05:40 PM EDT, 05/02/2024 (MT Newswires) -- Fairfax Financial ( FRFHF ) ( FFH.TO) on Thursday said its first-quarter profit fell 45%, even as insurance revenue and net premiums written rose.

The insurer reported net earnings attributable to Fairfax of US$776.5 million, or US$30.82 per share, in the period, down from a profit of US$1.25 billion, or US$49.83, a year earlier.

Net insurance revenue of US$6 billion, was higher than the US$5.2 billion, for Q1 2023, while net premiums written of US$6.3 billion was 11.2% higher than the $5.7 billion, the year before. Gross written premiums grew by 12.8%. Fairfax said the increase in GWP and net premiums was due to the acquisition of Gulf Insurance.

The company reported a consolidated combined ratio of 93.6% for the quarter. Consolidated underwriting profit of US$373 million, was an improvement on the US$313.8 million, for the prior year period.

Fairfax shares closed down C$4.36 to C$1,523.98 on the Toronto Stock Exchange.