Fairfax Financial Holdings Limited (FRFHF) 40-F7 Mar 252024 FY Annual report (Canada)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2024 shares
Document Information
Entity Registrant Name	FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-31556
Entity Primary SIC Number	6331
Entity Incorporation, State or Country Code	Z4
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	95 Wellington Street West
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Country	CA
Entity Address, Postal Zip Code	M5J 2N7
City Area Code	416
Local Phone Number	367-4941
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Central Index Key	0000915191
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Toronto, Canada
Auditor Firm ID	271
Document Financial Statement Error Correction [Flag]	false
Fairfax subordinate voting shares
Document Information
Entity Common Stock, Shares Outstanding	20,919,696
Multiple voting shares
Document Information
Entity Common Stock, Shares Outstanding	1,548,000
Business Contact
Document Information
Contact Personnel Name	Fairfax (US) Inc.
Entity Address, Address Line One	401 East Corporate Drive
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Lewisville
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75057
City Area Code	972
Local Phone Number	318-6100

Consolidated Balance Sheets

Consolidated Balance Sheets $ in Millions, $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Assets
Holding company cash and investments (including assets pledged for derivative obligations - $193.6; December 31, 2023 - $197.7)	$ 2,502.7	$ 1,781.6
Insurance contract receivables	780.4	926.1
Portfolio investments
Subsidiary cash and short term investments (including restricted cash and cash equivalents - $1,240.7; December 31, 2023 - $637.0)	7,620.5	7,165.6
Bonds (cost $37,852.9; December 31, 2023 - $36,511.9)	37,390.3	36,850.8
Preferred stocks (cost $944.6; December 31, 2023 - $898.3)	2,365	2,447.4
Common stocks (cost $7,116.1; December 31, 2023 - $6,577.2)	7,464.2	6,903.4
Investments in associates (fair value $8,144.8; December 31, 2023 - $7,553.2)	7,153.3	6,607.6
Derivatives and other invested assets (cost $903.9; December 31, 2023 - $952.0)	1,159.7	1,025.3
Assets pledged for derivative obligations (cost $154.8; December 31, 2023 - $137.7)	150.8	139.3
Fairfax India cash, portfolio investments and associates (fair value $3,163.3; December 31, 2023 - $3,507.6)	1,916.6	2,282.7
Total portfolio investments	65,220.4	63,422.1
Reinsurance contract assets held	10,682.6	10,887.7
Deferred income tax assets	325	301.1
Goodwill and intangible assets	8,278.2	6,376.3
Other assets	8,988	8,290.2
Total assets	96,777.3	91,985.1
Liabilities
Accounts payable and accrued liabilities	6,078.3	5,487.2
Derivative obligations	356.9	444.9
Deferred income tax liabilities	1,714	1,250.3
Insurance contract payables	923	1,206.9
Insurance contract liabilities	47,602.2	46,171.4
Borrowings	11,753.7	9,723.5
Total liabilities	68,428.1	64,284.2
Equity
Shareholders' equity attributable to shareholders of Fairfax	24,068	22,950.5
Non-controlling interests	4,281.2	4,750.4
Total equity	28,349.2	27,700.9
Total liabilities and total equity	96,777.3	91,985.1
Common shares
Equity
Equity in stock	22,959.8	21,615
Preferred shares
Equity
Equity in stock	1,108.2	1,335.5
Holding company and insurance and reinsurance companies
Liabilities
Borrowings	8,858.2	7,824.5
Non-insurance companies
Liabilities
Borrowings	$ 2,895.5	$ 1,899

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Consolidated Balance Sheets
Restricted cash and cash equivalents	$ 1,400.1	$ 642.3
Investments in associates, at fair value	8,144.8	7,553.2
Holding company cash and investments
Consolidated Balance Sheets
Assets pledged for derivative obligations	193.6	197.7
Restricted cash and cash equivalents	155
Portfolio investments
Consolidated Balance Sheets
Restricted cash and cash equivalents	1,240.7	637
Bonds, at cost	37,852.9	36,511.9
Preferred stocks, at cost	944.6	898.3
Common stocks, at cost	7,116.1	6,577.2
Investments in associates, at fair value	8,144.8	7,553.2
Derivatives and other invested assets, at cost	903.9	952
Assets pledged for derivative obligations, at cost	154.8	137.7
Portfolio investments \| Fairfax India
Consolidated Balance Sheets
Fairfax India cash, portfolio investments and associates, at fair value	$ 3,163.3	$ 3,507.6

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) $ in Millions	12 Months Ended
Consolidated Statements of Earnings - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Insurance
Insurance revenue	$ 31,064.1	$ 26,934.8
Insurance service expenses	(24,866.8)	(21,944.1)
Net insurance result	6,197.3	4,990.7
Cost of reinsurance	(6,197.7)	(4,977.4)
Recoveries of insurance service expenses	4,453.2	3,943.7
Net reinsurance result	(1,744.5)	(1,033.7)
Insurance service result	4,452.8	3,957
Other insurance operating expenses	(1,182.9)	(966.4)
Net finance expense from insurance contracts	(1,754.9)	(2,152.7)
Net finance income from reinsurance contract assets held	475	547.1
Total	1,990	1,385
Investment income
Interest and dividends	2,511.9	1,896.2
Share of profit of associates	956.3	1,022.2
Net gains on investments	1,067.2	1,949.5
Total	4,535.4	4,867.9
Other revenue and expenses
Non-insurance revenue	6,682.8	6,614.5
Non-insurance expenses	(6,470.5)	(6,568.7)
Gain on sale and consolidation of insurance subsidiaries		549.8
Interest expense	(649)	(510)
Corporate and other expenses	(450.2)	(430.2)
Total	(886.9)	(344.6)
Earnings before income taxes	5,638.5	5,908.3
Provision for income taxes	(1,375.6)	(813.4)
Net earnings	4,262.9	5,094.9
Attributable to:
Shareholders of Fairfax	3,874.9	4,381.8
Non-controlling interests	388	713.1
Net earnings	$ 4,262.9	$ 5,094.9
Net earnings per share (in dollars per share)	$ 173.41	$ 186.87
Net earnings per diluted share (in dollars per share)	160.56	173.24
Cash dividends paid per share (in dollars per share)	$ 15	$ 10
Shares outstanding (000) (weighted average) (in shares)	22,373,092	23,182,558

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement
Net earnings	$ 4,262.9	$ 5,094.9
Items that may be subsequently reclassified to net earnings
Net unrealized foreign currency translation losses on foreign subsidiaries	(652.5)	(39.6)
Share of other comprehensive income (loss) of associates, excluding net losses on defined benefit plans	(135.3)	30.5
Other	(6.3)	0.3
Items that may be subsequently reclassified to net earnings (loss) before reclassification adjustments	(568.7)	(93.2)
Net unrealized foreign currency translation losses on foreign subsidiaries reclassified to net earnings		1.9
Net unrealized foreign currency translation losses on associates reclassified to net earnings	6.5	18.2
Items that may be subsequently reclassified to net earnings (loss)	(562.2)	(73.1)
Items that will not be subsequently reclassified to net earnings
Net gains (losses) on defined benefit plans	44.3	(32.9)
Share of net losses on defined benefit plans of associates	(1.6)	(5.1)
Other	21.1	28.2
Items that will not be subsequently reclassified to net earnings (loss)	63.8	(9.8)
Other comprehensive income (loss), net of income taxes	(498.4)	(82.9)
Comprehensive income	3,764.5	5,012
Attributable to:
Shareholders of Fairfax	3,455.3	4,353.4
Non-controlling interests	309.2	658.6
Comprehensive income	3,764.5	5,012
Canada
Statement
Net earnings	590	880.7
Items that may be subsequently reclassified to net earnings
Gains (losses) on hedge of net investment	173.9	(56.6)
Europe
Items that may be subsequently reclassified to net earnings
Gains (losses) on hedge of net investment	$ 51.5	$ (27.8)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Issued capital Common shares	[1]	Issued capital Preferred shares	Treasury shares at cost	Share- based payments and other reserves	Retained earnings	Accumulated other comprehensive income (loss) Canada	Accumulated other comprehensive income (loss) Europe	Accumulated other comprehensive income (loss)	Common shareholders' equity Canada	Common shareholders' equity Europe	Common shareholders' equity	Equity attributable to shareholders of Fairfax Canada	Equity attributable to shareholders of Fairfax Europe	Equity attributable to shareholders of Fairfax	Non-controlling interests	Preferred shares	Canada	Europe	Total
Beginning balance at Dec. 31, 2022	$ 6,086.3		$ 1,335.5	$ (891.3)	$ 615.7	$ 12,952.5			$ (982.9)			$ 17,780.3			$ 19,115.8	$ 3,902.9				$ 23,018.7
Changes in equity
Net earnings for the year						4,381.8						4,381.8			4,381.8	713.1		$ 880.7		5,094.9
Other comprehensive income (loss), net of income taxes:
Net unrealized foreign currency translation gains (losses) on foreign subsidiaries									15.5			15.5			15.5	(55.1)				(39.6)
Gains (losses) on hedge of net investment							$ (56.6)	$ (27.8)		$ (56.6)	$ (27.8)		$ (56.6)	$ (27.8)				(56.6)	$ (27.8)
Share of other comprehensive income (losses) of associates, excluding net losses on defined benefit plans									28.8			28.8			28.8	1.7				30.5
Net unrealized foreign currency translation losses on foreign subsidiaries reclassified to net earnings									1.6			1.6			1.6	0.3				1.9
Net unrealized foreign currency translation losses on associates reclassified to net earnings									17.9			17.9			17.9	0.3				18.2
Net gains (losses) on defined benefit plans									(31.5)			(31.5)			(31.5)	(1.4)				(32.9)
Share of net losses on defined benefit plans of associates									(1.5)			(1.5)			(1.5)	(3.6)				(5.1)
Other									25.2			25.2			25.2	3.3				28.5
Issuances for share-based payments				74.2	(77.4)							(3.2)			(3.2)					(3.2)
Purchases and amortization for share-based payments				(89.6)	147							57.4			57.4					57.4
Redemption and purchases for cancellation	(90.4)					(183.2)						(273.6)			(273.6)					(273.6)
Common share dividends						(245.2)						(245.2)			(245.2)	(204.5)				(449.7)
Preferred share dividends						(49.7)						(49.7)			(49.7)		$ (49.7)			(49.7)
Acquisitions of subsidiaries																602.6				602.6
Net changes in capitalization					(72.6)	19.5			(14.1)			(67.2)			(67.2)	(252.1)				(319.3)
Other						(0.4)			63.2			62.8			62.8	42.9				105.7
Ending balance at Dec. 31, 2023	5,995.9		1,335.5	(906.7)	612.7	16,875.3			(962.2)			21,615			22,950.5	4,750.4				27,700.9
Changes in equity
Net earnings for the year						3,874.9						3,874.9			3,874.9	388		590		4,262.9
Other comprehensive income (loss), net of income taxes:
Net unrealized foreign currency translation gains (losses) on foreign subsidiaries									(574.9)			(574.9)			(574.9)	(77.6)				(652.5)
Gains (losses) on hedge of net investment							$ 173.9	$ 51.5		$ 173.9	$ 51.5		$ 173.9	$ 51.5				$ 173.9	$ 51.5
Share of other comprehensive income (losses) of associates, excluding net losses on defined benefit plans									(127.7)			(127.7)			(127.7)	(7.6)				(135.3)
Net unrealized foreign currency translation losses on associates reclassified to net earnings									5.5			5.5			5.5	1				6.5
Net gains (losses) on defined benefit plans									41.6			41.6			41.6	2.7				44.3
Share of net losses on defined benefit plans of associates									(1.3)			(1.3)			(1.3)	(0.3)				(1.6)
Other									11.8			11.8			11.8	3				14.8
Issuances for share-based payments				108.3	(106.6)							1.7			1.7					1.7
Purchases and amortization for share-based payments				(240.4)	164.9							(75.5)			(75.5)					(75.5)
Redemption and purchases for cancellation	(333.7)		(227.3)			(1,254.7)						(1,588.4)			(1,815.7)					(1,815.7)
Common share dividends						(363.1)						(363.1)			(363.1)	(294.7)				(657.8)
Preferred share dividends						(48.6)						(48.6)			(48.6)		$ (48.6)			(48.6)
Net changes in capitalization					61.9	(106.3)			2.4			(42)			(42)	(513.5)				(555.5)
Other						10			(4.6)			5.4			5.4	29.8				35.2
Ending balance at Dec. 31, 2024	$ 5,662.2		$ 1,108.2	$ (1,038.8)	$ 732.9	$ 18,987.5			$ (1,384)			$ 22,959.8			$ 24,068	$ 4,281.2				$ 28,349.2

[1] Includes multiple voting shares with a carrying value of $3.8 at January 1, 2023, December 31, 2023 and December 31, 2024.

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Multiple voting shares
Common stock, multiple voting shares, value	$ 3.8	$ 3.8	$ 3.8

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net earnings	$ 4,262.9	$ 5,094.9
Depreciation, amortization and impairment charges	753.8	896
Net bond discount amortization	(310.2)	(406.3)
Amortization of share-based payment awards	164.9	147
Share of profit of associates	(956.3)	(1,022.2)
Deferred income taxes	255	173.3
Net gains on investments	(1,067.2)	(1,949.5)
Gain on sale and consolidation of insurance subsidiaries		(549.8)
Net purchases of investments classified at FVTPL	(515.8)	(5,499.1)
Changes in operating assets and liabilities	1,406.8	3,076.3
Cash provided by (used in) operating activities	3,993.9	(39.4)
Investing activities
Sales of investments in associates	682.7	818.6
Distributions and dividends from investments in associates	419.6	246.7
Purchases of investments in associates	(630)	(882)
Net purchases of premises and equipment and intangible assets	(408.8)	(514.1)
Net (purchases) sales of investment property	(33)	53.3
Purchases of subsidiaries, net of cash acquired	(1,421)	240.8
Cash provided by (used in) investing activities	(1,323.1)	92
Financing activities
Purchases for treasury	(240.4)	(89.6)
Purchases for cancellation	(1,588.4)	(273.6)
Common share dividends	(363.1)	(245.2)
Preferred shares:
Redemptions	(173.8)
Preferred share dividends	(48.6)	(49.7)
Subsidiary shares:
Issuances to non-controlling interests, net of issuance costs	1.3	27.7
Purchases of non-controlling interests	(539.9)	(340.2)
Sales to non-controlling interests	0.9	65.6
Dividends paid to non-controlling interests	(294.7)	(204.5)
Cash used in financing activities	(1,563.5)	(1,067.1)
Increase (decrease) in cash and cash equivalents	1,107.3	(1,014.5)
Cash and cash equivalents - beginning of year	5,121.4	6,119.6
Foreign currency translation	(116.2)	16.3
Cash and cash equivalents - end of year	6,112.5	5,121.4
Holding company and insurance and reinsurance companies
Investing activities
Proceeds from sale of subsidiaries, net of cash divested		128.7
Financing activities
Proceeds, net of issuance costs	2,430.9	393.9
Repayments	(1,209.8)	(29.6)
Net repayments on other revolving credit facilities		(10)
Principal payments on lease liabilities	(62.6)	(64.7)
Non-insurance companies
Investing activities
Proceeds from sale of subsidiaries, net of cash divested	67.4
Financing activities
Proceeds, net of issuance costs	1,380.9	228.6
Repayments	(665.2)	(163.9)
Net repayments on revolving credit facilities and short term loans	(51.2)	(185.4)
Principal payments on lease liabilities	$ (139.8)	$ (126.5)

Business Operations

Business Operations	12 Months Ended
Business Operations	Dec. 31, 2024
Business Operations
Business Operations	1. Business Operations Fairfax Financial Holdings Limited (“the company” or “Fairfax”) is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management. The holding company is federally incorporated and domiciled in Ontario, Canada.

Basis of Presentation

Basis of Presentation	12 Months Ended
Basis of Presentation	Dec. 31, 2024
Basis of Presentation
Basis of Presentation	2. Basis of Presentation The company’s consolidated financial statements for the year ended December 31, 2024 are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). The consolidated balance sheets of the company are presented on a non-classified basis. Assets expected to be realized and liabilities expected to be settled within the company’s normal operating cycle of one year are considered current, including the following balances: cash, short term investments and derivative obligations. The following balances are considered non-current: deferred income tax assets, goodwill and intangible assets and deferred income tax liabilities. All other balances are comprised of current and non-current amounts. The holding company has significant liquid resources that are generally not restricted by insurance regulators. The subsidiary insurance and reinsurance companies are typically subject to a variety of insurance and other laws and regulations that vary by jurisdiction and that are intended to protect policyholders rather than investors. These laws and regulations may limit the ability of the insurance and reinsurance companies to pay dividends or make distributions to parent companies. The company’s consolidated balance sheet and consolidated statement of cash flows therefore make a distinction in classification between the holding company and the insurance and reinsurance companies for cash and investments to provide additional insight into the company’s liquidity, financial leverage and capital structure. These consolidated financial statements were approved for issue by the company’s Board of Directors on March 7, 2025.

Summary of Material Accounting

Summary of Material Accounting Policies	12 Months Ended
Summary of Material Accounting Policies	Dec. 31, 2024
Summary of Material Accounting Policies
Summary of Material Accounting Policies	3. Summary of Material Accounting Policies The principal accounting policies applied to the presentation of these consolidated financial statements and the methods of computation have been consistently applied to all periods presented unless otherwise stated, and are as set out below. Consolidation Subsidiaries - The consolidated financial statements were prepared as of December 31, 2024 and 2023 based on individual holding companies' and subsidiaries' financial statements at those dates. Accounting policies of subsidiaries have been aligned with those of the company where necessary. The company's significant operating subsidiaries are identified in note 27. Non - controlling interests Business combinations Business combinations are accounted for using the acquisition method of accounting whereby at the date of acquisition the consideration transferred is measured at fair value and the company recognizes the identifiable assets acquired and the liabilities assumed at fair value. For each business combination, where applicable, the company determines whether to initially record non - controlling interest at fair value or as the proportionate share of the identifiable net assets of the acquired subsidiary. An existing equity interest in an acquired subsidiary is remeasured to fair value at the date of the business combination with any gain or loss recognized in the consolidated statement of earnings, either in net gains (losses) on investments for a non - insurance subsidiary or in gain on consolidation of insurance subsidiaries for an insurance or reinsurance subsidiary. Goodwill and intangible assets Goodwill Intangible assets Investments in associates Investments in associates are accounted for using the equity method and are comprised of investments in corporations, limited partnerships and trusts where the company has the ability to exercise significant influence but not control. An investment in associate is initially recognized at cost and adjusted thereafter for the post - acquisition change in the company's share of net assets of the associate. An existing equity interest in an acquired associate is remeasured to fair value at the date significant influence is obtained and included in the carrying value of the associate. The fair value of associates is estimated at each reporting date using valuation techniques consistent with those applied to the company's other investments in equity instruments. See "Determination of fair value" under the heading of "Investments" in this note for further details. If there is objective evidence that the carrying value of an associate is impaired, it is written down to its recoverable amount, being the higher of the associate's fair value and value - in - use. The unrealized impairment loss is recognized in share of profit (loss) of associates in the consolidated statement of earnings and may be reversed, subject to certain limits, in future periods if the circumstances that led to the impairment no longer exist. Upon loss of significant influence, any retained equity interest classified as a financial asset is remeasured to fair value and all amounts previously recognized in other comprehensive income (loss) are recycled to the consolidated statement of earnings except those related to defined benefit pension or post retirement plans which are reclassified to retained earnings. Gains and losses on loss of significant influence or disposition of an associate are recognized in net gains (losses) on investments in the consolidated statement of earnings. Investments in joint ventures Investments in joint ventures are accounted for using the equity method and are comprised of investments in corporations and limited partnerships where the company has joint control together with one or more third parties by contractual agreement. Joint control requires the unanimous consent of all parties sharing control to make decisions regarding the joint venture's relevant activities. Upon loss of joint control, any retained equity interest classified as a financial asset is remeasured to fair value and all amounts previously recognized in other comprehensive income (loss) are reclassified to the consolidated statement of earnings except those related to defined benefit pension or post retirement plans which are reclassified to retained earnings. Gains and losses on loss of joint control or disposition of a joint venture are recognized in net gains (losses) on investments in the consolidated statement of earnings. Investments in joint ventures and all related activity are presented with investments in associates in these consolidated financial statements. Consolidated statement of cash flows The company's consolidated statement of cash flows is prepared in accordance with the indirect method, classifying cash flows by operating, investing and financing activities. Cash and cash equivalents Investments Investments include cash and cash equivalents, short term investments, bonds, equity instruments, investments in associates, derivative assets, other invested assets (primarily investment property) and derivative obligations. Management determines the appropriate classifications of investments at their acquisition date. Classification - Recognition and measurement - Subsequent to initial recognition, investments classified at FVTPL are measured at fair value with changes in fair value reported in the consolidated statement of earnings as investment income, comprised of interest and dividends and net gains (losses) on investments. Interest and dividends represent interest income on short term investments and bonds calculated using the effective interest method, and dividends received on holdings of common stocks and preferred stocks, net of investment expenses. All other changes in fair value are reported in net gains (losses) on investments in the consolidated statement of earnings. For short term investments and bonds, the sum of their interest income and net gains (losses) on investments is equal to their total change in fair value for the reporting period. For investments classified at FVTPL, the company further disaggregates net gains (losses) on investments into realized and unrealized components in note 5. Where a financial instrument continues to be held by the company at the end of a reporting period, changes in the fair value of that instrument during the reporting period, excluding those changes reported as interest and dividends, are presented in net change in unrealized gains (losses). On disposition or as a result of a change in accounting for that financial instrument, its inception - to - date net gain (loss), excluding those changes previously reported as interest and dividends, is presented as net realized gains (losses). The cumulative unrealized net gain (loss) recognized in prior periods on that financial instrument is then reversed in net change in unrealized gains (losses). The sum of the inception - to - date net gain (loss) and the cumulative reversal of prior period net unrealized gains (losses) equals that financial instrument's net gain (loss) on investment for the current reporting period as presented in the consolidated statement of earnings. Interest and dividends and net gains (losses) on investments are reported as operating activities in the consolidated statement of cash flows. Derecognition Short term investments Bonds Derivatives The company uses derivatives for investment purposes and to mitigate financial risks arising from its investment holdings and reinsurance contracts, and monitors its derivatives for effectiveness in achieving their risk management objectives where applicable. The fair value of derivatives in a gain position are presented on the consolidated balance sheet in holding company cash and investments, and in portfolio investments as derivatives and other invested assets. The fair value of derivatives in a loss position are presented on the consolidated balance sheet in derivative obligations. The initial premium paid for a derivative contract, if any, is recorded as a derivative asset and subsequently adjusted for changes in the fair value of the contract at each reporting date. Changes in the fair value of derivatives are recorded as net gains (losses) on investments in the consolidated statement of earnings. Cash received from counterparties as collateral for derivative contracts is recognized on the consolidated balance sheet in holding company cash and investments or subsidiary cash and short term investments, and a corresponding liability is recognized in accounts payable and accrued liabilities. Securities received from counterparties as collateral are not recorded as assets. Cash and securities delivered to counterparties as collateral for derivative contracts continue to be reflected as assets on the consolidated balance sheet in holding company cash and investments or in portfolio investments as assets pledged for derivative obligations. The portion of the collateral related to changes in fair value of derivative contracts may be repledged by the counterparties holding the collateral. Determination of fair value Level 1 - Inputs represent unadjusted quoted prices for identical instruments exchanged in active markets. The fair values of the majority of the company's common stocks, equity call options and certain warrants are based on published quotes in active markets. Level 2 - Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar financial instruments exchanged in active markets, quoted prices for identical or similar financial instruments exchanged in inactive markets and other market observable inputs. The fair value of the vast majority of the company's investments in bonds are priced based on information provided by independent pricing service providers while much of the remainder, along with most derivative contracts (including total return swaps, U.S. treasury bond forward contracts and certain warrants) are based primarily on non - binding third party broker - dealer quotes that are prepared using Level 2 inputs. Where third party broker - dealer quotes are used, typically one quote is obtained from a broker - dealer with particular expertise in the instrument being priced. Preferred stocks are priced using a combination of independent pricing service providers and internal valuation models that rely on directly or indirectly observable inputs. The fair values of investments in certain limited partnerships classified as common stocks on the consolidated balance sheet are based on the net asset values received from the general partner, adjusted for liquidity as required and are classified as Level 2 when they may be liquidated or redeemed within three months or less of providing notice to the general partner. All other such investments in limited partnerships are classified as Level 3. Level 3 - Inputs include unobservable inputs that management uses to develop assumptions for which market data is limited or unavailable at the measurement date. In some instances, such as for private company preferred shares, management will use limited recent market transactions that are corroborated by industry accepted discounted cash flow models that incorporate one or more unobservable inputs. Transfers between fair value hierarchy levels are considered effective from the beginning of the annual reporting period in which the transfer is identified. Valuation techniques used by the company's independent pricing service providers and third party broker - dealers include use of prices from similar instruments where observable market prices exist, discounted cash flow analysis, option pricing models, and other valuation techniques commonly used by market participants. The company assesses the reasonableness of pricing received from these third party sources by comparing the fair values received to recent transaction prices for similar assets where available, to industry accepted discounted cash flow models (that incorporate estimates of the amount and timing of future cash flows and market observable inputs such as credit spreads and discount rates) and to option pricing models (that incorporate market observable inputs including the quoted price, volatility and dividend yield of the underlying security and the risk free rate). The company employs specialist personnel for the valuation of its investment portfolio. Detailed valuations are prepared for those financial instruments that are priced internally, while external pricing received from independent pricing service providers, third party broker - dealers and industry experts are evaluated by the company for reasonableness. The company's Chief Financial Officer oversees the valuation function and regularly reviews valuation processes and results, including at each quarterly reporting period. Significant valuation matters, particularly those requiring extensive judgment, are communicated to the company's Audit Committee. Foreign currency translation Functional and presentation currency Foreign currency transactions Translation of foreign subsidiaries Hedging At the inception of a hedge transaction the company documents the economic relationship between the hedged item and hedging instrument, and its risk management objective and strategy for undertaking the hedge. Net investment hedge Insurance contracts and reinsurance contract assets held Definition and classification Insurance contracts - Reinsurance contract assets held - Insurance contracts acquired in a transfer or in a business combination Unit of account and recognition - Insurance contracts are recognized from the earliest of: the beginning of the insurance contract's coverage period; when payment from the policyholder becomes due or, if there is no contractual due date, when it is received; and when a contract is onerous. Reinsurance contract assets held that provide proportionate reinsurance coverage are recognized from the later of: the beginning of the reinsurance contract's coverage period; and when underlying insurance contracts are initially recognized. Reinsurance contract assets held that do not provide proportionate reinsurance coverage are recognized at the beginning of the coverage period for the reinsurance contract unless the company recognizes onerous insurance contracts at an earlier date which are reinsured and the related reinsurance contract was entered into prior to the onerous contract being recognized, in which case the reinsurance contract assets held are recognized at the date the onerous groups of underlying insurance contracts are recognized. When insurance contracts and reinsurance contract assets held are recognized, they are added to an existing group of contracts where possible. If the insurance contract cannot be added to an existing group based on the criteria set out above, a new group is formed. Groups of contracts are established on initial recognition and their composition is not revised once all contracts have been added to the group. For insurance contracts acquired with incurred claims and remaining coverage, the company is considered to have issued a new, separate insurance contract with two coverages: coverage for claims events that have yet to occur and coverage for the development of claims events that have already occurred. For acquired contracts in their settlement period which are fully earned, the company is considered to have issued an adverse development cover for the acquired claim liability. These types of insurance contracts are accounted for as if they were entered into at the date of acquisition or transfer. Measurement The company measures its insurance contracts and reinsurance contract assets held, depending on the types of contracts written, using principally two models: Premium Allocation Approach ("PAA") and to a lesser extent the General Measurement Model ("GMM"), primarily at its Life insurance and Run-off operations. Short - duration contracts where there is no significant variability in cash flows are primarily measured using the PAA, while long - duration contracts, which often include acquired contracts, are primarily measured using the GMM. The principles for initial and subsequent measurement when applying the GMM or the PAA are applicable to property and casualty insurance contracts and life insurance contracts. The measurement components are: Contract boundary Fulfillment cash flows within the contract boundary - There are two types of directly attributable costs that are included in the contract boundary: Acquisition costs Other costs that are incurred in fulfilling insurance contracts - Contracts measured under the Premium Allocation Approach The company's insurance contracts are predominantly measured using the PAA, a simplified method permitted under IFRS 17 that is typically applied to short - duration contracts or when it provides a reasonable approximation of the GMM. The company uses the PAA for measuring all insurance contracts and reinsurance contract assets held which are eligible for the simplified methodology. Insurance contracts and reinsurance contract assets held are eligible when the coverage period of each contract in the group is one year or less or the company reasonably expects that the resulting measurement of the liability for remaining coverage ("LRC") would not differ materially from that of applying the GMM. When comparing the different possible measurements, the company considers the impact of different release patterns of the LRC to the consolidated statement of earnings, the impact of discounting and financial risks, and whether significant variability in the cash flows exists. Insurance contracts Initial measurement - If there are indications that a group of insurance contracts is onerous, then the company recognizes a loss in insurance service expense in the consolidated statement of earnings and increases the LRC if the current estimates of the fulfillment cash flows that relate to remaining coverage exceed the carrying amount of the LRC. This excess is recognized as a loss component within the LRC, which is reported in insurance contract liabilities on the consolidated balance sheet. Subsequent measurement - The LIC includes the fulfillment cash flows for losses on claims and expenses that have not yet been paid, including claims that have been incurred but not reported ("IBNR"). It reflects both a risk adjustment for non - financial risk and the time value of money as most of the company's insurance contracts issued and measured under the PAA typically have a settlement period of over one year. In each reporting period, the company remeasures the loss component using the same calculation as on initial recognition and reflects any changes by adjusting the loss component as required until the loss component is reduced to zero, with such adjustments recognized in insurance service expenses. If a loss component did not exist on initial recognition but there are indications that a group of contracts is onerous on subsequent measurement, then the company establishes the loss component using the same methodology as on initial recognition. Reinsurance contract assets held Initial measurement - When there is an onerous group of underlying contracts, a loss - recovery component is created for the group of reinsurance contract assets held which adjusts the ARC, and determines the amounts that are subsequently presented in the consolidated statement of earnings within net reinsurance result as reversals of recoveries of losses and removed from the cost of reinsurance. Subsequent measurement - For contracts measured under the PAA, the asset for incurred claims is measured consistent with the asset for incurred claims under the GMM and reflects a risk adjustment for non - financial risk and the time value of money as most of the company's reinsurance contract assets held and measured under the PAA typically have a settlement period of over one year. If a loss - recovery component exists, it is adjusted on subsequent measurement to reflect changes in the loss component of the onerous group of underlying contracts to the extent that it impacts reinsured cash flows, but it cannot exceed the portion of the loss component of the onerous group of underlying contracts that the company expects to recover from the reinsurance contract assets held. Contracts measured under the General Measurement Model For insurance and reinsurance contracts which do not meet the eligibility criteria to apply the simplified methodology under the PAA due to longer coverage periods or cash flows which can vary significantly over the term of the insurance contract, the company applies the GMM when determining the carrying amount of the LRC and ARC. The LIC and AIC under both the PAA and GMM are measured consistently. Measurement of insurance and reinsurance contracts under the GMM differs from the PAA as follows: Estimate of cash flows for future services The carrying amount of LRC and ARC include an estimate of all future cash flows of an insurance contract over the life of the contract, including premiums, claims, and associated expenses, and these projections are updated at each reporting date to reflect current estimates. Discounting Future cash flows included within the LRC and ARC are discounted to reflect the time value of money and the financial risks associated with those cash flows. Discount rates applied reflect market conditions and the characteristics of the insurance contract liabilities and are updated at each reporting date. Risk adjustment for non - financial risk An explicit risk adjustment is included within the LRC and ARC to represent the compensation required for bearing non-financial insurance risks whereas under the PAA, this is not required. The risk adjustment captures the uncertainty in cash flows arising from claims and other non-financial risks. Contractual service margin (CSM) The CSM, which is included within the LRC and ARC, represents the unearned profit of an insurance or reinsurance contract that is earned over the coverage period. Changes to future cash flow estimates and the risk adjustment, except those attributable to financial risks, will lead to an adjustment of the CSM. Insurance contracts acquired in a transfer or in a business combination Initial measurement Subsequent measurement – Derecognition and contract modification An insurance contract is derecognized when it is extinguished, i.e. when the specified obligations in the contract expire or are discharged or cancelled. An insurance contract is also derecognized if its terms are modified in a way that would have significantly changed the accounting for the contract had the new terms always existed, in which case a new contract based on the modified terms is recognized. If an insurance contract modification does not result in derecognition, then the changes in cash flows caused by the modification are treated as changes in estimates of fulfillment cash flows. Presentation Any assets or liabilities recognized for cash flows arising before the recognition of the related group of contracts (including any assets for insurance acquisition cash flows) are included in the carrying amount of the related portfolios of contracts (see note 8). Amounts recognized in the consolidated statement of earnings for insurance contracts are disaggregated into (i) an insurance service result, comprised of insurance revenue and insurance service expenses ("net insurance result"), (ii) cost of reinsurance and recoveries of insurance service expense ("net reinsurance result"), and (iii) net finance income or expenses from insurance contracts. Changes in the risk adjustment for non - financial risk are not disaggregated between the insurance service result and net finance income or expenses from insurance contracts. All changes in the risk adjustment for non - financial risk are included in the insurance service result in the consolidated statement of earnings. Consolidated Statement of Earnings Insurance revenue Contracts measured under the PAA For contracts measured under the PAA, the company recognizes insurance revenue based on the expected premium receipts and the passage of time over the coverage period of a group of contracts unless the release of risk differs significantly from the passage of time, such as with certain acquired contracts. In those instances insurance revenue is recognized based on the release of risk. Contracts measured under the GMM Insurance revenue is recognized over the coverage terms of the underlying policies in accordance with the level of protection provided, which is represented by the total of the changes in the LRC for which consideration is expected, comprised of the following: ● a release of the CSM, measured based on services provided as described below; ● changes in the risk adjustment for non - financial risk relating to current services; ● claims and other insurance service expenses incurred in the period, measured at the amounts expected at the beginning of the year; ● insurance revenue would be reduced by systematic allocations to the loss component for changes in risk adjustment and incurred claims and other insurance service expenses; ● amortization of insurance acquisition cash flows; and ● other amounts, including premium experience adjustments related to current or past service. The amount of the CSM that is recognized as insurance revenue in each period is determined by calculating the amount of insurance services provided in the current period compared to future periods over the expected coverage period. The expected coverage period reflects the coverage term and expectations of insured events occurring to the extent that they affect the expected coverage period. Insurance service expense Insurance service expenses arising from insurance contracts are recognized in the consolidated statement of earnings as they are incurred and include losses on claims, other insurance service expenses, amortization of insurance acquisition costs, losses and reversals of losses on onerous contracts, and impairment losses and reversals of those impairment losses on insurance acquisition cash flow assets. Net reinsurance result Net reinsurance result comprises the cost of reinsurance less recoveries of insurance service expenses from reinsurers. The cost of reinsurance is recognized in the consolidated statement of earnings as services are received from the reinsurer over the coverage period. Recoveries of insurance service expenses from reinsurers are recognized in the consolidated statement of earnings as claims and other insurance service expenses are recovered, including any changes in expectations for these amounts, and recoveries and reversals of recoveries of the loss - recovery component. The establishment of the loss - recovery component and subsequent increases or decreases in the loss - recovery component related to future service are presented in net reinsurance result. Net finance income or expense from insurance contracts and reinsurance contract assets held Net finance income or expense from insurance contracts and reinsurance contract assets held as presented in the consolidated statement of earnings are principally comprised of changes in the carrying amounts of insurance and reinsurance contracts arising from the effects of the time value of money. The sources of the insurance finance income and expense arise from the effects of discounting the fulfillment cash flows within the ARC and LRC under the GMM and the AIC and LIC under all measurement models at current rates; discounting the ARC and LRC under the PAA where a significant financing component exists and accreting interest on the CSM at locked - in rates. Insurance contract receivables and payables Insurance contract receivables and payables primarily consist of amounts owing from and to agents, brokers, third party administrators and other intermediaries that are not directly attributable to a specific group of insurance or reinsurance contracts. Foreign currency transactions in insurance contracts and reinsurance contract assets held Foreign currency transactions within groups of insurance contracts and reinsurance contract assets held are accounted for using a multi-currency approach whereby each group’s underlying cash flows are accounted for in their transactional currencies and each group of contracts, including a group's CSM, is considered a monetary item. The underlying currencies within a group are therefore translated at the end of a reporting period into the company's functional currency at period-end exchange rates. Income taxes The provision for income taxes for the period comprises current and deferred income tax. Income taxes are recognized in the consolidated statement of earnings, except when related to items recognized in other comprehensive income (loss) or in equity. In those cases, the income taxes are also recognized in other comprehensive income (loss) or in equity, respectively, except for dividends where the income taxes are recognized in earnings, other comprehensive income (loss) or equity according to where the transactions that generated the distributable profits were recognized. Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company's subsidiaries and associates operate and generate taxable income. Deferred income tax is calculated under the liability method whereby deferred income tax assets and liabilities are recognized for temporary differences between the financial statement carrying amounts of assets and liabilities and their respective income tax bases at current substantively enacted tax rates. With the exception of initial recognition of deferred income tax arising from business combinations, changes in deferred income tax associated with components of other comprehensive income (loss) are recognized in other comprehensive income (loss) while all other changes in deferred income tax are included in the provision for income taxes in the consolidated statement of earnings. Deferred income tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. Carry forwards of unused losses or unused tax credits are tax effected and recognized as deferred tax assets when it is probable that future taxable profits will be available against which these losses or tax credits can be utilized. Deferred income tax is not recognized on unremitted earnings of subsidiaries where the company has determined it is not probable those earnings will be repatriated in the foreseeable future. Current and deferred income tax assets and liabilities are offset when the income taxes are levied by the same taxation authority and there is a legally enforceable right of offset. Investment property Investment property consists of real estate held by the company for capital appreciation, rental income, or both, and is initially recorded at cost, including transaction costs, and subsequently measured at fair value. On the consolidated balance sheet investment property is included in portfolio investments by the insurance and reinsurance companies and in other assets by the non - insurance companies. In the consolidated statement of earnings, insurance and reinsurance companies record investment property rental income and direct expenses in interest and dividends, and changes in fair value in net gains (losses) on investments, while non - insurance companies record investment property rental income and changes in fair value in non - insurance revenue, and direct expenses in non - insurance expenses. Non - insurance revenue Non - insurance revenue is primarily comprised of revenue earned by the non - insurance companies. Revenue from restaurant and retail sales is recognized when the company provides goods to the customer and receives payment. Revenue from the sale of other goods is typically recognized when shipped to the customer, with payment received in advance of shipment. The shipping and handling performance obligation is recorded as a contract liability and recognized as revenue once the services have been performed. Revenue from providing travel, hospitality and other non - insurance services is recognized over time based on measured progress towards complete satisfaction of the related performance obligations. Payment is usually received at the time of initial booking for travel and hospitality services, and received in installments for

Critical Accounting Estimates a

Critical Accounting Estimates and Judgments	12 Months Ended
Critical Accounting Estimates and Judgments	Dec. 31, 2024
Critical Accounting Estimates and Judgments
Critical Accounting Estimates and Judgments	4. Critical Accounting Estimates and Judgments In the preparation of the company’s consolidated financial statements, management has made a number of critical accounting estimates and judgments as described below, and in certain notes to the consolidated financial statements: measurement of insurance contracts and reinsurance contract assets held in notes 8 and 9 respectively; determination of fair value for financial instruments in note 5; carrying value of goodwill and intangibles in note 12; and contingencies in note 20. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Insurance contracts and reinsurance contract assets held Fulfillment cash flows - The model to value the fulfillment cash flows may also include certain qualitative adjustments using professional judgment in circumstances where, in the company’s view, the existing inputs, assumptions, or modelling techniques do not capture all relevant risk factors. Where, through model development, the company identifies that the existing models do not capture all relevant risk factors or have other input or data limitations, post-model adjustments are used to address temporary shortcomings. Such adjustments may require significant judgment and may affect the amounts recognized. The most significant judgments within the estimates of fulfillment cash flows are for property and casualty insurance provision for losses and loss adjustment expenses, which include estimates of future cash flows from losses on claims which have not yet been paid and that are included within the LIC. The judgments used to determine the future cash flows from losses on claims include the ultimate cost of resolution and administration of claims based on an assessment of facts and circumstances then known, a review of historical settlement patterns, estimates of trends in claim severity and frequency, developing case law and other factors, including inflation. These balances are estimated using generally accepted actuarial standards, which are designed to ensure the company establishes an appropriate reserve on the consolidated balance sheet to cover insured losses and related claims expenses for both reported claims and IBNR claims as at each balance sheet date. The assumptions underlying the estimation of provision for losses and loss adjustment expenses are regularly reviewed and updated by the company to reflect recent and emerging trends in experience and changes in the risk profile of the business. The estimation techniques employed by the company in determining provision for losses and loss adjustment expenses and the inherent uncertainties associated with insurance contracts are described in the “Insurance contracts” and “Reinsurance contract assets held” sections of note 3 of these consolidated financial statements, and in the “Underwriting Risk” section of note 22 and in note 8 for the historic development of the company’s insurance contract liabilities (adjustments to LIC). Risk adjustment for non-financial risk Determination of fair value for financial instruments classified as Level 3 in the fair value hierarchy Fair values for substantially all of the company’s financial instruments are measured using market or income approaches. Considerable judgment may be required in developing estimates of fair value, particularly for financial instruments classified as Level 3 in the fair value hierarchy as such estimates incorporate unobservable inputs that require management to use its own assumptions. In particular, for private placement debt securities the company uses industry accepted discounted cash flow models to value the instruments. Significant judgments and assumptions are required to determine the discounted cash flows, including discount rates, long term growth rates and credit spreads, as applicable. See note 5 for details of the company’s Level 3 financial instruments and the valuation assumptions applied. Impairment assessments of goodwill and indefinite-lived intangible assets Goodwill and indefinite-lived intangible assets are assessed annually for impairment, or more frequently if there are indicators of impairment, by comparing the carrying value of the cash-generating unit (“CGU”) or group of CGUs to which these assets are allocated to their recoverable amounts. The company principally uses discounted cash flows to estimate the recoverable amount of a CGU or group of CGUs to which goodwill or indefinite-lived intangible assets have been allocated, and market approaches inclusive of a control premium are used when applicable. Significant judgments and assumptions are required to determine the discounted cash flows, including discount rates, long term growth rates and working capital requirements, and also (i) for goodwill, net insurance revenue, investment returns, regulatory capital ratios, other revenues and expenses, and (ii) for indefinite-lived intangible assets, net insurance revenue, other revenues and royalty rates. Discounted cash flows are subject to sensitivity analysis given the uncertainty in preparing forecasts. Details of goodwill and indefinite-lived intangible assets, including the results of annual impairment tests, are presented in note 12. Determination of significant influence, joint control and control The determination of whether an investment is an associate, a joint arrangement or a subsidiary requires consideration of all facts and circumstances, and typically begins with an analysis of the company’s proportion of the investee’s voting rights. Judgment may be required to determine the existence of significant influence, joint control or control when it involves elements such as contractual arrangements between shareholders, currently exercisable potential voting rights through warrants or convertible instruments, significant shareholdings relative to other third party shareholders, and regulatory restrictions on board representation, voting rights, or relevant activities of the investee. De facto control over an investee without holding the majority of its voting rights may occur due to dispersion of third party shareholdings and other factors. Conversely, having significant influence over an investee when holding the majority of its voting rights may occur due to regulatory and other restrictions that limit the application of voting and other rights. The company’s investments in associates and joint ventures are presented in note 6, business combinations and divestitures are presented in note 21 and subsidiaries are presented in note 27.

