second quarter of 2017, reflecting net losses rather than net gains on investments.  Book value per basic share at June 30, 2018 was $453.99 compared to $449.55 at December 31, 2017 (an increase of 3.3% adjusted for the $10 per common share dividend paid in the first quarter of 2018).

Looks like they are shorting some stocks again - not clear if the hedges are back

   First six months of 2018
    ($ millions)
    Realized
gains
(losses)       Unrealized
gains
(losses)       Net gains
(losses)
Net gains (losses) on:                   
Long equity exposures   1,083.2           26.1           1,109.3   
Short equity exposures   (198.8   )       151.3           (47.5   )
Net equity exposures   884.4           177.4           1,061.8   
Bonds   61.1           (210.7   )       (149.6   )
CPI-linked derivatives              (19.2   )       (19.2   )
Other   (17.4   )       0.4           (17.0   )
    928.1           (52.1   )       876.0

--- End quote ---


I did see their results.  Thought it was not as impressive as I had hoped

petec:

--- Quote from: shalab on August 02, 2018, 08:49:33 PM ---
Looks like they are shorting some stocks again - not clear if the hedges are back


--- End quote ---

I don't think they ever completely stopped shorting individual names. I'd be very surprised if the index shorts are back in a big way.

petec:
Looks like about $6bn has moved from cash into ST bonds since year end.

And p16 of the release shows no index shorts and a reduced notional amount of stock-specific shorts.

gary17:

--- Quote from: petec on August 03, 2018, 02:44:38 AM ---Looks like about $6bn has moved from cash into ST bonds since year end.

And p16 of the release shows no index shorts and a reduced notional amount of stock-specific shorts.

--- End quote ---

i don't get why their insurance volume has gone up , but operating income hasn't really increased.  seems like lower op margin.

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