X Financial Q3 2026 Earnings Recap

Fairfax rose 8.9% after reporting higher operating income, associate profits and premiums, alongside book value per share growth. The quarter also included $859 million in net investment losses, largely from bond mark-to-market losses as interest rates rose.

Key Takeaways

• Insurance and reinsurance operating income was $1.4 billion, up from $1.3 billion a year earlier; underwriting income was $524 million, slightly below $540 million.
• Gross premiums written rose 9.3% to $8.9 billion. North American insurance premiums increased 5.1%, while management cited softening conditions in most of Crum & Forster’s other lines and a competitive Canadian marketplace.
• Net earnings were $930 million. Interest and dividend income increased 2% to $669 million, and profits from associates rose to $378 million from $305 million.
• Net investment losses were $859 million, compared with $426 million in investment gains a year earlier, driven mainly by unrealized bond losses amid rising interest rates.
• Book value per share was $1,349, up 8.4% from year-end 2025, adjusted for the $15 dividend. The company also reported $5.1 billion of fair value in excess of carrying value on certain investments, or $256 per share pre-tax.