Cash and Investments

Cash and Investments	12 Months Ended
Cash and Investments	Dec. 31, 2024
Cash and Investments
Cash and Investments	5. Cash and Investments Presented in the table below are holding company cash and investments and portfolio investments, net of derivative obligations, all of which are classified at FVTPL except for investments in associates and other invested assets. December 31, December 31, 2024 2023 Holding company Cash and cash equivalents (1) 663.2 406.8 Short term investments 51.6 192.9 Bonds 444.8 344.3 Preferred stocks 20.2 12.2 Common stocks (2) 92.5 103.5 Derivatives (note 7) 1,036.8 524.2 2,309.1 1,583.9 Assets pledged for derivative obligations: Cash equivalents 101.1 2.5 Short term investments — 127.8 Bonds 92.5 67.4 193.6 197.7 Holding company cash and investments as presented on the consolidated balance sheet 2,502.7 1,781.6 Derivative obligations (note 7) (0.6) (32.5) 2,502.1 1,749.1 Portfolio investments Cash and cash equivalents (1) 6,662.1 5,157.2 Short term investments 958.4 2,008.4 Bonds 37,390.3 36,850.8 Preferred stocks 2,365.0 2,447.4 Common stocks (2) 7,464.2 6,903.4 Investments in associates (note 6) 7,153.3 6,607.6 Derivatives (note 7) 538.0 448.3 Other invested assets (3) 621.7 577.0 63,153.0 61,000.1 Assets pledged for derivative obligations: Bonds 150.8 139.3 Fairfax India cash, portfolio investments and associates: Cash and cash equivalents (1) 86.2 197.2 Bonds 157.1 39.2 Common stocks 321.0 616.6 Investments in associates (note 6) 1,352.3 1,429.7 1,916.6 2,282.7 Portfolio investments as presented on the consolidated balance sheet 65,220.4 63,422.1 Derivative obligations (note 7) (356.3) (412.4) 64,864.1 63,009.7 Total cash and investments, net of derivative obligations 67,366.2 64,758.8 (1) Includes aggregate restricted cash and cash equivalents at December 31, 2024 of $ 1,400.1 (December 31, 2023 - $ 642.3 ). See note 25. (2) Includes aggregate investments in limited partnerships with a carrying value at December 31, 2024 of $2,282.3 (December 31, 2023 – $2,171.8 ). (3) Comprised primarily of investment property. Restricted cash and cash equivalents Restricted cash and cash equivalents at December 31, 2024 of $1,400.1 (December 31, 2023 – $642.3) was comprised of amounts required to be maintained on deposit with various regulatory authorities to support the operations of the insurance and reinsurance subsidiaries, and restricted cash of $835.0 held at a depository that was released on January 1, 2025 in connection with the company’s investments in Blizzard Vacatia Equity Partners LLC as described below.Refer to note 25 for details of restricted cash and cash equivalents presented on the consolidated balance sheet. Subsequent to December 31, 2024 On January 1, 2025 the company acquired a 50.0% equity interest in Blizzard Vacatia Equity Partners LLC ("Blizzard Vacatia"). The company's total cash investment of $835.0 was comprised of a senior secured loan of $365.0, preferred shares of $275.0, a mortgage - backed loan of $170.0 and common shares of $25.0. Blizzard Vacatia, through its subsidiaries, is engaged in the development, sales, marketing and rental of timeshare resorts. Pledged cash and investments The company’s subsidiaries have pledged cash and investments, inclusive of trust funds and regulatory deposits, as security for their own obligations to pay claims or make premium payments (these pledges are either direct or collateral for letters of credit). In order to write insurance business in certain jurisdictions (primarily U.S. states) the company’s subsidiaries must deposit funds with local insurance regulatory authorities to provide security for future claims payments as ultimate protection for the policyholder. Additionally, some of the company’s subsidiaries provide reinsurance to primary insurers, for which funds must be posted as security for losses that have been incurred but not yet paid. These pledges are in the normal course of business and are generally released when the payment obligation is fulfilled. The table that follows summarizes assets pledged to third parties by the nature of the pledge requirement (excluding assets pledged in favour of Lloyd’s (note 20), for derivative obligations and for certain intercompany reinsurance arrangements). Pledged assets primarily consist of cash and cash equivalents, short term investments and bonds within portfolio investments on the consolidated balance sheet. December 31, December 31, 2024 2023 Regulatory deposits 6,714.4 6,701.0 Security for reinsurance and other 1,809.5 1,854.9 8,523.9 8,555.9 Fixed Income Maturity Profile Bonds are summarized by their earliest contractual maturity date in the table below. Actual maturities may differ from maturities shown below due to the existence of call and put features. At December 31, 2024 bonds containing call, put and both call and put features represented $9,657.6, $148.9 and $448.1 respectively (December 31, 2023 - $8,766.5, $85.5 and $464.5) of the total fair value of bonds. The table below excludes: interest rate swaps with a notional amount at December 31, 2024 of $1,900.0 (December 31, 2023 - $1,900.0) that provide the company the right to receive fixed rates in exchange for the obligation to pay floating rates in relation to a majority of the net purchases of first mortgage loans completed during 2023; U.S. treasury bond forward contracts entered into during 2024 to buy long-dated U.S. treasury bonds with a notional amount at December 31, 2024 of $1,330.2 (December 31, 2023 – nil) as described in note 7; and at December 31, 2023 the impact of U.S. treasury bond forward contracts to sell long-dated U.S. treasury bonds with a notional amount of $292.8 that economically hedged the company’s exposure to interest rate risk. December 31, 2024 December 31, 2023 Amortized Fair Amortized Fair cost (1) value (1) cost (1) value (1) Due in 1 year or less (2) 9,324.8 9,117.2 7,780.5 7,545.6 Due after 1 year through 3 years (2) 8,110.9 7,975.6 9,352.1 9,420.5 Due after 3 years through 5 years (2) 6,939.6 7,004.5 5,738.7 5,861.1 Due after 5 years through 10 years (3) 12,309.6 12,273.6 13,645.1 14,047.3 Due after 10 years (4) 2,036.2 1,864.6 577.9 566.5 38,721.1 38,235.5 37,094.3 37,441.0 Effective interest rate (5) 5.2 % 5.3 % (1) Includes bonds held by the holding company and Fairfax India. (2) Includes the company’s investments in first mortgage loans at December 31, 2024 of $4,777.8 (December 31, 2023 - $4,685.4 ) secured by real estate predominantly in the U.S., Europe and Canada. (3) Includes U.S. treasury bonds at December 31, 2024 of $10,222.4 (December 31,2023 – $11,868.0 ) with maturities between 5 to 7 years. (4) Includes U.S. treasury bonds at December 31, 2024 of $1,204.7 (December 31, 2023 - nil ) with maturities between 28 to 30 years. (5) The effective interest rate is the rate that discounts estimated future cash payments or receipts through the expected life of the fixed income investment to its gross carrying amount at initial recognition. The effective interest rate does not reflect changes in market interest rates that affect the fair value of the fixed income investment over time. The increase in the company’s holdings of bonds due in 1 year or less primarily reflected the shift from due after 1 year through 3 years into due in 1 year or less as a result of the passage of time impacting their earliest contractual maturity date, partially offset by net sales and maturities of corporate and other bonds of $1,361.7, U.S. treasury bonds of $492.8, other government bonds of $261.9 and Canadian government bonds of $169.3. The increase in the company’s holdings of bonds due after 3 years through 5 years was primarily due to net purchases of other government bonds of $871.8 and corporate and other bonds of $743.6. The decrease in the company’s holdings of bonds due after 5 years through 10 years was primarily due to the passage of time impacting their earliest contractual maturity date and net sales of U.S. treasury bonds of $735.2, partially offset by net purchases of other government bonds of $400.4 and corporate and other bonds of $286.2. The increase in the company’s holdings of bonds due after 10 years was primarily due to net purchases of U.S. treasury bonds of $1,348.9 (primarily with maturities between 28 to 30 years) and other government bonds of $171.9. Fair Value Disclosures The company’s use of quoted market prices (Level 1), valuation models with significant observable market information as inputs (Level 2) and valuation models with significant unobservable information as inputs (Level 3) in the valuation of securities and derivative contracts by type of issuer was as follows: December 31, 2024 December 31, 2023 Significant Significant other Significant other Significant Quoted observable unobservable Total fair Quoted observable unobservable Total fair prices inputs inputs value asset prices inputs inputs value asset (Level 1) (Level 2) (Level 3) (liability) (Level 1) (Level 2) (Level 3) (liability) Cash and cash equivalents (1) 7,512.6 — — 7,512.6 5,763.7 — — 5,763.7 Short term investments: Canadian government and provincials 98.5 — — 98.5 553.3 — — 553.3 U.S. treasury 217.8 — — 217.8 794.1 — — 794.1 Other government 55.7 171.0 — 226.7 31.3 339.0 — 370.3 Corporate and other — 467.0 — 467.0 — 611.4 — 611.4 372.0 638.0 — 1,010.0 1,378.7 950.4 — 2,329.1 Bonds: Canadian government and provincials — 2,741.0 — 2,741.0 — 2,715.1 — 2,715.1 U.S. treasury — 15,863.9 — 15,863.9 — 16,273.5 — 16,273.5 U.S. states and municipalities — 179.6 — 179.6 — 184.5 — 184.5 Other government — 6,087.4 45.9 6,133.3 — 4,903.0 39.3 4,942.3 Corporate and other (2) — 7,601.0 5,716.7 13,317.7 — 7,567.9 5,757.7 13,325.6 — 32,472.9 5,762.6 38,235.5 — 31,644.0 5,797.0 37,441.0 Preferred stocks: Canadian 16.3 — 19.2 35.5 15.5 3.5 8.8 27.8 U.S. — — 398.9 398.9 — — 343.3 343.3 Other (3) 12.3 1,936.7 1.8 1,950.8 12.0 286.6 1,789.9 2,088.5 28.6 1,936.7 419.9 2,385.2 27.5 290.1 2,142.0 2,459.6 Common stocks: Canadian 1,264.5 175.4 332.4 1,772.3 838.3 216.0 288.2 1,342.5 U.S. 902.4 34.3 1,396.0 2,332.7 988.0 27.4 1,258.7 2,274.1 Other 1,757.0 575.7 1,440.0 3,772.7 2,023.4 501.9 1,481.6 4,006.9 3,923.9 785.4 3,168.4 7,877.7 3,849.7 745.3 3,028.5 7,623.5 Derivatives and other invested assets — 1,354.2 842.3 2,196.5 — 869.5 680.0 1,549.5 Derivative obligations (note 7) — (222.7) (134.2) (356.9) — (257.4) (187.5) (444.9) Holding company cash and investments and portfolio investments measured at fair value 11,837.1 36,964.5 10,059.0 58,860.6 11,019.6 34,241.9 11,460.0 56,721.5 20.1 % 62.8 % 17.1 % 100.0 % 19.4 % 60.4 % 20.2 % 100.0 % Investments in associates (note 6) (4) 4,420.5 679.5 5,643.8 10,743.8 3,592.3 83.2 6,532.3 10,207.8 (1) Includes restricted cash and cash equivalents of $1,400.1 at December 31, 2024 (December 31, 2023 – $642.3 ). Aggregate restricted cash and cash equivalents at December 31, 2024 included cash of $835.0 held at a depository in connection with the company’s investments in Blizzard Vacatia that closed on January 1, 2025 as described earlier. See also note 6 and note 25. (2) Included in Level 3 are the company’s investments in first mortgage loans at December 31, 2024 of $4,777.8 (December 31, 2023 – $4,685.4 ) secured by real estate predominantly in the U.S., Europe and Canada. (3) Primarily comprised of the company’s investment in compulsory convertible preferred shares of Go Digit Infoworks Services Limited (“Digit”). The company also holds a 49.0% equity interest in Digit as described in note 6. (4) The fair value of investments in associates is presented separately as such investments are measured using the equity method of accounting. In the preceding table certain limited partnerships included in common stocks are classified as Level 3 because their net asset values are unobservable or because they contractually require greater than three months to liquidate or redeem. During 2024 and 2023 there were no significant transfers of financial instruments between Level 1 and Level 2. During 2024 the company’s holdings in common shares and compulsory convertible preferred shares of Digit were transferred from investments in associates and preferred stocks classified as Level 3 to Level 2, respectively, due to the completion of the initial public offering of Digit’s general insurance subsidiary, Go Digit General Insurance Limited (“Digit Insurance”) as described in note 6. The company’s investments in the Digit common shares and compulsory convertible preferred shares are classified as Level 2 as their fair values are principally determined through the traded market price of the Digit Insurance common shares which were listed on both the BSE and NSE in India following Digit Insurance’s initial public offering. During 2024 Fairfax India’s holdings in CSB Bank Limited common shares were transferred from investments in associates classified as Level 3 to Level 1 as a result of the release of selling restrictions in August 2024. During 2023 the company’s holdings in Poseidon Corp. (formerly Atlas) common shares were transferred from investments in associates classified as Level 1 to Level 3 due to the privatization transaction described in note 6. There were no other significant transfers of financial instruments in or out of Level 3 as a result of changes in the observability of valuation inputs except as described in the following table which summarizes changes in Level 3 financial assets measured at fair value on a recurring basis. 2024 Private Private Derivatives placement company Limited Private and other debt preferred partnerships equity Common invested securities shares and other (1) funds (1) shares assets Total Balance - January 1 5,797.0 2,142.0 1,998.2 72.8 957.5 492.5 11,460.0 Net realized and unrealized gains included in the consolidated statement of earnings 29.4 57.8 125.1 9.0 80.4 178.8 480.5 Purchases (2) 1,306.3 12.7 203.6 — 160.6 94.0 1,777.2 Sales and distributions (2) (1,280.3) (1.4) (203.5) (8.6) (191.7) (43.0) (1,728.5) Transfer out of category (3) (31.8) (1,784.3) — — — — (1,816.1) Unrealized foreign currency translation losses on foreign subsidiaries included in other comprehensive income (loss) (58.0) (6.9) (18.6) (2.3) (14.1) (14.2) (114.1) Balance - December 31 5,762.6 419.9 2,104.8 70.9 992.7 708.1 10,059.0 2023 Private Private Derivatives placement company Limited Private and other debt preferred partnerships equity Common invested securities shares and other (1) funds (1) shares assets Total Balance - January 1 3,465.3 2,047.1 1,824.2 97.5 629.9 680.3 8,744.3 Net realized and unrealized gains (losses) included in the consolidated statement of earnings 63.7 (2.4) (69.7) (7.6) 12.3 (135.4) (139.1) Purchases (2)(4) 3,451.7 134.5 384.2 — 289.7 137.7 4,397.8 Acquisitions of insurance subsidiaries (note 21) 109.6 — — 0.9 34.9 32.7 178.1 Sales and distributions (2) (1,262.5) (2.9) (146.1) (19.7) (10.2) (214.2) (1,655.6) Transfer out of category — (36.7) — — (3.0) — (39.7) Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss) 12.5 2.4 5.6 1.7 3.9 (8.6) 17.5 Deconsolidation of non-insurance subsidiary (43.3) — — — — — (43.3) Balance - December 31 5,797.0 2,142.0 1,998.2 72.8 957.5 492.5 11,460.0 (1) Included in common stocks in the fair value hierarchy table presented on the previous page and in holding company cash and investments or common stocks on the consolidated balance sheets. (2) Private placement debt securities include net purchases of first mortgage loans of $103.5 (2023 – $2,261.5 ). (3) During 2024 the company’s investment in Digit compulsory convertible preferred shares was transferred from Level 3 to Level 2 following the completion of Digit Insurance’s initial public offering as described above. (4) Private placement debt securities include the Amynta Group promissory note as described in note 21. The table below presents the valuation techniques and unobservable inputs used to estimate fair values for the company’s significant Level 3 financial assets at December 31, 2024: Effect on fair value if input Carrying Input range used value is Asset class value Valuation technique Significant unobservable input Low High increased (a) Bonds (b) Private placement debt securities (1) 781.8 Discounted cash flow Credit spread 0.8 % 7.3 % Decrease Mortgage loans (2) 4,777.8 Market approach Recent transaction price N/A N/A Increase Discounted cash flow Credit spread 3.0 % 10.4 % Decrease Other 203.0 Various Various N/A N/A N/A 5,762.6 Preferred stocks (c) Private placement preferred shares 338.5 Discounted cash flow Credit spread 3.6 % 4.3 % Decrease Other 81.4 Various Various N/A N/A N/A 419.9 Common stocks (d) Limited partnerships and other (3) 2,104.8 Net asset value Net asset value N/A N/A Increase Private equity funds (3) 463.1 Net asset value Net asset value N/A N/A Increase Other 600.5 Various Various N/A N/A N/A 3,168.4 Derivatives and other invested assets (e) Investment property (4) 307.0 Income capitalization Terminal capitalization rate 6.3 % 9.0 % Decrease Discount rate 8.0 % 10.3 % Decrease Market rent growth rate 2.5 % 3.0 % Increase 87.0 Sales comparison Price per acre (Cdn$ thousands) 40.5 183.6 Increase Other 314.1 Various Various N/A N/A N/A 708.1 Total 10,059.0 (a) Decreasing the input value would have the opposite effect on the estimated fair value. (b) Included in holding company cash and investments or bonds on the consolidated balance sheet. (c) Included in holding company cash and investments or preferred stocks on the consolidated balance sheet. (d) Included in holding company cash and investments or common stocks on the consolidated balance sheet. (e) Included in holding company cash and investments or derivatives and other invested assets, net of derivative obligations, on the consolidated balance sheet. (1) At December 31, 2024 these private placement debt securities were valued using industry accepted discounted cash flow models that incorporated unobservable credit spreads of the issuers, and consisted of 11 investments, the largest being $125.6 (construction and home building) (December 31, 2023 - 10 investments, the largest being $148.9 (software and services)). By increasing (decreasing) the credit spreads applied at December 31, 2024 by 100 basis points, the fair value of this asset class would collectively decrease by $24.7 (increase by $26.1 ). (2) At December 31, 2024 these mortgage loans consisted of 93 investments, the largest being $235.0 (December 31, 2023 – 102 investments, the largest being $235.0 ). By increasing (decreasing) the credit spreads applied at December 31, 2024 by 100 basis points, the fair value of this asset class would collectively decrease by $42.6 (increase by $25.2 ). (3) Limited partnerships and other, and certain private equity funds, are investment funds managed by third party fund managers and general partners that invest in a diverse range of industries and geographies. These investment funds were valued primarily using net asset value statements provided by those third party fund managers and general partners. The fair values in those statements are determined using quoted prices of the underlying assets, and to a lesser extent, observable inputs where available and unobservable inputs, in conjunction with industry accepted valuation models, where required. Typically investment funds, when they otherwise meet the criteria to be classified as Level 2, are instead classified as Level 3 if they require at least three months’ notice to liquidate or redeem. At December 31, 2024 limited partnerships and other consisted of 44 investments, the three largest being $320.1 (industrials), $288.4 (oil and gas extraction) and $265.6 (industrials) (December 31, 2023 - 42 investments, the three largest being $315.0 (industrials), $242.5 (primarily industrials and consumer discretionary) and $235.3 (oil and gas extraction )). By increasing (decreasing) net asset values at December 31, 2024 by 10% , the fair value of limited partnerships and other would collectively increase (decrease) by $210.5 . (4) These investment property were primarily valued by third party appraisers using an industry accepted income capitalization approach that incorporated unobservable capitalization rates, discount rates and market rent growth rates. Certain investment property were valued using an industry accepted direct sales comparison approach that incorporated recent non-public sale prices per acre for comparable properties in similar locations. Investment Income An analysis of investment income for the years ended December 31 follows: Interest and dividends and share of profit of associates 2024 2023 Interest income: Cash and short term investments 359.8 279.4 Bonds 2,055.3 1,624.9 Derivatives and other invested assets (68.5) (63.2) 2,346.6 1,841.1 Dividends: Preferred stocks (1) 164.7 44.7 Common stocks 98.2 89.1 262.9 133.8 Investment expenses (97.6) (78.7) Interest and dividends 2,511.9 1,896.2 Share of profit of associates (note 6) 956.3 1,022.2 (1) On October 30, 2024 the company received a dividend of $112.3 from Digit on the company’s investment in Digit compulsory convertible preferred shares. See note 6 for details. Net gains (losses) on investments 2024 2023 Net change in Net gains Net change in Net gains Net realized unrealized (losses) on Net realized unrealized (losses) on gains (losses) gains (losses) investments gains (losses) gains (losses) investments Common stocks 507.0 (210.2) 296.8 43.9 420.5 464.4 Bonds and preferred stocks - convertible 18.2 (3.6) 14.6 (0.2) 77.3 77.1 Other equity derivatives (1)(2) 375.3 564.0 939.3 144.0 213.2 357.2 Disposition of non-insurance associates (3)(4)(5) 575.5 — 575.5 322.0 — 322.0 Other 32.8 — 32.8 (3.1) — (3.1) Long equity exposures and financial effects 1,508.8 350.2 1,859.0 506.6 711.0 1,217.6 Bonds (16.5) (590.8) (607.3) (587.6) 1,141.9 554.3 U.S. treasury bond forward contracts (90.0) (34.0) (124.0) 172.3 (12.5) 159.8 Total bonds (106.5) (624.8) (731.3) (415.3) 1,129.4 714.1 Foreign currency (6) 166.6 (191.8) (25.2) (222.5) 103.7 (118.8) Other (17.9) (17.4) (35.3) 1.6 135.0 136.6 Net gains (losses) on investments 1,551.0 (483.8) 1,067.2 (129.6) 2,079.1 1,949.5 (1) Other equity derivatives include long equity total return swaps, equity warrants and options, and during 2023 the Asset Value Loan Notes (“AVLNs”) entered with RiverStone Barbados. Net change in unrealized gains (losses) in 2024 included $515.8 in unrealized gains (2023 - $320.6 ) on the company’s investment in long equity total return swaps on Fairfax subordinate voting shares principally related to the increase in market value movement on Fairfax subordinate voting shares in the period for which collateral was pledged by the counterparties, with the fair value of $1,032.7 at December 31, 2024 (December 31, 2023 - $516.9 ) recorded in holding company cash and investments, as described in note 7. (2) Amounts recorded in net realized gains (losses) include net gains (losses) on total return swaps where the counterparties are generally required to cash-settle monthly or quarterly the market value movement since the previous reset date notwithstanding that the total return swap positions remain open subsequent to the cash settlement. Net realized gains (losses) in 2024 included $517.7 in realized gains (2023 - $304.2 ) on the company’s investment in long equity total return swaps on Fairfax subordinate voting shares, which represented cash-settlement amounts on market value movement since previous reset date of $295.3 and the cash - settlement of $222.4 on closing $68.5 original notional amount of contracts, recorded in holding company cash and investments. (3) On November 1, 2024 the company sold its investment in Stelco for total consideration of $638.1 and recorded a net realized gain of $343.7 as described in note 6. (4) On December 20, 2024 the company acquired additional interests in Peak Achievement, increasing its ownership from 42.6% to 100.0% . Accordingly, the company commenced consolidating Peak Achievement and recorded a realized remeasurement gain of $203.4 in the consolidated statement of earnings as described in note 21. (5) During 2023 Fairfax India sold a 7.1% equity interest of IIFL Finance for gross proceeds of $177.3 ( 14.7 billion Indian rupees), which decreased its equity interest to 15.1% and resulted in realized gains of $88.6 . Accordingly, the company discontinued recording its residual investment in IIFL Finance under the equity method of accounting, commenced classifying it at FVTPL and recorded a realized remeasurement gain of $204.2 in the consolidated statement of earnings, as described in note 6. (6) Foreign currency net losses during 2024 were primarily related to foreign currency net losses on investing activities, partially offset by foreign currency net gains on underwriting activities. Foreign currency net losses on investing activities during 2024 primarily related to the strengthening of the U.S. dollar relative to the Brazilian real, Canadian dollar and Egyptian pound on Brazilian real, Canadian dollar and Egyptian pound denominated investments. Foreign currency net gains on investing activities during 2023 primarily related to the strengthening of the Brazilian real, Canadian dollar and British pound sterling relative to the U.S. dollar on Brazilian real, Canadian dollar and British pound sterling denominated investments.

Investments in Associates

Investments in Associates	12 Months Ended
Investments in Associates	Dec. 31, 2024
Investments in Associates
Investments in Associates	6. Investments in Associates The company’s investments in associates and joint ventures were comprised as follows: December 31, 2024 Year ended December 31, Carrying value 2024 Associates Share of Ownership Fair and joint Fairfax India profit percentage (a) value (b) ventures associates (c) Total (loss) Insurance and reinsurance: Go Digit Infoworks Services Private Limited (“Digit”) (1) 49.0 % 434.9 325.3 — 325.3 59.7 Other — 311.0 207.5 — 207.5 (2.0) 745.9 532.8 — 532.8 57.7 Non-insurance (3) : India Bangalore International Airport Limited (“Bangalore Airport”) (11) 64.0 % 1,632.0 — 787.5 787.5 27.4 CSB Bank Limited (“CSB Bank”) 40.0 % 254.8 — 197.2 197.2 24.9 Quess Corp Limited (“Quess”) (4) 34.6 % 397.3 426.4 (d) — 426.4 10.4 Sanmar Chemical Enterprises Limited ("Sanmar", formerly Sanmar Chemicals Group) 42.9 % 201.4 — 81.6 81.6 (72.7) IIFL Capital Services Limited (“IIFL Capital”, formerly IIFL Securities) 30.7 % 362.7 15.8 120.4 136.2 26.1 Seven Islands Shipping Limited (“Seven Islands”) 48.5 % 146.0 — 134.3 134.3 34.4 Other — 55.9 10.8 31.3 42.1 1.9 3,050.1 453.0 1,352.3 1,805.3 52.4 Real estate KWF Real Estate Ventures Limited Partnerships (“KWF LPs”) — 106.4 106.4 (d) — 106.4 7.8 Other — 165.8 167.1 — 167.1 (17.5) 272.2 273.5 — 273.5 (9.7) Other Eurobank Ergasias Services & Holdings S.A (“Eurobank”) (3) 34.4 % 2,923.5 2,374.8 — 2,374.8 515.0 Poseidon Corp. (“Poseidon”, formerly Atlas) 43.3 % 2,046.3 1,858.5 — 1,858.5 212.6 Stelco Holdings Inc. (“Stelco”) (5) — — — — — 18.3 EXCO Resources Inc. (“EXCO”) 49.3 % 459.6 458.1 — 458.1 39.6 Peak Achievement Athletics Inc. (“Peak Achievement”) (6) — — — — — 57.0 Helios Fairfax Partners Corporation (“HFP”) 36.3 % 73.3 162.7 — 162.7 (34.8) Partnerships, trusts and other (7)(8) — 1,172.9 1,039.9 — 1,039.9 48.2 6,675.6 5,894.0 — 5,894.0 855.9 9,997.9 6,620.5 1,352.3 7,972.8 898.6 Investments in associates 10,743.8 7,153.3 1,352.3 8,505.6 956.3 As presented on the consolidated balance sheet: Investments in associates 8,144.8 7,153.3 Fairfax India investments in associates 2,599.0 1,352.3 10,743.8 8,505.6 Year ended December 31, 2023 December 31, Carrying value 2023 Associates Share of Ownership Fair and joint Fairfax India profit percentage (a) value (b) ventures associates (c) Total (loss) Insurance and reinsurance: Go Digit Infoworks Services Private Limited (“Digit”) 49.0 % 477.2 146.6 — 146.6 43.2 Gulf Insurance Group K.S.C.P. (“Gulf Insurance”) (2) — — — — — 42.6 Other — 234.0 222.1 — 222.1 (5.1) 711.2 368.7 — 368.7 80.7 Non-insurance (3) : India Bangalore International Airport Limited (“Bangalore Airport”) (11) 64.0 % 1,600.0 — 783.0 783.0 16.0 CSB Bank Limited (“CSB Bank”) 49.7 % 409.3 — 223.0 223.0 35.4 Quess Corp Limited (“Quess”) (4) 34.7 % 323.6 433.0 (d) — 433.0 (47.0) Sanmar Chemical Enterprises Limited ("Sanmar", formerly Sanmar Chemicals Group) 42.9 % 302.9 — 156.1 156.1 0.6 IIFL Capital Services Limited (“IIFL Capital”, formerly IIFL Securities) 30.9 % 165.7 13.6 103.8 117.4 12.4 Seven Islands Shipping Limited (“Seven Islands”) 48.5 % 142.8 — 133.6 133.6 42.6 IIFL Finance Limited (“IIFL Finance”) (12) — — — — — 45.1 Other — 69.6 10.8 30.2 41.0 1.8 3,013.9 457.4 1,429.7 1,887.1 106.9 Real estate KWF Real Estate Ventures Limited Partnerships (“KWF LPs”) — 104.0 104.0 (d) — 104.0 6.4 Other (6) — 73.3 73.3 — 73.3 (13.8) 177.3 177.3 — 177.3 (7.4) Other Eurobank Ergasias Services & Holdings S.A (“Eurobank”) (3) 34.1 % 2,251.6 2,099.5 — 2,099.5 437.7 Poseidon Corp. (“Poseidon”, formerly Atlas) (9) 43.4 % 2,046.3 1,706.4 — 1,706.4 149.6 Stelco Holdings Inc. (“Stelco”) 23.6 % 491.6 291.6 — 291.6 23.7 EXCO Resources Inc. (“EXCO”) 48.3 % 435.2 417.6 — 417.6 129.1 Peak Achievement Athletics Inc. (“Peak Achievement”) 42.6 % 226.1 129.4 (d) — 129.4 23.3 Helios Fairfax Partners Corporation (“HFP”) 36.3 % 91.5 197.6 — 197.6 9.2 Partnerships, trusts and other (10) — 763.1 762.1 — 762.1 69.4 6,305.4 5,604.2 — 5,604.2 842.0 9,496.6 6,238.9 1,429.7 7,668.6 941.5 Investments in associates 10,207.8 6,607.6 1,429.7 8,037.3 1,022.2 As presented on the consolidated balance sheet: Investments in associates 7,553.2 6,607.6 Fairfax India investments in associates 2,654.6 1,429.7 10,207.8 8,037.3 (a) Ownership percentages include the effects of financial instruments that are considered in-substance equity. (b) See note 5 for fair value hierarchy information. (c) Fairfax India’s associates are domiciled in India. (d) These investments are joint ventures. Insurance and reinsurance associates and joint ventures (1) On May 23, 2024 Digit Insurance, the general insurance subsidiary of the company’s investment in associate Digit, completed an initial public offering comprised of an issuance of new equity and an offer for sale of existing equity shares held by Digit and other shareholders, which valued Digit Insurance at approximately $3 billion ( 249.5 billion Indian rupees or 272 Indian rupees per common share). As a result of the initial public offering, the company recorded a pre-tax gain of $106.3 in net changes in capitalization in the consolidated statement of changes in equity on the company’s 49.0% equity interest in Digit (related to Digit’s equity interest in Digit Insurance decreasing from 83.3% to 73.6 %, resulting in the recognition of a dilution gain for excess of fair value over the carrying value of Digit Insurance on the offer for sale and a dilution gain on new equity issuance from the initial offering). Digit Insurance’s common shares are now traded on the BSE and NSE in India and closed at 319.10 Indian rupees per common share on December 31, 2024. On October 30, 2024 the company received a dividend of $112.3 from Digit on the company’s investment in Digit compulsory convertible preferred shares which the company recognized as dividend income, with a corresponding amount recognized as a net loss on investments, both in the consolidated statement of earnings. (2) On December 26, 2023 the company increased its equity interest in Gulf Insurance from 43.7% to a controlling interest of 90.0% and commenced consolidating Gulf Insurance as described in note 21. Non-insurance associates and joint ventures (3) During 2024 the company recognized distributions and dividends of $409.8 (2023 - $220.4 ) from its non-insurance associates and joint ventures, of which $127.9 (€ 118.2 ) was the company’s share of a dividend paid by Eurobank. On December 11, 2023 the company increased its interest in Eurobank to 34.1 % for cash consideration of $82.0 through the purchase of Eurobank common shares held through the company’s investment in AVLNs entered with RiverStone Barbados. Subsequent to December 31, 2024, on January 23, 2025 the company sold 80.0 million shares or an approximate 2.2% equity interest in Eurobank for gross proceeds of $190.8 (€183.5), which decreased the company’s equity interest to 32.3% and will result in the recognition of a realized gain of approximately $40 in the consolidated statement of earnings in the first quarter of 2025. The sale was a mandatory technical adjustment to the company’s significant equity interest in Eurobank. (4) During 2024 Quess announced a plan to demerge into three separate entities. Shareholders will receive one share of each new entity for each share held of Quess. Completion of the demerger is expected to be in 2025, subject to regulatory approvals. Share of loss of Quess of $47.0 in 2023 included a non-cash impairment charge of $52.8 . (5) On November 1, 2024 Cleveland-Cliffs Inc. (“Cliffs”) acquired all outstanding common shares of Stelco for a combination of cash consideration of Cdn $60.00 and 0.454 Cliffs common shares per Stelco common share. The company received total consideration of $638.1 , inclusive of cash consideration and the fair value of the Cliffs common shares received at close of the transaction in exchange for its Stelco common shares, and recorded a realized gain of $343.7 in the consolidated statement of earnings. (6) On December 20, 2024 the company increased its equity interest in Peak Achievement from 42.6% to 100% and commenced consolidating Peak Achievement as described in note 21. (7) During the first quarter of 2024 the company increased its common equity interest in John Keells Holdings PLC (“John Keells”), a publicly listed conglomerate in Sri Lanka, to 19.5% . The company also holds John Keells convertible debentures which, together with the common shares held, provide the company a substantive potential voting interest in John Keells of 24.5% . Accordingly, the company commenced applying the equity method of accounting to its common equity interest in John Keells which had a fair value of $175.3 ( 54.3 billion Sri Lankan rupees). (8) During the third quarter of 2024 an insurance subsidiary of the company invested $100.4 in the Marval Guru Fund at the applicable net asset value of the fund on the transaction date, in addition to the company’s previously disclosed investment of $50.0 in 2017, pursuant to an investment management contract with the holding company whereby Benjamin Watsa, the CEO, CIO and Founder of Marval Capital Ltd. and a member of the company’s Board of Directors and the son of Prem Watsa, the company’s Chairman and CEO and effectively controlling shareholder, manages the investments in the fund. (9) On March 28, 2023 a consortium composed of the company, the Washington Family, David Sokol, Chairman of the Board of Directors of Atlas, and Ocean Network Express Pte. Ltd., a global container, transportation and shipping company (collectively, the “Consortium”) acquired all of the outstanding common shares of Atlas, other than those shares owned by the Consortium and by Prem Watsa, Fairfax’s CEO, at a cash purchase price of $15.50 , plus payment of all ordinary course quarterly dividends up until closing of the transaction. Pursuant to the transaction, the company transferred its shares in Atlas, inclusive of the company’s interest through its holdings in Atlas equity warrants that were exercised on January 12, 2023 for cash consideration of $78.7 , into an entity formed by the Consortium that was subsequently renamed Poseidon Corp. The company did not purchase any additional interest not already owned by the Consortium upon closing of the transaction. The other members of the Consortium fully funded the cash component of the transaction, and the company continued its ownership in Atlas as part of the Consortium. The company continues to apply the equity method of accounting to its interest in Atlas through its interest in Poseidon. Subsequent to the closing of the transaction, during the second quarter of 2023 Mr. Watsa, to avoid potential future conflicts of interest, sold all of his 678,021 shares of Poseidon to Fairfax. Mr. Watsa owned 678,021 shares of Atlas representing less than 0.3% ownership as an investment that were replaced with shares of Poseidon on a one - for - one basis as a result of the tender offer as part of the Consortium described above. Mr. Watsa sold the Poseidon shares to Fairfax at $15.50 per share, the same price he could have obtained under the tender offer and the price at which Fairfax’s shares of Atlas were valued by the Consortium which made the tender offer. (10) On March 1, 2023 Domtar Corporation acquired all outstanding common shares of Resolute Forest Products Inc. ("Resolute"), which was held for sale as at December 31, 2022, for a combination of cash consideration of $20.50 and a Contingent Value Right (“CVR”) per Resolute common share. The CVR provides holders with the right to a share of any future softwood lumber duty deposit refunds and was valued at $1.42 per share based on the market price of Resolute immediately prior to close of the transaction. The company received total consideration of $665.6 , inclusive of cash consideration and the fair value of the CVR at close of the transaction, in exchange for its Resolute common shares, which included shares with a fair value of $120.7 purchased on January 26, 2023 through the company’s investment in AVLNs entered with RiverStone Barbados, and recorded a realized gain of $44.2 in the consolidated statement of earnings. Fairfax India (11) On June 21, 2023 Fairfax India acquired an additional 3.0% equity interest in Bangalore Airport from Siemens Project Ventures GmbH (“Siemens”) for cash consideration of $75.0 to increase its equity interest to 57.0% . On December 12, 2023 Fairfax India acquired an additional 7.0% equity interest in Bangalore Airport from Siemens for cash consideration of $175.0 , which further increased its equity interest in Bangalore Airport to 64.0% . At December 31, 2024 and 2023 the company continued to apply the equity method of accounting due to extensive Indian government regulation of, and participation in, Bangalore Airport’s relevant activities. Subsequent to December 31, 2024, on February 20, 2025 Fairfax India acquired an additional 10.0% equity interest in Bangalore Airport from Siemens for purchase consideration of $255.0, payable in three installments, with the initial installment paid on closing and the balance to be paid during the third quarters of 2025 and 2026. The company expects that it will continue to apply the equity method of accounting for Fairfax India’s 74.0% equity interest in Bangalore Airport due to the ongoing extensive Indian government regulation of, and participation in, Bangalore Airport’s relevant activities. (12) During 2023 Fairfax India sold a 7.1% equity interest of IIFL Finance for gross proceeds of $177.3 ( 14.7 billion Indian rupees), which decreased its equity interest to 15.1% and resulted in realized gains of $88.6 . Accordingly, the company concluded it no longer exercised significant influence over IIFL Finance, discontinued recording its residual investment in IIFL Finance under the equity method of accounting, commenced classifying it at FVTPL, and recorded a realized remeasurement gain of $204.2 in the consolidated statement of earnings. Subsequent to December 31, 2024 Investment in Blizzard Vacatia Equity Partners LLC On January 1, 2025 the company acquired a 50.0% equity interest in Blizzard Vacatia as described in note 5. Investment in Albingia SA During the fourth quarter of 2024 the company entered into an agreement to purchase an approximate 33% equity interest in Albingia SA (“Albingia”) for purchase consideration of approximately $216 (€209). Closing of the transaction is subject to regulatory approvals and is expected to be in the second quarter of 2025. Albingia is a French insurance company Annual changes in carrying value Changes in the carrying value of investments in associates for the years ended December 31 were as follows: 2024 Joint Fairfax India Associates ventures associates Total Balance - January 1 5,865.8 741.8 1,429.7 8,037.3 Share of pre-tax comprehensive income (loss): Share of profit 871.1 46.2 39.0 956.3 Share of other comprehensive income (loss), excluding gains (losses) on defined benefit plans (146.6) (7.5) 1.0 (153.1) Share of losses on defined benefit plans (0.7) (0.7) (0.4) (1.8) 723.8 38.0 39.6 801.4 Dividends and distributions recognized (308.1) (88.2) (32.9) (429.2) Purchases and acquisitions 573.6 126.7 — 700.3 Divestitures and other net changes in capitalization (1) (253.6) (3.2) (45.1) (301.9) Reclassifications (2) (97.4) (127.4) — (224.8) Foreign exchange effect and other (31.9) (6.6) (39.0) (77.5) Balance - December 31 6,472.2 681.1 1,352.3 8,505.6 2023 Joint Fairfax India Associates ventures associates Total Balance - January 1 5,312.2 780.9 1,342.6 7,435.7 Share of pre-tax comprehensive income (loss): Share of profit 936.0 12.9 151.1 1,100.0 Impairments (3) (19.8) (58.0) — (77.8) Share of other comprehensive income (loss), excluding gains (losses) on defined benefit plans 39.2 1.1 (3.4) 36.9 Share of gains (losses) on defined benefit plans 0.9 (0.8) (5.7) (5.6) 956.3 (44.8) 142.0 1,053.5 Dividends and distributions recognized (208.7) (24.8) (13.2) (246.7) Purchases and acquisitions (4) 884.8 42.5 250.0 1,177.3 Divestitures and other net changes in capitalization (1) (709.9) (14.6) (89.7) (814.2) Reclassifications (2) (379.3) — (193.0) (572.3) Foreign exchange effect and other 10.4 2.6 (9.0) 4.0 Balance - December 31 5,865.8 741.8 1,429.7 8,037.3 (1) Primarily reflects the sale of Stelco, partially offset by a net gain recorded in net changes in capitalization in the consolidated statement of changes in equity in connection with the initial public offering of Digit Insurance in 2024. Primarily reflects the sale of Resolute in 2023. (2) Primarily reflects the consolidations of Peak Achievement and Meadow Foods (see note 21) and the commencement of the equity method of accounting for John Keells and the Marval Guru Fund in 2024, and the consolidation of Gulf Insurance (see note 21) and the reclassification of IIFL Finance to common stock at FVTPL in 2023. (3) Impairments recorded on associates and joint ventures are included in share of profit of associates in the consolidated statement of earnings. Impairments of $77.8 recorded during 2023 included non-cash impairment charges principally related to Quess. (4) Includes the consolidation of Gulf Insurance’s equity accounted investments in 2023 with a fair value of $151.8 .

