05:47 PM EDT, 08/01/2024 (MT Newswires) -- Fairfax Financial ( FRFHF ) on Thursday reported a higher second quarter profit.

The company, which recently entered into an arrangement to acquire Sleep Country (ZZZ.TO) said it earned US$915.4 million, or US$37.18 per share, up from US$734.4 million, or US$28.80, last year.

The acquisition of Gulf Insurance helped boost net premiums written to US$6.9 billion, an 11.5% increase. Adjusted operating income was US$1.12 billion, up from US$913.5 million, in the prior year period.

Fairfax reported a combined ratio of 93.9%, unchanged from last year, and a consolidated underwriting profit of US$370.4 million for the quarter. This was an improvement from the prior year period's US$337.5 million, the company said.

Fairfax closed down $55.26 to $1,572.97 on the Toronto Stock Exchange.