Derivatives

Derivatives	12 Months Ended
Derivatives	Dec. 31, 2024
Derivatives
Derivatives	7. Derivatives The following table summarizes the company’s derivative financial instruments: December 31, 2024 December 31, 2023 Notional Fair value Notional Fair value amount Cost Assets Liabilities amount Cost Assets Liabilities Equity derivative contracts 4,156.1 140.5 1,121.2 0.4 4,101.7 149.1 595.7 32.5 Foreign currency derivative contracts — 3.1 204.2 134.3 — — 65.0 158.8 Other derivative contracts — 137.3 249.4 222.2 — 254.2 311.8 253.6 Total 1,574.8 356.9 972.5 444.9 The company is exposed to significant market risk (comprised of foreign currency risk, interest rate risk and other price risk) through its investing activities. Derivative contracts entered into by the company, with limited exceptions, are considered investments or economic hedges and are not designated as hedges for financial reporting. Equity derivative contracts Long equity total return swaps At December 31, 2024 the company held long equity total return swaps on individual equities for investment purposes with an original notional amount of $981.6 (December 31, 2023 - $1,112.8). Long equity total return swaps provide a return which is directly correlated to changes in the fair values of the underlying individual equities. These derivative contracts included an aggregate of 1,760,355 (December 31, 2023 - 1,964,155) Fairfax subordinate voting shares with an original notional amount of $664.0 (Cdn$846.1) or approximately $377.19 (Cdn$480.62) per share at December 31, 2024 (December 31, 2023 - $732.5 (Cdn$935.0) or approximately $372.96 (Cdn$476.03) per share), where the counterparties are Canadian banks. During 2024 the long equity total return swaps on Fairfax subordinate voting shares produced net gains of $1,033.5 (2023 - $624.8), comprised of $517.7 in realized gains (2023 - $304.2) and $515.8 in unrealized gains (2023 - $320.6). The realized gains related to cash-settlement of $295.3 (2023 - $304.2) on market value movement since the previous reset date and cash-settlement of $222.4 (2023 - nil) on closing contracts during the fourth quarter on 203,800 Fairfax subordinate voting shares with an original notional amount of $68.5 (Cdn$88.9). The unrealized gains principally related to the increase in market value movement on Fairfax subordinate voting shares in the period for which collateral was pledged by the counterparties. Foreign currency derivative contracts Foreign currency forward contracts Long and short foreign currency forward contracts, primarily denominated in the euro, the British pound sterling and the Canadian dollar, are used to manage certain foreign currency exposures arising from foreign currency denominated transactions. These contracts have an average term to maturity of less than one year and may be renewed at market rates. Other derivative contracts U.S. treasury bond forward contracts During 2024 the company entered into forward contracts to buy U.S. treasury bonds with a notional amount at December 31, 2024 of $1,330.2 (December 31, 2023 - nil) where the contracts held will provide an investment opportunity to buy U.S. treasury bonds as other fixed income investments mature. These contracts to buy long-dated U.S. treasury bonds have an average term to maturity of less than six months and may be renewed at market rates. The company has held forward contracts to sell long-dated U.S. treasury bonds to reduce its exposure to interest rate risk from time to time, but no longer held any at December 31, 2024 (December 31, 2023 - notional amount of $292.8). During 2024 the company recorded net losses on investments of $124.0 (2023 - net gains on investments of $159.8) on its U.S. treasury bond forward contracts. Interest rate swap contracts At December 31, 2024 the company held interest rate swap contracts with a notional amount of $1,900.0 (December 31, 2023 – $1,900.0) and an average remaining term to maturity of less than six months. The contracts provide the company the right to receive fixed rates in exchange for the obligation to pay floating rates in relation to a majority of the amount of net purchases of first mortgage loans completed in 2023. Counterparty collateral Collateral deposits on derivative contracts for the benefit of the company The company endeavours to limit counterparty risk through diligent selection of counterparties to its derivative contracts and through the terms of negotiated agreements. The fair value of collateral deposited for the benefit of the company at December 31, 2024 consisted of cash of $50.0 and government securities of $1,015.1 (December 31, 2023 - $42.2 and $492.3). The cash is recorded on the consolidated balance sheet in holding company cash and investments and in subsidiary cash and short term investments with a corresponding liability recorded in accounts payable and accrued liabilities. The company had not exercised its right to sell or repledge collateral at December 31, 2024. The company’s exposure to counterparty risk and the management thereof are discussed in note 22. Collateral deposits on derivative contracts for the benefit of the derivative counterparties At December 31, 2024 the fair value of collateral deposited for the benefit of derivative counterparties included in holding company cash and investments and in assets pledged for derivative obligations was $344.4 (December 31, 2023 - $337.0), comprised of collateral of $271.6 (December 31, 2023 - $270.3) required to be deposited to enter into such derivative contracts (principally related to total return swaps), and collateral of $72.8 (December 31, 2023 - $66.7) securing amounts owed to counterparties in respect of fair value changes since the most recent reset date.

Insurance Contract Liabilities

Insurance Contract Liabilities	12 Months Ended
Insurance Contract Liabilities	Dec. 31, 2024
Insurance Contract Liabilities
Insurance Contract Liabilities	8. Insurance Contract Liabilities December 31, 2024 December 31, 2023 PAA GMM (1) Total PAA GMM (1) Total Insurance contracts issued (2) 42,989.4 4,793.3 47,782.7 41,863.4 4,471.4 46,334.8 Assets for insurance acquisition cash flows (176.8) (3.7) (180.5) (160.0) (3.4) (163.4) Insurance contract liabilities 42,812.6 4,789.6 47,602.2 41,703.4 4,468.0 46,171.4 (1) Includes insurance contracts issued measured under the GMM within Global Insurers and Reinsurers of $941.4 (2023 – $396.9 ), International Insurers and Reinsurers of $303.0 (2023 - $356.3 ) and Life insurance and Run-off of $3,548.9 (2023 - $3,718.2 ). The increase within the Global Insurers and Reinsurers from 2023 principally related to Brit which recognized certain renewed business under the GMM. Insurance contracts issued under the GMM include a LRC of $ 3,104.5 (2023 - $3,122.6 ) and a LIC of $1,688.8 (2023 - $1,348.8 ). (2) Total at December 31, 2024 was comprised of LRC of $5,878.1 and LIC of $41,904.6 (December 31, 2023 - $6,757.1 and $39,577.7 ). Insurance contracts issued, measured under the PAA by reporting segment and excluding intercompany balances, were as follows: Property and Casualty Insurance and Reinsurance Life North American Global Insurers International Insurers insurance Insurers and Reinsurers and Reinsurers Total and Run-off Consolidated LRC LIC Total LRC LIC Total LRC LIC Total 2024 January 1 1,140.8 9,005.2 10,146.0 1,071.0 25,937.2 27,008.2 1,399.0 3,239.5 4,638.5 41,792.7 70.7 41,863.4 December 31 1,117.8 9,676.2 10,794.0 891.8 26,298.6 27,190.4 737.5 4,187.1 4,924.6 42,909.0 80.4 42,989.4 2023 January 1 1,065.4 7,972.4 9,037.8 449.2 24,283.9 24,733.1 386.3 2,332.6 2,718.9 36,489.8 59.7 36,549.5 December 31 1,140.8 9,005.2 10,146.0 1,071.0 25,937.2 27,008.2 1,399.0 3,239.5 4,638.5 41,792.7 70.7 41,863.4 Movements in insurance contracts issued An analysis of the liability for remaining coverage and the liability for incurred claims for insurance contracts issued by the property and casualty insurance and reinsurance reporting segments measured under the PAA for the year ended December 31 were as follows: Year ended December 31, 2024 Property and Casualty Insurance and Reinsurance Liability for Liability for incurred claims (LIC) remaining Estimates of Risk adjustment coverage present value of for non-financial (LRC) (1) future cash flows risk Total Balance - January 1 3,610.8 35,530.6 2,651.3 41,792.7 Changes in the consolidated statement of comprehensive income: Insurance revenue (2) (29,589.0) — — (29,589.0) Incurred claims and other insurance service expenses (2)(3) 119.5 18,406.2 1,051.9 19,577.6 Amortization of acquisition costs 5,124.9 — — 5,124.9 Prior year reserve development and release of risk adjustment on prior year claims (4) — (232.8) (846.0) (1,078.8) Insurance service expenses (2) 5,244.4 18,173.4 205.9 23,623.7 Net insurance result (24,344.6) 18,173.4 205.9 (5,965.3) Net finance expense (income) from insurance contracts (5) (0.6) 1,634.6 — 1,634.0 Foreign exchange effects (6) (127.3) (625.6) (53.9) (806.8) Total changes in the consolidated statement of comprehensive income (24,472.5) 19,182.4 152.0 (5,138.1) Cash flows: Premiums received 29,692.6 — — 29,692.6 Claims and other insurance service expenses paid, including investment components — (17,848.0) — (17,848.0) Insurance acquisition cash flows (5,569.1) — — (5,569.1) Changes in funds withheld (78.3) 37.2 — (41.1) 24,045.2 (17,810.8) — 6,234.4 Investment components and other (436.4) 468.5 (12.1) 20.0 Balance - December 31 2,747.1 37,370.7 2,791.2 42,909.0 (1) Includes loss components of $64.7 at January 1, 2024 and $184.6 at December 31, 2024. (2) Insurance contracts acquired on the acquisition of Gulf Insurance were primarily accounted for as if the company had entered into the contracts on the acquisition date of December 26, 2023, with the fair value of the contracts deemed as the premium received. Consequently, the fair value of the insurance contracts acquired, comprising claims in their settlement period and unearned premiums, are included within the LRC, except settled claims that remain unpaid, which are included within the LIC. Claims acquired in their settlement period and included within the LRC are released into insurance revenue based on the expected amount and timing of claims settlements, and the actual settlement of claims is included within incurred claims and other insurance service expenses. Unearned premiums are released into insurance revenue over the remaining coverage period. During 2024 Gulf Insurance contributed insurance revenue of $3,239.0 , including $665.3 related to acquired contracts, and insurance service expenses of $2,920.6 , including $713.2 related to acquired contracts. The effect of acquired contracts decreased the net insurance result by $47.9 . Conversely, acquired contracts benefited the net reinsurance result by $54.1 as described in note 9. (3) Incurred claims and other insurance service expenses included within estimates of the present value of future cash flows is comprised of the Global Insurers and Reinsurers ( $8,788.7 ), North American Insurers ( $5,297.1 ) and International Insurers and Reinsurers ( $4,320.4 ) reporting segments. The increase to $4,320.4 in 2024 from $1,779.7 in 2023 in the International Insurers and Reinsurers reporting segment principally related to the acquisition of Gulf Insurance on December 26, 2023, which contributed $2,482.1 in 2024, including the effects of acquired contracts described in footnote 2. Incurred claims and other insurance service expenses included within risk adjustment for non-financial risk is comprised of the Global Insurers and Reinsurers ($ 647.3 ), North American Insurers ($ 237.1 ) and International Insurers and Reinsurers ( $167.5 ) reporting segments. (4) Reflects the release of risk adjustment for non-financial risk as claims are paid, comprised of the Global Insurers and Reinsurers ($ 630.2 ), North American Insurers ( $156.5 ) and International Insurers and Reinsurers ($ 59.3 ) reporting segments. When claims are initially incurred, the risk adjustment is included within incurred claims and other insurance service expenses in the table above. Prior year reserve development included within estimates of present value of future cash flows, comprised favourable prior year reserve development in the Global Insurers and Reinsurers ($ 211.5 ) and International Insurers and Reinsurers ( $149.6 ) reporting segments, partially offset by adverse prior year development in the North American Insurers ( $128.3 ) reporting segment. The increase from 2023, primarily reflected increased favourable prior year reserve development on non-catastrophe and catastrophe losses in the Global Insurers and Reinsurers reporting segment. (5) Net finance expense from insurance contracts included within estimates of present value of future cash flows is comprised of the Global Insurers and Reinsurers ($ 992.6 ), North American Insurers ( $389.3 ) and International Insurers and Reinsurers ( $252.7 ) reporting segments. The decrease in net finance expense in 2024 from 2023 from insurance contracts primarily reflects the effects of increased average discount rates in 2024 on prior years' net losses on claims, which has the effect of reducing net finance expense, and decreased average discount rates on interest accretion resulting from the unwinding of the effect of discounting as claims progress toward settlement in the Global Insurers and Reinsurers reporting segment. (6) Foreign exchange effects included within the total primarily includes the strengthening of the U.S. dollar relative to the company's insurance contract liabilities denominated in foreign currencies, primarily the Canadian dollar, euro, Brazilian real and the British pound sterling within the Global Insurers and Reinsurers ($254.0) , the North American Insurers ($220.7) and the International Insurers and Reinsurers ($150.9) reporting segments. Year ended December 31, 2023 Property and Casualty Insurance and Reinsurance Liability for Liability for incurred claims (LIC) remaining Estimates of Risk adjustment coverage present value of for non-financial (LRC) (1) future cash flows risk Total Balance - January 1 1,900.9 32,108.9 2,480.0 36,489.8 Changes in the consolidated statement of comprehensive income: Insurance revenue (26,095.0) — — (26,095.0) Incurred claims and other insurance service expenses (2) (81.2) 16,480.6 971.2 17,370.6 Amortization of acquisition costs 4,719.1 — — 4,719.1 Prior year reserve development and release of risk adjustment on prior year claims (3) — (73.3) (794.7) (868.0) Insurance service expenses 4,637.9 16,407.3 176.5 21,221.7 Net insurance result (21,457.1) 16,407.3 176.5 (4,873.3) Net finance expense from insurance contracts (4) 4.2 1,965.7 — 1,969.9 Foreign exchange effects 23.8 90.1 (28.1) 85.8 Total changes in the consolidated statement of comprehensive income (21,429.1) 18,463.1 148.4 (2,817.6) Cash flows: Premiums received 27,191.2 — — 27,191.2 Claims and other insurance service expenses paid, including investment components — (15,537.9) — (15,537.9) Insurance acquisition cash flows (5,196.6) — — (5,196.6) Changes in funds withheld 142.3 (21.8) — 120.5 22,136.9 (15,559.7) — 6,577.2 Investment components and other (170.4) 147.1 — (23.3) Contracts recognized on acquisition of subsidiary (5) 1,172.5 371.2 22.9 1,566.6 Balance - December 31 3,610.8 35,530.6 2,651.3 41,792.7 (1) Includes loss components of $139.0 at January 1, 2023 and $64.7 at December 31, 2023. (2) Incurred claims and other insurance service expenses included within estimates of present value of future cash flows is comprised of the Global Insurers and Reinsurers ( $9,596.8 ), North American Insurers ( $5,104.1 ) and International Insurers and Reinsurers ( $1,779.7 ) reporting segments. Incurred claims and other insurance service expenses included within risk adjustment for non-financial risk is comprised of the Global Insurers and Reinsurers ( $677.1 ), North American Insurers ( $191.1 ) and International Insurers and Reinsurers ( $103.0 ) reporting segments. (3) Reflects the release of risk adjustment for non-financial risk as claims are paid, primarily at the Global Insurers and Reinsurers ($589.9) and the North American Insurers ($155.9) reporting segments. When claims are initially incurred, the risk adjustment is included within incurred claims and other insurance service expenses in the table above. Prior year reserve development included within estimates of present value of future cash flows comprised favourable prior year reserve development at the Global Insurers and Reinsurers reporting segment ( $290.7 ), partially offset by adverse prior year reserve development at the International Insurers and Reinsurers ( $167.2 ) and North American Insurers ( $50.2 ) reporting segments. (4) Net finance expense from insurance contracts included within estimates of present value of future cash flows is comprised of the Global Insurers and Reinsurers ( $1,401.4 ), North American Insurers ( $407.6 ) and International Insurers and Reinsurers ( $156.7 ) reporting segments. (5) Principally reflects contracts recognized on the acquisition of Gulf Insurance, as described in note 21, which were primarily accounted for as if the company had entered into the contracts on the acquisition date, with the fair value of the contracts deemed as the premium received. Consequently, acquired contracts in their settlement period are included within the LRC and their expected settlement period deemed as the coverage period. Discount rates Cash flows are discounted using risk-free yield curves, adjusted to reflect the characteristics of the cash flows and the liquidity of the insurance contracts and reinsurance contract assets held. The company determines the yield curves using commercially available currency-specific rates and illiquidity premiums. The table below set out the primary yield curves that were used to discount the cash flows of insurance contracts and reinsurance contract assets held for currencies in which the company’s insurance revenue is principally based. December 31, 2024 December 31, 2023 Currencies 1 year 5 years 10 years 15 years 1 year 5 years 10 years 15 years United States dollar 4.64 % 4.83 % 5.17 % 5.37 % 5.00 % 4.57 % 4.70 % 4.81 % Canadian dollar 3.36 % 3.82 % 4.43 % 4.60 % 5.28 % 4.51 % 4.37 % 4.41 % Euro 2.38 % 2.50 % 2.91 % 3.23 % 3.38 % 2.64 % 2.86 % 3.08 % British pound sterling 4.74 % 4.68 % 5.14 % 5.51 % 4.95 % 3.93 % 4.26 % 4.60 % Development of insurance losses The development of insurance liabilities illustrates the estimation uncertainty associated with these liabilities and provides a measure of the company’s ability to estimate the ultimate value of claims. The loss development tables below present the estimates of undiscounted cumulative claims, excluding the risk adjustment, on both a gross and net of reinsurance basis for insurance contracts issued by the property and casualty insurance and reinsurance reporting segments at the end of each calendar year, the cumulative payments made in respect of those claims in subsequent years and the re-estimated amount of each calendar year’s cumulative claims as at December 31, 2024. Estimates of undiscounted gross cumulative claims Calendar year 2017 2018 2019 2020 2021 2022 2023 2024 Property and casualty provision for outstanding losses and loss adjustment expenses at December 31 25,284.5 25,426.9 26,528.3 28,700.5 32,329.1 36,306.4 41,221.8 44,110.0 Cumulative payments as of: One year later 6,917.3 7,191.0 7,018.7 6,986.7 8,410.7 10,341.7 11,386.6 Two years later 11,052.3 11,487.9 11,133.7 11,990.6 14,571.5 17,308.6 Three years later 13,928.6 14,318.9 14,702.8 16,410.5 19,487.3 Four years later 15,843.4 16,807.6 17,959.2 19,797.6 Five years later 17,528.7 19,121.9 20,332.7 Six years later 19,141.7 20,755.7 Seven years later 20,301.2 Reserves re-estimated as of: One year later 24,131.2 25,256.3 26,259.1 28,119.8 31,640.8 36,470.5 40,421.4 Two years later 24,091.7 25,124.0 26,052.6 27,894.1 32,041.6 36,493.3 Three years later 23,949.9 25,132.6 25,961.4 28,468.4 32,525.5 Four years later 24,046.1 25,286.7 26,611.8 29,118.6 Five years later 24,202.6 25,851.6 27,152.9 Six years later 24,554.7 26,226.1 Seven years later 24,824.2 Favourable (adverse) development 460.3 (799.2) (624.6) (418.1) (196.4) (186.9) 800.4 Favourable (adverse) development comprised of: Effect of foreign currency translation 555.9 307.3 410.5 399.5 338.8 250.1 390.0 Favourable (adverse) loss reserve development (95.6) (1,106.5) (1,035.1) (817.6) (535.2) (437.0) 410.4 460.3 (799.2) (624.6) (418.1) (196.4) (186.9) 800.4 Reconciliation to the liability for incurred claims at the property and casualty insurance and reinsurance reporting segments Property and casualty provision for outstanding losses and loss adjustment expenses as presented above 44,110.0 Effect of discounting (6,652.8) Risk adjustment for non-financial risk 3,364.9 Other (1) 227.2 Liability for incurred claims (PAA & GMM) 41,049.3 Less: Liability for incurred claims (GMM) (887.4) Liability for incurred claims (PAA) 40,161.9 Liability for incurred claims (PAA) as presented in the table above Estimates of present value of future cash flows 37,370.7 Risk adjustment for non-financial risk 2,791.2 Liability for incurred claims (PAA) 40,161.9 (1) Primarily includes settled losses payable and funds withheld, partially offset by reinstatement premiums payable. The effect of foreign currency translation in the table above primarily arose on translation of the provisions for losses to U.S. dollars of loss reserves of subsidiaries with functional currencies other than the U.S. dollar. The company’s exposure to foreign currency risk and the management thereof are discussed in note 22. Loss reserve development in the table above excludes the loss reserve development of a subsidiary in the year it is acquired whereas the consolidated statement of earnings includes the loss reserve development of a subsidiary from its acquisition date. Favourable loss reserve development in calendar year 2024 of $410.4 in the table above was principally comprised of favourable loss experience on more recent accident years, partially offset by continued emergence related to asbestos and other latent claims and unfavourable loss experience related to accident years 2016 to 2020. Estimates of undiscounted net cumulative claims (1) Calendar year 2017 2018 2019 2020 2021 2022 2023 2024 Property and casualty provision for outstanding losses and loss adjustment expenses at December 31 19,750.1 19,334.7 19,858.9 21,468.6 24,068.6 27,800.1 31,618.1 34,197.6 Cumulative payments as of: One year later 5,297.4 5,407.0 5,339.8 5,426.1 6,415.3 7,791.6 8,508.8 Two years later 8,394.6 8,606.4 8,480.3 9,269.8 11,042.3 13,108.6 Three years later 10,562.7 10,719.0 11,216.3 12,456.8 14,770.8 Four years later 12,010.0 12,624.3 13,473.3 14,979.6 Five years later 13,291.3 14,142.2 15,227.4 Six years later 14,348.9 15,378.5 Seven years later 15,221.8 Reserves re-estimated as of: One year later 18,642.9 19,052.8 19,587.2 21,233.4 23,808.7 27,534.6 30,843.5 Two years later 18,411.4 18,937.4 19,585.7 21,342.5 24,151.8 27,593.1 Three years later 18,275.8 19,052.3 19,845.5 21,728.2 24,570.4 Four years later 18,392.0 19,227.2 20,269.4 22,194.9 Five years later 18,589.3 19,589.3 20,657.3 Six years later 18,839.6 19,891.7 Seven years later 19,059.1 Favourable (adverse) development 691.0 (557.0) (798.4) (726.3) (501.8) 207.0 774.6 Favourable (adverse) development comprised of: Effect of foreign currency translation 231.2 67.5 173.2 207.5 260.9 117.6 336.6 Favourable (adverse) loss reserve development 459.8 (624.5) (971.6) (933.8) (762.7) 89.4 438.0 691.0 (557.0) (798.4) (726.3) (501.8) 207.0 774.6 Reconciliation to the liability for incurred claims, net of reinsurance, at the property and casualty insurance and reinsurance reporting segments Property and casualty provision for outstanding losses and loss adjustment expenses as presented above 34,197.6 Effect of discounting (5,157.7) Risk adjustment for non-financial risk 2,364.9 Other (2) (663.1) Liability for incurred claims, net of reinsurance (PAA & GMM) 30,741.7 Less: Liability for incurred claims, net of reinsurance (GMM) (876.8) Liability for incurred claims, net of reinsurance (PAA) 29,864.9 Liability for incurred claims, net of reinsurance (PAA) as presented in the preceding table and note 9 LIC (PAA) AIC (PAA) (note 9) LIC less AIC (PAA) Estimates of present value of future cash flows 37,370.7 9,449.8 27,920.9 Risk adjustment for non-financial risk 2,791.2 847.2 1,944.0 Liability for incurred claims, net of reinsurance (PAA) 40,161.9 10,297.0 29,864.9 (1) Net of asset for incurred claims for reinsurance contract assets held. (2) Primarily includes settled losses payable, net of reinsurance, partially offset by funds withheld and reclassification of certain retrospective contracts to the ARC.

Reinsurance Contract Assets Hel

Reinsurance Contract Assets Held	12 Months Ended
Reinsurance Contract Assets Held	Dec. 31, 2024
Reinsurance Contract Assets Held
Reinsurance Contract Assets Held	9. Reinsurance Contract Assets Held December 31, 2024 December 31, 2023 PAA GMM (1) Total PAA GMM (1) Total Reinsurance contract assets held (2) 9,757.2 925.4 10,682.6 9,856.3 1,031.4 10,887.7 (1) Comprised of reinsurance contract assets held measured under the GMM at Global Insurers and Reinsurers of $261.3 (2023 - $321.6 ), International Insurers and Reinsurers of $263.5 (2023 - $262.1 ) and Life insurance and Run-off of $400.6 (2023 - $447.7 ). (2) Total at December 31, 2024 was comprised of ARC of $15.8 and AIC of $10,666.8 (December 31, 2023 - $771.7 and $10,116.0 ). Reinsurance contract assets held, measured under the PAA by reporting segment and excluding intercompany balances, were as follows: Property and Casualty Insurance and Reinsurance Life North American Global Insurers International Insurers insurance Insurers and Reinsurers and Reinsurers Total and Run-off Consolidated ARC AIC Total ARC AIC Total ARC AIC Total 2024 January 1 (70.0) 1,250.3 1,180.3 (46.6) 7,007.2 6,960.6 296.7 1,416.1 1,712.8 9,853.7 2.6 9,856.3 December 31 (87.0) 1,236.2 1,149.2 (1.7) 6,750.2 6,748.5 (460.0) 2,310.6 1,850.6 9,748.3 8.9 9,757.2 2023 January 1 (15.2) 974.5 959.3 (182.1) 6,633.5 6,451.4 53.3 1,210.2 1,263.5 8,674.2 5.0 8,679.2 December 31 (70.0) 1,250.3 1,180.3 (46.6) 7,007.2 6,960.6 296.7 1,416.1 1,712.8 9,853.7 2.6 9,856.3 Movements in reinsurance contract assets held An analysis of the asset for remaining coverage and the asset for incurred claims for reinsurance contracts held by the property and casualty insurance and reinsurance reporting segments measured under the PAA for the years ended December 31 were as follows: Year ended December 31, 2024 Property and Casualty Insurance and Reinsurance Asset for incurred claims (AIC) Asset for Risk remaining Estimates of adjustment coverage present value of for non-financial (ARC) (1) future cash flows risk Total Balance - January 1 180.1 8,821.0 852.6 9,853.7 Changes in the consolidated statement of comprehensive income: Cost of reinsurance (2) (6,004.8) — — (6,004.8) Recoveries of incurred claims and other insurance service expenses (2)(3) 51.0 4,123.9 305.6 4,480.5 Prior year reserve development and release of risk adjustment on prior year claims (4) — 73.4 (291.9) (218.5) Recoveries of insurance service expenses (2) 51.0 4,197.3 13.7 4,262.0 Net reinsurance result (5,953.8) 4,197.3 13.7 (1,742.8) Net finance income (expense) from reinsurance contract assets held (5) (0.2) 461.1 — 460.9 Foreign exchange effects 7.9 (181.6) (15.7) (189.4) Total changes in the consolidated statement of comprehensive income (5,946.1) 4,476.8 (2.0) (1,471.3) Cash flows: Premiums paid 5,804.4 — — 5,804.4 Amounts received — (4,403.2) — (4,403.2) Changes in funds withheld (4.7) (35.7) — (40.4) 5,799.7 (4,438.9) — 1,360.8 Investment components and other (582.4) 592.2 (3.4) 6.4 Contracts recognized on acquisition of subsidiary — (1.3) — (1.3) Balance - December 31 (548.7) 9,449.8 847.2 9,748.3 (1) Includes loss recovery components of $23.0 at January 1, 2024 and $73.4 at December 31, 2024. (2) Reinsurance contracts acquired on the acquisition of Gulf Insurance were primarily accounted for as if the company had entered into the contracts on the acquisition date of December 26, 2023, with the fair value of the contracts deemed as the premiums paid. Consequently, the fair value of the reinsurance contracts acquired, comprising ceded claims in their settlement period and unearned ceded premiums, are included within the ARC, except settled ceded claims where payment has not yet been received, which are included within the AIC. Ceded claims acquired in their settlement period and included within the ARC are released into cost of reinsurance based on the expected amount and timing of ceded claims settlements, and the actual settlement of ceded claims is included within recoveries of incurred claims and other insurance service expenses. Unearned ceded premiums are released into cost of reinsurance over the remaining coverage period. During 2024 Gulf Insurance contributed cost of reinsurance of $1,301.3 , including $338.8 related to acquired contracts, and recoveries of insurance service expenses of $1,064.5 , including $392.9 related to acquired contracts. The effect of acquired contracts benefited the net reinsurance result by $54.1 . (3) Recoveries of incurred claims and other insurance service expenses included within estimates of the present value of future cash flows is comprised of the Global Insurers and Reinsurers( $1,677.0 ), International Insurers and Reinsurers ( $1,530.7 ) and North American Insurers ( $916.2 ) reporting segments. The increase to $1,530.7 in 2024 from $526.1 in 2023 in the International Insurers and Reinsurers reporting segment principally related to the acquisition of Gulf Insurance on December 26, 2023, which contributed $959.1 in 2024, including the effects of acquired contracts described in footnote 2. Recoveries of incurred claims and other insurance service expenses included within risk adjustment for non-financial risk is comprised of the Global Insurers and Reinsurers ( $167.7 ), International Insurers and Reinsurers ( $86.2 ) and North American Insurers ( $51.7 ) reporting segments. (4) Reflects the release of risk adjustment for non-financial risk as claims are recovered, primarily at the Global Insurers and Reinsurers ($217.4) and the North American Insurers ($43.2) reporting segments. When claims are initially incurred, the risk adjustment is included within recoveries of incurred claims and other insurance service expenses in the table above. Prior year reserve development included within estimates of present value of future cash flows, comprised of favourable prior year reserve development at the North American Insurers ( $81.7 ) and Global Insurers and Reinsurers ( $32.0 ) reporting segments, partially offset by adverse prior year reserve development at the International Insurers and Reinsurers ( $40.3 ) reporting segment, that decreased from 2023, primarily reflecting decreased favourable prior year reserve development in the International Insurers and Reinsurers reporting segment. (5) Net finance income from reinsurance contract assets held included within estimates of present value of future cash flows was comprised of the Global Insurers and Reinsurers ($266.0) , International Insurers and Reinsurers ($143.4) and North American Insurers ($51.7) reporting segments . The decrease in net finance income in 2024 from 2023 from reinsurance contract assets held primarily reflects the effects of increased average discount rates in 2024 on prior years' net losses on claims, which has the effect of reducing net finance income, and decreased average discount rates on interest accretion resulting from the unwinding of the effect of discounting as recoveries of claims progress toward settlement in the Global Insurers and Reinsurers reporting segment. Year ended December 31, 2023 Property and Casualty Insurance and Reinsurance Asset for incurred claims (AIC) Asset for Risk remaining Estimates of adjustment coverage present value of for non-financial (ARC) (1) future cash flows risk Total Balance - January 1 (144.0) 8,011.6 806.6 8,674.2 Changes in the consolidated statement of comprehensive income: Cost of reinsurance (4,759.6) — — (4,759.6) Recoveries of incurred claims and other insurance service expenses (2) (27.8) 3,496.2 330.1 3,798.5 Prior year reserve development and release of risk adjustment on prior year claims (3) — 227.0 (266.4) (39.4) Recoveries of insurance service expenses (27.8) 3,723.2 63.7 3,759.1 Net reinsurance result (4,787.4) 3,723.2 63.7 (1,000.5) Net finance income from reinsurance contract assets held (4) 0.8 520.9 — 521.7 Foreign exchange effects (41.9) (59.0) (31.9) (132.8) Total changes in the consolidated statement of comprehensive income (4,828.5) 4,185.1 31.8 (611.6) Cash flows: Premiums paid 4,786.2 — — 4,786.2 Amounts received — (3,502.6) — (3,502.6) Changes in funds withheld (3.1) (14.6) — (17.7) 4,783.1 (3,517.2) — 1,265.9 Investment components and other (7.2) 8.0 — 0.8 Contracts recognized on acquisition of subsidiary (5) 376.7 133.5 14.2 524.4 Balance - December 31 180.1 8,821.0 852.6 9,853.7 (1) Includes loss recovery components of $50.1 at January 1, 2023 and $23.0 at December 31, 2023. (2) Recoveries of incurred claims and other insurance service expenses included within estimates of present value of future cash flows is comprised of the Global Insurers and Reinsurers ($1,996.4) , North American Insurers ($973.7) and International Insurers and Reinsurers ($526.1) reporting segments. Recoveries of incurred claims and other insurance service expenses included within risk adjustment for non-financial risk is comprised of the Global Insurers and Reinsurers ($219.3) , International Insurers and Reinsurers ($57.7) and North American Insurers ($53.1) reporting segments. (3) Reflects the release of risk adjustment for non-financial risk as claims are recovered, primarily in the Global Insurers and Reinsurers ($200.9) and the North American Insurers ($40.4) reporting segments. When claims are initially incurred, the risk adjustment is included within recoveries of incurred claims and other insurance service expenses in the table above. Prior year reserve development included within estimates of present value of future cash flows is comprised of favourable prior year reserve development in the International Insurers and Reinsurers ( $217.8 ) and the North American Insurers ( $53.0 ) reporting segments, partially offset by adverse prior year reserve development in the Global Insurers and Reinsurers reporting segment ( $43.8 ). (4) Net finance income from reinsurance contract assets held included within estimates of present value of future cash flows was comprised of the Global Insurers and Reinsurers ($392.6) , International Insurers and Reinsurers ($78.6) and North American Insurers ($49.7) reporting segments. (5) Principally reflects contracts recognized on the acquisition of Gulf Insurance, as described in note 21, which were primarily accounted for as if the company had entered into the contracts on the acquisition date, with the fair value of the contracts deemed as the premium paid. Consequently, acquired contracts in their settlement period are included within the ARC and their expected settlement period deemed as the coverage period .

Net Finance Income or Expense f

Net Finance Income or Expense from Insurance Contracts and Reinsurance Contract Assets Held	12 Months Ended
	Dec. 31, 2024
Net Finance Income or Expense from Insurance Contracts and Reinsurance Contract Assets Held
Net Finance Income or Expense from Insurance Contracts and Reinsurance Contract Assets Held	10. Net Finance Income or Expense from Insurance Contracts and Reinsurance Contract Assets Held 2024 2023 Net finance income (expense) from insurance contracts Interest accreted to insurance contracts (1) (2,027.7) (1,889.5) Effect of changes in interest rates and other financial assumptions 272.8 (263.2) (1,754.9) (2,152.7) Net finance income (expense) from reinsurance contract assets held Interest accreted to reinsurance contract assets held (2) 546.4 502.0 Effect of changes in interest rates and other financial assumptions (71.4) 45.1 475.0 547.1 Net finance expense from insurance contracts and reinsurance contract assets held (1,279.9) (1,605.6) (1) Primarily includes interest accretion resulting from unwinding the effects of discounting on the opening balance of LIC using discount rates in effect at the beginning of the year and interest accretion resulting from unwinding the effects of discounting on incurred claims and other insurance service expenses recorded during the year using current period average discount rates. (2) Primarily includes interest accretion resulting from unwinding the effects of discounting on the opening balance of the AIC using discount rates in effect at the beginning of the year and interest accretion resulting from unwinding the effects of discounting recoveries of incurred claims and other insurance service expenses recorded during the year using current period average discount rates. Insurance contracts and reinsurance contract assets held are subject to interest rate risk, as discussed in note 22, and changes in the company's net finance income (expense) from insurance contracts and reinsurance contract assets held due to changes in market interest rates may not correspond directly with net gains or losses on certain of the company's investments, principally within the fixed income portfolio. While net insurance finance income or expense reflects the effects and changes in time value of money and financial risk related to those net liabilities, investment returns are based on the company's overall investment strategy. The company's capital management objectives, which are discussed in the Capital Management section of note 22, include maintaining sufficient liquid resources at the holding company and operating company levels to meet company obligations while remaining opportunistic in deploying capital. As a result, there is not a direct relationship between the company's net finance income or expenses from insurance contracts and reinsurance contract assets held and the investment return on the portfolio investments. Generally, an increase (decrease) in interest rates will result in a decrease (increase) to the carrying values of both the company’s fixed income portfolio and the liability for incurred claims, net of reinsurance. While the change to the carrying value of each will not necessarily be equal in magnitude when there is a movement in interest rates, the impact on the company's net earnings is mitigated. The table below presents the company’s net effects from changes in discount rates on insurance contracts and reinsurance contract assets held and net gains (losses) on bonds recognized in the consolidated statement of earnings for the years ended December 31, 2024 and 2023. 2024 2023 Effect of changes in discount rates on total bonds (731.3) 714.1 Effect of changes in interest rates on insurance contracts and reinsurance contract assets held 201.4 (218.1) Net benefit (loss) from changes in discount rates in consolidated statement of earnings (529.9) 496.0

Insurance Contract Receivables

Insurance Contract Receivables and Payables	12 Months Ended
Insurance Contract Receivables and Payables	Dec. 31, 2024
Insurance Contract Receivables and Payables
Insurance Contract Receivables and Payables	11. Insurance Contract Receivables and Payables Insurance contract receivables were comprised as follows: December 31, December 31, 2024 2023 Insurance premiums receivable from agents, brokers and other intermediaries 428.8 615.9 Insurance contract receivables from third party administrators and other 351.6 310.2 780.4 926.1 Current 761.3 685.3 Non-current 19.1 240.8 780.4 926.1 Insurance contract payables were comprised as follows: December 31, December 31, 2024 2023 Payable to agents and brokers 199.5 374.2 Investment contracts associated with life insurance products (1) 577.3 626.5 Other insurance contract payables 146.2 206.2 923.0 1,206.9 Current 337.1 518.4 Non-current 585.9 688.5 923.0 1,206.9 (1) Contracts issued by the company’s life insurance operations which do not transfer significant insurance risk, but do transfer financial risk from the policyholder to the company, representing a financial liability.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
Goodwill and Intangible Assets	Dec. 31, 2024
Goodwill and Intangible Assets
Goodwill and Intangible Assets	12. Goodwill and Intangible Assets Goodwill and intangible assets were comprised as follows: Goodwill Intangible assets Total Lloyd’s Customer Computer participation and broker Brand software rights (1) relationships (2) names (1)(2) and other (1)(2) Balance - January 1, 2024 3,121.9 503.2 1,070.6 1,169.9 510.7 6,376.3 Additions (3) 1,152.5 — 335.8 777.9 272.5 2,538.7 Disposals (22.9) — (17.0) (1.0) (3.2) (44.1) Amortization — — (125.0) (2.8) (138.7) (266.5) Impairments (30.3) — (52.0) (2.6) (10.6) (95.5) Foreign exchange effect and other (96.3) — (8.9) (96.8) (28.7) (230.7) Balance - December 31, 2024 4,124.9 503.2 1,203.5 1,844.6 602.0 8,278.2 Gross carrying amount 4,488.0 503.2 2,039.4 1,901.3 1,839.9 10,771.8 Accumulated amortization — — (803.7) (20.1) (1,209.6) (2,033.4) Accumulated impairment and other (363.1) — (32.2) (36.6) (28.3) (460.2) 4,124.9 503.2 1,203.5 1,844.6 602.0 8,278.2 Goodwill Intangible assets Total Lloyd’s Customer Computer participation and broker Brand software rights (1) relationships (2) names (1)(2) and other (1)(2) Balance - January 1, 2023 2,927.5 503.2 653.9 1,028.8 575.6 5,689.0 Additions (3) 355.8 — 538.2 123.5 208.8 1,226.3 Disposals (45.9) — (35.9) (0.5) — (82.3) Amortization — — (92.9) (3.0) (277.4) (373.3) Impairments (132.4) — — (3.7) (0.1) (136.2) Foreign exchange effect and other 16.9 — 7.3 24.8 3.8 52.8 Balance - December 31, 2023 3,121.9 503.2 1,070.6 1,169.9 510.7 6,376.3 Gross carrying amount 3,485.6 503.2 1,765.9 1,232.2 1,684.4 8,671.3 Accumulated amortization — — (710.3) (20.6) (1,154.5) (1,885.4) Accumulated impairment and other (363.7) — 15.0 (41.7) (19.2) (409.6) 3,121.9 503.2 1,070.6 1,169.9 510.7 6,376.3 (1) Indefinite-lived intangible assets not subject to amortization had an aggregate carrying value at December 31, 2024 of $2,294.7 (December 31, 2023 - $1,756.8 ), which included brand names of $1,700.5 (December 31, 2023 - $1,161.7 ). Brand names and Lloyd's participation rights are considered to be indefinite-lived based on their strength, history and expected future use. (2) Intangible assets with a finite life, including customer and broker relationships ( 8 to 20 years ) and computer software ( 3 to 15 years ), had an aggregate carrying value at December 31, 2024 of $1,858.6 (December 31, 2023 - $1,497.6 ). (3) On October 1, 2024 the company acquired Sleep Country, and on November 29, 2024 and December 20, 2024 the company acquired additional interests in Meadow Foods and Peak Achievement, and consolidated their assets and liabilities on their respective acquisition dates. On December 26, 2023 the company acquired an additional interest in Gulf Insurance and consolidated its assets and liabilities on the date of acquisition. See note 21. Goodwill and intangible assets were allocated to the company’s cash-generating units (“CGUs”) as follows: December 31, 2024 December 31, 2023 Intangible Intangible Goodwill assets Total Goodwill assets Total Insurance and reinsurance companies Allied World 940.0 431.0 1,371.0 940.0 474.3 1,414.3 Gulf Insurance 346.6 542.9 889.5 330.5 607.0 937.5 Brit 167.3 534.6 701.9 167.7 527.4 695.1 Zenith National 317.6 62.6 380.2 317.6 69.3 386.9 Crum & Forster 132.6 84.0 216.6 132.6 99.0 231.6 Northbridge 76.9 110.9 187.8 83.8 136.6 220.4 Odyssey Group 107.9 49.8 157.7 119.7 49.4 169.1 All other (1) 92.5 99.3 191.8 96.7 103.1 199.8 2,181.4 1,915.1 4,096.5 2,188.6 2,066.1 4,254.7 Non-insurance companies Recipe 264.0 835.3 1,099.3 293.6 919.0 1,212.6 Sleep Country 517.3 398.3 915.6 — — — Peak Achievement 279.0 443.0 722.0 — — — Meadow Foods 222.0 322.2 544.2 — — — AGT 148.2 55.5 203.7 150.7 49.4 200.1 Thomas Cook India 123.4 46.0 169.4 126.9 48.1 175.0 Boat Rocker 29.4 78.1 107.5 59.7 102.9 162.6 All other (2) 360.2 59.8 420.0 302.4 68.9 371.3 1,943.5 2,238.2 4,181.7 933.3 1,188.3 2,121.6 4,124.9 4,153.3 8,278.2 3,121.9 3,254.4 6,376.3 (1) Comprised primarily of balances related to AMAG Insurance, Eurolife and Fairfax Central and Eastern Europe. (2) Comprised primarily of balances related to Dexterra Group, Grivalia Hospitality and Fairfax India’s subsidiaries. Impairment tests for goodwill and indefinite-lived intangible assets were completed during 2024 and it was concluded that no significant impairments had occurred. When testing for impairment, the recoverable amount of each CGU or group of CGUs was based on the higher of (i) fair value less costs of disposal, determined using market prices inclusive of a control premium or discounted cash flow models, and (ii) value-in-use, determined using discounted cash flow models. In preparing discounted cash flow models, cash flow projections typically covering a five year period were derived from financial budgets approved by management. A number of other assumptions and estimates including net insurance revenue, investment returns, regulatory capital ratios, other revenues, expenses, royalty rates and working capital requirements were required to be incorporated into the discounted cash flow models. The forecasts were based on best estimates of future net insurance revenue or other revenues and operating expenses using historical trends, general geographical market conditions, industry trends and forecasts and other available information. These assumptions and estimates were reviewed by the applicable CGU’s management and by Fairfax management. The cash flow forecasts were adjusted by applying appropriate discount rates within a range of 9.8% to 11.9% for insurance and reinsurance subsidiaries, and 10.6% to 11.1% for non-insurance subsidiaries. A long term investment return within a range of 5.0% to 7.0% was applied to the investment portfolios of insurance and reinsurance subsidiaries. The long term growth rates used to extrapolate cash flows beyond five years for the majority of the CGUs ranged from 3.0% to 3.7%.

Other Assets

Other Assets	12 Months Ended
Other Assets	Dec. 31, 2024
Other Assets
Other Assets	13. Other assets were comprised as follows: December 31, 2024 December 31, 2023 Insurance Insurance and Non- and Non- reinsurance insurance reinsurance insurance companies (1) companies Total companies (1) companies Total Premises and equipment, right-of-use assets and non-insurance companies’ investment property (2) 811.5 2,818.7 3,630.2 875.1 2,380.6 3,255.7 Assets associated with unit-linked insurance and other products (3) 1,368.3 — 1,368.3 1,204.0 — 1,204.0 Inventories (2) — 857.6 857.6 — 669.1 669.1 Non-insurance revenue receivables (2) — 835.4 835.4 — 611.6 611.6 Accrued interest and dividends 473.7 9.5 483.2 488.0 2.8 490.8 Prepaid expenses 154.9 227.8 382.7 170.5 180.4 350.9 Income tax, sales tax and subsidies receivable 86.6 165.6 252.2 60.4 215.5 275.9 Finance lease receivables 6.1 173.7 179.8 7.8 207.4 215.2 Call options on non-controlling interests (4) 177.8 — 177.8 306.6 — 306.6 Prepaid losses on claims 153.3 — 153.3 151.0 — 151.0 Pension surplus 100.4 — 100.4 96.3 — 96.3 Other (5) 451.6 115.5 567.1 553.0 110.1 663.1 3,784.2 5,203.8 8,988.0 3,912.7 4,377.5 8,290.2 Current 1,374.0 2,206.6 3,580.6 1,425.3 1,702.9 3,128.2 Non-current 2,410.2 2,997.2 5,407.4 2,487.4 2,674.6 5,162.0 3,784.2 5,203.8 8,988.0 3,912.7 4,377.5 8,290.2 (1) Includes Life insurance and Run-off, and the group holding companies. (2) The increase during 2024 principally reflected the acquisition of Sleep Country and the consolidation of Peak Achievement and Meadow Foods, as described in note 21. (3) Primarily includes investment assets held for insurance contracts written by the company's life insurance operations that transfer the market risk associated with the underlying investment performance which supports the benefit payments to the policyholder ("unit-linked"). The liability for the associated life policy benefits are included within insurance contract liabilities (note 8). The company measures the underlying investments for these unit-linked contracts at fair value. (4) Comprised of call options on the non-controlling interests in Allied World and Odyssey Group, which expire in 2026 and 2029, respectively (2023 - also included a call option on the non-controlling interests in Brit, which was exercised in 2024 as described further below). At certain dates subsequent to expiry of a call option, the non-controlling interests may request an initial public offering of their shares, the structure, process and timing of which will be controlled by the company; in certain circumstances, the non-controlling interests may request a sale of the respective operating company to a third party. On December 13, 2024 the company acquired the remaining shares of Brit that it did not already own from Brit’s minority shareholder (OMERS), through the exercise of its call option, increasing its ownership interest in Brit from 86.2% to 100.0% . (5) Principally comprised of other receivables, deposits and deferred compensation plans.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	12 Months Ended
Accounts Payable and Accrued Liabilities	Dec. 31, 2024
Accounts Payable and Accrued Liabilities
Accounts Payable and Accrued Liabilities	14. Accounts payable and accrued liabilities were comprised as follows: December 31, 2024 December 31, 2023 Insurance Insurance and Non- and Non- reinsurance insurance reinsurance insurance companies (1) companies Total companies (1) companies Total Lease liabilities (2) 348.2 956.6 1,304.8 349.0 726.2 1,075.2 Payables related to cost of sales (2) — 1,209.8 1,209.8 — 965.2 965.2 Salaries and employee benefit liabilities 709.8 157.4 867.2 642.3 115.5 757.8 Deferred gift card, hospitality and other revenue 24.5 417.5 442.0 34.8 425.9 460.7 Income taxes payable (3) 376.0 56.3 432.3 284.8 22.1 306.9 Put options held by non-controlling interests (4) 176.6 25.1 201.7 180.7 69.4 250.1 Accrued taxes 92.4 40.6 133.0 82.5 33.2 115.7 Pension and post retirement liabilities 96.1 13.2 109.3 145.1 12.0 157.1 Administrative and other (5) 1,084.9 293.3 1,378.2 1,142.4 256.1 1,398.5 2,908.5 3,169.8 6,078.3 2,861.6 2,625.6 5,487.2 Current 1,950.5 1,995.1 3,945.6 1,818.3 1,739.1 3,557.4 Non-current 958.0 1,174.7 2,132.7 1,043.3 886.5 1,929.8 2,908.5 3,169.8 6,078.3 2,861.6 2,625.6 5,487.2 (1) Includes Life insurance and Run-off, and the group holding companies. (2) The increase during 2024 principally reflected the acquisition of Sleep Country and the consolidation of Peak Achievement and Meadow Foods, as described in note 21. (3) Includes Pillar Two global minimum taxes payable at December 31, 2024 of $93.7 (December 31, 2023 - nil ), principally related to the insurance and reinsurance companies. (4) Principally a put option held by Eurobank on the non-controlling interest in Eurolife. (5) Principally comprised of accrued operating expenses, accrued interest expense, payables for securities purchased but not yet settled, advances from customers and liabilities related to business acquisitions.

Borrowings

Borrowings	12 Months Ended
Borrowings	Dec. 31, 2024
Borrowings
Borrowings	15. December 31, 2024 December 31, 2023 Carrying Fair Carrying Fair Principal value (a) value (b) Principal value (a) value (b) Borrowings - holding company Fairfax unsecured notes (d) 4.875% due August 13, 2024 (1) — — — 279.3 279.0 277.5 4.95% due March 3, 2025 (Cdn$348.6) (f)(1) — — — 264.3 263.7 264.3 8.30% due April 15, 2026 (e) 91.8 91.8 95.4 91.8 91.8 97.1 4.70% due December 16, 2026 (Cdn$450.0) (f) 312.9 312.4 319.1 341.3 340.4 339.9 4.25% due December 6, 2027 (Cdn$650.0) (f) 452.0 451.3 459.0 492.9 492.0 486.4 2.75% due March 29, 2028 (€750.0) (g) 776.6 771.7 767.5 828.5 821.5 791.9 4.85% due April 17, 2028 600.0 598.1 596.3 600.0 597.5 592.7 4.23% due June 14, 2029 (Cdn$500.0) (f) 347.7 346.8 353.0 379.2 378.1 371.6 4.625% due April 29, 2030 650.0 647.3 634.7 650.0 646.8 627.3 3.375% due March 3, 2031 596.8 586.8 532.4 596.8 585.2 527.0 3.95% due March 3, 2031 (Cdn$840.0) (f) 584.1 581.2 579.9 637.0 633.4 598.9 5.625% due August 16, 2032 741.2 736.2 749.9 741.2 735.6 742.5 6.00% due December 7, 2033 (1) 750.0 747.5 773.5 400.0 394.0 410.6 4.73% due November 22, 2034 (Cdn$450.0) (f)(2) 312.9 311.2 317.0 — — — 7.75% due July 15, 2037 (e) 91.3 90.8 104.4 91.3 90.7 104.3 6.35% due March 22, 2054 (3) 1,000.0 988.3 1,031.1 — — — 5.23% due November 23, 2054 (Cdn$250.0) (f)(2) 173.8 172.8 179.0 — — — Notes payable 495.0 448.2 448.2 660.0 579.2 579.2 Revolving credit facility (4) — — — — — — 7,976.1 7,882.4 7,940.4 7,053.6 6,928.9 6,811.2 Borrowings - insurance and reinsurance companies Allied World 4.35% senior notes due October 29, 2025 (5) — — — 500.0 501.8 488.0 Allied World primary co-obligor on 6.10% unsecured senior notes due March 15, 2055 (5) 600.0 594.2 597.4 — — — Allied World other borrowings 16.7 19.2 19.3 18.0 20.6 19.5 Gulf Insurance floating rate long term loans due 2027 165.0 165.0 166.7 172.9 172.9 171.9 Zenith National 8.55% debentures due August 1, 2028 (d) 38.5 38.4 38.5 38.5 38.4 38.5 Brit 3.6757% subordinated notes due December 9, 2030 (£127.0) 159.0 159.0 135.9 161.9 161.9 118.3 979.2 975.8 957.8 891.3 895.6 836.2 Borrowings - non-insurance companies (c) Fairfax India 5.00% unsecured senior notes due 2028 441.6 439.9 414.3 441.6 439.4 399.4 Fairfax India subsidiary borrowings 96.3 96.3 96.3 75.8 75.8 75.8 Sleep Country credit facilities, unsecured senior notes and loans (6) 468.7 456.6 468.7 — — — AGT credit facilities, senior notes and loans (7) 467.5 464.8 465.0 493.5 491.0 488.0 Peak Achievement credit facilities and loans (8) 436.0 432.7 436.0 — — — Recipe credit facilities, senior notes and loans 309.6 308.2 299.2 400.2 398.2 384.8 Grivalia Hospitality bond loans 235.1 234.1 234.1 205.8 205.2 205.2 Loans and revolving credit facilities primarily at floating rates (9)(10)(11)(12) 464.0 462.9 464.0 289.4 289.4 289.4 2,918.8 2,895.5 2,877.6 1,906.3 1,899.0 1,842.6 Total debt 11,874.1 11,753.7 11,775.8 9,851.2 9,723.5 9,490.0 ( a) Principal net of unamortized issue costs and discounts (premiums). (b) Based principally on quoted market prices with the remainder based on discounted cash flow models using market observable inputs (Levels 1 and 2 respectively in the fair value hierarchy). (c) These borrowings are non-recourse to the holding company. (d) Issuer may redeem any time at prices specified in the instrument’s offering document, except those disclosed in footnote (e) below. (e) Not redeemable prior to the contractual maturity date. (f) Designated as a hedge of the company’s net investment in its Canadian subsidiaries. See note 22 under the heading of “Market risk”. (g) Designated as a hedge of the company’s net investment in its European operations. See note 22 under the heading of “Market risk”. During and subsequent to 2024 the company and its subsidiaries completed the following debt transactions: Holding company (1) On January 12, 2024 the company completed a re-opening of its offering of $400.0 principal amount of 6.00% unsecured senior notes due December 7, 2033, completed on December 7, 2023, for $200.0 principal amount for net proceeds, excluding accrued interest, of $200.2 after premium, commissions and expenses. On January 29, 2024 the company used a portion of the net proceeds from the offering to redeem its remaining $279.3 principal amount of 4.875% unsecured senior notes due August 13, 2024 for cash consideration of $285.6 , including accrued interest, and on March 15, 2024 the company used the remainder of the net proceeds from the offering to redeem its Cdn $348.6 principal amount of 4.95% unsecured senior notes due March 3, 2025 for cash consideration of Cdn $349.1 , including accrued interest. On June 24, 2024 the company completed a second re-opening of its offering of 6.00% unsecured senior notes due December 7, 2033, for $150.0 principal amount for net proceeds, excluding accrued interest, of $152.9 after premium, commissions and expenses. Together with the previously issued $600.0 aggregate principal amount of 6.00% senior notes due 2033, there is $750.0 aggregate principal amount of the notes outstanding (comprising the initial offering of $400.0 principal amount on December 7, 2023, the first re-opening of $200.0 principal amount on January 12, 2024 as described above and the second re-opening of $150.0 principal amount on June 24, 2024). (2) On November 22, 2024 the company completed an offering of $321.9 (Cdn $450.0 ) and $178.8 (Cdn $250.0 ) principal amount of 4.73% and 5.23% unsecured senior notes due November 22, 2034 and November 23, 2054 for net proceeds of $320.2 and $177.8 after discount, commissions and expenses, respectively. Contemporaneously with the issuances, the company designated the carrying value of its Cdn $450.0 and Cdn $250.0 senior notes due November 22, 2034 and November 23, 2054, respectively, as a hedge of a portion of its net investment in Canadian subsidiaries. See note 22 under the heading of “Market risk” for details. (3) On March 22, 2024 the company completed an offering of $1.0 billion principal amount of 6.35% unsecured senior notes due March 22, 2054 for net proceeds of $988.1 after discount, commissions and expenses. (4) On July 17, 2024 the company amended and extended its $2.0 billion unsecured revolving credit facility with a syndicate of lenders on substantially the same terms and extended the expiry from July 14, 2028 to July 17, 2029. The revolving credit facility contains certain financial covenants that require the company to maintain a ratio of consolidated debt to consolidated capitalization not exceeding 0.35 :1 and consolidated shareholders’ equity of not less than $11.5 billion, both calculated as defined in such financial covenants. At December 31, 2024 and 2023, the revolving credit facility was undrawn and the company was in compliance with its financial covenants. Insurance and reinsurance companies (5) On June 24, 2024 the company completed an offering of $600.0 principal amount of 6.10% unsecured senior notes due March 15, 2055 (“2055 notes”) for net proceeds of $591.7 after discount, commissions and expenses. On July 19, 2024, pursuant to an agreement and in exchange for cash received from the holding company of $596.6 , including accrued interest, Allied World became the primary co-obligor of the 2055 notes. The 2055 notes are the joint and several obligations of the company and Allied World, with Allied World being the primary co-obligor and at first instance liable for the 2055 notes. On July 24, 2024 Allied World used the majority of those proceeds to redeem its outstanding $500.0 principal amount of 4.35% senior notes due October 29, 2025 for cash consideration of $505.1 , including accrued interest. Non-insurance companies (6) On October 1, 2024 the company acquired and consolidated Sleep Country, which included new non-recourse borrowings of $317.9 (Cdn $429.2 ) of a newly formed purchasing entity that amalgamated with Sleep Country upon closing of the acquisition. On November 28, 2024 Sleep Country completed an offering of Cdn $450.0 principal amount of 6.625% unsecured senior notes due November 28, 2032 and used the proceeds to partially repay the borrowings drawn by the purchasing entity. See note 21 for details. (7) On November 15, 2024 AGT amended its credit facilities to decrease the aggregate facilities from Cdn $710.0 to Cdn $690.0 and to extend the maturity from March 16, 2025 to March 15, 2027. (8) On December 20, 2024 the company increased its equity interest and consolidated Peak Achievement, which included new non-recourse borrowings of $339.0 of a newly formed purchasing entity that amalgamated with Peak Achievement upon closing of the acquisition. Subsequently, Peak Achievement borrowed $436.0 on its credit facility and used the proceeds to repay its existing borrowings and the borrowings drawn by the purchasing entity. See note 21 for details. (9) On October 18, 2024 Boat Rocker amended its revolving credit facility to decrease the facility from $250.0 to $85.0 and to extend the maturity from October 18, 2024 to October 18, 2025. (10) On November 29, 2024 the company consolidated Meadow Foods, which included borrowings of $235.9 at December 31, 2024. See note 21 for details. (11) On January 24, 2025 Sporting Life extended the maturity of its credit facilities of Cdn $111.0 from October 29, 2025 to January 24, 2028. (12) On February 14, 2025 Fairfax India amended its revolving credit facility to increase the limit from $175.0 to $250.0 , and to allow for the issuance of letters of credit. On February 20, 2025 Fairfax India acquired an additional 10.0% equity interest in Bangalore Airport and issued a letter of credit for $170.9 representing the deferred purchase price on that acquisition. See note 6 for details. Changes in the carrying values of borrowings for the years ended December 31 were as follows: 2024 2023 Insurance Insurance and Non- and Non- Holding reinsurance insurance Holding reinsurance insurance company companies companies Total company companies companies Total Balance – January 1 6,928.9 895.6 1,899.0 9,723.5 5,887.6 733.4 2,003.9 8,624.9 Cash inflows from issuances 2,430.9 — 1,380.9 3,811.8 393.9 — 228.6 622.5 Cash outflows from repayments (702.1) (507.7) (665.2) (1,875.0) (21.8) (7.8) (163.9) (193.5) Net cash inflows (outflows) from credit facilities and short term loans — — (51.2) (51.2) — (10.0) (185.4) (195.4) Non-cash changes: Acquisitions of subsidiaries (note 21) — — 466.6 466.6 579.2 172.9 — 752.1 Gain on redemption — (1.4) — (1.4) (1.7) (2.7) (24.3) (28.7) Transfers (1) (594.2) 594.2 — — — — — — Foreign exchange effect and other (181.1) (4.9) (134.6) (320.6) 91.7 9.8 40.1 141.6 Balance – December 31 7,882.4 975.8 2,895.5 11,753.7 6,928.9 895.6 1,899.0 9,723.5 (1) On July 19, 2024 pursuant to an agreement and in exchange for cash received from the holding company of $596.6 , including accrued interest, Allied World became the primary co-obligor of the 2055 notes, as described in footnote 5 above. Principal repayments on borrowings are due as follows: 2025 2026 2027 2028 2029 Thereafter Total Holding company 165.0 569.7 617.0 1,376.6 347.7 4,900.1 7,976.1 Insurance and reinsurance companies 50.5 39.1 76.4 38.8 0.3 774.1 979.2 Non-insurance companies 272.4 155.2 567.8 683.8 365.6 874.0 2,918.8 Total 487.9 764.0 1,261.2 2,099.2 713.6 6,548.2 11,874.1 Interest Expense Interest expense in 2024 of $649.0 (2023 – $510.0) was comprised of interest on borrowings by the holding company and the insurance and reinsurance companies of $456.6 (2023 - $330.5), interest on borrowings by the non-insurance companies (which are non-recourse to the holding company) of $136.7 (2023 – $130.0) and accretion of lease liabilities of $55.7 (2023 - $49.5).

Total Equity

Total Equity	12 Months Ended
Total Equity	Dec. 31, 2024
Total Equity
Total Equity	16. Equity attributable to shareholders of Fairfax Authorized capital The authorized share capital of the company consists of an unlimited number of preferred shares issuable in series, an unlimited number of multiple voting shares (cumulatively carrying 41.8% voting power) and an unlimited number of subordinate voting shares carrying one vote per share. Issued capital Issued capital at December 31, 2024 was comprised of 1,548,000 multiple voting shares and 22,886,704 subordinate voting shares without par value prior to deducting 1,967,008 subordinate voting shares reserved in treasury for share-based payment awards (December 31, 2023 – 1,548,000, 24,233,657 and 1,979,179 respectively). The multiple voting shares are not traded. Common stock The number of shares outstanding was as follows: 2024 2023 Subordinate voting shares – January 1 22,254,478 22,576,535 Purchases for cancellation (1,346,953) (364,723) Treasury shares acquired (207,974) (110,528) Treasury shares reissued 220,145 153,194 Subordinate voting shares – December 31 20,919,696 22,254,478 Multiple voting shares – beginning and end of year 1,548,000 1,548,000 Interest in multiple and subordinate voting shares held through ownership interest in shareholder – beginning and end of year (799,230) (799,230) Common stock effectively outstanding – December 31 21,668,466 23,003,248 During 2024 the company purchased for cancellation 1,346,953 subordinate voting shares (2023 - 364,723) principally under the terms of its normal course issuer bids at a cost of $1,588.4 (2023 – $273.6), of which $1,254.7 (2023 – $183.2) was charged to retained earnings. Included were 275,000 subordinate voting shares purchased from Prem Watsa, the company’s Chairman and CEO, for $304.3 pursuant to an exemption from the issuer bid requirements contained in applicable Canadian securities laws. Dividends paid by the company on its outstanding multiple voting and subordinate voting shares were as follows: Date of declaration Date of record Date of payment Dividend per share Total cash payment January 3, 2025 January 16, 2025 January 23, 2025 $ 15.00 $ 343.6 January 3, 2024 January 18, 2024 January 25, 2024 $ 15.00 $ 363.1 January 4, 2023 January 19, 2023 January 26, 2023 $ 10.00 $ 245.2 Treasury shares and share-based payment awards During 2024 the company acquired for treasury 207,974 subordinate voting shares at a cost of $240.4 (2023 - 110,528 subordinate voting shares at a cost of $89.6) for use in its share-based payment awards. Additionally, during 2024 the company reissued 220,145 subordinate voting shares from treasury, which were previously acquired at a cost of $108.3, in settlement of vested share-based payment awards (2023 - reissued 153,194 subordinate voting shares from treasury previously acquired at a cost of $74.2). Share-based payment awards comprise a portion of the company's annual bonus to its senior employees at the holding company and at the insurance and reinsurance operating companies. All of the company's share-based payment awards of Fairfax subordinate voting shares are accounted for as equity settled plans and generally vest over a five-year service period. The fair value of share-based payment awards on the grant date is amortized to compensation expense over the vesting period, with a corresponding increase to the share-based payments equity reserve in common shareholders' equity. During 2024 compensation expense of $164.9 (2023 - $147.0) related to share-based payment awards was recorded in the consolidated statement of earnings. Preferred stock The terms of the company’s cumulative five-year rate reset preferred shares at December 31, 2024 were as follows: Next possible Fixed redemption and Number of Liquidation dividend Floating conversion shares Carrying preference per rate per dividend rate date (1)(2) outstanding (3) value (3) Stated capital (3) share annum (4) per annum (5) Series E March 31, 2025 5,440,132 $ 124.5 Cdn $ 136.0 Cdn $ 25.00 3.18 % — Series F March 31, 2025 2,099,046 $ 48.0 Cdn $ 52.5 Cdn $ 25.00 — 5.64 % Series G September 30, 2025 7,719,843 $ 182.1 Cdn $ 193.0 Cdn $ 25.00 2.96 % — Series H September 30, 2025 2,280,157 $ 53.8 Cdn $ 57.0 Cdn $ 25.00 — 6.04 % Series I December 31, 2025 10,420,101 $ 250.5 Cdn $ 260.5 Cdn $ 25.00 3.33 % — Series J December 31, 2025 1,579,899 $ 38.0 Cdn $ 39.5 Cdn $ 25.00 — 6.33 % Series K March 31, 2027 9,500,000 $ 231.7 Cdn $ 237.5 Cdn $ 25.00 5.05 % — Series M March 31, 2025 9,200,000 $ 179.6 Cdn $ 230.0 Cdn $ 25.00 5.00 % — $ 1,108.2 Cdn $ 1,206.0 (1) Fixed and floating rate cumulative preferred shares are redeemable by the company at each stated redemption date and on each subsequent five-year anniversary date at Cdn$ 25.00 per share. (2) Holders of Series E, Series G, Series I, Series K and Series M fixed rate cumulative preferred shares will have the option to convert their shares into Series F, Series H, Series J, Series L and Series N floating rate cumulative preferred shares respectively, at the specified conversion dates, and on each subsequent five-year anniversary date. Holders of Series F, Series H and Series J floating rate cumulative preferred shares will have the option to convert their shares into Series E, Series G and Series I fixed rate cumulative preferred shares respectively, at the specified conversion dates, and on each subsequent five-year anniversary date. (3) For each series of preferred shares, the number of shares outstanding, carrying value and stated capital remained unchanged during 2024 and 2023. (4) The Series E, Series G, Series I, Series K and Series M preferred shares have a fixed dividend rate equal to the five-year Government of Canada bond yield plus 2.16% , 2.56% , 2.85% , 3.51% and 3.98% respectively, with rate resets on each subsequent five-year anniversary date. (5) The Series F, Series H, and Series J preferred shares, and the Series L and Series N preferred shares (of which none are currently issued), have a floating dividend rate equal to the three-month Government of Canada treasury bill yield plus 2.16% , 2.56% , 2.85% , 3.51% and 3.98% respectively, with rate resets at the end of each calendar quarter. On December 31, 2024 the company redeemed all of its 7,515,642 Series C fixed rate cumulative preferred shares and 2,484,358 Series D floating rate cumulative preferred shares with carrying values of $170.8 and $56.5 for $130.6 (Cdn$187.9) and $43.2 (Cdn$62.1) respectively, or Cdn$25.00 per share, and recognized a gain of $53.5 in net changes in capitalization in the consolidated statement of changes in equity. Subsequent to December 31, 2024, on February 28, 2025 the company announced it will redeem on March 31, 2025 all of its 5,440,132 Series E fixed rate cumulative preferred shares for Cdn$136.0 (Cdn$25.00 per share), 2,099,046 Series F cumulative floating rate cumulative preferred shares for Cdn$52.5 (Cdn$25.00 per share) and 9,200,000 Series M fixed rate cumulative preferred shares for Cdn$230.0 (Cdn$25.00 per share). During 2024 the company paid preferred share dividends of $48.6 (2023 - $49.7). Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax was comprised as follows: December 31, 2024 December 31, 2023 Income tax Income tax Pre-tax (expense) After-tax Pre-tax (expense) After-tax amount recovery amount amount recovery amount Items that may be subsequently reclassified to net earnings Foreign currency translation losses (1,333.2) 42.8 (1,290.4) (983.1) 42.2 (940.9) Share of accumulated other comprehensive loss of associates, excluding net gains (losses) on defined benefit plans (307.7) 28.2 (279.5) (169.0) 11.7 (157.3) (1,640.9) 71.0 (1,569.9) (1,152.1) 53.9 (1,098.2) Items that will not be subsequently reclassified to net earnings Net gains (losses) on defined benefit plans 57.8 (8.2) 49.6 (1.9) 9.9 8.0 Share of net gains (losses) on defined benefit plans of associates (8.2) 0.1 (8.1) (9.1) (0.1) (9.2) Other 178.2 (33.8) 144.4 153.1 (15.9) 137.2 227.8 (41.9) 185.9 142.1 (6.1) 136.0 Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax (1,413.1) 29.1 (1,384.0) (1,010.0) 47.8 (962.2) Non-controlling interests Details of non-controlling interests as at and for the years ended December 31 were as follows: Net earnings (loss) attributable to non- December 31, 2024 December 31, 2023 controlling interests Economic Economic Ownership Carrying Ownership Carrying percentage (6) value percentage (6) value 2024 2023 Insurance and reinsurance companies (1) Allied World (2)(3) 16.6 % 989.0 16.6 % 972.7 176.1 211.8 Odyssey Group (3) 9.99 % 665.7 9.99 % 602.3 128.1 104.9 Brit (3)(4) — 532.6 13.8 % 881.2 137.4 188.1 Gulf Insurance (5) 2.9 % 494.1 9.99 % 605.3 1.7 — All other — 58.8 — 54.3 7.3 4.9 2,740.2 3,115.8 450.6 509.7 Non-insurance companies Restaurants and retail — 147.7 — 163.5 9.2 5.6 Fairfax India (6) 57.3 % 1,029.9 57.5 % 1,131.1 (63.7) 235.4 Thomas Cook India 35.5 % 97.1 35.4 % 86.0 11.7 6.0 Other — 266.3 — 254.0 (19.8) (43.6) 1,541.0 1,634.6 (62.6) 203.4 4,281.2 4,750.4 388.0 713.1 (1) Includes property and casualty insurance and reinsurance companies, Life insurance and Run-off, and the group holding companies. (2) On June 23, 2023 the company purchased shares from minority shareholders of Allied World for cash consideration of $30.6 , increasing its ownership interest in Allied World from 82.9% to 83.4% . Concurrently, certain terms of the Allied World shareholders agreement were amended to extend the company’s option to purchase the remaining interests of the minority shareholders in Allied World at certain dates from September 2024 to September 2026. (3) During 2024 the operating companies comprising the Global Insurers and Reinsurers reporting segment paid aggregate dividends of $256.3 (2023 - $180.3 ) to non-controlling interests, with the increase in 2024 primarily reflecting the timing of a dividend payment to Allied World's non - controlling interests. (4) On December 13, 2024 the company purchased the remaining shares of Brit from Brit’s minority shareholder (OMERS) for total consideration of $525.9 , inclusive of the fair value of a call option exercised and an accrued dividend paid, which increased the company’s ownership interest in Brit from 86.2% to 100.0% . The remaining carrying value of the non-controlling interest at Brit at December 31, 2024 relates to Brit’s subsidiary Ki Insurance (December 31, 2023 - $466.3 ). Brit’s shareholding in Ki Insurance remained unchanged throughout 2024, as Brit continues to hold 20.0% of Ki Insurance’s share capital, with voting rights of 51.0% . (5) On April 25, 2024 the company completed a mandatory tender offer for the non-controlling interests in Gulf Insurance and increased its equity interest from 90.0% to 97.1% for cash consideration of $126.7 . On December 26, 2023 the company commenced consolidating Gulf Insurance as described in note 21. (6) At December 31, 2024 Fairfax India’s non-controlling interest economic ownership percentage was 57.3% (December 31, 2023 - 57.5% ) which differed from its non-controlling interest voting percentage of 4.8% (December 31, 2023 – 4.8% ). Net changes in capitalization The impact on common shareholders’ equity and non-controlling interests of certain capital transactions and changes in ownership interests of the company’s consolidated subsidiaries for the years ended December 31, 2024 and 2023 are included in net changes in capitalization in the consolidated statement of changes in equity as shown in the table below. See note 21 and under the heading “Non-controlling interests” earlier in this note for details of those transactions. 2024 2023 Common Non- Common Non- shareholders’ controlling shareholders’ controlling equity interests equity interests Acquisition of non-controlling interests in Brit (76.0) (449.9) — — Additional interest acquired in Gulf Insurance through mandatory tender offer (note 21) (41.2) (85.5) — — Redemption of Series C and Series D cumulative preferred shares 53.5 — — — Partial disposition of Digit Insurance by Digit on completion of Digit Insurance's initial public offering (note 6) 97.5 — — — Purchase of certain securities held through AVLNs entered with RiverStone Barbados — — (45.1) (178.0) Partial disposition of Thomas Cook India shares — — 45.8 19.8 Fairfax India share repurchases (0.8) (7.6) (1.9) (35.4) Acquisition of non-controlling interests in Allied World — — (3.0) (27.6) Other (75.0) 29.5 (63.0) (30.9) As presented in net changes in capitalization in the consolidated statement of changes in equity (42.0) (513.5) (67.2) (252.1)

Earnings per Share

Earnings per Share	12 Months Ended
Earnings per Share	Dec. 31, 2024
Earnings per Share
Earnings per Share	17. Net earnings per share is calculated using the weighted average common shares outstanding as follows: 2024 2023 Net earnings attributable to shareholders of Fairfax 3,874.9 4,381.8 Preferred share dividends (48.6) (49.7) Excess of book value over consideration of preferred shares redeemed (note 16) 53.5 — Net earnings attributable to common shareholders – basic and diluted 3,879.8 4,332.1 Weighted average common shares outstanding – basic 22,373,092 23,182,558 Share-based payment awards 1,790,368 1,823,558 Weighted average common shares outstanding – diluted 24,163,460 25,006,116 Net earnings per common share – basic $ 173.41 $ 186.87 Net earnings per common share – diluted $ 160.56 $ 173.24

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2024
Income Taxes
Income Taxes	18. The company’s provision for income taxes for the years ended December 31 were comprised as follows: 2024 2023 Current income tax: Current year expense (1) 1,132.0 648.8 Adjustments to prior years’ income taxes (11.4) (8.7) 1,120.6 640.1 Deferred income tax: Origination and reversal of temporary differences 291.3 193.4 Adjustments to prior years’ deferred income taxes (36.3) (20.1) 255.0 173.3 Provision for income taxes 1,375.6 813.4 (1) Includes Pillar Two global minimum taxes of $93.7 in 2024 (2023 - nil ), which primarily relate to income earned in Bermuda. A significant portion of the company’s earnings before income taxes may be earned or incurred outside of Canada. The statutory income tax rates for jurisdictions outside of Canada generally differ from the Canadian statutory income tax rate, and may be significantly higher or lower. The company’s earnings before income taxes by jurisdiction and the associated provision for (recovery of) income taxes for the years ended December 31 are summarized in the following table: 2024 2023 Canada (1) U.S. (2) U.K. (3) Other (4) Total Canada (1) U.S. (2) U.K. (3) Other (4) Total Earnings before income taxes 1,089.9 2,182.8 662.5 1,703.3 5,638.5 1,115.6 1,764.3 881.9 2,146.5 5,908.3 Provision for (recovery of) income taxes 499.9 454.0 81.2 340.5 1,375.6 234.9 362.2 (48.5) 264.8 813.4 Net earnings 590.0 1,728.8 581.3 1,362.8 4,262.9 880.7 1,402.1 930.4 1,881.7 5,094.9 (1) Includes Fairfax India. (2) Principally comprised of Crum & Forster, Zenith National, Odyssey Group (notwithstanding that Odyssey Group has operations outside of the U.S.), U.S. Run-off and other associated holding company results. (3) Comprised of Brit. (4) Primarily includes companies in India, Asia and Europe (excluding the U.K.), and Allied World, which has operations in multiple jurisdictions, and in 2024 also includes Gulf Insurance which is based in Kuwait and operates through its subsidiaries throughout the Middle East and North Africa region. Reconciliations of the provision for income taxes calculated at the Canadian statutory income tax rate to the provision for income taxes at the effective tax rate in the consolidated financial statements for the years ended December 31 are summarized in the following table: 2024 2023 Canadian statutory income tax rate 26.5 % 26.5 % Provision for income taxes at the Canadian statutory income tax rate 1,494.2 1,565.7 Non-taxable investment income and losses (88.2) (182.3) Tax rate differential on income and losses outside Canada (140.0) (473.2) Change in unrecorded tax benefit of losses and temporary differences 87.3 (9.7) Change in tax rate for deferred income taxes 49.1 (132.3) Recovery relating to prior years (47.7) (28.8) Foreign exchange effect (23.3) 12.5 Other including permanent differences 44.2 61.5 Provision for income taxes 1,375.6 813.4 Non-taxable investment income of $88.2 in 2024 and $182.3 in 2023 were principally comprised of dividend income, non-taxable interest income and long term or exempt capital gains, and the 50% of net capital gains and losses which are not taxable or deductible in Canada. The tax rate differential on income and losses outside Canada of $140.0 in 2024 principally related to income taxed at lower rates in the U.S. and Bermuda, partially offset by losses tax effected at lower rates in Mauritius and by Pillar Two global minimum taxes of $93.7. The tax rate differential on income outside Canada of $473.2 in 2023 principally related to income taxed at lower rates in the U.S., Mauritius and Bermuda. The change in tax rate for deferred income taxes was an income tax provision of $49.1 in 2024, which primarily related to changes in capital gains tax rates in India. The change in tax rate for deferred income taxes was an income tax recovery of $132.3 in 2023, which primarily related to deferred income tax assets recognized as a result of new tax laws in Bermuda, including the introduction of a 15% corporate income tax effective January 1, 2025 and a transition adjustment resulting in an increase in the tax basis of net assets. As a result of the transition adjustment, a deferred income tax asset of $140.8 was recorded during 2023. Income taxes refundable and payable were as follows: December 31, December 31, 2024 2023 Income taxes refundable 86.7 59.0 Income taxes payable (432.3) (306.9) Net income taxes payable (345.6) (247.9) Changes in net income taxes payable during the years ended December 31 were as follows: 2024 2023 Balance - January 1 (247.9) (293.9) Amounts recorded in the consolidated statements of earnings (1,120.6) (640.1) Payments made during the year 1,005.6 713.9 Acquisitions of subsidiaries (note 21) (8.6) (31.3) Foreign exchange effect and other 25.9 3.5 Balance - December 31 (345.6) (247.9) Changes in the net deferred income tax asset (liability) during the years ended December 31 were as follows: 2024 Operating Insurance and and capital reinsurance Intangible Tax losses Investments held contracts assets credits Other Total Balance - January 1 313.4 (611.8) (358.0) (308.3) 33.6 (18.1) (949.2) Amounts recorded in the consolidated statement of earnings (59.8) (183.7) (119.0) 36.3 25.5 45.7 (255.0) Amounts recorded in total equity 5.8 14.4 — — — (27.8) (7.6) Acquisitions of subsidiaries (note 21) 10.7 0.1 (0.3) (186.1) (0.3) (31.1) (207.0) Foreign exchange effect and other (16.0) 13.5 0.5 15.3 0.2 16.3 29.8 Balance - December 31 254.1 (767.5) (476.8) (442.8) 59.0 (15.0) (1,389.0) 2023 Operating Insurance and and capital reinsurance Intangible Tax losses Investments held contracts assets credits Other Total Balance - January 1 226.8 (193.0) (382.8) (376.1) 75.4 (81.0) (730.7) Amounts recorded in the consolidated statement of earnings 57.2 (411.8) 41.1 116.6 (20.2) 43.8 (173.3) Amounts recorded in total equity 15.0 (5.8) — — — 5.8 15.0 Acquisitions of subsidiaries (note 21) (0.3) 2.7 (4.1) (46.2) — (13.0) (60.9) Foreign exchange effect and other 14.7 (3.9) (12.2) (2.6) (21.6) 26.3 0.7 Balance - December 31 313.4 (611.8) (358.0) (308.3) 33.6 (18.1) (949.2) Management expects that recognized deferred income tax assets will be realized in the normal course of operations. The most significant temporary differences included in the net deferred income tax liability at December 31, 2024 related to investments (primarily related to net unrealized investment gains at the holding company), insurance and reinsurance held contracts, and intangible assets, partially offset by deferred income tax assets related to operating and capital losses and tax credits. Insurance and reinsurance held contracts are recorded on a discounted basis in these consolidated financial statements but are calculated at different discount rates or on an undiscounted basis in certain jurisdictions for income tax, resulting in temporary differences. Deferred income tax liabilities on intangible assets primarily relate to intangible assets recognized on acquisitions (principally Brit, Recipe, and Meadow Foods) that are typically not deductible in the determination of income taxes payable. In these consolidated financial statements, investment gains and losses are primarily recognized on a mark-to-market basis but are typically only recognized for income tax purposes when realized (particularly in the U.S. and several other jurisdictions). The deferred income tax asset related to operating and capital losses arises primarily at Brit and Northbridge. Tax credits are primarily in the U.S. and principally relate to foreign taxes paid that will reduce U.S. taxes payable in the future. Other deferred income tax liabilities include taxable and deductible temporary differences related to pensions, restricted interest and financing expenses, and premises and equipment. Management conducts ongoing reviews of the recoverability of the deferred income tax asset and adjusts, as necessary, to reflect its anticipated realization. At December 31, 2024 deferred income tax assets of $965.7 (December 31, 2023 - $899.8), which relate principally to operating and capital losses, have not been recorded. The losses for which deferred income tax assets have not been recorded are comprised of losses in Canada of $2,016.5 (December 31, 2023 - $2,075.4), losses in Europe of $703.6 (December 31, 2023 - $624.6), losses in the U.S. of $375.6 (December 31, 2023 - $377.8), and losses at Allied World, Falcon, and Farmers Edge of $208.1 across various jurisdictions (December 31, 2023 - $341.6). The losses in Canada expire between 2029 and 2044. The losses and foreign tax credits in the U.S. primarily expire between 2025 and 2044. Substantially all of the losses in Europe do not have an expiry date. Allied World’s losses are primarily in the U.K. and Asia, with no expiry date, and in Switzerland which expire within seven years. Deferred income tax has not been recognized for the withholding tax and other taxes that could be payable on the unremitted earnings of certain subsidiaries, which at December 31, 2024 amounted to approximately $16.2 billion (December 31, 2023 - approximately $13.4 billion) and are not likely to be repatriated in the foreseeable future. International Tax Reform - Pillar Two Model Rules On May 23, 2023 the IASB issued amendments to IAS 12 Income Taxes Certain aspects of the Pillar Two model rules were enacted into law in Canada on June 20, 2024. The rules are generally effective as of January 1, 2024, and are intended to ensure that multinational enterprises pay a minimum of 15% tax in each jurisdiction in which they operate. Certain other jurisdictions in which the company operates have enacted or substantively enacted Pillar Two legislation, certain aspects of which will generally be effective for the company for taxation years beginning on January 1, 2024. A number of jurisdictions are implementing, or considering the implementation of, new domestic tax regimes, or are planning to revise existing tax regimes, in response to the global Pillar Two tax initiative. In December 2023, Bermuda introduced a domestic corporate income tax of 15%, effective January 1, 2025. This is generally expected to result in an increase in the company’s liability for taxes in Bermuda and to reduce any Pillar Two top-up taxes payable by the company in respect of Bermuda.

Statutory Requirements

Statutory Requirements	12 Months Ended
Statutory Requirements	Dec. 31, 2024
Statutory Requirements
Statutory Requirements	19 . The retained earnings of the company are largely represented by retained earnings at the company’s insurance and reinsurance subsidiaries. Those subsidiaries are subject to certain requirements and restrictions under their respective insurance company Acts including minimum capital requirements and dividend restrictions. The company’s capital requirements and management thereof are discussed in note 22, under the heading “Capital Management”. The company’s share of dividends paid in 2024 by the insurance and reinsurance subsidiaries, which are eliminated on consolidation, was $1,955.6 (2023 - $787.8). Based on the surplus and net earnings (loss) of the primary insurance and reinsurance subsidiaries as at and for the year ended December 31, 2024, the maximum dividend capacity available in 2025 at each of those subsidiaries, payable to all shareholders (including non-controlling interests) is as follows: December 31, 2024 North American Insurers Northbridge (1) 362.1 Crum & Forster 269.7 Zenith National 70.6 702.4 Global Insurers and Reinsurers Allied World 1,475.2 Odyssey Group 788.8 Brit 104.6 2,368.6 International Insurers and Reinsurers Gulf Insurance 93.7 3,164.7 (1) Subject to prior regulatory approval. When determining the amount of dividends to be paid from its insurance and reinsurance subsidiaries, the company considers regulatory capital requirements, and also rating agency capital tests, future capital levels required to support growth and tax planning matters, among other factors. The non-controlling interests in Allied World and Odyssey Group have a dividend in priority to the company.

Contingencies and Commitments

Contingencies and Commitments	12 Months Ended
Contingencies and Commitments	Dec. 31, 2024
Contingencies and Commitments
Contingencies and Commitments	20. The company and its subsidiaries, in the ordinary course of their business, are or may be anticipated to be defendants, or named as third parties, in damage suits. The uninsured exposure to the company is not considered to be material to the company’s financial position, financial performance or cash flows. Odyssey Group, Brit and Allied World (“the Lloyd’s participants”) underwrite in the Lloyd’s of London insurance market through their participation in certain Lloyd’s syndicates. The Lloyd’s participants have pledged cash and cash equivalents of $208.6 and securities with a fair value of $1,640.2 at December 31, 2024 as capital to support those underwriting activities. Pledged securities primarily consist of short term investments, bonds and equity investments presented within portfolio investments on the consolidated balance sheet. The Lloyd’s participants have the ability to substitute other securities for these pledged securities, subject to certain admissibility criteria. The Lloyd’s participants’ liability in respect of assets pledged as capital is limited to the aggregate amount of the pledged assets and their obligation to support these liabilities will continue until such liabilities are settled or are reinsured by a third party approved by Lloyd’s. The company believes that the syndicates for which the Lloyd’s participants are capital providers maintain sufficient liquidity and financial resources to support their ultimate liabilities and does not anticipate that the pledged assets will be utilized. At December 31, 2024 the company's maximum capital commitments for potential investments was $3,811.9 for first mortgage loans and $1,498.8 for common stocks, limited partnerships, associates and joint ventures.

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
Acquisitions and Divestitures	Dec. 31, 2024
Acquisitions and Divestitures
Acquisitions and Divestitures	21. Year ended December 31, 2024 Acquisition of additional interest in Peak Achievement Athletics Inc. On December 20, 2024 the company increased its equity interest in Peak Achievement Athletics Inc. (“Peak Achievement”) to 100.0% by acquiring the 42.6% equity interest owned by Sagard Holdings Inc. and the 14.8% equity interest owned by other minority shareholders for purchase consideration of $765.0, comprised of new non-recourse borrowings of $339.0 (by a newly formed purchasing entity, which amalgamated with Peak Achievement upon close), the company’s existing 42.6% equity interest in Peak Achievement with a fair value of $325.7 and cash consideration of $100.3. The assets acquired and liabilities assumed of Peak Achievement were consolidated in the company’s Non-insurance companies reporting segment, pursuant to which the company remeasured its existing 42.6% equity accounted investment in Peak Achievement to its fair value of $325.7 and recorded a pre-tax gain of $203.4 in net gains on investments in the consolidated statement of earnings. Peak Achievement is engaged in the design, manufacture and distribution of performance sports equipment and related apparel and accessories for ice hockey, roller hockey and lacrosse, under brands such as Bauer Hockey, Cascade Lacrosse and Maverik Lacrosse. Acquisition of additional interest in Meadow Foods Limited On November 29, 2024 the company increased its equity interest in Meadow Foods Limited (“Meadow Foods”) to 93.2% for purchase consideration of $333.1, comprised of the company’s existing equity interest in Meadow Foods with a fair value of $250.5 (£197.1, which approximated carrying value) and additional consideration of $82.6 (£65.0). The assets acquired and liabilities assumed of Meadow Foods were consolidated in the company’s Non-insurance companies reporting segment. Meadow Foods is a value-added milk, fats, fresh confectionery and plant-based bulk ingredients business. Acquisition of Sleep Country Canada Holdings Inc. On October 1, 2024 the company acquired all of the issued and outstanding common shares of Sleep Country Canada Holdings Inc. (“Sleep Country”) for purchase consideration of $880.6 (Cdn$1.2 billion) or Cdn$35.00 per common share, and commenced consolidating the assets, liabilities and results of operations of Sleep Country in its Non-insurance companies reporting segment. The purchase consideration was comprised of cash of $562.7 (Cdn$759.9) and new non-recourse borrowings of $317.9 (Cdn$429.2) by a newly formed purchasing entity, which amalgamated with Sleep Country upon close. Sleep Country is a specialty sleep retailer with a national retail store network and multiple e-commerce platforms. The preliminary determination of the fair value of assets acquired and liabilities assumed in connection with the acquisitions described above are summarized in the table that follows and will be finalized within twelve months of the respective acquisition dates. Sleep Country (1) Meadow Foods (1) Peak Achievement Total Acquisition date October 1, 2024 November 29, 2024 December 20, 2024 Percentage equity interest in acquiree 100.0 % 93.2 % 100.0 % Assets: Portfolio investments (2) 27.9 12.5 64.1 104.5 Deferred income tax assets 16.7 — 0.3 17.0 Goodwill and intangible assets (3) 973.2 552.3 722.0 2,247.5 Other assets (4) 451.4 204.3 281.8 937.5 Total assets 1,469.2 769.1 1,068.2 3,306.5 Liabilities: Accounts payable and accrued liabilities (5) 382.0 107.4 153.9 643.3 Deferred income tax liabilities 76.0 88.7 66.9 231.6 Borrowings - non-insurance companies (6) 130.6 239.5 82.4 452.5 Total liabilities 588.6 435.6 303.2 1,327.4 Non-controlling interests — 0.4 — 0.4 Purchase consideration (6) 880.6 333.1 765.0 1,978.7 1,469.2 769.1 1,068.2 3,306.5 (1) Amounts translated into U.S. dollars at the acquisition date. (2) Portfolio investments include subsidiary cash and cash equivalents of $100.7 . (3) Comprised of goodwill of $550.9 and intangible assets of $422.3 (primarily brand names of $365.4 ) at Sleep Country, goodwill of $279.0 and intangible assets of $443.0 (primarily brand names of $342.6 ) at Peak Achievement, and goodwill of $225.3 and intangible assets of $327.0 (primarily customer relationships of $241.1 ) at Meadow Foods. (4) Primarily comprised of premises and equipment and right of use assets of $306.5 and inventory of $94.5 at Sleep Country, non-insurance revenue receivables of $116.0 and inventory of $87.0 at Peak Achievement, and premises and equipment and right of use assets of $85.9 and non - insurance revenue receivables of $77.8 at Meadow Foods. (5) Primarily comprised of lease liabilities of $226.3 and payables related to costs of sales of $108.8 at Sleep Country, and payables related to costs of sales of $78.7 at Meadow Foods. (6) Borrowing - non-insurance companies excludes the new borrowings described above that were drawn by the newly formed purchasing entities which amalgamated with Sleep Country and Peak Achievement upon close of the respective transactions. The new borrowings included in the respective purchase consideration, together with the borrowings assumed on the acquisitions, are included in Borrowings - non insurance companies on the consolidated balance sheet at December 31, 2024. See note 15 for details. Year ended December 31, 2023 Acquisition of Gulf Insurance On December 26, 2023 the company increased its equity interest in Gulf Insurance to 90.0% from 43.7% by acquiring all shares of Gulf Insurance under the control of KIPCO and certain of its affiliates that represented 46.3% of the equity interest in Gulf Insurance. As a result, the company commenced consolidating Gulf Insurance’s property and casualty insurance operations within the International Insurers and Reinsurers reporting segment and Gulf Insurance’s life insurance operations within the Life insurance and Run - off reporting segment. Gulf Insurance is a diversified composite insurer based in Kuwait that operates across the Middle East and North Africa (“MENA”) region through its subsidiaries. In accordance with applicable Kuwaiti regulatory requirements and the rules of the Boursa Kuwait, the exchange on which Gulf Insurance’s shares are traded, the company paid the purchase price to KIPCO in full in Kuwaiti Dinar on closing. Pursuant to the terms of the agreement, immediately following settlement of the transaction, KIPCO returned to the company in cash the full purchase price less an amount of Kuwaiti Dinar equal to $176.9, and the company delivered to KIPCO a payment deed of $660.0 which requires the company to make four equal annual payments of $165.0 to KIPCO beginning on the first anniversary of closing of the transaction. The aggregate purchase consideration paid by the company to KIPCO on closing was $756.1, comprised of cash of $176.9 and the fair value of the payment deed of $579.2. On closing of the transaction, the company remeasured its previously held 43.7% equity accounted investment in Gulf Insurance to its fair value of $713.0 and recognized a pre – tax gain of $279.9 in gain on sale and consolidation of insurance subsidiaries in the consolidated statement of earnings, inclusive of foreign currency translation losses that were reclassified from accumulated other comprehensive income (loss) to the consolidated statement of earnings. On February 18, 2024, in accordance with the regulations of the Capital Markets Authority of Kuwait, the company initiated a mandatory tender offer for the remaining 9.99% equity interest in Gulf Insurance which closed on April 25, 2024 and resulted in the company increasing its equity interest in Gulf Insurance from 90.0% to 97.1% for cash consideration of $126.7. The determination of the fair value of assets acquired and liabilities assumed are summarized in the table that follows: Gulf Insurance Acquisition date December 26, 2023 Percentage of common shares acquired 90.0 % Assets: Portfolio investments (1) 2,372.6 Reinsurance contract assets held 571.3 Deferred income tax assets 14.4 Goodwill and intangible assets (2) 967.3 Other assets (3) 459.1 Total assets 4,384.7 Liabilities: Accounts payable and accrued liabilities (4) 292.0 Deferred income tax liabilities 67.1 Insurance contract payables 34.8 Insurance contract liabilities 1,745.4 Borrowings - holding company and insurance and reinsurance companies 172.9 Total liabilities 2,312.2 Non-controlling interests (5) 603.4 Purchase consideration (6) 1,469.1 4,384.7 (1) Included subsidiary cash and cash equivalents of $459.9 , of which $31.3 was restricted. (2) Comprised of goodwill of $347.5 and intangible assets of $619.8 (primarily customer relationships of $263.9 , distribution networks of $232.8 and brand names of $123.0 ). (3) Primarily comprised of premises and equipment ( $136.8 ) and unit-linked life investment contracts ( $138.1 ). (4) Primarily comprised of accounts payable, accrued compensation costs and income taxes payable. (5) Includes the non-controlling interests arising from Gulf Insurance’s non-wholly owned subsidiaries and the 9.99% equity interest in Gulf Insurance that was not acquired by the company on closing, with the allocation of all of the non-controlling interests to Gulf Insurance’s property and casualty insurance operations within the company’s International Insurers and Reinsurers reporting segment. Non-controlling interests in Gulf Insurance were measured as the proportionate share of the identifiable net assets acquired. (6) Comprised of cash consideration of $176.9 and the fair value of the payment deed of $579.2 paid to KIPCO for the 46.3% equity interest in Gulf Insurance, and the company’s existing 43.7% equity interest in Gulf Insurance with a fair value of $713.0 . Sale of Ambridge Group by Brit On May 10, 2023 Brit sold Ambridge Group (“Ambridge”), its Managing General Underwriter operations, to Amynta Group. The company received $379.0, comprised of cash of $265.8 and a promissory note with a fair value of $113.2. As a result of the sale, the company recorded a pre-tax gain of $259.1 in gain on sale and consolidation of insurance subsidiaries in the consolidated statement of earnings (an after-tax gain of $259.1) and deconsolidated assets and liabilities with carrying values of $309.3 and $191.3 respectively.

Financial Risk Management

Financial Risk Management	12 Months Ended
Financial Risk Management	Dec. 31, 2024
Financial Risk Management
Financial Risk Management	22. Overview The primary goals of the company’s financial risk management are to ensure that the outcomes of activities involving elements of risk are consistent with the company’s objectives and risk tolerance, while maintaining an appropriate balance between risk and reward and protecting the company’s consolidated balance sheet from events that have the potential to materially impair its financial strength. The company’s exposure to potential loss from its insurance and reinsurance operations and investment activities primarily relates to underwriting risk, credit risk, liquidity risk and various market risks. Balancing risk and reward is achieved through identifying risk appropriately, aligning risk tolerances with business strategy, diversifying risk, pricing appropriately for risk, mitigating risk through preventive controls and transferring risk to third parties. There were no significant changes in the types of the company’s risk exposures or the processes used by the company for managing those risk exposures at December 31, 2024 compared to those identified at December 31, 2023, except as discussed below. Financial risk management objectives are achieved through a two tiered system, with detailed risk management processes and procedures at the company’s primary operating subsidiaries and its investment management subsidiary combined with the analysis of the company- wide aggregation and accumulation of risks at the holding company. In addition, although the company and its operating subsidiaries each have an officer with designated responsibility for risk management, the company regards each Chief Executive Officer as the chief risk officer of their company; each Chief Executive Officer is the individual ultimately responsible for risk management for his or her company and its subsidiaries. The company’s President and Chief Operating Officer reports on risk considerations to the company’s Executive Committee and provides a quarterly report on key risk exposures to the company’s Board of Directors. The Executive Committee, in consultation with the President and Chief Operating Officer, approves certain policies for overall risk management, as well as policies addressing specific areas such as investments, underwriting, catastrophe risk and reinsurance. The company’s Investment Committee approves policies for the management of market risk (including currency risk, interest rate risk and other price risk) and the use of derivative and non-derivative financial instruments, and monitors to ensure compliance with relevant regulatory guidelines and requirements. A discussion of the company’s risks and the management of those risks is an agenda item for every regularly scheduled meeting of the Board of Directors. United States Tariffs The announced imposition of tariffs by the United States (the “U.S. Tariffs”) and retaliatory measures between governments may cause multifaceted effects on the economy. The U.S. Tariffs may adversely impact the company's operations by causing supply chain disruptions, economic downturn, inflationary pressures, and uncertainty in capital markets. The company is currently assessing the direct and indirect impacts to its operations of these tariffs and potential retaliatory tariffs and other trade protectionist measures that may arise, and such impacts may be significant, including inflationary pressures on loss costs, particularly for raw materials in the auto and construction industries. Failure to mitigate the negative effects of the U.S. Tariffs on the company's business could have a material adverse impact on the company's operating results and financial condition. While the company is taking steps to seek to mitigate the potential impact on its business, given that developments are ongoing with respect to these tariffs and other measures, their impacts are uncertain and could adversely affect the company's business, financial condition and results of operations. Underwriting Risk Property and casualty insurance and reinsurance Underwriting risk is the risk that insurance service expenses will exceed insurance revenue and can arise as a result of numerous factors, including pricing risk, reserving risk and catastrophe risk. There were no significant changes to the company’s exposure to underwriting risk, and there were no changes to the framework used to monitor, evaluate and manage underwriting risk, at December 31, 2024 compared to December 31, 2023. For acquired claims and ceded claims resulting from the acquisition of Gulf Insurance on December 26, 2023 that are in their settlement period, the insured event is the determination of the ultimate cost and timing of the claims. The company’s underwriting risk for such claims is therefore limited to the potential for adverse development over the settlement period; however, IFRS 17 Insurance Contracts Principal lines of business The company’s principal insurance and reinsurance lines of business and the significant insurance risks inherent therein are as follows: ● Property, which insures against losses to property from (among other things) fire, explosion, natural perils (for example, earthquake, windstorm and flood), terrorism and engineering problems (for example, boiler explosion, machinery breakdown and construction defects). Specific types of property risks underwritten by the company include automobile, commercial and personal property and crop; ● Casualty, which insures against accidents (including workers’ compensation and automobile) and also includes employers’ liability, accident and health, medical malpractice, cyber, professional liability and umbrella coverage; and ● Specialty, which insures against marine, aerospace and surety risk, and other various risks and liabilities that are not identified above. The table that follows presents the company’s concentration of insurance risk by geographic region and line of business based on net insurance revenue (calculated by the company as insurance revenue less cost of reinsurance). The company’s exposure to general insurance risk varies by geographic region and may change over time. Middle East Other Canada United States and Asia (1) International (2) Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Property 1,392.4 1,268.1 3,828.1 4,021.1 1,320.3 735.0 1,983.6 1,774.6 8,524.4 7,798.8 Casualty 1,113.8 1,124.4 9,582.3 9,188.7 1,274.1 556.0 1,769.4 1,542.6 13,739.6 12,411.7 Specialty (3) 96.8 94.1 886.8 708.6 864.7 233.8 754.1 710.4 2,602.4 1,746.9 Total 2,603.0 2,486.6 14,297.2 13,918.4 3,459.1 1,524.8 4,507.1 4,027.6 24,866.4 21,957.4 Insurance 2,868.9 2,772.7 17,167.9 16,922.7 5,249.6 1,958.6 5,777.7 5,280.8 31,064.1 26,934.8 Reinsurance (265.9) (286.1) (2,870.7) (3,004.3) (1,790.5) (433.8) (1,270.6) (1,253.2) (6,197.7) (4,977.4) 2,603.0 2,486.6 14,297.2 13,918.4 3,459.1 1,524.8 4,507.1 4,027.6 24,866.4 21,957.4 (1) The Middle East and Asia geographic segment is primarily comprised of countries that Gulf Insurance (consolidated on December 26, 2023), based in Kuwait, operates in through its subsidiaries across the MENA region, and countries throughout Asia, including Japan, India, Sri Lanka, Malaysia, Singapore, Indonesia, China and Thailand. (2) The Other International geographic segment is primarily comprised of countries located in South America, Europe, Africa and Oceania. (3) Includes net insurance revenue, from life insurance, from the company's Life insurance and Run - off reporting segment, in the Middle East and Asia and Other International geographic regions of $151.9 (2023 - $118.4 ). Pricing risk Pricing risk arises because actual claims experience may differ adversely from the assumptions used in pricing insurance risk. Historically, the underwriting results of the property and casualty industry have fluctuated significantly due to the cyclical nature of the insurance market. Market cycles are affected by the frequency and severity of losses, levels of capacity and demand, general economic conditions, including inflationary pressures, and competition on rates and terms of coverage. The operating companies focus on profitable underwriting using a combination of experienced underwriting and actuarial staff, pricing models and price adequacy monitoring tools. Reserving risk Reserving risk arises because actual claims experience may differ adversely from the assumptions used in setting reserves, in large part due to the length of time between the occurrence of a loss, the reporting of the loss to the insurer and the ultimate resolution of the claim. The degree of uncertainty will vary by line of business according to the characteristics of the insured risks, with the ultimate cost of a claim determined by the actual insured loss suffered by the policyholder. Claims provisions reflect expectations of the ultimate cost of resolution and administration of claims based on an assessment of facts and circumstances then known, a review of historical settlement patterns, estimates of trends in claim severity and frequency, developing case law and other factors. The time required to learn of and settle claims is often referred to as the “tail” and is an important consideration in establishing the company’s reserves. Short-tail claims are those for which losses are normally reported soon after the incident and are generally settled within months following the reported incident. This would include, for example, most property, automobile and marine and aerospace damage. Long-tail claims are considered by the company to be those that often take three years or more to develop and settle, such as asbestos, environmental pollution, workers’ compensation, professional liability and product liability. Information concerning the loss event and ultimate cost of a long-tail claim may not be readily available, making the reserving analysis of long-tail lines of business more difficult and subject to greater uncertainties than for short-tail lines of business. In the extreme cases, such as long-tail claims involving asbestos and environmental pollution, it may take upwards of 40 years The establishment of provisions for losses and loss adjustment expenses is an inherently uncertain process that can be affected by internal factors such as: the risk in estimating loss development patterns based on historical data that may not be representative of future loss payment patterns; assumptions built on industry loss ratios or industry benchmark development patterns that may not reflect actual experience; the intrinsic risk as to the homogeneity of the underlying data used in carrying out the reserve analyses; and external factors such as trends relating to jury awards; economic inflation; medical cost inflation; worldwide economic conditions; tort reforms; court interpretations of coverage; the regulatory environment; underlying policy pricing; claims handling procedures; inclusion of exposures not contemplated at the time of policy inception; and significant changes in severity or frequency of losses relative to historical trends. Due to the amount of time between the occurrence of a loss, the actual reporting of the loss and the ultimate settlement of the claim, provisions may ultimately develop differently from the actuarial assumptions made when initially estimating the provision for losses. While inflationary pressures felt throughout the economy in 2023 began to ease in 2024, the company continued to focus on inflationary assumptions used in both the pricing of new business and within the company’s reserving process, specifically when setting initial loss estimates and projecting the ultimate costs to settle claims. The company has experienced inflationary pressures on its costs to settle claims throughout 2024 and 2023, and both economic and social inflation remain key considerations in the company’s reserving methodology and form part of its determination in the selection of the company’s ultimate cost to settle claims. The diversity of insurance risk within the company’s portfolio of issued policies makes it difficult to predict whether material prior year reserve development will occur and, if it does occur, the location and timing of such an occurrence. Catastrophe risk Catastrophe risk arises from exposure to large losses caused by either man-made or natural catastrophes that could result in significant underwriting losses. Weather-related catastrophe losses are also affected by climate change which increases the unpredictability of both frequency and severity of such losses. As the company does not establish reserves for catastrophes in advance of the occurrence of such events, these events may cause volatility in the levels of incurred losses and reserves, subject to the effects of reinsurance recoveries. This volatility may also be contingent upon political and legal developments after the occurrence of the event. The company evaluates potential catastrophic events and assesses the probability of occurrence and magnitude of these events predominantly through probable maximum loss (“PML”) modeling techniques and through the aggregation of limits exposed. A wide range of events are simulated using the company’s proprietary and commercial models, including single large events and multiple events spanning the numerous geographic regions in which the company assumes insurance risk. Each operating company has developed and applies strict underwriting guidelines for the amount of catastrophe exposure it may assume as a standalone entity for any one risk and location, and those guidelines are regularly monitored and updated. Operating companies also manage catastrophe exposure by diversifying risk across geographic regions, catastrophe types and other lines of business, factoring in levels of reinsurance protection, adjusting the amount of business written based on capital levels and adhering to risk tolerance guidelines. The company’s head office aggregates catastrophe exposure company-wide and continually monitors the group’s aggregate exposure. Independent exposure limits for each entity in the group are aggregated to produce an exposure limit for the group as there is presently no model capable of simultaneously projecting the magnitude and probability of loss in all geographic regions in which the company operates. Currently the company’s objective is to limit its company-wide catastrophe loss exposure such that one year’s aggregate pre-tax net catastrophe losses would not exceed one year’s normalized net earnings before income taxes. The company takes a long term view and generally considers a 15% return on common shareholders’ equity, adjusted to a pre-tax basis, to be representative of one year’s normalized net earnings. The modeled probability of aggregate catastrophe losses in any one year exceeding this amount is generally more than once in every 250 years. Management of underwriting risk To manage exposure to underwriting risk, and the pricing, reserving and catastrophe risks contained therein, operating companies have established limits for underwriting authority and requirements for specific approvals of transactions involving new products or transactions involving existing products which exceed certain limits of size or complexity. The company’s objective of operating with a prudent and stable underwriting philosophy with sound reserving is also achieved through the establishment of goals, delegation of authorities, financial monitoring, underwriting reviews and remedial actions to facilitate continuous improvement. The company’s liability for incurred claims for insurance contracts is reviewed separately by, and must be acceptable to, internal actuaries at each operating company and the company’s Chief Actuary. Additionally, independent actuaries are periodically engaged to review an operating company’s reserves or reserves for certain lines of business. The company purchases reinsurance protection for risks assumed when it is considered prudent and cost effective to do so at the operating companies for specific exposures and, if needed, at the holding company for aggregate exposures. Steps are taken to actively reduce the volume of insurance and reinsurance underwritten on particular types of risks when the company desires to reduce its direct exposure due to inadequate pricing. As part of its overall risk management strategy, the company cedes insurance risk through proportional, non-proportional and facultative reinsurance treaties. With proportional reinsurance, the reinsurer shares a pro rata portion of the company’s losses and premium, whereas with non-proportional reinsurance, the reinsurer assumes payment of the company’s loss above a specified retention, subject to a limit. Facultative reinsurance is the reinsurance of individual risks as agreed by the company and the reinsurer. The company follows a policy of underwriting and reinsuring contracts of insurance and reinsurance which, depending on the type of contract, generally limits the liability of an operating company on any policy to a maximum amount on any one loss. Reinsurance decisions are made by operating companies to reduce and spread the risk of loss on insurance and reinsurance written, to limit multiple claims arising from a single occurrence and to protect capital resources. The amount of reinsurance purchased can vary among operating companies depending on the lines of business written, their respective capital resources and prevailing or expected market conditions. Reinsurance is generally placed on an excess of loss basis and written in several layers, the purpose of which is to limit the amount of one risk to a maximum amount acceptable to the company and to protect from losses on multiple risks arising from a single occurrence. This type of reinsurance includes what is generally referred to as catastrophe reinsurance. The company’s reinsurance does not, however, relieve the company of its primary obligation to the policyholder. The majority of reinsurance contracts purchased by the company provide coverage for a one year term and are negotiated annually. The ability of the company to obtain reinsurance on terms and prices consistent with historical results reflects, among other factors, recent loss experience of the company and of the industry in general. The effects of increased catastrophes, uncertainty surrounding the impact of climate change on the nature of catastrophic losses and rising claims costs are elevating reinsurance pricing, which has affected the company’s reinsurance cost for loss affected business and retroactive reinsurance. Notwithstanding the significant catastrophe losses suffered by the industry since 2017, capital adequacy within the reinsurance market remains strong with new capital entering the market and alternative forms of reinsurance capacity continuing to be available. The company remains opportunistic in its use of reinsurance including alternative forms of reinsurance, balancing capital requirements and the cost of reinsurance. Life Insurance Life insurance risk in the company arises principally through Eurolife and Gulf Insurance’s life insurance operations and their exposure to actual experience in the areas of mortality, morbidity, longevity, policyholder behaviour and expenses which is adverse to expectations. Exposure to underwriting risk is managed by underwriting procedures that have been established at each life insurance operation to determine the insurability of applicants and to manage aggregate exposures for adverse deviations in assumptions. These underwriting requirements are regularly reviewed by each life insurance operation’s actuaries. Credit Risk Credit risk is the risk of loss resulting from the failure of a counterparty to honour its financial obligations to the company. Credit risk arises predominantly on cash and short term investments, investments in debt instruments, insurance contract receivables, reinsurance contract assets held and receivables from counterparties to derivative contracts (primarily long equity total return swaps and foreign currency forward contracts). There were no significant changes to the company’s exposure to credit risk (except as set out in the discussion which follows) or the framework used to monitor, evaluate and manage credit risk at December 31, 2024 compared to December 31, 2023. The company’s gross credit risk exposure (without consideration of amounts held by the company as collateral) was comprised as follows: December 31, December 31, 2024 2023 Cash and short term investments 8,522.6 8,092.8 Investments in debt instruments: U.S. sovereign government (1) 15,863.9 16,273.5 Other sovereign government rated AA/Aa or higher (1)(2) 4,378.7 4,046.8 All other sovereign government (3) 4,048.7 3,367.1 Canadian provincials 446.9 243.5 U.S. states and municipalities 179.6 184.5 Corporate and other (4)(5) 13,317.7 13,325.6 Receivable from counterparties to derivative contracts 1,291.4 656.6 Insurance contract receivables 780.4 926.1 Reinsurance contract assets held 10,682.6 10,887.7 Other assets (6) 2,199.2 2,174.2 Total gross credit risk exposure 61,711.7 60,178.4 (1) Represented together 30.0% of the company’s total investment portfolio at December 31, 2024 (December 31, 2023 – 31.4% ) and considered by the company to have nominal credit risk. (2) Comprised primarily of bonds issued by the governments of Canada, Australia and the United Kingdom with fair values at December 31, 2024 of $2,294.1 , $479.1 and $363.8 respectively (December 31, 2023 - $2,471.6 , $378.5 and $321.8 ). (3) Comprised primarily of bonds issued by the governments of Greece, Brazil and India with fair values at December 31, 2024 of $1,130.8 , $673.9 and $628.5 respectively (December 31, 2023 - $1,234.6 , $884.4 and $44.6 ). (4) Represents 19.8% of the company’s total investment portfolio at December 31, 2024 (December 31, 2023 – 20.6% ). (5) Includes the company’s investments in first mortgage loans at December 31, 2024 of $4,777.8 (December 31, 2023 - $4,685.4 ) secured by real estate predominantly in the U.S., Europe and Canada as described in note 5. (6) Excludes assets associated with unit-linked insurance products of $1,368.3 at December 31, 2024 (December 31, 2023 – $1,204.0 ) for which credit risk is not borne by the company, and income taxes refundable of $86.7 at December 31, 2024 (December 31, 2023 - $59.0 ) that are considered to have nominal credit risk. Cash and short term investments The company’s cash and short term investments (including those of the holding company) are primarily held at major financial institutions in the jurisdictions in which the company operates. In response to the global bank failures and economic volatility created by the events of the March 2023 banking crisis, the company continues to monitor risks associated with cash and short term investments by regularly reviewing the financial strength and creditworthiness of the financial institutions with which it transacts. From these reviews, the company determined it had limited exposure to financial institutions where it perceived heightened credit risk. At December 31, 2024, 69.4% of these balances were held in Canadian and U.S. financial institutions, 17.4% in European financial institutions and 13.2% in other foreign financial institutions (December 31, 2023 – 59.1%, 24.0% and 16.9% respectively). The company monitors risks associated with cash and short term investments by regularly reviewing the financial strength and creditworthiness of these financial institutions and more frequently during periods of economic volatility. From these reviews, the company may transfer balances from financial institutions where it perceives heightened credit risk to others considered to be more stable. Investments in debt instruments The company’s risk management strategy for debt instruments is to invest primarily in those of high credit quality issuers and to limit the amount of credit exposure to any one corporate issuer. Management considers high quality debt instruments to be those with a S&P or Moody’s issuer credit rating of BBB/Baa or higher. While the company reviews third party credit ratings, it also performs its own analysis and does not delegate the credit decision to rating agencies. The company endeavours to limit credit exposure by monitoring fixed income portfolio limits on individual corporate issuers and on credit quality and may, from time to time, initiate positions in certain types of derivatives to further mitigate credit risk exposure. The composition of the company’s investments in debt instruments classified according to the higher of each security’s respective S&P and Moody’s issuer credit rating is presented in the table that follows: December 31, 2024 December 31, 2023 Amortized Fair Amortized Fair Issuer Credit Rating cost value % cost value % AAA/Aaa 19,394.3 19,168.0 50.1 19,301.4 19,670.5 52.5 AA/Aa 2,333.6 2,325.3 6.1 1,490.9 1,521.9 4.1 A/A 4,241.9 4,273.3 11.2 3,977.9 4,012.7 10.7 BBB/Baa 4,783.6 4,778.8 12.5 4,420.3 4,414.2 11.8 BB/Ba 1,316.4 1,128.4 3.0 1,422.0 1,445.9 3.9 B/B 167.4 171.7 0.4 184.0 182.5 0.5 Lower than B/B 291.4 364.6 1.0 87.6 113.7 0.3 Unrated (1) 6,192.5 6,025.4 15.7 6,210.2 6,079.6 16.2 Total 38,721.1 38,235.5 100.0 37,094.3 37,441.0 100.0 (1) Includes the company’s investments in first mortgage loans at December 31, 2024 of $4,777.8 (December 31, 2023 - $4,685.4 ) secured by real estate predominantly in the U.S., Europe and Canada. Unrated debt instruments also include the fair value of the company’s investments in Amynta Group of $156.2 (December 31, 2023 – $159.7 ), ONX Inc. of $125.6 (December 31, 2023 – $125.6 ), Duke Royalty UK Limited of $114.6 (December 31, 2023 - $92.5 ), Mosaic Capital Corporation of $95.2 (December 31, 2023 - $96.8 ), Metlen Energy & Metals S.A. (formerly Mytilineos S.A.) of $86.8 (December 31, 2023 – $101.4 ), and Blackberry Limited of $148.9 at December 31, 2023. At December 31, 2024, 79.9% (December 31, 2023 – 79. 1%) of the fixed income portfolio’s carrying value was rated investment grade or better, with 56.2% (December 31, 2023 – 56.6%) rated AA or better (primarily consisting of government bonds). The increase in bonds rated AA/Aa was primarily due to the credit rating upgrade of certain Saudi Arabia government bonds from A/A to AA/Aa, net purchases of other government bonds of $203.0, net purchases of Canadian provincial bonds of $192.1 and net purchases of corporate and other bonds of $91.2. The increase in bonds rated A/A was primarily due to net purchases of corporate and other bonds of $263.0 and other government bonds of $165.9. The increase in bonds rated BBB/Baa was primarily due to net purchases of other government bonds of $725.8, partially offset by the net sales of corporate and other bonds of $145.7. The decrease in bonds rated BB/Ba was principally due to net sales of corporate and other bonds of $176.2. The increase in bonds rated lower than B/B was primarily due to net purchases of other government bonds of $193.7. The decrease in unrated bonds primarily reflected the maturity of the Blackberry Limited convertible debentures, partially offset by net purchases of first mortgage loans of $103.5. At December 31, 2024 holdings of bonds in the ten issuers to which the company had the greatest exposure (excluding U.S., Canadian, and U.K. sovereign government bonds) totaled $4,931.0 (December 31, 2023 - $4,704.6), which represented approximately 7.3% (December 31, 2023 – 7.3%) of the total investment portfolio. Exposure to the largest single issuer of corporate debt instrument at December 31, 2024 was the company’s investment in BP Capital Markets America Inc. of $444.7 (December 31, 2023 - Bank of Nova Scotia of $453.0), which represented approximately 0.7% (December 31, 2023 – 0.7%) of the total investment portfolio. Counterparties to derivative contracts Counterparty risk arises from the company’s derivative contracts primarily in three ways: first, a counterparty may be unable to honour its obligation under a derivative contract and have insufficient collateral pledged in favour of the company to support that obligation; second, collateral deposited by the company to a counterparty as a prerequisite for entering into certain derivative contracts (also known as initial margin) may be at risk should the counterparty face financial difficulty; and third, excess collateral pledged in favour of a counterparty may be at risk should the counterparty face financial difficulty (counterparties may hold excess collateral as a result of the timing of the settlement of the amount of collateral required to be pledged based on the fair value of a derivative contract). The company endeavours to limit counterparty risk through diligent selection of counterparties to its derivative contracts and through the terms of negotiated agreements. Pursuant to these agreements, counterparties are contractually required to deposit eligible collateral in collateral accounts (subject to certain minimum thresholds) for the benefit of the company based on the daily fair value of the derivative contracts. The company’s exposure to risk associated with providing initial margin is mitigated where possible through the use of segregated third party custodian accounts that only permit counterparties to take control of the collateral in the event of default by the company. Agreements negotiated with counterparties provide for a single net settlement of all financial instruments covered by the agreement in the event of default by the counterparty, thereby permitting obligations owed by the company to a counterparty to be offset against amounts receivable by the company from that counterparty (the “net settlement arrangements”). The following table sets out the company’s net derivative counterparty risk assuming all derivative counterparties are simultaneously in default: December 31, December 31, 2024 2023 Total derivative assets (1) 1,291.4 656.6 Obligations that may be offset under net settlement arrangements (38.2) (48.8) Fair value of collateral deposited for the benefit of the company (1,063.4) (527.9) Excess collateral pledged by the company in favour of counterparties 9.2 7.2 Net derivative counterparty exposure after net settlement and collateral arrangements 199.0 87.1 (1) Excludes equity warrants, equity call options, and other derivatives which are not subject to counterparty risk. Collateral deposited for the benefit of the company at December 31, 2024 consisted of cash of $50.0 and government securities of $1,015.1 (December 31, 2023 - $42.2 and $492.3), which includes excess collateral pledged by counterparties. The company had not exercised its right to sell or repledge collateral at December 31, 2024. Reinsurance contract assets held Credit risk on the company’s reinsurance contract assets held existed at December 31, 2024 to the extent that any reinsurer may be unable or unwilling to reimburse the company under the terms of the relevant reinsurance arrangements. The company is also exposed to the credit risk assumed in fronting arrangements and to potential reinsurance capacity constraints. The company regularly assesses the creditworthiness of reinsurers with whom it transacts business; internal guidelines generally require reinsurers to have strong A.M. Best ratings and to maintain capital and surplus in excess of $500.0. Where contractually provided for, the company has collateral for outstanding balances in the form of cash, letters of credit, guarantees or assets held in trust accounts. This collateral may be drawn on when amounts remain unpaid beyond contractually specified time periods for each individual reinsurer. The company’s reinsurance analysts collect and maintain individual operating company and group reinsurance exposures across the company and conduct ongoing detailed assessments of current and potential reinsurers, perform annual reviews of impaired reinsurers, and provide recommendations for the group on the risk of non-performance by the reinsurer. Reinsurers rated A- or higher by A.M. Best represented 88% of the total reinsurance exposure at December 31, 2024, with the remaining 12% primarily representing pools and associations, which generally consist of government or similar insurance funds carrying limited credit risk, and unrated reinsurers which are substantially collateralized. The company had th

Segmented Information

Segmented Information	12 Months Ended
Segmented Information	Dec. 31, 2024
Segmented Information
Segmented Information	23. Segmented Information The company is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management. Reporting segments Property and Casualty Insurance and Reinsurance North American Insurers – Global Insurers and Reinsurers – Subsequent to December 31, 2024, on January 1, 2025 Ki Insurance completed the separation from its parent company Brit and will be presented as a separate operating company within the Global Insurers and Reinsurers reporting segment commencing in the first quarter of 2025. International Insurers and Reinsurers – Life insurance and Run-off This reporting segment is comprised of the life insurance operations of Eurolife and Gulf Insurance (consolidated on December 26, 2023 as described in note 21), and U.S. Run-off, which includes TIG Insurance Company. Non-insurance companies This category includes other operating segments as follows: Restaurants and retail – Fairfax India Thomas Cook India Other Segment performance Reporting segment revenue is principally evaluated using insurance revenue, a measure of gross underwriting activity. Profitability of reporting segments is evaluated using operating income (loss), a pre-tax performance measure of operations that is comprised of insurance service result and other insurance operating expenses of the insurance and reinsurance operations, and the revenue and expenses of the non-insurance companies. Also included are interest and dividends and share of profit (loss) of associates, which the company considers to be more predictable sources of investment income. Insurance revenue and operating income (loss) by reporting segment for the years ended December 31 were as follows: 2024 Property and Casualty Insurance and Reinsurance North Global International Life insurance Non- American Insurers and Insurers and and insurance Insurers Reinsurers Reinsurers Total Run-off companies Total Reporting segment insurance revenue 8,779.9 15,684.7 6,825.5 31,290.1 200.0 — 31,490.1 Intercompany insurance revenue (48.1) (171.7) (195.8) (415.6) (10.4) — (426.0) Insurance revenue 8,731.8 15,513.0 6,629.7 30,874.5 189.6 — 31,064.1 Insurance service result 1,101.1 3,037.4 463.6 4,602.1 (149.9) — 4,452.2 Other insurance operating expenses (318.7) (434.6) (284.8) (1,038.1) (144.8) — (1,182.9) Interest and dividends (1) 512.9 1,259.4 452.3 2,224.6 126.4 (9.1) 2,341.9 Share of profit of associates 143.1 450.3 151.7 745.1 76.2 38.2 859.5 Non-insurance revenue — — — — — 6,682.8 6,682.8 Non-insurance expenses — — — — — (6,470.5) (6,470.5) Operating income (loss) 1,438.4 4,312.5 782.8 6,533.7 (92.1) 241.4 6,683.0 Net finance expense from insurance contracts and reinsurance contract assets held (1,279.9) Net gains on investments 1,067.2 Interest expense (649.0) Corporate overhead and other (2) (182.8) Pre-tax income 5,638.5 Provision for income taxes (1,375.6) Net earnings 4,262.9 Attributable to: Shareholders of Fairfax 3,874.9 Non-controlling interests 388.0 4,262.9 2023 Property and Casualty Insurance and Reinsurance North Global International Life insurance Non- American Insurers and Insurers and and insurance Insurers Reinsurers Reinsurers Total Run-off companies Total Reporting segment insurance revenue 8,137.2 15,600.3 3,453.8 27,191.3 149.9 — 27,341.2 Intercompany insurance revenue (59.5) (120.1) (212.4) (392.0) (14.4) — (406.4) Insurance revenue 8,077.7 15,480.2 3,241.4 26,799.3 135.5 — 26,934.8 Insurance service result 977.1 2,828.0 330.8 4,135.9 (179.5) — 3,956.4 Other insurance operating expenses (280.8) (360.4) (180.9) (822.1) (144.3) — (966.4) Interest and dividends (1) 443.3 1,031.1 180.3 1,654.7 103.0 (76.1) 1,681.6 Share of profit of associates 165.1 469.2 127.3 761.6 76.2 152.2 990.0 Non-insurance revenue — — — — — 6,614.5 6,614.5 Non-insurance expenses — — — — — (6,568.7) (6,568.7) Operating income (loss) 1,304.7 3,967.9 457.5 5,730.1 (144.6) 121.9 5,707.4 Net finance expense from insurance contracts and reinsurance contract assets held (1,605.6) Net gains on investments 1,949.5 Gain on sale and consolidation of insurance subsidiaries (note 21) 549.8 Interest expense (510.0) Corporate overhead and other (2) (182.8) Pre-tax income 5,908.3 Provision for income taxes (813.4) Net earnings 5,094.9 Attributable to: Shareholders of Fairfax 4,381.8 Non-controlling interests 713.1 5,094.9 (1) Presented net of investment management and administration fees paid to the holding company. These intercompany fees are eliminated in corporate overhead and other as shown in the footnote below. (2) Comprised principally of the expenses of the group holding companies, net of investment management and administration fees earned by the holding company, interest and dividends earned on holding company cash and investments and holding company share of profit of associates, as shown below. 2024 2023 Corporate overhead as presented in the consolidated statements of earnings 450.2 430.2 Holding company interest and dividends 15.9 31.0 Holding company share of profit of associates (96.8) (32.2) Investment management and administration fee income and other (186.5) (246.2) Corporate overhead and other as presented in the tables above 182.8 182.8 Investments in Associates, Additions to Goodwill, Segment Assets and Segment Liabilities Investments in associates, segment assets and segment liabilities at December 31, and additions to goodwill for the years then ended, by reporting segment, were as follows: Investments in associates Additions to goodwill Segment assets Segment liabilities 2024 2023 2024 2023 2024 2023 2024 2023 Property and Casualty Insurance and Reinsurance North American Insurers 1,274.2 1,136.3 — — 18,962.6 18,133.1 11,377.6 10,831.0 Global Insurers and Reinsurers 3,384.4 3,337.7 — — 48,653.7 46,906.8 30,983.7 30,426.7 International Insurers and Reinsurers 1,084.1 845.6 17.0 343.4 13,004.5 12,648.3 6,487.5 6,192.1 5,742.7 5,319.6 17.0 343.4 80,620.8 77,688.2 48,848.8 47,449.8 Life insurance and Run-off 410.4 429.5 0.8 — 6,489.4 6,541.9 5,312.8 5,448.1 Non-insurance companies 1,369.1 1,460.6 1,134.7 12.4 11,767.4 9,049.6 6,727.5 5,012.5 Holding company and eliminations and adjustments 983.4 827.6 — — (2,100.3) (1,294.6) 7,539.0 6,373.8 Consolidated 8,505.6 8,037.3 1,152.5 355.8 96,777.3 91,985.1 68,428.1 64,284.2 Product Line Insurance revenue on a third party basis by product line for the years ended December 31 were as follows: Property Casualty Specialty Total 2024 2023 2024 2023 2024 2023 2024 2023 Property and Casualty Insurance and Reinsurance North American Insurers 2,282.2 2,001.5 5,929.3 5,634.6 520.3 441.6 8,731.8 8,077.7 Global Insurers and Reinsurers 5,665.1 5,848.2 8,600.6 8,561.7 1,247.3 1,070.3 15,513.0 15,480.2 International Insurers and Reinsurers 2,849.6 1,893.5 2,279.7 738.9 1,500.4 609.0 6,629.7 3,241.4 10,796.9 9,743.2 16,809.6 14,935.2 3,268.0 2,120.9 30,874.5 26,799.3 Life insurance and Run-off — — 10.9 13.2 178.7 122.3 189.6 135.5 Insurance revenue 10,796.9 9,743.2 16,820.5 14,948.4 3,446.7 2,243.2 31,064.1 26,934.8 Distribution of insurance revenue 34.8 % 36.2 % 54.1 % 55.5 % 11.1 % 8.3 % 100.0 % 100.0 % Geographic Region Insurance revenue on a third party basis by geographic region for the years ended December 31 were as follows: Middle East and Other Canada United States Asia (1) International (2) Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Property and Casualty Insurance and Reinsurance North American Insurers 2,441.7 2,287.1 6,240.3 5,760.3 3.7 1.4 46.1 28.9 8,731.8 8,077.7 Global Insurers and Reinsurers 427.1 485.4 10,912.7 11,148.1 945.2 963.2 3,228.0 2,883.5 15,513.0 15,480.2 International Insurers and Reinsurers 0.3 0.2 3.7 1.1 4,258.6 994.0 2,367.1 2,246.1 6,629.7 3,241.4 2,869.1 2,772.7 17,156.7 16,909.5 5,207.5 1,958.6 5,641.2 5,158.5 30,874.5 26,799.3 Life insurance and Run-off — — 10.9 13.2 42.0 — 136.7 122.3 189.6 135.5 Insurance revenue 2,869.1 2,772.7 17,167.6 16,922.7 5,249.5 1,958.6 5,777.9 5,280.8 31,064.1 26,934.8 Distribution of insurance revenue 9.2 % 10.3 % 55.3 % 62.8 % 16.9 % 7.3 % 18.6 % 19.6 % 100.0 % 100.0 % (1) The Middle East and Asia geographic segment is primarily comprised of countries that Gulf Insurance (consolidated on December 26, 2023), based in Kuwait, operates in through its subsidiaries across the MENA region, and countries throughout Asia, including Japan, India, Sri Lanka, Malaysia, Singapore, Indonesia, China and Thailand. (2) The Other International geographic segment is primarily comprised of countries located in South America, Europe, Africa and Oceania. Non-insurance companies Revenue and expenses of the non-insurance companies were comprised as follows for the years ended December 31: Restaurants and retail (1) Fairfax India (2) Thomas Cook India (3) Other Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Revenue 1,953.9 1,772.3 319.2 263.3 973.4 941.6 3,436.3 3,637.3 6,682.8 6,614.5 Expenses (1,797.9) (1,690.7) (281.9) (251.4) (929.3) (906.5) (3,461.4) (3,720.1) (6,470.5) (6,568.7) Pre-tax income (loss) before interest expense and other (4) 156.0 81.6 37.3 11.9 44.1 35.1 (25.1) (82.8) 212.3 45.8 Interest and dividends 10.0 9.9 (21.3) (87.4) — — 2.2 1.4 (9.1) (76.1) Share of profit (loss) of associates 0.1 — 39.0 151.1 0.5 (0.1) (1.4) 1.2 38.2 152.2 Operating income (loss) 166.1 91.5 55.0 75.6 44.6 35.0 (24.3) (80.2) 241.4 121.9 (1) Sleep Country was consolidated on October 1, 2024. See note 21. (2) These results differ from those published by Fairfax India primarily due to Fairfax India’s application of investment entity accounting under IFRS Accounting Standards. (3) These results differ from those published by Thomas Cook India primarily due to differences between IFRS Accounting Standards and Ind AS, and acquisition accounting adjustments. (4) Excludes interest and dividends, share of profit (loss) of associates and net gains (losses) on investments. Segmented Balance Sheet The company’s segmented balance sheets as at December 31, 2024 and 2023 present the assets, liabilities and non-controlling interests of each reporting segment in accordance with the company’s IFRS accounting policies and includes, where applicable, acquisition accounting adjustments principally related to goodwill and intangible assets which arose on initial acquisition of the subsidiaries or on a subsequent step acquisition. Certain of the company’s subsidiaries hold equity interests in other Fairfax subsidiaries (“affiliates”) which are carried at cost. In the table below, the company’s three property and casualty insurance and reinsurance reporting segments have been presented in aggregate, and affiliated insurance and reinsurance balances are not shown separately and are eliminated in “Corporate and eliminations”. December 31, 2024 December 31, 2023 Property Property and casualty Life and casualty Life insurance and insurance Non- Corporate insurance and insurance Non- Corporate reinsurance and insurance and reinsurance and insurance and companies Run-off companies (3) eliminations (4) Consolidated companies Run-off companies eliminations (4) Consolidated Assets Holding company cash and investments 391.9 — — 2,110.8 2,502.7 270.9 — — 1,510.7 1,781.6 Insurance contract receivables 763.6 16.8 — — 780.4 915.3 10.8 — — 926.1 Portfolio investments (1) 61,369.4 4,090.6 2,291.9 (2,531.5) 65,220.4 58,180.0 4,318.0 2,496.5 (1,572.4) 63,422.1 Reinsurance contract assets held 11,203.0 413.7 — (934.1) 10,682.6 11,373.4 454.3 — (940.0) 10,887.7 Deferred income tax assets 229.3 0.9 88.6 6.2 325.0 211.3 1.3 54.1 34.4 301.1 Goodwill and intangible assets 4,083.3 12.8 4,181.7 0.4 8,278.2 4,245.7 8.4 2,121.6 0.6 6,376.3 Due from affiliates 242.0 347.4 1.4 (590.8) — 250.8 338.8 — (589.6) — Other assets 1,858.8 1,585.2 5,203.8 340.2 8,988.0 2,059.8 1,394.8 4,377.4 458.2 8,290.2 Investments in Fairfax insurance and reinsurance affiliates (2) 479.5 22.0 — (501.5) — 181.0 15.5 — (196.5) — Total assets 80,620.8 6,489.4 11,767.4 (2,100.3) 96,777.3 77,688.2 6,541.9 9,049.6 (1,294.6) 91,985.1 Liabilities Accounts payable and accrued liabilities 2,054.3 346.3 3,170.4 507.3 6,078.3 2,083.7 257.6 2,625.6 520.3 5,487.2 Derivative obligations 265.5 8.1 82.7 0.6 356.9 351.4 — 61.0 32.5 444.9 Deferred income tax liabilities 958.1 64.4 514.3 177.2 1,714.0 866.0 69.6 274.2 40.5 1,250.3 Insurance contract payables 309.2 613.8 — — 923.0 553.5 653.4 — — 1,206.9 Insurance contract liabilities 44,261.7 4,280.2 — (939.7) 47,602.2 42,649.9 4,466.7 — (945.2) 46,171.4 Due to affiliates 24.2 — 71.2 (95.4) — 49.7 0.8 159.9 (210.4) — Borrowings - holding company and insurance and reinsurance companies 975.8 — — 7,882.4 8,858.2 895.6 — — 6,928.9 7,824.5 Borrowings - non-insurance companies — — 2,888.9 6.6 2,895.5 — — 1,891.8 7.2 1,899.0 Total liabilities 48,848.8 5,312.8 6,727.5 7,539.0 68,428.1 47,449.8 5,448.1 5,012.5 6,373.8 64,284.2 Equity Shareholders’ equity attributable to shareholders of Fairfax 29,036.2 1,172.2 3,498.9 (9,639.3) 24,068.0 27,134.9 1,081.5 2,402.5 (7,668.4) 22,950.5 Non-controlling interests 2,735.8 4.4 1,541.0 — 4,281.2 3,103.5 12.3 1,634.6 — 4,750.4 Total equity 31,772.0 1,176.6 5,039.9 (9,639.3) 28,349.2 30,238.4 1,093.8 4,037.1 (7,668.4) 27,700.9 Total liabilities and total equity 80,620.8 6,489.4 11,767.4 (2,100.3) 96,777.3 77,688.2 6,541.9 9,049.6 (1,294.6) 91,985.1 (1) Includes intercompany investments in Fairfax non-insurance subsidiaries carried at cost that are eliminated on consolidation. (2) Intercompany investments in Fairfax insurance and reinsurance subsidiaries carried at cost that are eliminated on consolidation. (3) Sleep Country, Meadow Foods and Peak Achievement were consolidated on October 1, 2024, November 29, 2024 and December 20, 2024, respectively. See note 21. (4) Corporate and eliminations includes the Fairfax holding company, subsidiary intermediate holding companies, and consolidating and eliminating entries. The most significant of those entries are the elimination of intercompany reinsurance provided by Group Re, and reinsurance provided by Odyssey Group and Allied World to affiliated primary insurers.

Expenses

Expenses	12 Months Ended
Expenses	Dec. 31, 2024
Expenses
Expenses	24. Expenses Expenses for the company’s insurance and reinsurance companies and non-insurance companies for the years ended December 31 were comprised as follows: 2024 Non-insurance Insurance and reinsurance companies (1) companies Total Non-directly Directly attributable attributable Total expenses of insurance Insurance Total directly Other and Non- acquisition Other attributable operating reinsurance insurance cash flows expenses expenses expenses companies expenses Losses on claims, net (2) (3) — 13,336.6 13,336.6 — 13,336.6 — 13,336.6 Commissions 4,039.0 — 4,039.0 — 4,039.0 — 4,039.0 Cost of sales — — — — — 4,145.6 4,145.6 Compensation expense 765.4 1,030.5 1,795.9 850.9 2,646.8 1,162.3 3,809.1 Administrative expense and other 630.5 611.6 1,242.1 782.2 2,024.3 1,162.6 3,186.9 Total 5,434.9 14,978.7 20,413.6 1,633.1 22,046.7 6,470.5 28,517.2 As presented in the consolidated statement of earnings: Insurance service expenses 5,434.9 19,431.9 24,866.8 — 24,866.8 — 24,866.8 Recoveries of insurance service expenses — (4,453.2) (4,453.2) — (4,453.2) — (4,453.2) Other insurance operating expenses and Corporate and other expenses — — — 1,633.1 1,633.1 — 1,633.1 Non-insurance expenses — — — — — 6,470.5 6,470.5 Total 5,434.9 14,978.7 20,413.6 1,633.1 22,046.7 6,470.5 28,517.2 2023 Non-insurance Insurance and reinsurance companies (1) companies Total Non-directly Directly attributable attributable Total expenses of insurance Insurance Total directly Other and Non- acquisition Other attributable operating reinsurance insurance cash flows expenses expenses expenses companies expenses Losses on claims, net (2)(3) — 11,992.5 11,992.5 — 11,992.5 — 11,992.5 Commissions 3,582.7 — 3,582.7 — 3,582.7 — 3,582.7 Cost of sales — — — — — 4,059.6 4,059.6 Compensation expense 586.3 863.5 1,449.8 772.7 2,222.5 1,120.4 3,342.9 Administrative expense and other 573.2 402.2 975.4 623.9 1,599.3 1,388.7 2,988.0 Total 4,742.2 13,258.2 18,000.4 1,396.6 19,397.0 6,568.7 25,965.7 As presented in the consolidated statement of earnings: Insurance service expenses 4,742.2 17,201.9 21,944.1 — 21,944.1 — 21,944.1 Recoveries of insurance service expenses — (3,943.7) (3,943.7) — (3,943.7) — (3,943.7) Other insurance operating expenses and Corporate and other expenses — — — 1,396.6 1,396.6 — 1,396.6 Non-insurance expenses — — — — — 6,568.7 6,568.7 Total 4,742.2 13,258.2 18,000.4 1,396.6 19,397.0 6,568.7 25,965.7 (1) Includes Life insurance and Run-off, and the group holding companies . (2) Includes the effects of discounting losses and ceded losses on claims incurred during the year, changes in loss components and changes in risk adjustment. (3) Comprised primarily of losses on claims, net during 2024 at Global Insurers and Reinsurers of $6,807.3 (2023 - $7,004.7 ), North American Insurers of $3,807.6 (2023 - $3,524.8 ) and International Insurers and Reinsurers of $2,460.9 (2023 - $1,183.5 ).

Supplementary Cash Flow Informa

Supplementary Cash Flow Information	12 Months Ended
Supplementary Cash Flow Information	Dec. 31, 2024
Supplementary Cash Flow Information
Supplementary Cash Flow Information	25. Cash, cash equivalents and bank overdrafts as presented in the consolidated statements of cash flows excludes restricted cash and cash equivalents that are amounts primarily required to be maintained on deposit with various regulatory authorities to support the operations of the property and casualty insurance and reinsurance subsidiaries, and at December 31, 2024 included restricted cash of $835.0 held at a depository which was released on January 1, 2025 in connection with the company's investments in Blizzard Vacatia as described in note 5. Cash equivalents are comprised of treasury bills and other eligible bills. December 31, 2024 Unrestricted cash and cash equivalents included in the consolidated statement Cash and cash equivalents included on the of cash flows Restricted cash and cash equivalents consolidated balance sheet Cash Cash Cash Cash equivalents Total Cash equivalents Total Cash equivalents Total Holding company cash and investments 146.2 362.0 508.2 155.0 — 155.0 301.2 362.0 663.2 Holding company assets pledged for derivative obligations — 101.1 101.1 — — — — 101.1 101.1 Subsidiary cash and short term investments 2,411.2 3,010.2 5,421.4 1,000.1 240.6 1,240.7 3,411.3 3,250.8 6,662.1 Fairfax India 55.1 26.7 81.8 — 4.4 4.4 55.1 31.1 86.2 2,612.5 3,500.0 6,112.5 1,155.1 245.0 1,400.1 3,767.6 3,745.0 7,512.6 December 31, 2023 Unrestricted cash and cash equivalents included in the consolidated statement Cash and cash equivalents included on the of cash flows Restricted cash and cash equivalents consolidated balance sheet Cash Cash Cash Cash equivalents Total Cash equivalents Total Cash equivalents Total Holding company cash and investments 81.4 325.4 406.8 — — — 81.4 325.4 406.8 Holding company assets pledged for derivative obligations — 2.5 2.5 — — — — 2.5 2.5 Subsidiary cash and short term investments 2,172.9 2,347.3 4,520.2 188.1 448.9 637.0 2,361.0 2,796.2 5,157.2 Fairfax India 179.4 12.5 191.9 0.2 5.1 5.3 179.6 17.6 197.2 2,433.7 2,687.7 5,121.4 188.3 454.0 642.3 2,622.0 3,141.7 5,763.7 Details of certain cash flows included in the consolidated statement of cash flows for the years ended December 31 were as follows: 2024 2023 Net (purchases) sales of investments classified at FVTPL Short term investments 1,267.0 1,592.6 Bonds (1,888.1) (5,910.6) Preferred stocks (11.3) (135.1) Common stocks (248.5) (1,000.6) Net derivatives and other invested assets 365.1 (45.4) (515.8) (5,499.1) Changes in operating assets and liabilities Net (increase) decrease in restricted cash and cash equivalents (733.3) 250.4 Insurance contract receivables 144.2 (282.4) Reinsurance contract assets held 17.2 (723.0) Insurance contract payables (273.8) (301.5) Insurance contract liabilities 2,388.4 4,286.1 Other receivables (36.9) (270.9) Accounts payable and accrued liabilities 312.5 541.2 Other (411.5) (423.6) 1,406.8 3,076.3 Net interest and dividends received Interest and dividends received 2,570.6 1,595.1 Interest paid on borrowings (508.8) (428.1) Interest paid on lease liabilities (57.3) (54.8) 2,004.5 1,112.2 Net income taxes paid (1,005.6) (713.9)

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2024
Related Party Transactions
Related Party Transactions	26. Management and Director Compensation Compensation for the company’s key management team for the years ended December 31 determined in accordance with the company’s IFRS accounting policies was as follows: 2024 2023 Salaries and other short-term employee benefits 17.3 14.5 Share-based payments 7.2 7.3 24.5 21.8 Compensation for the company’s Board of Directors for the years ended December 31 was as follows: 2024 2023 Retainers and fees 1.8 1.4 Share-based payments 0.2 0.2 2.0 1.6 Investments During the third quarter of 2024 an insurance subsidiary of the company invested $100.4 in the Marval Guru Fund, which is managed by a related party as described in note 6. Fairfax subordinate voting shares During 2024 the company purchased for cancellation 275,000 Fairfax subordinate voting shares from Prem Watsa, the company's Chairman and CEO, as described in note 16.

Subsidiaries

Subsidiaries	12 Months Ended
Subsidiaries	Dec. 31, 2024
Subsidiaries
Subsidiaries	27 . The company’s principal operating subsidiaries are presented in the tables below. During 2024 the company consolidated Sleep Country, Peak Achievement and Meadow Foods as described in note 21. Excluded from these tables are intermediate holding companies of investments in subsidiaries and intercompany balances that are eliminated on consolidation. Fairfax’s ownership (100% other than as December 31, 2024 Domicile shown below) Property and casualty insurance and reinsurance North American Insurers Northbridge Financial Corporation (Northbridge) Canada Crum & Forster Holdings Corp. (Crum & Forster) United States Zenith National Insurance Corp. (Zenith National) United States Global Insurers and Reinsurers Odyssey Group Holdings, Inc. (Odyssey Group) United States 90.0 % Brit Limited (Brit) England and Wales Ki Financial Limited (Ki Insurance) England and Wales 20.0 % (1) Allied World Assurance Company Holdings, Ltd (Allied World) Bermuda 83.4 % International Insurers and Reinsurers Fairfax Central and Eastern Europe, which consists of: Polskie Towarzystwo Reasekuracji Spólka Akcyjna (Polish Re) Poland Colonnade Insurance S.A. (Colonnade Insurance) Luxembourg FFH Ukraine Holdings (Fairfax Ukraine), which consists of: Ukraine 70.0 % ARX Insurance Company (ARX Insurance) Ukraine Private Joint Stock Company Insurance Company Universalna (Universalna) Ukraine Fairfax Latin America, which consists of: Fairfax Brasil Seguros Corporativos S.A. (Fairfax Brasil) Brazil La Meridional Compañía Argentina de Seguros S.A. (La Meridional Argentina) Argentina SBS Seguros Colombia S.A. (Southbridge Colombia) Colombia SBI Seguros Uruguay S.A. (Southbridge Uruguay) Uruguay Southbridge Compañía de Seguros Generales S.A. (Southbridge Chile) Chile Bryte Insurance Company Ltd (Bryte Insurance) South Africa Eurolife FFH General Insurance Single Member S.A. (Eurolife General) Greece 80.0 % Gulf Insurance Group K.S.C.P. (Gulf Insurance) Kuwait 97.1 % Group Re, which underwrites business in: CRC Reinsurance Limited (CRC Re) Barbados Wentworth Insurance Company Ltd. (Wentworth) Barbados Connemara Reinsurance Company Ltd. (Connemara) Barbados Fairfax Asia, which consists of: Falcon Insurance Company (Hong Kong) Limited (Falcon) Hong Kong The Pacific Insurance Berhad (Pacific Insurance) Malaysia 85.0 % PT Asuransi Multi Artha Guna Tbk (AMAG Insurance) Indonesia 80.8 % Fairfirst Insurance Limited (Fairfirst Insurance) Sri Lanka 78.0 % The Falcon Insurance Public Company Limited (Falcon Thailand) Thailand 96.7 % Singapore Reinsurance Corporation Limited (Singapore Re) Singapore Life insurance and Run-off Eurolife FFH Life Insurance Group Holdings S.A. (Eurolife) Greece 80.0 % Run-off , which is principally comprised of: U.S. Run-off: TIG Insurance Company (TIG Insurance) United States Investment management Hamblin Watsa Investment Counsel Ltd. (Hamblin Watsa) Canada (1) Brit holds 51.0% of the voting rights of Ki Insurance. Subsequent to December 31, 2024, on January 1, 2025 Ki Insurance completed its separation from Brit and will be presented as a separate operating company within the Global Insurers and Reinsurers reporting segment commencing in the first quarter of 2025. Fairfax’s December 31, 2024 Domicile ownership Primary business Non-insurance companies Restaurants and retail Recipe Unlimited Corporation (Recipe) Canada 84.0 % Franchisor, owner and operator of restaurants Sleep Country Canada Holdings Inc. (Sleep Country) Canada 100.0 % Specialty sleep retailer Sporting Life Group Limited (Sporting Life Group) Canada 90.1 % Canadian sports lifestyle retail organization Fairfax India Fairfax India Holdings Corporation (Fairfax India) Canada 42.7 % (1) Invests in public and private Indian businesses Thomas Cook India Thomas Cook (India) Limited (Thomas Cook India), which owns: India 64.5 % Provider of integrated travel and travel-related financial services 100.0% of Sterling Holiday Resorts Limited (Sterling Resorts) India 64.5 % Owner and operator of holiday resorts Other AGT Food and Ingredients Inc. (AGT) Canada 65.7 % Originator, processor and distributor of value-added pulses and staple foods Boat Rocker Media Inc. (Boat Rocker) Canada 44.5 % (3) Entertainment content creator, producer and distributor Dexterra Group Inc. (Dexterra Group) Canada 49.7 % (2) Provider of infrastructure support services Farmers Edge Inc. (Farmers Edge) Canada 70.5 % Provider of advanced digital tools for agriculture Grivalia Hospitality S.A. (Grivalia Hospitality) Greece 85.2 % Hospitality real estate investor, developer and manager Meadow Foods Limited (Meadow Foods) England and Wales 93.2 % Provider of value-added milk, fats, fresh confectionery and plant-based bulk ingredients Peak Achievement Athletics Inc. (Peak Achievement) Canada 100.0 % Designer, manufacturer and distributor of performance sports equipment and related apparel and accessories (1) The company owns multiple voting shares and subordinate voting shares of Fairfax India that give it voting rights of 95.2 %. (2) The company has de facto voting control of Dexterra Group as its largest equity and voting shareholder. (3) The company has voting rights of 56.0 % due to Boat Rocker’s issuance of non-voting shares to non-controlling interests.

Summary of Material Accountin_2

Summary of Material Accounting Policies (Policies)	12 Months Ended
Summary of Material Accounting Policies (Policies)	Dec. 31, 2024
Summary of Material Accounting Policies
Consolidation	Consolidation Subsidiaries - The consolidated financial statements were prepared as of December 31, 2024 and 2023 based on individual holding companies' and subsidiaries' financial statements at those dates. Accounting policies of subsidiaries have been aligned with those of the company where necessary. The company's significant operating subsidiaries are identified in note 27. Non - controlling interests
Business combinations	Business combinations Business combinations are accounted for using the acquisition method of accounting whereby at the date of acquisition the consideration transferred is measured at fair value and the company recognizes the identifiable assets acquired and the liabilities assumed at fair value. For each business combination, where applicable, the company determines whether to initially record non - controlling interest at fair value or as the proportionate share of the identifiable net assets of the acquired subsidiary. An existing equity interest in an acquired subsidiary is remeasured to fair value at the date of the business combination with any gain or loss recognized in the consolidated statement of earnings, either in net gains (losses) on investments for a non - insurance subsidiary or in gain on consolidation of insurance subsidiaries for an insurance or reinsurance subsidiary.
Goodwill and intangible assets	Goodwill and intangible assets Goodwill Intangible assets
Investment in associates	Investments in associates Investments in associates are accounted for using the equity method and are comprised of investments in corporations, limited partnerships and trusts where the company has the ability to exercise significant influence but not control. An investment in associate is initially recognized at cost and adjusted thereafter for the post - acquisition change in the company's share of net assets of the associate. An existing equity interest in an acquired associate is remeasured to fair value at the date significant influence is obtained and included in the carrying value of the associate. The fair value of associates is estimated at each reporting date using valuation techniques consistent with those applied to the company's other investments in equity instruments. See "Determination of fair value" under the heading of "Investments" in this note for further details. If there is objective evidence that the carrying value of an associate is impaired, it is written down to its recoverable amount, being the higher of the associate's fair value and value - in - use. The unrealized impairment loss is recognized in share of profit (loss) of associates in the consolidated statement of earnings and may be reversed, subject to certain limits, in future periods if the circumstances that led to the impairment no longer exist. Upon loss of significant influence, any retained equity interest classified as a financial asset is remeasured to fair value and all amounts previously recognized in other comprehensive income (loss) are recycled to the consolidated statement of earnings except those related to defined benefit pension or post retirement plans which are reclassified to retained earnings. Gains and losses on loss of significant influence or disposition of an associate are recognized in net gains (losses) on investments in the consolidated statement of earnings.
Investments in joint ventures	Investments in joint ventures Investments in joint ventures are accounted for using the equity method and are comprised of investments in corporations and limited partnerships where the company has joint control together with one or more third parties by contractual agreement. Joint control requires the unanimous consent of all parties sharing control to make decisions regarding the joint venture's relevant activities. Upon loss of joint control, any retained equity interest classified as a financial asset is remeasured to fair value and all amounts previously recognized in other comprehensive income (loss) are reclassified to the consolidated statement of earnings except those related to defined benefit pension or post retirement plans which are reclassified to retained earnings. Gains and losses on loss of joint control or disposition of a joint venture are recognized in net gains (losses) on investments in the consolidated statement of earnings. Investments in joint ventures and all related activity are presented with investments in associates in these consolidated financial statements.
Consolidated statement of cash flows	Consolidated statement of cash flows The company's consolidated statement of cash flows is prepared in accordance with the indirect method, classifying cash flows by operating, investing and financing activities. Cash and cash equivalents
Investments	Investments Investments include cash and cash equivalents, short term investments, bonds, equity instruments, investments in associates, derivative assets, other invested assets (primarily investment property) and derivative obligations. Management determines the appropriate classifications of investments at their acquisition date. Classification - Recognition and measurement - Subsequent to initial recognition, investments classified at FVTPL are measured at fair value with changes in fair value reported in the consolidated statement of earnings as investment income, comprised of interest and dividends and net gains (losses) on investments. Interest and dividends represent interest income on short term investments and bonds calculated using the effective interest method, and dividends received on holdings of common stocks and preferred stocks, net of investment expenses. All other changes in fair value are reported in net gains (losses) on investments in the consolidated statement of earnings. For short term investments and bonds, the sum of their interest income and net gains (losses) on investments is equal to their total change in fair value for the reporting period. For investments classified at FVTPL, the company further disaggregates net gains (losses) on investments into realized and unrealized components in note 5. Where a financial instrument continues to be held by the company at the end of a reporting period, changes in the fair value of that instrument during the reporting period, excluding those changes reported as interest and dividends, are presented in net change in unrealized gains (losses). On disposition or as a result of a change in accounting for that financial instrument, its inception - to - date net gain (loss), excluding those changes previously reported as interest and dividends, is presented as net realized gains (losses). The cumulative unrealized net gain (loss) recognized in prior periods on that financial instrument is then reversed in net change in unrealized gains (losses). The sum of the inception - to - date net gain (loss) and the cumulative reversal of prior period net unrealized gains (losses) equals that financial instrument's net gain (loss) on investment for the current reporting period as presented in the consolidated statement of earnings. Interest and dividends and net gains (losses) on investments are reported as operating activities in the consolidated statement of cash flows. Derecognition Short term investments Bonds Derivatives The company uses derivatives for investment purposes and to mitigate financial risks arising from its investment holdings and reinsurance contracts, and monitors its derivatives for effectiveness in achieving their risk management objectives where applicable. The fair value of derivatives in a gain position are presented on the consolidated balance sheet in holding company cash and investments, and in portfolio investments as derivatives and other invested assets. The fair value of derivatives in a loss position are presented on the consolidated balance sheet in derivative obligations. The initial premium paid for a derivative contract, if any, is recorded as a derivative asset and subsequently adjusted for changes in the fair value of the contract at each reporting date. Changes in the fair value of derivatives are recorded as net gains (losses) on investments in the consolidated statement of earnings. Cash received from counterparties as collateral for derivative contracts is recognized on the consolidated balance sheet in holding company cash and investments or subsidiary cash and short term investments, and a corresponding liability is recognized in accounts payable and accrued liabilities. Securities received from counterparties as collateral are not recorded as assets. Cash and securities delivered to counterparties as collateral for derivative contracts continue to be reflected as assets on the consolidated balance sheet in holding company cash and investments or in portfolio investments as assets pledged for derivative obligations. The portion of the collateral related to changes in fair value of derivative contracts may be repledged by the counterparties holding the collateral. Determination of fair value Level 1 - Inputs represent unadjusted quoted prices for identical instruments exchanged in active markets. The fair values of the majority of the company's common stocks, equity call options and certain warrants are based on published quotes in active markets. Level 2 - Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar financial instruments exchanged in active markets, quoted prices for identical or similar financial instruments exchanged in inactive markets and other market observable inputs. The fair value of the vast majority of the company's investments in bonds are priced based on information provided by independent pricing service providers while much of the remainder, along with most derivative contracts (including total return swaps, U.S. treasury bond forward contracts and certain warrants) are based primarily on non - binding third party broker - dealer quotes that are prepared using Level 2 inputs. Where third party broker - dealer quotes are used, typically one quote is obtained from a broker - dealer with particular expertise in the instrument being priced. Preferred stocks are priced using a combination of independent pricing service providers and internal valuation models that rely on directly or indirectly observable inputs. The fair values of investments in certain limited partnerships classified as common stocks on the consolidated balance sheet are based on the net asset values received from the general partner, adjusted for liquidity as required and are classified as Level 2 when they may be liquidated or redeemed within three months or less of providing notice to the general partner. All other such investments in limited partnerships are classified as Level 3. Level 3 - Inputs include unobservable inputs that management uses to develop assumptions for which market data is limited or unavailable at the measurement date. In some instances, such as for private company preferred shares, management will use limited recent market transactions that are corroborated by industry accepted discounted cash flow models that incorporate one or more unobservable inputs. Transfers between fair value hierarchy levels are considered effective from the beginning of the annual reporting period in which the transfer is identified. Valuation techniques used by the company's independent pricing service providers and third party broker - dealers include use of prices from similar instruments where observable market prices exist, discounted cash flow analysis, option pricing models, and other valuation techniques commonly used by market participants. The company assesses the reasonableness of pricing received from these third party sources by comparing the fair values received to recent transaction prices for similar assets where available, to industry accepted discounted cash flow models (that incorporate estimates of the amount and timing of future cash flows and market observable inputs such as credit spreads and discount rates) and to option pricing models (that incorporate market observable inputs including the quoted price, volatility and dividend yield of the underlying security and the risk free rate). The company employs specialist personnel for the valuation of its investment portfolio. Detailed valuations are prepared for those financial instruments that are priced internally, while external pricing received from independent pricing service providers, third party broker - dealers and industry experts are evaluated by the company for reasonableness. The company's Chief Financial Officer oversees the valuation function and regularly reviews valuation processes and results, including at each quarterly reporting period. Significant valuation matters, particularly those requiring extensive judgment, are communicated to the company's Audit Committee.
Foreign currency translation	Foreign currency translation Functional and presentation currency Foreign currency transactions Translation of foreign subsidiaries
Hedging	Hedging At the inception of a hedge transaction the company documents the economic relationship between the hedged item and hedging instrument, and its risk management objective and strategy for undertaking the hedge. Net investment hedge
Insurance contracts and reinsurance contract assets held	Insurance contracts and reinsurance contract assets held Definition and classification Insurance contracts - Reinsurance contract assets held - Insurance contracts acquired in a transfer or in a business combination Unit of account and recognition - Insurance contracts are recognized from the earliest of: the beginning of the insurance contract's coverage period; when payment from the policyholder becomes due or, if there is no contractual due date, when it is received; and when a contract is onerous. Reinsurance contract assets held that provide proportionate reinsurance coverage are recognized from the later of: the beginning of the reinsurance contract's coverage period; and when underlying insurance contracts are initially recognized. Reinsurance contract assets held that do not provide proportionate reinsurance coverage are recognized at the beginning of the coverage period for the reinsurance contract unless the company recognizes onerous insurance contracts at an earlier date which are reinsured and the related reinsurance contract was entered into prior to the onerous contract being recognized, in which case the reinsurance contract assets held are recognized at the date the onerous groups of underlying insurance contracts are recognized. When insurance contracts and reinsurance contract assets held are recognized, they are added to an existing group of contracts where possible. If the insurance contract cannot be added to an existing group based on the criteria set out above, a new group is formed. Groups of contracts are established on initial recognition and their composition is not revised once all contracts have been added to the group. For insurance contracts acquired with incurred claims and remaining coverage, the company is considered to have issued a new, separate insurance contract with two coverages: coverage for claims events that have yet to occur and coverage for the development of claims events that have already occurred. For acquired contracts in their settlement period which are fully earned, the company is considered to have issued an adverse development cover for the acquired claim liability. These types of insurance contracts are accounted for as if they were entered into at the date of acquisition or transfer. Measurement The company measures its insurance contracts and reinsurance contract assets held, depending on the types of contracts written, using principally two models: Premium Allocation Approach ("PAA") and to a lesser extent the General Measurement Model ("GMM"), primarily at its Life insurance and Run-off operations. Short - duration contracts where there is no significant variability in cash flows are primarily measured using the PAA, while long - duration contracts, which often include acquired contracts, are primarily measured using the GMM. The principles for initial and subsequent measurement when applying the GMM or the PAA are applicable to property and casualty insurance contracts and life insurance contracts. The measurement components are: Contract boundary Fulfillment cash flows within the contract boundary - There are two types of directly attributable costs that are included in the contract boundary: Acquisition costs Other costs that are incurred in fulfilling insurance contracts - Contracts measured under the Premium Allocation Approach The company's insurance contracts are predominantly measured using the PAA, a simplified method permitted under IFRS 17 that is typically applied to short - duration contracts or when it provides a reasonable approximation of the GMM. The company uses the PAA for measuring all insurance contracts and reinsurance contract assets held which are eligible for the simplified methodology. Insurance contracts and reinsurance contract assets held are eligible when the coverage period of each contract in the group is one year or less or the company reasonably expects that the resulting measurement of the liability for remaining coverage ("LRC") would not differ materially from that of applying the GMM. When comparing the different possible measurements, the company considers the impact of different release patterns of the LRC to the consolidated statement of earnings, the impact of discounting and financial risks, and whether significant variability in the cash flows exists. Insurance contracts Initial measurement - If there are indications that a group of insurance contracts is onerous, then the company recognizes a loss in insurance service expense in the consolidated statement of earnings and increases the LRC if the current estimates of the fulfillment cash flows that relate to remaining coverage exceed the carrying amount of the LRC. This excess is recognized as a loss component within the LRC, which is reported in insurance contract liabilities on the consolidated balance sheet. Subsequent measurement - The LIC includes the fulfillment cash flows for losses on claims and expenses that have not yet been paid, including claims that have been incurred but not reported ("IBNR"). It reflects both a risk adjustment for non - financial risk and the time value of money as most of the company's insurance contracts issued and measured under the PAA typically have a settlement period of over one year. In each reporting period, the company remeasures the loss component using the same calculation as on initial recognition and reflects any changes by adjusting the loss component as required until the loss component is reduced to zero, with such adjustments recognized in insurance service expenses. If a loss component did not exist on initial recognition but there are indications that a group of contracts is onerous on subsequent measurement, then the company establishes the loss component using the same methodology as on initial recognition. Reinsurance contract assets held Initial measurement - When there is an onerous group of underlying contracts, a loss - recovery component is created for the group of reinsurance contract assets held which adjusts the ARC, and determines the amounts that are subsequently presented in the consolidated statement of earnings within net reinsurance result as reversals of recoveries of losses and removed from the cost of reinsurance. Subsequent measurement - For contracts measured under the PAA, the asset for incurred claims is measured consistent with the asset for incurred claims under the GMM and reflects a risk adjustment for non - financial risk and the time value of money as most of the company's reinsurance contract assets held and measured under the PAA typically have a settlement period of over one year. If a loss - recovery component exists, it is adjusted on subsequent measurement to reflect changes in the loss component of the onerous group of underlying contracts to the extent that it impacts reinsured cash flows, but it cannot exceed the portion of the loss component of the onerous group of underlying contracts that the company expects to recover from the reinsurance contract assets held. Contracts measured under the General Measurement Model For insurance and reinsurance contracts which do not meet the eligibility criteria to apply the simplified methodology under the PAA due to longer coverage periods or cash flows which can vary significantly over the term of the insurance contract, the company applies the GMM when determining the carrying amount of the LRC and ARC. The LIC and AIC under both the PAA and GMM are measured consistently. Measurement of insurance and reinsurance contracts under the GMM differs from the PAA as follows: Estimate of cash flows for future services The carrying amount of LRC and ARC include an estimate of all future cash flows of an insurance contract over the life of the contract, including premiums, claims, and associated expenses, and these projections are updated at each reporting date to reflect current estimates. Discounting Future cash flows included within the LRC and ARC are discounted to reflect the time value of money and the financial risks associated with those cash flows. Discount rates applied reflect market conditions and the characteristics of the insurance contract liabilities and are updated at each reporting date. Risk adjustment for non - financial risk An explicit risk adjustment is included within the LRC and ARC to represent the compensation required for bearing non-financial insurance risks whereas under the PAA, this is not required. The risk adjustment captures the uncertainty in cash flows arising from claims and other non-financial risks. Contractual service margin (CSM) The CSM, which is included within the LRC and ARC, represents the unearned profit of an insurance or reinsurance contract that is earned over the coverage period. Changes to future cash flow estimates and the risk adjustment, except those attributable to financial risks, will lead to an adjustment of the CSM. Insurance contracts acquired in a transfer or in a business combination Initial measurement Subsequent measurement – Derecognition and contract modification An insurance contract is derecognized when it is extinguished, i.e. when the specified obligations in the contract expire or are discharged or cancelled. An insurance contract is also derecognized if its terms are modified in a way that would have significantly changed the accounting for the contract had the new terms always existed, in which case a new contract based on the modified terms is recognized. If an insurance contract modification does not result in derecognition, then the changes in cash flows caused by the modification are treated as changes in estimates of fulfillment cash flows. Presentation Any assets or liabilities recognized for cash flows arising before the recognition of the related group of contracts (including any assets for insurance acquisition cash flows) are included in the carrying amount of the related portfolios of contracts (see note 8). Amounts recognized in the consolidated statement of earnings for insurance contracts are disaggregated into (i) an insurance service result, comprised of insurance revenue and insurance service expenses ("net insurance result"), (ii) cost of reinsurance and recoveries of insurance service expense ("net reinsurance result"), and (iii) net finance income or expenses from insurance contracts. Changes in the risk adjustment for non - financial risk are not disaggregated between the insurance service result and net finance income or expenses from insurance contracts. All changes in the risk adjustment for non - financial risk are included in the insurance service result in the consolidated statement of earnings. Consolidated Statement of Earnings Insurance revenue Contracts measured under the PAA For contracts measured under the PAA, the company recognizes insurance revenue based on the expected premium receipts and the passage of time over the coverage period of a group of contracts unless the release of risk differs significantly from the passage of time, such as with certain acquired contracts. In those instances insurance revenue is recognized based on the release of risk. Contracts measured under the GMM Insurance revenue is recognized over the coverage terms of the underlying policies in accordance with the level of protection provided, which is represented by the total of the changes in the LRC for which consideration is expected, comprised of the following: ● a release of the CSM, measured based on services provided as described below; ● changes in the risk adjustment for non - financial risk relating to current services; ● claims and other insurance service expenses incurred in the period, measured at the amounts expected at the beginning of the year; ● insurance revenue would be reduced by systematic allocations to the loss component for changes in risk adjustment and incurred claims and other insurance service expenses; ● amortization of insurance acquisition cash flows; and ● other amounts, including premium experience adjustments related to current or past service. The amount of the CSM that is recognized as insurance revenue in each period is determined by calculating the amount of insurance services provided in the current period compared to future periods over the expected coverage period. The expected coverage period reflects the coverage term and expectations of insured events occurring to the extent that they affect the expected coverage period. Insurance service expense Insurance service expenses arising from insurance contracts are recognized in the consolidated statement of earnings as they are incurred and include losses on claims, other insurance service expenses, amortization of insurance acquisition costs, losses and reversals of losses on onerous contracts, and impairment losses and reversals of those impairment losses on insurance acquisition cash flow assets. Net reinsurance result Net reinsurance result comprises the cost of reinsurance less recoveries of insurance service expenses from reinsurers. The cost of reinsurance is recognized in the consolidated statement of earnings as services are received from the reinsurer over the coverage period. Recoveries of insurance service expenses from reinsurers are recognized in the consolidated statement of earnings as claims and other insurance service expenses are recovered, including any changes in expectations for these amounts, and recoveries and reversals of recoveries of the loss - recovery component. The establishment of the loss - recovery component and subsequent increases or decreases in the loss - recovery component related to future service are presented in net reinsurance result. Net finance income or expense from insurance contracts and reinsurance contract assets held Net finance income or expense from insurance contracts and reinsurance contract assets held as presented in the consolidated statement of earnings are principally comprised of changes in the carrying amounts of insurance and reinsurance contracts arising from the effects of the time value of money. The sources of the insurance finance income and expense arise from the effects of discounting the fulfillment cash flows within the ARC and LRC under the GMM and the AIC and LIC under all measurement models at current rates; discounting the ARC and LRC under the PAA where a significant financing component exists and accreting interest on the CSM at locked - in rates. Insurance contract receivables and payables Insurance contract receivables and payables primarily consist of amounts owing from and to agents, brokers, third party administrators and other intermediaries that are not directly attributable to a specific group of insurance or reinsurance contracts. Foreign currency transactions in insurance contracts and reinsurance contract assets held Foreign currency transactions within groups of insurance contracts and reinsurance contract assets held are accounted for using a multi-currency approach whereby each group’s underlying cash flows are accounted for in their transactional currencies and each group of contracts, including a group's CSM, is considered a monetary item. The underlying currencies within a group are therefore translated at the end of a reporting period into the company's functional currency at period-end exchange rates.
Income taxes	Income taxes The provision for income taxes for the period comprises current and deferred income tax. Income taxes are recognized in the consolidated statement of earnings, except when related to items recognized in other comprehensive income (loss) or in equity. In those cases, the income taxes are also recognized in other comprehensive income (loss) or in equity, respectively, except for dividends where the income taxes are recognized in earnings, other comprehensive income (loss) or equity according to where the transactions that generated the distributable profits were recognized. Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company's subsidiaries and associates operate and generate taxable income. Deferred income tax is calculated under the liability method whereby deferred income tax assets and liabilities are recognized for temporary differences between the financial statement carrying amounts of assets and liabilities and their respective income tax bases at current substantively enacted tax rates. With the exception of initial recognition of deferred income tax arising from business combinations, changes in deferred income tax associated with components of other comprehensive income (loss) are recognized in other comprehensive income (loss) while all other changes in deferred income tax are included in the provision for income taxes in the consolidated statement of earnings. Deferred income tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. Carry forwards of unused losses or unused tax credits are tax effected and recognized as deferred tax assets when it is probable that future taxable profits will be available against which these losses or tax credits can be utilized. Deferred income tax is not recognized on unremitted earnings of subsidiaries where the company has determined it is not probable those earnings will be repatriated in the foreseeable future. Current and deferred income tax assets and liabilities are offset when the income taxes are levied by the same taxation authority and there is a legally enforceable right of offset.
Investment property	Investment property Investment property consists of real estate held by the company for capital appreciation, rental income, or both, and is initially recorded at cost, including transaction costs, and subsequently measured at fair value. On the consolidated balance sheet investment property is included in portfolio investments by the insurance and reinsurance companies and in other assets by the non - insurance companies. In the consolidated statement of earnings, insurance and reinsurance companies record investment property rental income and direct expenses in interest and dividends, and changes in fair value in net gains (losses) on investments, while non - insurance companies record investment property rental income and changes in fair value in non - insurance revenue, and direct expenses in non - insurance expenses.
Non - insurance revenue	Non - insurance revenue Non - insurance revenue is primarily comprised of revenue earned by the non - insurance companies. Revenue from restaurant and retail sales is recognized when the company provides goods to the customer and receives payment. Revenue from the sale of other goods is typically recognized when shipped to the customer, with payment received in advance of shipment. The shipping and handling performance obligation is recorded as a contract liability and recognized as revenue once the services have been performed. Revenue from providing travel, hospitality and other non - insurance services is recognized over time based on measured progress towards complete satisfaction of the related performance obligations. Payment is usually received at the time of initial booking for travel and hospitality services, and received in installments for other services. Unconditional payments due from customers for satisfied performance obligations are recorded as non - insurance revenue receivables within other assets on the consolidated balance sheet. Customer prepayments are recorded as deferred revenue within accounts payable and accrued liabilities on the consolidated balance sheet and are not recognized as revenue until the shipment of goods or provision of services occurs. Certain contracts include multiple deliverables which are accounted for as separate performance obligations, with the transaction price allocated to the performance obligations based on their individual selling prices.
Non - insurance expenses	Non - insurance expenses Non - insurance expenses is primarily comprised of the cost of inventories sold or services provided and the operating expenses of the non - insurance companies.
Equity	Equity Common stock issued by the company is classified as equity when there is no contractual obligation to transfer cash or other financial assets to the holder of the shares. Incremental costs directly attributable to the issue or repurchase of equity instruments are recognized in equity, net of tax. Treasury shares are equity instruments repurchased by the company which have not been canceled and are deducted from equity on the consolidated balance sheet, irrespective of the objective of the purchase. The company acquires its own subordinate voting shares on the open market for its share - based payment awards. No gain or loss is recognized in the consolidated statement of earnings on the purchase, sale, issue or cancellation of treasury shares. Consideration paid or received is recognized directly in equity. Dividends and other distributions to holders of the company's equity instruments are recognized directly in equity.
Net earnings per share attributable to shareholders of Fairfax	Net earnings per share attributable to shareholders of Fairfax Net earnings (loss) per share Net earnings (loss) per diluted share
New accounting pronouncements adopted in 2024	New accounting pronouncements adopted in 2024 On January 1, 2024 the company adopted the following amendments, which did not have a significant impact on the company's consolidated financial statements: Classification of Liabilities as Current or Non - current (Amendments to IAS 1), Non - current Liabilities with Covenants (Amendments to IAS 1), Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7).
New accounting pronouncements issued but not yet effective	New accounting pronouncements issued but not yet effective The following new pronouncements have been issued by the IASB and were not yet effective for the fiscal year beginning January 1, 2024. The company is currently evaluating their expected impact on its consolidated financial statements and does not expect to adopt them in advance of their effective dates. Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) On May 30, 2024 the IASB issued targeted amendments to IFRS 9 Financial Instruments Financial Instruments: Disclosures IFRS 18 Presentation and Disclosure in Financial Statements On April 9, 2024 the IASB issued IFRS 18 which replaces IAS 1 Presentation of Financial Statements Statement of Cash Flows Earnings per Share

Cash and Investments (Tables)

Cash and Investments (Tables)	12 Months Ended
Cash and Investments (Tables)	Dec. 31, 2024
Cash and Investments
Schedule of cash and investments and portfolio investments, net of derivative obligations	December 31, December 31, 2024 2023 Holding company Cash and cash equivalents (1) 663.2 406.8 Short term investments 51.6 192.9 Bonds 444.8 344.3 Preferred stocks 20.2 12.2 Common stocks (2) 92.5 103.5 Derivatives (note 7) 1,036.8 524.2 2,309.1 1,583.9 Assets pledged for derivative obligations: Cash equivalents 101.1 2.5 Short term investments — 127.8 Bonds 92.5 67.4 193.6 197.7 Holding company cash and investments as presented on the consolidated balance sheet 2,502.7 1,781.6 Derivative obligations (note 7) (0.6) (32.5) 2,502.1 1,749.1 Portfolio investments Cash and cash equivalents (1) 6,662.1 5,157.2 Short term investments 958.4 2,008.4 Bonds 37,390.3 36,850.8 Preferred stocks 2,365.0 2,447.4 Common stocks (2) 7,464.2 6,903.4 Investments in associates (note 6) 7,153.3 6,607.6 Derivatives (note 7) 538.0 448.3 Other invested assets (3) 621.7 577.0 63,153.0 61,000.1 Assets pledged for derivative obligations: Bonds 150.8 139.3 Fairfax India cash, portfolio investments and associates: Cash and cash equivalents (1) 86.2 197.2 Bonds 157.1 39.2 Common stocks 321.0 616.6 Investments in associates (note 6) 1,352.3 1,429.7 1,916.6 2,282.7 Portfolio investments as presented on the consolidated balance sheet 65,220.4 63,422.1 Derivative obligations (note 7) (356.3) (412.4) 64,864.1 63,009.7 Total cash and investments, net of derivative obligations 67,366.2 64,758.8 (1) Includes aggregate restricted cash and cash equivalents at December 31, 2024 of $ 1,400.1 (December 31, 2023 - $ 642.3 ). See note 25. (2) Includes aggregate investments in limited partnerships with a carrying value at December 31, 2024 of $2,282.3 (December 31, 2023 – $2,171.8 ). (3) Comprised primarily of investment property.
Schedule of pledged assets, by nature of pledge requirement	December 31, December 31, 2024 2023 Regulatory deposits 6,714.4 6,701.0 Security for reinsurance and other 1,809.5 1,854.9 8,523.9 8,555.9
Schedule of fixed income maturity	December 31, 2024 December 31, 2023 Amortized Fair Amortized Fair cost (1) value (1) cost (1) value (1) Due in 1 year or less (2) 9,324.8 9,117.2 7,780.5 7,545.6 Due after 1 year through 3 years (2) 8,110.9 7,975.6 9,352.1 9,420.5 Due after 3 years through 5 years (2) 6,939.6 7,004.5 5,738.7 5,861.1 Due after 5 years through 10 years (3) 12,309.6 12,273.6 13,645.1 14,047.3 Due after 10 years (4) 2,036.2 1,864.6 577.9 566.5 38,721.1 38,235.5 37,094.3 37,441.0 Effective interest rate (5) 5.2 % 5.3 % (1) Includes bonds held by the holding company and Fairfax India. (2) Includes the company’s investments in first mortgage loans at December 31, 2024 of $4,777.8 (December 31, 2023 - $4,685.4 ) secured by real estate predominantly in the U.S., Europe and Canada. (3) Includes U.S. treasury bonds at December 31, 2024 of $10,222.4 (December 31,2023 – $11,868.0 ) with maturities between 5 to 7 years. (4) Includes U.S. treasury bonds at December 31, 2024 of $1,204.7 (December 31, 2023 - nil ) with maturities between 28 to 30 years. (5) The effective interest rate is the rate that discounts estimated future cash payments or receipts through the expected life of the fixed income investment to its gross carrying amount at initial recognition. The effective interest rate does not reflect changes in market interest rates that affect the fair value of the fixed income investment over time.
Schedule of fair value hierarchy of assets and liabilities	December 31, 2024 December 31, 2023 Significant Significant other Significant other Significant Quoted observable unobservable Total fair Quoted observable unobservable Total fair prices inputs inputs value asset prices inputs inputs value asset (Level 1) (Level 2) (Level 3) (liability) (Level 1) (Level 2) (Level 3) (liability) Cash and cash equivalents (1) 7,512.6 — — 7,512.6 5,763.7 — — 5,763.7 Short term investments: Canadian government and provincials 98.5 — — 98.5 553.3 — — 553.3 U.S. treasury 217.8 — — 217.8 794.1 — — 794.1 Other government 55.7 171.0 — 226.7 31.3 339.0 — 370.3 Corporate and other — 467.0 — 467.0 — 611.4 — 611.4 372.0 638.0 — 1,010.0 1,378.7 950.4 — 2,329.1 Bonds: Canadian government and provincials — 2,741.0 — 2,741.0 — 2,715.1 — 2,715.1 U.S. treasury — 15,863.9 — 15,863.9 — 16,273.5 — 16,273.5 U.S. states and municipalities — 179.6 — 179.6 — 184.5 — 184.5 Other government — 6,087.4 45.9 6,133.3 — 4,903.0 39.3 4,942.3 Corporate and other (2) — 7,601.0 5,716.7 13,317.7 — 7,567.9 5,757.7 13,325.6 — 32,472.9 5,762.6 38,235.5 — 31,644.0 5,797.0 37,441.0 Preferred stocks: Canadian 16.3 — 19.2 35.5 15.5 3.5 8.8 27.8 U.S. — — 398.9 398.9 — — 343.3 343.3 Other (3) 12.3 1,936.7 1.8 1,950.8 12.0 286.6 1,789.9 2,088.5 28.6 1,936.7 419.9 2,385.2 27.5 290.1 2,142.0 2,459.6 Common stocks: Canadian 1,264.5 175.4 332.4 1,772.3 838.3 216.0 288.2 1,342.5 U.S. 902.4 34.3 1,396.0 2,332.7 988.0 27.4 1,258.7 2,274.1 Other 1,757.0 575.7 1,440.0 3,772.7 2,023.4 501.9 1,481.6 4,006.9 3,923.9 785.4 3,168.4 7,877.7 3,849.7 745.3 3,028.5 7,623.5 Derivatives and other invested assets — 1,354.2 842.3 2,196.5 — 869.5 680.0 1,549.5 Derivative obligations (note 7) — (222.7) (134.2) (356.9) — (257.4) (187.5) (444.9) Holding company cash and investments and portfolio investments measured at fair value 11,837.1 36,964.5 10,059.0 58,860.6 11,019.6 34,241.9 11,460.0 56,721.5 20.1 % 62.8 % 17.1 % 100.0 % 19.4 % 60.4 % 20.2 % 100.0 % Investments in associates (note 6) (4) 4,420.5 679.5 5,643.8 10,743.8 3,592.3 83.2 6,532.3 10,207.8 (1) Includes restricted cash and cash equivalents of $1,400.1 at December 31, 2024 (December 31, 2023 – $642.3 ). Aggregate restricted cash and cash equivalents at December 31, 2024 included cash of $835.0 held at a depository in connection with the company’s investments in Blizzard Vacatia that closed on January 1, 2025 as described earlier. See also note 6 and note 25. (2) Included in Level 3 are the company’s investments in first mortgage loans at December 31, 2024 of $4,777.8 (December 31, 2023 – $4,685.4 ) secured by real estate predominantly in the U.S., Europe and Canada. (3) Primarily comprised of the company’s investment in compulsory convertible preferred shares of Go Digit Infoworks Services Limited (“Digit”). The company also holds a 49.0% equity interest in Digit as described in note 6. (4) The fair value of investments in associates is presented separately as such investments are measured using the equity method of accounting.
Summary of changes in Level 3 financial assets measured at fair value on a recurring basis	2024 Private Private Derivatives placement company Limited Private and other debt preferred partnerships equity Common invested securities shares and other (1) funds (1) shares assets Total Balance - January 1 5,797.0 2,142.0 1,998.2 72.8 957.5 492.5 11,460.0 Net realized and unrealized gains included in the consolidated statement of earnings 29.4 57.8 125.1 9.0 80.4 178.8 480.5 Purchases (2) 1,306.3 12.7 203.6 — 160.6 94.0 1,777.2 Sales and distributions (2) (1,280.3) (1.4) (203.5) (8.6) (191.7) (43.0) (1,728.5) Transfer out of category (3) (31.8) (1,784.3) — — — — (1,816.1) Unrealized foreign currency translation losses on foreign subsidiaries included in other comprehensive income (loss) (58.0) (6.9) (18.6) (2.3) (14.1) (14.2) (114.1) Balance - December 31 5,762.6 419.9 2,104.8 70.9 992.7 708.1 10,059.0 2023 Private Private Derivatives placement company Limited Private and other debt preferred partnerships equity Common invested securities shares and other (1) funds (1) shares assets Total Balance - January 1 3,465.3 2,047.1 1,824.2 97.5 629.9 680.3 8,744.3 Net realized and unrealized gains (losses) included in the consolidated statement of earnings 63.7 (2.4) (69.7) (7.6) 12.3 (135.4) (139.1) Purchases (2)(4) 3,451.7 134.5 384.2 — 289.7 137.7 4,397.8 Acquisitions of insurance subsidiaries (note 21) 109.6 — — 0.9 34.9 32.7 178.1 Sales and distributions (2) (1,262.5) (2.9) (146.1) (19.7) (10.2) (214.2) (1,655.6) Transfer out of category — (36.7) — — (3.0) — (39.7) Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss) 12.5 2.4 5.6 1.7 3.9 (8.6) 17.5 Deconsolidation of non-insurance subsidiary (43.3) — — — — — (43.3) Balance - December 31 5,797.0 2,142.0 1,998.2 72.8 957.5 492.5 11,460.0 (1) Included in common stocks in the fair value hierarchy table presented on the previous page and in holding company cash and investments or common stocks on the consolidated balance sheets. (2) Private placement debt securities include net purchases of first mortgage loans of $103.5 (2023 – $2,261.5 ). (3) During 2024 the company’s investment in Digit compulsory convertible preferred shares was transferred from Level 3 to Level 2 following the completion of Digit Insurance’s initial public offering as described above. (4) Private placement debt securities include the Amynta Group promissory note as described in note 21.
Summary of valuation techniques and unobservable inputs used to estimate fair value of assets	Effect on fair value if input Carrying Input range used value is Asset class value Valuation technique Significant unobservable input Low High increased (a) Bonds (b) Private placement debt securities (1) 781.8 Discounted cash flow Credit spread 0.8 % 7.3 % Decrease Mortgage loans (2) 4,777.8 Market approach Recent transaction price N/A N/A Increase Discounted cash flow Credit spread 3.0 % 10.4 % Decrease Other 203.0 Various Various N/A N/A N/A 5,762.6 Preferred stocks (c) Private placement preferred shares 338.5 Discounted cash flow Credit spread 3.6 % 4.3 % Decrease Other 81.4 Various Various N/A N/A N/A 419.9 Common stocks (d) Limited partnerships and other (3) 2,104.8 Net asset value Net asset value N/A N/A Increase Private equity funds (3) 463.1 Net asset value Net asset value N/A N/A Increase Other 600.5 Various Various N/A N/A N/A 3,168.4 Derivatives and other invested assets (e) Investment property (4) 307.0 Income capitalization Terminal capitalization rate 6.3 % 9.0 % Decrease Discount rate 8.0 % 10.3 % Decrease Market rent growth rate 2.5 % 3.0 % Increase 87.0 Sales comparison Price per acre (Cdn$ thousands) 40.5 183.6 Increase Other 314.1 Various Various N/A N/A N/A 708.1 Total 10,059.0 (a) Decreasing the input value would have the opposite effect on the estimated fair value. (b) Included in holding company cash and investments or bonds on the consolidated balance sheet. (c) Included in holding company cash and investments or preferred stocks on the consolidated balance sheet. (d) Included in holding company cash and investments or common stocks on the consolidated balance sheet. (e) Included in holding company cash and investments or derivatives and other invested assets, net of derivative obligations, on the consolidated balance sheet. (1) At December 31, 2024 these private placement debt securities were valued using industry accepted discounted cash flow models that incorporated unobservable credit spreads of the issuers, and consisted of 11 investments, the largest being $125.6 (construction and home building) (December 31, 2023 - 10 investments, the largest being $148.9 (software and services)). By increasing (decreasing) the credit spreads applied at December 31, 2024 by 100 basis points, the fair value of this asset class would collectively decrease by $24.7 (increase by $26.1 ). (2) At December 31, 2024 these mortgage loans consisted of 93 investments, the largest being $235.0 (December 31, 2023 – 102 investments, the largest being $235.0 ). By increasing (decreasing) the credit spreads applied at December 31, 2024 by 100 basis points, the fair value of this asset class would collectively decrease by $42.6 (increase by $25.2 ). (3) Limited partnerships and other, and certain private equity funds, are investment funds managed by third party fund managers and general partners that invest in a diverse range of industries and geographies. These investment funds were valued primarily using net asset value statements provided by those third party fund managers and general partners. The fair values in those statements are determined using quoted prices of the underlying assets, and to a lesser extent, observable inputs where available and unobservable inputs, in conjunction with industry accepted valuation models, where required. Typically investment funds, when they otherwise meet the criteria to be classified as Level 2, are instead classified as Level 3 if they require at least three months’ notice to liquidate or redeem. At December 31, 2024 limited partnerships and other consisted of 44 investments, the three largest being $320.1 (industrials), $288.4 (oil and gas extraction) and $265.6 (industrials) (December 31, 2023 - 42 investments, the three largest being $315.0 (industrials), $242.5 (primarily industrials and consumer discretionary) and $235.3 (oil and gas extraction )). By increasing (decreasing) net asset values at December 31, 2024 by 10% , the fair value of limited partnerships and other would collectively increase (decrease) by $210.5 . (4) These investment property were primarily valued by third party appraisers using an industry accepted income capitalization approach that incorporated unobservable capitalization rates, discount rates and market rent growth rates. Certain investment property were valued using an industry accepted direct sales comparison approach that incorporated recent non-public sale prices per acre for comparable properties in similar locations.
Schedule of investment income	2024 2023 Interest income: Cash and short term investments 359.8 279.4 Bonds 2,055.3 1,624.9 Derivatives and other invested assets (68.5) (63.2) 2,346.6 1,841.1 Dividends: Preferred stocks (1) 164.7 44.7 Common stocks 98.2 89.1 262.9 133.8 Investment expenses (97.6) (78.7) Interest and dividends 2,511.9 1,896.2 Share of profit of associates (note 6) 956.3 1,022.2 (1) On October 30, 2024 the company received a dividend of $112.3 from Digit on the company’s investment in Digit compulsory convertible preferred shares. See note 6 for details.
Schedule of gains (losses) on investment	2024 2023 Net change in Net gains Net change in Net gains Net realized unrealized (losses) on Net realized unrealized (losses) on gains (losses) gains (losses) investments gains (losses) gains (losses) investments Common stocks 507.0 (210.2) 296.8 43.9 420.5 464.4 Bonds and preferred stocks - convertible 18.2 (3.6) 14.6 (0.2) 77.3 77.1 Other equity derivatives (1)(2) 375.3 564.0 939.3 144.0 213.2 357.2 Disposition of non-insurance associates (3)(4)(5) 575.5 — 575.5 322.0 — 322.0 Other 32.8 — 32.8 (3.1) — (3.1) Long equity exposures and financial effects 1,508.8 350.2 1,859.0 506.6 711.0 1,217.6 Bonds (16.5) (590.8) (607.3) (587.6) 1,141.9 554.3 U.S. treasury bond forward contracts (90.0) (34.0) (124.0) 172.3 (12.5) 159.8 Total bonds (106.5) (624.8) (731.3) (415.3) 1,129.4 714.1 Foreign currency (6) 166.6 (191.8) (25.2) (222.5) 103.7 (118.8) Other (17.9) (17.4) (35.3) 1.6 135.0 136.6 Net gains (losses) on investments 1,551.0 (483.8) 1,067.2 (129.6) 2,079.1 1,949.5 (1) Other equity derivatives include long equity total return swaps, equity warrants and options, and during 2023 the Asset Value Loan Notes (“AVLNs”) entered with RiverStone Barbados. Net change in unrealized gains (losses) in 2024 included $515.8 in unrealized gains (2023 - $320.6 ) on the company’s investment in long equity total return swaps on Fairfax subordinate voting shares principally related to the increase in market value movement on Fairfax subordinate voting shares in the period for which collateral was pledged by the counterparties, with the fair value of $1,032.7 at December 31, 2024 (December 31, 2023 - $516.9 ) recorded in holding company cash and investments, as described in note 7. (2) Amounts recorded in net realized gains (losses) include net gains (losses) on total return swaps where the counterparties are generally required to cash-settle monthly or quarterly the market value movement since the previous reset date notwithstanding that the total return swap positions remain open subsequent to the cash settlement. Net realized gains (losses) in 2024 included $517.7 in realized gains (2023 - $304.2 ) on the company’s investment in long equity total return swaps on Fairfax subordinate voting shares, which represented cash-settlement amounts on market value movement since previous reset date of $295.3 and the cash - settlement of $222.4 on closing $68.5 original notional amount of contracts, recorded in holding company cash and investments. (3) On November 1, 2024 the company sold its investment in Stelco for total consideration of $638.1 and recorded a net realized gain of $343.7 as described in note 6. (4) On December 20, 2024 the company acquired additional interests in Peak Achievement, increasing its ownership from 42.6% to 100.0% . Accordingly, the company commenced consolidating Peak Achievement and recorded a realized remeasurement gain of $203.4 in the consolidated statement of earnings as described in note 21. (5) During 2023 Fairfax India sold a 7.1% equity interest of IIFL Finance for gross proceeds of $177.3 ( 14.7 billion Indian rupees), which decreased its equity interest to 15.1% and resulted in realized gains of $88.6 . Accordingly, the company discontinued recording its residual investment in IIFL Finance under the equity method of accounting, commenced classifying it at FVTPL and recorded a realized remeasurement gain of $204.2 in the consolidated statement of earnings, as described in note 6. (6) Foreign currency net losses during 2024 were primarily related to foreign currency net losses on investing activities, partially offset by foreign currency net gains on underwriting activities. Foreign currency net losses on investing activities during 2024 primarily related to the strengthening of the U.S. dollar relative to the Brazilian real, Canadian dollar and Egyptian pound on Brazilian real, Canadian dollar and Egyptian pound denominated investments. Foreign currency net gains on investing activities during 2023 primarily related to the strengthening of the Brazilian real, Canadian dollar and British pound sterling relative to the U.S. dollar on Brazilian real, Canadian dollar and British pound sterling denominated investments.

Investments in Associates (Tabl

Investments in Associates (Tables)	12 Months Ended
Investments in Associates (Tables)	Dec. 31, 2024
Investments in Associates
Schedule of investments in associates and joint ventures	The company’s investments in associates and joint ventures were comprised as follows: December 31, 2024 Year ended December 31, Carrying value 2024 Associates Share of Ownership Fair and joint Fairfax India profit percentage (a) value (b) ventures associates (c) Total (loss) Insurance and reinsurance: Go Digit Infoworks Services Private Limited (“Digit”) (1) 49.0 % 434.9 325.3 — 325.3 59.7 Other — 311.0 207.5 — 207.5 (2.0) 745.9 532.8 — 532.8 57.7 Non-insurance (3) : India Bangalore International Airport Limited (“Bangalore Airport”) (11) 64.0 % 1,632.0 — 787.5 787.5 27.4 CSB Bank Limited (“CSB Bank”) 40.0 % 254.8 — 197.2 197.2 24.9 Quess Corp Limited (“Quess”) (4) 34.6 % 397.3 426.4 (d) — 426.4 10.4 Sanmar Chemical Enterprises Limited ("Sanmar", formerly Sanmar Chemicals Group) 42.9 % 201.4 — 81.6 81.6 (72.7) IIFL Capital Services Limited (“IIFL Capital”, formerly IIFL Securities) 30.7 % 362.7 15.8 120.4 136.2 26.1 Seven Islands Shipping Limited (“Seven Islands”) 48.5 % 146.0 — 134.3 134.3 34.4 Other — 55.9 10.8 31.3 42.1 1.9 3,050.1 453.0 1,352.3 1,805.3 52.4 Real estate KWF Real Estate Ventures Limited Partnerships (“KWF LPs”) — 106.4 106.4 (d) — 106.4 7.8 Other — 165.8 167.1 — 167.1 (17.5) 272.2 273.5 — 273.5 (9.7) Other Eurobank Ergasias Services & Holdings S.A (“Eurobank”) (3) 34.4 % 2,923.5 2,374.8 — 2,374.8 515.0 Poseidon Corp. (“Poseidon”, formerly Atlas) 43.3 % 2,046.3 1,858.5 — 1,858.5 212.6 Stelco Holdings Inc. (“Stelco”) (5) — — — — — 18.3 EXCO Resources Inc. (“EXCO”) 49.3 % 459.6 458.1 — 458.1 39.6 Peak Achievement Athletics Inc. (“Peak Achievement”) (6) — — — — — 57.0 Helios Fairfax Partners Corporation (“HFP”) 36.3 % 73.3 162.7 — 162.7 (34.8) Partnerships, trusts and other (7)(8) — 1,172.9 1,039.9 — 1,039.9 48.2 6,675.6 5,894.0 — 5,894.0 855.9 9,997.9 6,620.5 1,352.3 7,972.8 898.6 Investments in associates 10,743.8 7,153.3 1,352.3 8,505.6 956.3 As presented on the consolidated balance sheet: Investments in associates 8,144.8 7,153.3 Fairfax India investments in associates 2,599.0 1,352.3 10,743.8 8,505.6 Year ended December 31, 2023 December 31, Carrying value 2023 Associates Share of Ownership Fair and joint Fairfax India profit percentage (a) value (b) ventures associates (c) Total (loss) Insurance and reinsurance: Go Digit Infoworks Services Private Limited (“Digit”) 49.0 % 477.2 146.6 — 146.6 43.2 Gulf Insurance Group K.S.C.P. (“Gulf Insurance”) (2) — — — — — 42.6 Other — 234.0 222.1 — 222.1 (5.1) 711.2 368.7 — 368.7 80.7 Non-insurance (3) : India Bangalore International Airport Limited (“Bangalore Airport”) (11) 64.0 % 1,600.0 — 783.0 783.0 16.0 CSB Bank Limited (“CSB Bank”) 49.7 % 409.3 — 223.0 223.0 35.4 Quess Corp Limited (“Quess”) (4) 34.7 % 323.6 433.0 (d) — 433.0 (47.0) Sanmar Chemical Enterprises Limited ("Sanmar", formerly Sanmar Chemicals Group) 42.9 % 302.9 — 156.1 156.1 0.6 IIFL Capital Services Limited (“IIFL Capital”, formerly IIFL Securities) 30.9 % 165.7 13.6 103.8 117.4 12.4 Seven Islands Shipping Limited (“Seven Islands”) 48.5 % 142.8 — 133.6 133.6 42.6 IIFL Finance Limited (“IIFL Finance”) (12) — — — — — 45.1 Other — 69.6 10.8 30.2 41.0 1.8 3,013.9 457.4 1,429.7 1,887.1 106.9 Real estate KWF Real Estate Ventures Limited Partnerships (“KWF LPs”) — 104.0 104.0 (d) — 104.0 6.4 Other (6) — 73.3 73.3 — 73.3 (13.8) 177.3 177.3 — 177.3 (7.4) Other Eurobank Ergasias Services & Holdings S.A (“Eurobank”) (3) 34.1 % 2,251.6 2,099.5 — 2,099.5 437.7 Poseidon Corp. (“Poseidon”, formerly Atlas) (9) 43.4 % 2,046.3 1,706.4 — 1,706.4 149.6 Stelco Holdings Inc. (“Stelco”) 23.6 % 491.6 291.6 — 291.6 23.7 EXCO Resources Inc. (“EXCO”) 48.3 % 435.2 417.6 — 417.6 129.1 Peak Achievement Athletics Inc. (“Peak Achievement”) 42.6 % 226.1 129.4 (d) — 129.4 23.3 Helios Fairfax Partners Corporation (“HFP”) 36.3 % 91.5 197.6 — 197.6 9.2 Partnerships, trusts and other (10) — 763.1 762.1 — 762.1 69.4 6,305.4 5,604.2 — 5,604.2 842.0 9,496.6 6,238.9 1,429.7 7,668.6 941.5 Investments in associates 10,207.8 6,607.6 1,429.7 8,037.3 1,022.2 As presented on the consolidated balance sheet: Investments in associates 7,553.2 6,607.6 Fairfax India investments in associates 2,654.6 1,429.7 10,207.8 8,037.3 (a) Ownership percentages include the effects of financial instruments that are considered in-substance equity. (b) See note 5 for fair value hierarchy information. (c) Fairfax India’s associates are domiciled in India. (d) These investments are joint ventures. Insurance and reinsurance associates and joint ventures (1) On May 23, 2024 Digit Insurance, the general insurance subsidiary of the company’s investment in associate Digit, completed an initial public offering comprised of an issuance of new equity and an offer for sale of existing equity shares held by Digit and other shareholders, which valued Digit Insurance at approximately $3 billion ( 249.5 billion Indian rupees or 272 Indian rupees per common share). As a result of the initial public offering, the company recorded a pre-tax gain of $106.3 in net changes in capitalization in the consolidated statement of changes in equity on the company’s 49.0% equity interest in Digit (related to Digit’s equity interest in Digit Insurance decreasing from 83.3% to 73.6 %, resulting in the recognition of a dilution gain for excess of fair value over the carrying value of Digit Insurance on the offer for sale and a dilution gain on new equity issuance from the initial offering). Digit Insurance’s common shares are now traded on the BSE and NSE in India and closed at 319.10 Indian rupees per common share on December 31, 2024. On October 30, 2024 the company received a dividend of $112.3 from Digit on the company’s investment in Digit compulsory convertible preferred shares which the company recognized as dividend income, with a corresponding amount recognized as a net loss on investments, both in the consolidated statement of earnings. (2) On December 26, 2023 the company increased its equity interest in Gulf Insurance from 43.7% to a controlling interest of 90.0% and commenced consolidating Gulf Insurance as described in note 21. Non-insurance associates and joint ventures (3) During 2024 the company recognized distributions and dividends of $409.8 (2023 - $220.4 ) from its non-insurance associates and joint ventures, of which $127.9 (€ 118.2 ) was the company’s share of a dividend paid by Eurobank. On December 11, 2023 the company increased its interest in Eurobank to 34.1 % for cash consideration of $82.0 through the purchase of Eurobank common shares held through the company’s investment in AVLNs entered with RiverStone Barbados. Subsequent to December 31, 2024, on January 23, 2025 the company sold 80.0 million shares or an approximate 2.2% equity interest in Eurobank for gross proceeds of $190.8 (€183.5), which decreased the company’s equity interest to 32.3% and will result in the recognition of a realized gain of approximately $40 in the consolidated statement of earnings in the first quarter of 2025. The sale was a mandatory technical adjustment to the company’s significant equity interest in Eurobank. (4) During 2024 Quess announced a plan to demerge into three separate entities. Shareholders will receive one share of each new entity for each share held of Quess. Completion of the demerger is expected to be in 2025, subject to regulatory approvals. Share of loss of Quess of $47.0 in 2023 included a non-cash impairment charge of $52.8 . (5) On November 1, 2024 Cleveland-Cliffs Inc. (“Cliffs”) acquired all outstanding common shares of Stelco for a combination of cash consideration of Cdn $60.00 and 0.454 Cliffs common shares per Stelco common share. The company received total consideration of $638.1 , inclusive of cash consideration and the fair value of the Cliffs common shares received at close of the transaction in exchange for its Stelco common shares, and recorded a realized gain of $343.7 in the consolidated statement of earnings. (6) On December 20, 2024 the company increased its equity interest in Peak Achievement from 42.6% to 100% and commenced consolidating Peak Achievement as described in note 21. (7) During the first quarter of 2024 the company increased its common equity interest in John Keells Holdings PLC (“John Keells”), a publicly listed conglomerate in Sri Lanka, to 19.5% . The company also holds John Keells convertible debentures which, together with the common shares held, provide the company a substantive potential voting interest in John Keells of 24.5% . Accordingly, the company commenced applying the equity method of accounting to its common equity interest in John Keells which had a fair value of $175.3 ( 54.3 billion Sri Lankan rupees). (8) During the third quarter of 2024 an insurance subsidiary of the company invested $100.4 in the Marval Guru Fund at the applicable net asset value of the fund on the transaction date, in addition to the company’s previously disclosed investment of $50.0 in 2017, pursuant to an investment management contract with the holding company whereby Benjamin Watsa, the CEO, CIO and Founder of Marval Capital Ltd. and a member of the company’s Board of Directors and the son of Prem Watsa, the company’s Chairman and CEO and effectively controlling shareholder, manages the investments in the fund. (9) On March 28, 2023 a consortium composed of the company, the Washington Family, David Sokol, Chairman of the Board of Directors of Atlas, and Ocean Network Express Pte. Ltd., a global container, transportation and shipping company (collectively, the “Consortium”) acquired all of the outstanding common shares of Atlas, other than those shares owned by the Consortium and by Prem Watsa, Fairfax’s CEO, at a cash purchase price of $15.50 , plus payment of all ordinary course quarterly dividends up until closing of the transaction. Pursuant to the transaction, the company transferred its shares in Atlas, inclusive of the company’s interest through its holdings in Atlas equity warrants that were exercised on January 12, 2023 for cash consideration of $78.7 , into an entity formed by the Consortium that was subsequently renamed Poseidon Corp. The company did not purchase any additional interest not already owned by the Consortium upon closing of the transaction. The other members of the Consortium fully funded the cash component of the transaction, and the company continued its ownership in Atlas as part of the Consortium. The company continues to apply the equity method of accounting to its interest in Atlas through its interest in Poseidon. Subsequent to the closing of the transaction, during the second quarter of 2023 Mr. Watsa, to avoid potential future conflicts of interest, sold all of his 678,021 shares of Poseidon to Fairfax. Mr. Watsa owned 678,021 shares of Atlas representing less than 0.3% ownership as an investment that were replaced with shares of Poseidon on a one - for - one basis as a result of the tender offer as part of the Consortium described above. Mr. Watsa sold the Poseidon shares to Fairfax at $15.50 per share, the same price he could have obtained under the tender offer and the price at which Fairfax’s shares of Atlas were valued by the Consortium which made the tender offer. (10) On March 1, 2023 Domtar Corporation acquired all outstanding common shares of Resolute Forest Products Inc. ("Resolute"), which was held for sale as at December 31, 2022, for a combination of cash consideration of $20.50 and a Contingent Value Right (“CVR”) per Resolute common share. The CVR provides holders with the right to a share of any future softwood lumber duty deposit refunds and was valued at $1.42 per share based on the market price of Resolute immediately prior to close of the transaction. The company received total consideration of $665.6 , inclusive of cash consideration and the fair value of the CVR at close of the transaction, in exchange for its Resolute common shares, which included shares with a fair value of $120.7 purchased on January 26, 2023 through the company’s investment in AVLNs entered with RiverStone Barbados, and recorded a realized gain of $44.2 in the consolidated statement of earnings. Fairfax India (11) On June 21, 2023 Fairfax India acquired an additional 3.0% equity interest in Bangalore Airport from Siemens Project Ventures GmbH (“Siemens”) for cash consideration of $75.0 to increase its equity interest to 57.0% . On December 12, 2023 Fairfax India acquired an additional 7.0% equity interest in Bangalore Airport from Siemens for cash consideration of $175.0 , which further increased its equity interest in Bangalore Airport to 64.0% . At December 31, 2024 and 2023 the company continued to apply the equity method of accounting due to extensive Indian government regulation of, and participation in, Bangalore Airport’s relevant activities. Subsequent to December 31, 2024, on February 20, 2025 Fairfax India acquired an additional 10.0% equity interest in Bangalore Airport from Siemens for purchase consideration of $255.0, payable in three installments, with the initial installment paid on closing and the balance to be paid during the third quarters of 2025 and 2026. The company expects that it will continue to apply the equity method of accounting for Fairfax India’s 74.0% equity interest in Bangalore Airport due to the ongoing extensive Indian government regulation of, and participation in, Bangalore Airport’s relevant activities. (12) During 2023 Fairfax India sold a 7.1% equity interest of IIFL Finance for gross proceeds of $177.3 ( 14.7 billion Indian rupees), which decreased its equity interest to 15.1% and resulted in realized gains of $88.6 . Accordingly, the company concluded it no longer exercised significant influence over IIFL Finance, discontinued recording its residual investment in IIFL Finance under the equity method of accounting, commenced classifying it at FVTPL, and recorded a realized remeasurement gain of $204.2 in the consolidated statement of earnings.
Schedule of changes in the carrying value of investments in associates	Changes in the carrying value of investments in associates for the years ended December 31 were as follows: 2024 Joint Fairfax India Associates ventures associates Total Balance - January 1 5,865.8 741.8 1,429.7 8,037.3 Share of pre-tax comprehensive income (loss): Share of profit 871.1 46.2 39.0 956.3 Share of other comprehensive income (loss), excluding gains (losses) on defined benefit plans (146.6) (7.5) 1.0 (153.1) Share of losses on defined benefit plans (0.7) (0.7) (0.4) (1.8) 723.8 38.0 39.6 801.4 Dividends and distributions recognized (308.1) (88.2) (32.9) (429.2) Purchases and acquisitions 573.6 126.7 — 700.3 Divestitures and other net changes in capitalization (1) (253.6) (3.2) (45.1) (301.9) Reclassifications (2) (97.4) (127.4) — (224.8) Foreign exchange effect and other (31.9) (6.6) (39.0) (77.5) Balance - December 31 6,472.2 681.1 1,352.3 8,505.6 2023 Joint Fairfax India Associates ventures associates Total Balance - January 1 5,312.2 780.9 1,342.6 7,435.7 Share of pre-tax comprehensive income (loss): Share of profit 936.0 12.9 151.1 1,100.0 Impairments (3) (19.8) (58.0) — (77.8) Share of other comprehensive income (loss), excluding gains (losses) on defined benefit plans 39.2 1.1 (3.4) 36.9 Share of gains (losses) on defined benefit plans 0.9 (0.8) (5.7) (5.6) 956.3 (44.8) 142.0 1,053.5 Dividends and distributions recognized (208.7) (24.8) (13.2) (246.7) Purchases and acquisitions (4) 884.8 42.5 250.0 1,177.3 Divestitures and other net changes in capitalization (1) (709.9) (14.6) (89.7) (814.2) Reclassifications (2) (379.3) — (193.0) (572.3) Foreign exchange effect and other 10.4 2.6 (9.0) 4.0 Balance - December 31 5,865.8 741.8 1,429.7 8,037.3 (1) Primarily reflects the sale of Stelco, partially offset by a net gain recorded in net changes in capitalization in the consolidated statement of changes in equity in connection with the initial public offering of Digit Insurance in 2024. Primarily reflects the sale of Resolute in 2023. (2) Primarily reflects the consolidations of Peak Achievement and Meadow Foods (see note 21) and the commencement of the equity method of accounting for John Keells and the Marval Guru Fund in 2024, and the consolidation of Gulf Insurance (see note 21) and the reclassification of IIFL Finance to common stock at FVTPL in 2023. (3) Impairments recorded on associates and joint ventures are included in share of profit of associates in the consolidated statement of earnings. Impairments of $77.8 recorded during 2023 included non-cash impairment charges principally related to Quess. (4) Includes the consolidation of Gulf Insurance’s equity accounted investments in 2023 with a fair value of $151.8 .

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
Derivatives (Tables)	Dec. 31, 2024
Derivatives
Schedule of derivative financial instruments	The following table summarizes the company’s derivative financial instruments: December 31, 2024 December 31, 2023 Notional Fair value Notional Fair value amount Cost Assets Liabilities amount Cost Assets Liabilities Equity derivative contracts 4,156.1 140.5 1,121.2 0.4 4,101.7 149.1 595.7 32.5 Foreign currency derivative contracts — 3.1 204.2 134.3 — — 65.0 158.8 Other derivative contracts — 137.3 249.4 222.2 — 254.2 311.8 253.6 Total 1,574.8 356.9 972.5 444.9

Insurance Contract Liabilities

Insurance Contract Liabilities (Tables)	12 Months Ended
Insurance Contract Liabilities (Tables)	Dec. 31, 2024
Insurance Contract Liabilities
Schedule of insurance contract liabilities	December 31, 2024 December 31, 2023 PAA GMM (1) Total PAA GMM (1) Total Insurance contracts issued (2) 42,989.4 4,793.3 47,782.7 41,863.4 4,471.4 46,334.8 Assets for insurance acquisition cash flows (176.8) (3.7) (180.5) (160.0) (3.4) (163.4) Insurance contract liabilities 42,812.6 4,789.6 47,602.2 41,703.4 4,468.0 46,171.4 (1) Includes insurance contracts issued measured under the GMM within Global Insurers and Reinsurers of $941.4 (2023 – $396.9 ), International Insurers and Reinsurers of $303.0 (2023 - $356.3 ) and Life insurance and Run-off of $3,548.9 (2023 - $3,718.2 ). The increase within the Global Insurers and Reinsurers from 2023 principally related to Brit which recognized certain renewed business under the GMM. Insurance contracts issued under the GMM include a LRC of $ 3,104.5 (2023 - $3,122.6 ) and a LIC of $1,688.8 (2023 - $1,348.8 ). (2) Total at December 31, 2024 was comprised of LRC of $5,878.1 and LIC of $41,904.6 (December 31, 2023 - $6,757.1 and $39,577.7 ).
Schedule of insurance contracts issued, measured under the PAA by reporting segment and excluding intercompany balances	Insurance contracts issued, measured under the PAA by reporting segment and excluding intercompany balances, were as follows: Property and Casualty Insurance and Reinsurance Life North American Global Insurers International Insurers insurance Insurers and Reinsurers and Reinsurers Total and Run-off Consolidated LRC LIC Total LRC LIC Total LRC LIC Total 2024 January 1 1,140.8 9,005.2 10,146.0 1,071.0 25,937.2 27,008.2 1,399.0 3,239.5 4,638.5 41,792.7 70.7 41,863.4 December 31 1,117.8 9,676.2 10,794.0 891.8 26,298.6 27,190.4 737.5 4,187.1 4,924.6 42,909.0 80.4 42,989.4 2023 January 1 1,065.4 7,972.4 9,037.8 449.2 24,283.9 24,733.1 386.3 2,332.6 2,718.9 36,489.8 59.7 36,549.5 December 31 1,140.8 9,005.2 10,146.0 1,071.0 25,937.2 27,008.2 1,399.0 3,239.5 4,638.5 41,792.7 70.7 41,863.4
Schedule of movements in insurance contracts issued	An analysis of the liability for remaining coverage and the liability for incurred claims for insurance contracts issued by the property and casualty insurance and reinsurance reporting segments measured under the PAA for the year ended December 31 were as follows: Year ended December 31, 2024 Property and Casualty Insurance and Reinsurance Liability for Liability for incurred claims (LIC) remaining Estimates of Risk adjustment coverage present value of for non-financial (LRC) (1) future cash flows risk Total Balance - January 1 3,610.8 35,530.6 2,651.3 41,792.7 Changes in the consolidated statement of comprehensive income: Insurance revenue (2) (29,589.0) — — (29,589.0) Incurred claims and other insurance service expenses (2)(3) 119.5 18,406.2 1,051.9 19,577.6 Amortization of acquisition costs 5,124.9 — — 5,124.9 Prior year reserve development and release of risk adjustment on prior year claims (4) — (232.8) (846.0) (1,078.8) Insurance service expenses (2) 5,244.4 18,173.4 205.9 23,623.7 Net insurance result (24,344.6) 18,173.4 205.9 (5,965.3) Net finance expense (income) from insurance contracts (5) (0.6) 1,634.6 — 1,634.0 Foreign exchange effects (6) (127.3) (625.6) (53.9) (806.8) Total changes in the consolidated statement of comprehensive income (24,472.5) 19,182.4 152.0 (5,138.1) Cash flows: Premiums received 29,692.6 — — 29,692.6 Claims and other insurance service expenses paid, including investment components — (17,848.0) — (17,848.0) Insurance acquisition cash flows (5,569.1) — — (5,569.1) Changes in funds withheld (78.3) 37.2 — (41.1) 24,045.2 (17,810.8) — 6,234.4 Investment components and other (436.4) 468.5 (12.1) 20.0 Balance - December 31 2,747.1 37,370.7 2,791.2 42,909.0 (1) Includes loss components of $64.7 at January 1, 2024 and $184.6 at December 31, 2024. (2) Insurance contracts acquired on the acquisition of Gulf Insurance were primarily accounted for as if the company had entered into the contracts on the acquisition date of December 26, 2023, with the fair value of the contracts deemed as the premium received. Consequently, the fair value of the insurance contracts acquired, comprising claims in their settlement period and unearned premiums, are included within the LRC, except settled claims that remain unpaid, which are included within the LIC. Claims acquired in their settlement period and included within the LRC are released into insurance revenue based on the expected amount and timing of claims settlements, and the actual settlement of claims is included within incurred claims and other insurance service expenses. Unearned premiums are released into insurance revenue over the remaining coverage period. During 2024 Gulf Insurance contributed insurance revenue of $3,239.0 , including $665.3 related to acquired contracts, and insurance service expenses of $2,920.6 , including $713.2 related to acquired contracts. The effect of acquired contracts decreased the net insurance result by $47.9 . Conversely, acquired contracts benefited the net reinsurance result by $54.1 as described in note 9. (3) Incurred claims and other insurance service expenses included within estimates of the present value of future cash flows is comprised of the Global Insurers and Reinsurers ( $8,788.7 ), North American Insurers ( $5,297.1 ) and International Insurers and Reinsurers ( $4,320.4 ) reporting segments. The increase to $4,320.4 in 2024 from $1,779.7 in 2023 in the International Insurers and Reinsurers reporting segment principally related to the acquisition of Gulf Insurance on December 26, 2023, which contributed $2,482.1 in 2024, including the effects of acquired contracts described in footnote 2. Incurred claims and other insurance service expenses included within risk adjustment for non-financial risk is comprised of the Global Insurers and Reinsurers ($ 647.3 ), North American Insurers ($ 237.1 ) and International Insurers and Reinsurers ( $167.5 ) reporting segments. (4) Reflects the release of risk adjustment for non-financial risk as claims are paid, comprised of the Global Insurers and Reinsurers ($ 630.2 ), North American Insurers ( $156.5 ) and International Insurers and Reinsurers ($ 59.3 ) reporting segments. When claims are initially incurred, the risk adjustment is included within incurred claims and other insurance service expenses in the table above. Prior year reserve development included within estimates of present value of future cash flows, comprised favourable prior year reserve development in the Global Insurers and Reinsurers ($ 211.5 ) and International Insurers and Reinsurers ( $149.6 ) reporting segments, partially offset by adverse prior year development in the North American Insurers ( $128.3 ) reporting segment. The increase from 2023, primarily reflected increased favourable prior year reserve development on non-catastrophe and catastrophe losses in the Global Insurers and Reinsurers reporting segment. (5) Net finance expense from insurance contracts included within estimates of present value of future cash flows is comprised of the Global Insurers and Reinsurers ($ 992.6 ), North American Insurers ( $389.3 ) and International Insurers and Reinsurers ( $252.7 ) reporting segments. The decrease in net finance expense in 2024 from 2023 from insurance contracts primarily reflects the effects of increased average discount rates in 2024 on prior years' net losses on claims, which has the effect of reducing net finance expense, and decreased average discount rates on interest accretion resulting from the unwinding of the effect of discounting as claims progress toward settlement in the Global Insurers and Reinsurers reporting segment. (6) Foreign exchange effects included within the total primarily includes the strengthening of the U.S. dollar relative to the company's insurance contract liabilities denominated in foreign currencies, primarily the Canadian dollar, euro, Brazilian real and the British pound sterling within the Global Insurers and Reinsurers ($254.0) , the North American Insurers ($220.7) and the International Insurers and Reinsurers ($150.9) reporting segments. Year ended December 31, 2023 Property and Casualty Insurance and Reinsurance Liability for Liability for incurred claims (LIC) remaining Estimates of Risk adjustment coverage present value of for non-financial (LRC) (1) future cash flows risk Total Balance - January 1 1,900.9 32,108.9 2,480.0 36,489.8 Changes in the consolidated statement of comprehensive income: Insurance revenue (26,095.0) — — (26,095.0) Incurred claims and other insurance service expenses (2) (81.2) 16,480.6 971.2 17,370.6 Amortization of acquisition costs 4,719.1 — — 4,719.1 Prior year reserve development and release of risk adjustment on prior year claims (3) — (73.3) (794.7) (868.0) Insurance service expenses 4,637.9 16,407.3 176.5 21,221.7 Net insurance result (21,457.1) 16,407.3 176.5 (4,873.3) Net finance expense from insurance contracts (4) 4.2 1,965.7 — 1,969.9 Foreign exchange effects 23.8 90.1 (28.1) 85.8 Total changes in the consolidated statement of comprehensive income (21,429.1) 18,463.1 148.4 (2,817.6) Cash flows: Premiums received 27,191.2 — — 27,191.2 Claims and other insurance service expenses paid, including investment components — (15,537.9) — (15,537.9) Insurance acquisition cash flows (5,196.6) — — (5,196.6) Changes in funds withheld 142.3 (21.8) — 120.5 22,136.9 (15,559.7) — 6,577.2 Investment components and other (170.4) 147.1 — (23.3) Contracts recognized on acquisition of subsidiary (5) 1,172.5 371.2 22.9 1,566.6 Balance - December 31 3,610.8 35,530.6 2,651.3 41,792.7 (1) Includes loss components of $139.0 at January 1, 2023 and $64.7 at December 31, 2023. (2) Incurred claims and other insurance service expenses included within estimates of present value of future cash flows is comprised of the Global Insurers and Reinsurers ( $9,596.8 ), North American Insurers ( $5,104.1 ) and International Insurers and Reinsurers ( $1,779.7 ) reporting segments. Incurred claims and other insurance service expenses included within risk adjustment for non-financial risk is comprised of the Global Insurers and Reinsurers ( $677.1 ), North American Insurers ( $191.1 ) and International Insurers and Reinsurers ( $103.0 ) reporting segments. (3) Reflects the release of risk adjustment for non-financial risk as claims are paid, primarily at the Global Insurers and Reinsurers ($589.9) and the North American Insurers ($155.9) reporting segments. When claims are initially incurred, the risk adjustment is included within incurred claims and other insurance service expenses in the table above. Prior year reserve development included within estimates of present value of future cash flows comprised favourable prior year reserve development at the Global Insurers and Reinsurers reporting segment ( $290.7 ), partially offset by adverse prior year reserve development at the International Insurers and Reinsurers ( $167.2 ) and North American Insurers ( $50.2 ) reporting segments. (4) Net finance expense from insurance contracts included within estimates of present value of future cash flows is comprised of the Global Insurers and Reinsurers ( $1,401.4 ), North American Insurers ( $407.6 ) and International Insurers and Reinsurers ( $156.7 ) reporting segments. (5) Principally reflects contracts recognized on the acquisition of Gulf Insurance, as described in note 21, which were primarily accounted for as if the company had entered into the contracts on the acquisition date, with the fair value of the contracts deemed as the premium received. Consequently, acquired contracts in their settlement period are included within the LRC and their expected settlement period deemed as the coverage period.
Summary of primary yield curves used to discount cash flows of insurance contracts and reinsurance contract assets held	The table below set out the primary yield curves that were used to discount the cash flows of insurance contracts and reinsurance contract assets held for currencies in which the company’s insurance revenue is principally based. December 31, 2024 December 31, 2023 Currencies 1 year 5 years 10 years 15 years 1 year 5 years 10 years 15 years United States dollar 4.64 % 4.83 % 5.17 % 5.37 % 5.00 % 4.57 % 4.70 % 4.81 % Canadian dollar 3.36 % 3.82 % 4.43 % 4.60 % 5.28 % 4.51 % 4.37 % 4.41 % Euro 2.38 % 2.50 % 2.91 % 3.23 % 3.38 % 2.64 % 2.86 % 3.08 % British pound sterling 4.74 % 4.68 % 5.14 % 5.51 % 4.95 % 3.93 % 4.26 % 4.60 %
Schedule of estimates of undiscounted gross cumulative claims	Estimates of undiscounted gross cumulative claims Calendar year 2017 2018 2019 2020 2021 2022 2023 2024 Property and casualty provision for outstanding losses and loss adjustment expenses at December 31 25,284.5 25,426.9 26,528.3 28,700.5 32,329.1 36,306.4 41,221.8 44,110.0 Cumulative payments as of: One year later 6,917.3 7,191.0 7,018.7 6,986.7 8,410.7 10,341.7 11,386.6 Two years later 11,052.3 11,487.9 11,133.7 11,990.6 14,571.5 17,308.6 Three years later 13,928.6 14,318.9 14,702.8 16,410.5 19,487.3 Four years later 15,843.4 16,807.6 17,959.2 19,797.6 Five years later 17,528.7 19,121.9 20,332.7 Six years later 19,141.7 20,755.7 Seven years later 20,301.2 Reserves re-estimated as of: One year later 24,131.2 25,256.3 26,259.1 28,119.8 31,640.8 36,470.5 40,421.4 Two years later 24,091.7 25,124.0 26,052.6 27,894.1 32,041.6 36,493.3 Three years later 23,949.9 25,132.6 25,961.4 28,468.4 32,525.5 Four years later 24,046.1 25,286.7 26,611.8 29,118.6 Five years later 24,202.6 25,851.6 27,152.9 Six years later 24,554.7 26,226.1 Seven years later 24,824.2 Favourable (adverse) development 460.3 (799.2) (624.6) (418.1) (196.4) (186.9) 800.4 Favourable (adverse) development comprised of: Effect of foreign currency translation 555.9 307.3 410.5 399.5 338.8 250.1 390.0 Favourable (adverse) loss reserve development (95.6) (1,106.5) (1,035.1) (817.6) (535.2) (437.0) 410.4 460.3 (799.2) (624.6) (418.1) (196.4) (186.9) 800.4 Reconciliation to the liability for incurred claims at the property and casualty insurance and reinsurance reporting segments Property and casualty provision for outstanding losses and loss adjustment expenses as presented above 44,110.0 Effect of discounting (6,652.8) Risk adjustment for non-financial risk 3,364.9 Other (1) 227.2 Liability for incurred claims (PAA & GMM) 41,049.3 Less: Liability for incurred claims (GMM) (887.4) Liability for incurred claims (PAA) 40,161.9 Liability for incurred claims (PAA) as presented in the table above Estimates of present value of future cash flows 37,370.7 Risk adjustment for non-financial risk 2,791.2 Liability for incurred claims (PAA) 40,161.9 (1) Primarily includes settled losses payable and funds withheld, partially offset by reinstatement premiums payable.
Schedule of estimates of undiscounted net cumulative claims	Estimates of undiscounted net cumulative claims (1) Calendar year 2017 2018 2019 2020 2021 2022 2023 2024 Property and casualty provision for outstanding losses and loss adjustment expenses at December 31 19,750.1 19,334.7 19,858.9 21,468.6 24,068.6 27,800.1 31,618.1 34,197.6 Cumulative payments as of: One year later 5,297.4 5,407.0 5,339.8 5,426.1 6,415.3 7,791.6 8,508.8 Two years later 8,394.6 8,606.4 8,480.3 9,269.8 11,042.3 13,108.6 Three years later 10,562.7 10,719.0 11,216.3 12,456.8 14,770.8 Four years later 12,010.0 12,624.3 13,473.3 14,979.6 Five years later 13,291.3 14,142.2 15,227.4 Six years later 14,348.9 15,378.5 Seven years later 15,221.8 Reserves re-estimated as of: One year later 18,642.9 19,052.8 19,587.2 21,233.4 23,808.7 27,534.6 30,843.5 Two years later 18,411.4 18,937.4 19,585.7 21,342.5 24,151.8 27,593.1 Three years later 18,275.8 19,052.3 19,845.5 21,728.2 24,570.4 Four years later 18,392.0 19,227.2 20,269.4 22,194.9 Five years later 18,589.3 19,589.3 20,657.3 Six years later 18,839.6 19,891.7 Seven years later 19,059.1 Favourable (adverse) development 691.0 (557.0) (798.4) (726.3) (501.8) 207.0 774.6 Favourable (adverse) development comprised of: Effect of foreign currency translation 231.2 67.5 173.2 207.5 260.9 117.6 336.6 Favourable (adverse) loss reserve development 459.8 (624.5) (971.6) (933.8) (762.7) 89.4 438.0 691.0 (557.0) (798.4) (726.3) (501.8) 207.0 774.6 Reconciliation to the liability for incurred claims, net of reinsurance, at the property and casualty insurance and reinsurance reporting segments Property and casualty provision for outstanding losses and loss adjustment expenses as presented above 34,197.6 Effect of discounting (5,157.7) Risk adjustment for non-financial risk 2,364.9 Other (2) (663.1) Liability for incurred claims, net of reinsurance (PAA & GMM) 30,741.7 Less: Liability for incurred claims, net of reinsurance (GMM) (876.8) Liability for incurred claims, net of reinsurance (PAA) 29,864.9 Liability for incurred claims, net of reinsurance (PAA) as presented in the preceding table and note 9 LIC (PAA) AIC (PAA) (note 9) LIC less AIC (PAA) Estimates of present value of future cash flows 37,370.7 9,449.8 27,920.9 Risk adjustment for non-financial risk 2,791.2 847.2 1,944.0 Liability for incurred claims, net of reinsurance (PAA) 40,161.9 10,297.0 29,864.9 (1) Net of asset for incurred claims for reinsurance contract assets held. (2) Primarily includes settled losses payable, net of reinsurance, partially offset by funds withheld and reclassification of certain retrospective contracts to the ARC.

Reinsurance Contract Assets H_2

Reinsurance Contract Assets Held (Tables)	12 Months Ended
Reinsurance Contract Assets Held (Tables)	Dec. 31, 2024
Reinsurance Contract Assets Held
Schedule of reinsurance contract assets held	December 31, 2024 December 31, 2023 PAA GMM (1) Total PAA GMM (1) Total Reinsurance contract assets held (2) 9,757.2 925.4 10,682.6 9,856.3 1,031.4 10,887.7 (1) Comprised of reinsurance contract assets held measured under the GMM at Global Insurers and Reinsurers of $261.3 (2023 - $321.6 ), International Insurers and Reinsurers of $263.5 (2023 - $262.1 ) and Life insurance and Run-off of $400.6 (2023 - $447.7 ). (2) Total at December 31, 2024 was comprised of ARC of $15.8 and AIC of $10,666.8 (December 31, 2023 - $771.7 and $10,116.0 ). Reinsurance contract assets held, measured under the PAA by reporting segment and excluding intercompany balances, were as follows: Property and Casualty Insurance and Reinsurance Life North American Global Insurers International Insurers insurance Insurers and Reinsurers and Reinsurers Total and Run-off Consolidated ARC AIC Total ARC AIC Total ARC AIC Total 2024 January 1 (70.0) 1,250.3 1,180.3 (46.6) 7,007.2 6,960.6 296.7 1,416.1 1,712.8 9,853.7 2.6 9,856.3 December 31 (87.0) 1,236.2 1,149.2 (1.7) 6,750.2 6,748.5 (460.0) 2,310.6 1,850.6 9,748.3 8.9 9,757.2 2023 January 1 (15.2) 974.5 959.3 (182.1) 6,633.5 6,451.4 53.3 1,210.2 1,263.5 8,674.2 5.0 8,679.2 December 31 (70.0) 1,250.3 1,180.3 (46.6) 7,007.2 6,960.6 296.7 1,416.1 1,712.8 9,853.7 2.6 9,856.3
Schedule of movements in reinsurance contract assets held	An analysis of the asset for remaining coverage and the asset for incurred claims for reinsurance contracts held by the property and casualty insurance and reinsurance reporting segments measured under the PAA for the years ended December 31 were as follows: Year ended December 31, 2024 Property and Casualty Insurance and Reinsurance Asset for incurred claims (AIC) Asset for Risk remaining Estimates of adjustment coverage present value of for non-financial (ARC) (1) future cash flows risk Total Balance - January 1 180.1 8,821.0 852.6 9,853.7 Changes in the consolidated statement of comprehensive income: Cost of reinsurance (2) (6,004.8) — — (6,004.8) Recoveries of incurred claims and other insurance service expenses (2)(3) 51.0 4,123.9 305.6 4,480.5 Prior year reserve development and release of risk adjustment on prior year claims (4) — 73.4 (291.9) (218.5) Recoveries of insurance service expenses (2) 51.0 4,197.3 13.7 4,262.0 Net reinsurance result (5,953.8) 4,197.3 13.7 (1,742.8) Net finance income (expense) from reinsurance contract assets held (5) (0.2) 461.1 — 460.9 Foreign exchange effects 7.9 (181.6) (15.7) (189.4) Total changes in the consolidated statement of comprehensive income (5,946.1) 4,476.8 (2.0) (1,471.3) Cash flows: Premiums paid 5,804.4 — — 5,804.4 Amounts received — (4,403.2) — (4,403.2) Changes in funds withheld (4.7) (35.7) — (40.4) 5,799.7 (4,438.9) — 1,360.8 Investment components and other (582.4) 592.2 (3.4) 6.4 Contracts recognized on acquisition of subsidiary — (1.3) — (1.3) Balance - December 31 (548.7) 9,449.8 847.2 9,748.3 (1) Includes loss recovery components of $23.0 at January 1, 2024 and $73.4 at December 31, 2024. (2) Reinsurance contracts acquired on the acquisition of Gulf Insurance were primarily accounted for as if the company had entered into the contracts on the acquisition date of December 26, 2023, with the fair value of the contracts deemed as the premiums paid. Consequently, the fair value of the reinsurance contracts acquired, comprising ceded claims in their settlement period and unearned ceded premiums, are included within the ARC, except settled ceded claims where payment has not yet been received, which are included within the AIC. Ceded claims acquired in their settlement period and included within the ARC are released into cost of reinsurance based on the expected amount and timing of ceded claims settlements, and the actual settlement of ceded claims is included within recoveries of incurred claims and other insurance service expenses. Unearned ceded premiums are released into cost of reinsurance over the remaining coverage period. During 2024 Gulf Insurance contributed cost of reinsurance of $1,301.3 , including $338.8 related to acquired contracts, and recoveries of insurance service expenses of $1,064.5 , including $392.9 related to acquired contracts. The effect of acquired contracts benefited the net reinsurance result by $54.1 . (3) Recoveries of incurred claims and other insurance service expenses included within estimates of the present value of future cash flows is comprised of the Global Insurers and Reinsurers( $1,677.0 ), International Insurers and Reinsurers ( $1,530.7 ) and North American Insurers ( $916.2 ) reporting segments. The increase to $1,530.7 in 2024 from $526.1 in 2023 in the International Insurers and Reinsurers reporting segment principally related to the acquisition of Gulf Insurance on December 26, 2023, which contributed $959.1 in 2024, including the effects of acquired contracts described in footnote 2. Recoveries of incurred claims and other insurance service expenses included within risk adjustment for non-financial risk is comprised of the Global Insurers and Reinsurers ( $167.7 ), International Insurers and Reinsurers ( $86.2 ) and North American Insurers ( $51.7 ) reporting segments. (4) Reflects the release of risk adjustment for non-financial risk as claims are recovered, primarily at the Global Insurers and Reinsurers ($217.4) and the North American Insurers ($43.2) reporting segments. When claims are initially incurred, the risk adjustment is included within recoveries of incurred claims and other insurance service expenses in the table above. Prior year reserve development included within estimates of present value of future cash flows, comprised of favourable prior year reserve development at the North American Insurers ( $81.7 ) and Global Insurers and Reinsurers ( $32.0 ) reporting segments, partially offset by adverse prior year reserve development at the International Insurers and Reinsurers ( $40.3 ) reporting segment, that decreased from 2023, primarily reflecting decreased favourable prior year reserve development in the International Insurers and Reinsurers reporting segment. (5) Net finance income from reinsurance contract assets held included within estimates of present value of future cash flows was comprised of the Global Insurers and Reinsurers ($266.0) , International Insurers and Reinsurers ($143.4) and North American Insurers ($51.7) reporting segments . The decrease in net finance income in 2024 from 2023 from reinsurance contract assets held primarily reflects the effects of increased average discount rates in 2024 on prior years' net losses on claims, which has the effect of reducing net finance income, and decreased average discount rates on interest accretion resulting from the unwinding of the effect of discounting as recoveries of claims progress toward settlement in the Global Insurers and Reinsurers reporting segment. Year ended December 31, 2023 Property and Casualty Insurance and Reinsurance Asset for incurred claims (AIC) Asset for Risk remaining Estimates of adjustment coverage present value of for non-financial (ARC) (1) future cash flows risk Total Balance - January 1 (144.0) 8,011.6 806.6 8,674.2 Changes in the consolidated statement of comprehensive income: Cost of reinsurance (4,759.6) — — (4,759.6) Recoveries of incurred claims and other insurance service expenses (2) (27.8) 3,496.2 330.1 3,798.5 Prior year reserve development and release of risk adjustment on prior year claims (3) — 227.0 (266.4) (39.4) Recoveries of insurance service expenses (27.8) 3,723.2 63.7 3,759.1 Net reinsurance result (4,787.4) 3,723.2 63.7 (1,000.5) Net finance income from reinsurance contract assets held (4) 0.8 520.9 — 521.7 Foreign exchange effects (41.9) (59.0) (31.9) (132.8) Total changes in the consolidated statement of comprehensive income (4,828.5) 4,185.1 31.8 (611.6) Cash flows: Premiums paid 4,786.2 — — 4,786.2 Amounts received — (3,502.6) — (3,502.6) Changes in funds withheld (3.1) (14.6) — (17.7) 4,783.1 (3,517.2) — 1,265.9 Investment components and other (7.2) 8.0 — 0.8 Contracts recognized on acquisition of subsidiary (5) 376.7 133.5 14.2 524.4 Balance - December 31 180.1 8,821.0 852.6 9,853.7 (1) Includes loss recovery components of $50.1 at January 1, 2023 and $23.0 at December 31, 2023. (2) Recoveries of incurred claims and other insurance service expenses included within estimates of present value of future cash flows is comprised of the Global Insurers and Reinsurers ($1,996.4) , North American Insurers ($973.7) and International Insurers and Reinsurers ($526.1) reporting segments. Recoveries of incurred claims and other insurance service expenses included within risk adjustment for non-financial risk is comprised of the Global Insurers and Reinsurers ($219.3) , International Insurers and Reinsurers ($57.7) and North American Insurers ($53.1) reporting segments. (3) Reflects the release of risk adjustment for non-financial risk as claims are recovered, primarily in the Global Insurers and Reinsurers ($200.9) and the North American Insurers ($40.4) reporting segments. When claims are initially incurred, the risk adjustment is included within recoveries of incurred claims and other insurance service expenses in the table above. Prior year reserve development included within estimates of present value of future cash flows is comprised of favourable prior year reserve development in the International Insurers and Reinsurers ( $217.8 ) and the North American Insurers ( $53.0 ) reporting segments, partially offset by adverse prior year reserve development in the Global Insurers and Reinsurers reporting segment ( $43.8 ). (4) Net finance income from reinsurance contract assets held included within estimates of present value of future cash flows was comprised of the Global Insurers and Reinsurers ($392.6) , International Insurers and Reinsurers ($78.6) and North American Insurers ($49.7) reporting segments. (5) Principally reflects contracts recognized on the acquisition of Gulf Insurance, as described in note 21, which were primarily accounted for as if the company had entered into the contracts on the acquisition date, with the fair value of the contracts deemed as the premium paid. Consequently, acquired contracts in their settlement period are included within the ARC and their expected settlement period deemed as the coverage period .

Net Finance Income or Expense_2

Net Finance Income or Expense from Insurance Contracts and Reinsurance Contract Assets Held (Tables)	12 Months Ended
	Dec. 31, 2024
Net Finance Income or Expense from Insurance Contracts and Reinsurance Contract Assets Held
Schedule of finance income (expense) from insurance contracts and reinsurance contract assets held	2024 2023 Net finance income (expense) from insurance contracts Interest accreted to insurance contracts (1) (2,027.7) (1,889.5) Effect of changes in interest rates and other financial assumptions 272.8 (263.2) (1,754.9) (2,152.7) Net finance income (expense) from reinsurance contract assets held Interest accreted to reinsurance contract assets held (2) 546.4 502.0 Effect of changes in interest rates and other financial assumptions (71.4) 45.1 475.0 547.1 Net finance expense from insurance contracts and reinsurance contract assets held (1,279.9) (1,605.6) (1) Primarily includes interest accretion resulting from unwinding the effects of discounting on the opening balance of LIC using discount rates in effect at the beginning of the year and interest accretion resulting from unwinding the effects of discounting on incurred claims and other insurance service expenses recorded during the year using current period average discount rates. (2) Primarily includes interest accretion resulting from unwinding the effects of discounting on the opening balance of the AIC using discount rates in effect at the beginning of the year and interest accretion resulting from unwinding the effects of discounting recoveries of incurred claims and other insurance service expenses recorded during the year using current period average discount rates.
Schedule of net effects from changes in discount rates on insurance contracts and reinsurance contract assets held and net gains (losses) on bonds recognized in the consolidated statement of earnings	The table below presents the company’s net effects from changes in discount rates on insurance contracts and reinsurance contract assets held and net gains (losses) on bonds recognized in the consolidated statement of earnings for the years ended December 31, 2024 and 2023. 2024 2023 Effect of changes in discount rates on total bonds (731.3) 714.1 Effect of changes in interest rates on insurance contracts and reinsurance contract assets held 201.4 (218.1) Net benefit (loss) from changes in discount rates in consolidated statement of earnings (529.9) 496.0

Insurance Contract Receivable_2

Insurance Contract Receivables and Payables (Tables)	12 Months Ended
Insurance Contract Receivables and Payables (Tables)	Dec. 31, 2024
Insurance Contract Receivables and Payables
Schedule of insurance contract receivables	December 31, December 31, 2024 2023 Insurance premiums receivable from agents, brokers and other intermediaries 428.8 615.9 Insurance contract receivables from third party administrators and other 351.6 310.2 780.4 926.1 Current 761.3 685.3 Non-current 19.1 240.8 780.4 926.1
Schedule of insurance contract payables	December 31, December 31, 2024 2023 Payable to agents and brokers 199.5 374.2 Investment contracts associated with life insurance products (1) 577.3 626.5 Other insurance contract payables 146.2 206.2 923.0 1,206.9 Current 337.1 518.4 Non-current 585.9 688.5 923.0 1,206.9 (1) Contracts issued by the company’s life insurance operations which do not transfer significant insurance risk, but do transfer financial risk from the policyholder to the company, representing a financial liability.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
Goodwill and Intangible Assets (Tables)	Dec. 31, 2024
Goodwill and Intangible Assets
Schedule of changes in goodwill and intangible assets	Goodwill and intangible assets were comprised as follows: Goodwill Intangible assets Total Lloyd’s Customer Computer participation and broker Brand software rights (1) relationships (2) names (1)(2) and other (1)(2) Balance - January 1, 2024 3,121.9 503.2 1,070.6 1,169.9 510.7 6,376.3 Additions (3) 1,152.5 — 335.8 777.9 272.5 2,538.7 Disposals (22.9) — (17.0) (1.0) (3.2) (44.1) Amortization — — (125.0) (2.8) (138.7) (266.5) Impairments (30.3) — (52.0) (2.6) (10.6) (95.5) Foreign exchange effect and other (96.3) — (8.9) (96.8) (28.7) (230.7) Balance - December 31, 2024 4,124.9 503.2 1,203.5 1,844.6 602.0 8,278.2 Gross carrying amount 4,488.0 503.2 2,039.4 1,901.3 1,839.9 10,771.8 Accumulated amortization — — (803.7) (20.1) (1,209.6) (2,033.4) Accumulated impairment and other (363.1) — (32.2) (36.6) (28.3) (460.2) 4,124.9 503.2 1,203.5 1,844.6 602.0 8,278.2 Goodwill Intangible assets Total Lloyd’s Customer Computer participation and broker Brand software rights (1) relationships (2) names (1)(2) and other (1)(2) Balance - January 1, 2023 2,927.5 503.2 653.9 1,028.8 575.6 5,689.0 Additions (3) 355.8 — 538.2 123.5 208.8 1,226.3 Disposals (45.9) — (35.9) (0.5) — (82.3) Amortization — — (92.9) (3.0) (277.4) (373.3) Impairments (132.4) — — (3.7) (0.1) (136.2) Foreign exchange effect and other 16.9 — 7.3 24.8 3.8 52.8 Balance - December 31, 2023 3,121.9 503.2 1,070.6 1,169.9 510.7 6,376.3 Gross carrying amount 3,485.6 503.2 1,765.9 1,232.2 1,684.4 8,671.3 Accumulated amortization — — (710.3) (20.6) (1,154.5) (1,885.4) Accumulated impairment and other (363.7) — 15.0 (41.7) (19.2) (409.6) 3,121.9 503.2 1,070.6 1,169.9 510.7 6,376.3 (1) Indefinite-lived intangible assets not subject to amortization had an aggregate carrying value at December 31, 2024 of $2,294.7 (December 31, 2023 - $1,756.8 ), which included brand names of $1,700.5 (December 31, 2023 - $1,161.7 ). Brand names and Lloyd's participation rights are considered to be indefinite-lived based on their strength, history and expected future use. (2) Intangible assets with a finite life, including customer and broker relationships ( 8 to 20 years ) and computer software ( 3 to 15 years ), had an aggregate carrying value at December 31, 2024 of $1,858.6 (December 31, 2023 - $1,497.6 ). (3) On October 1, 2024 the company acquired Sleep Country, and on November 29, 2024 and December 20, 2024 the company acquired additional interests in Meadow Foods and Peak Achievement, and consolidated their assets and liabilities on their respective acquisition dates. On December 26, 2023 the company acquired an additional interest in Gulf Insurance and consolidated its assets and liabilities on the date of acquisition. See note 21.
Schedule goodwill and intangible asset allocation to CGUs	Goodwill and intangible assets were allocated to the company’s cash-generating units (“CGUs”) as follows: December 31, 2024 December 31, 2023 Intangible Intangible Goodwill assets Total Goodwill assets Total Insurance and reinsurance companies Allied World 940.0 431.0 1,371.0 940.0 474.3 1,414.3 Gulf Insurance 346.6 542.9 889.5 330.5 607.0 937.5 Brit 167.3 534.6 701.9 167.7 527.4 695.1 Zenith National 317.6 62.6 380.2 317.6 69.3 386.9 Crum & Forster 132.6 84.0 216.6 132.6 99.0 231.6 Northbridge 76.9 110.9 187.8 83.8 136.6 220.4 Odyssey Group 107.9 49.8 157.7 119.7 49.4 169.1 All other (1) 92.5 99.3 191.8 96.7 103.1 199.8 2,181.4 1,915.1 4,096.5 2,188.6 2,066.1 4,254.7 Non-insurance companies Recipe 264.0 835.3 1,099.3 293.6 919.0 1,212.6 Sleep Country 517.3 398.3 915.6 — — — Peak Achievement 279.0 443.0 722.0 — — — Meadow Foods 222.0 322.2 544.2 — — — AGT 148.2 55.5 203.7 150.7 49.4 200.1 Thomas Cook India 123.4 46.0 169.4 126.9 48.1 175.0 Boat Rocker 29.4 78.1 107.5 59.7 102.9 162.6 All other (2) 360.2 59.8 420.0 302.4 68.9 371.3 1,943.5 2,238.2 4,181.7 933.3 1,188.3 2,121.6 4,124.9 4,153.3 8,278.2 3,121.9 3,254.4 6,376.3 (1) Comprised primarily of balances related to AMAG Insurance, Eurolife and Fairfax Central and Eastern Europe. (2) Comprised primarily of balances related to Dexterra Group, Grivalia Hospitality and Fairfax India’s subsidiaries.

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
Other Assets (Tables)	Dec. 31, 2024
Other Assets
Schedule of other assets	Other assets were comprised as follows: December 31, 2024 December 31, 2023 Insurance Insurance and Non- and Non- reinsurance insurance reinsurance insurance companies (1) companies Total companies (1) companies Total Premises and equipment, right-of-use assets and non-insurance companies’ investment property (2) 811.5 2,818.7 3,630.2 875.1 2,380.6 3,255.7 Assets associated with unit-linked insurance and other products (3) 1,368.3 — 1,368.3 1,204.0 — 1,204.0 Inventories (2) — 857.6 857.6 — 669.1 669.1 Non-insurance revenue receivables (2) — 835.4 835.4 — 611.6 611.6 Accrued interest and dividends 473.7 9.5 483.2 488.0 2.8 490.8 Prepaid expenses 154.9 227.8 382.7 170.5 180.4 350.9 Income tax, sales tax and subsidies receivable 86.6 165.6 252.2 60.4 215.5 275.9 Finance lease receivables 6.1 173.7 179.8 7.8 207.4 215.2 Call options on non-controlling interests (4) 177.8 — 177.8 306.6 — 306.6 Prepaid losses on claims 153.3 — 153.3 151.0 — 151.0 Pension surplus 100.4 — 100.4 96.3 — 96.3 Other (5) 451.6 115.5 567.1 553.0 110.1 663.1 3,784.2 5,203.8 8,988.0 3,912.7 4,377.5 8,290.2 Current 1,374.0 2,206.6 3,580.6 1,425.3 1,702.9 3,128.2 Non-current 2,410.2 2,997.2 5,407.4 2,487.4 2,674.6 5,162.0 3,784.2 5,203.8 8,988.0 3,912.7 4,377.5 8,290.2 (1) Includes Life insurance and Run-off, and the group holding companies. (2) The increase during 2024 principally reflected the acquisition of Sleep Country and the consolidation of Peak Achievement and Meadow Foods, as described in note 21. (3) Primarily includes investment assets held for insurance contracts written by the company's life insurance operations that transfer the market risk associated with the underlying investment performance which supports the benefit payments to the policyholder ("unit-linked"). The liability for the associated life policy benefits are included within insurance contract liabilities (note 8). The company measures the underlying investments for these unit-linked contracts at fair value. (4) Comprised of call options on the non-controlling interests in Allied World and Odyssey Group, which expire in 2026 and 2029, respectively (2023 - also included a call option on the non-controlling interests in Brit, which was exercised in 2024 as described further below). At certain dates subsequent to expiry of a call option, the non-controlling interests may request an initial public offering of their shares, the structure, process and timing of which will be controlled by the company; in certain circumstances, the non-controlling interests may request a sale of the respective operating company to a third party. On December 13, 2024 the company acquired the remaining shares of Brit that it did not already own from Brit’s minority shareholder (OMERS), through the exercise of its call option, increasing its ownership interest in Brit from 86.2% to 100.0% . (5) Principally comprised of other receivables, deposits and deferred compensation plans.

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
Accounts Payable and Accrued Liabilities (Tables)	Dec. 31, 2024
Accounts Payable and Accrued Liabilities
Schedule of accounts payable and accrued liabilities	Accounts payable and accrued liabilities were comprised as follows: December 31, 2024 December 31, 2023 Insurance Insurance and Non- and Non- reinsurance insurance reinsurance insurance companies (1) companies Total companies (1) companies Total Lease liabilities (2) 348.2 956.6 1,304.8 349.0 726.2 1,075.2 Payables related to cost of sales (2) — 1,209.8 1,209.8 — 965.2 965.2 Salaries and employee benefit liabilities 709.8 157.4 867.2 642.3 115.5 757.8 Deferred gift card, hospitality and other revenue 24.5 417.5 442.0 34.8 425.9 460.7 Income taxes payable (3) 376.0 56.3 432.3 284.8 22.1 306.9 Put options held by non-controlling interests (4) 176.6 25.1 201.7 180.7 69.4 250.1 Accrued taxes 92.4 40.6 133.0 82.5 33.2 115.7 Pension and post retirement liabilities 96.1 13.2 109.3 145.1 12.0 157.1 Administrative and other (5) 1,084.9 293.3 1,378.2 1,142.4 256.1 1,398.5 2,908.5 3,169.8 6,078.3 2,861.6 2,625.6 5,487.2 Current 1,950.5 1,995.1 3,945.6 1,818.3 1,739.1 3,557.4 Non-current 958.0 1,174.7 2,132.7 1,043.3 886.5 1,929.8 2,908.5 3,169.8 6,078.3 2,861.6 2,625.6 5,487.2 (1) Includes Life insurance and Run-off, and the group holding companies. (2) The increase during 2024 principally reflected the acquisition of Sleep Country and the consolidation of Peak Achievement and Meadow Foods, as described in note 21. (3) Includes Pillar Two global minimum taxes payable at December 31, 2024 of $93.7 (December 31, 2023 - nil ), principally related to the insurance and reinsurance companies. (4) Principally a put option held by Eurobank on the non-controlling interest in Eurolife. (5) Principally comprised of accrued operating expenses, accrued interest expense, payables for securities purchased but not yet settled, advances from customers and liabilities related to business acquisitions.

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
Borrowings (Tables)	Dec. 31, 2024
Borrowings
Schedule of borrowings	December 31, 2024 December 31, 2023 Carrying Fair Carrying Fair Principal value (a) value (b) Principal value (a) value (b) Borrowings - holding company Fairfax unsecured notes (d) 4.875% due August 13, 2024 (1) — — — 279.3 279.0 277.5 4.95% due March 3, 2025 (Cdn$348.6) (f)(1) — — — 264.3 263.7 264.3 8.30% due April 15, 2026 (e) 91.8 91.8 95.4 91.8 91.8 97.1 4.70% due December 16, 2026 (Cdn$450.0) (f) 312.9 312.4 319.1 341.3 340.4 339.9 4.25% due December 6, 2027 (Cdn$650.0) (f) 452.0 451.3 459.0 492.9 492.0 486.4 2.75% due March 29, 2028 (€750.0) (g) 776.6 771.7 767.5 828.5 821.5 791.9 4.85% due April 17, 2028 600.0 598.1 596.3 600.0 597.5 592.7 4.23% due June 14, 2029 (Cdn$500.0) (f) 347.7 346.8 353.0 379.2 378.1 371.6 4.625% due April 29, 2030 650.0 647.3 634.7 650.0 646.8 627.3 3.375% due March 3, 2031 596.8 586.8 532.4 596.8 585.2 527.0 3.95% due March 3, 2031 (Cdn$840.0) (f) 584.1 581.2 579.9 637.0 633.4 598.9 5.625% due August 16, 2032 741.2 736.2 749.9 741.2 735.6 742.5 6.00% due December 7, 2033 (1) 750.0 747.5 773.5 400.0 394.0 410.6 4.73% due November 22, 2034 (Cdn$450.0) (f)(2) 312.9 311.2 317.0 — — — 7.75% due July 15, 2037 (e) 91.3 90.8 104.4 91.3 90.7 104.3 6.35% due March 22, 2054 (3) 1,000.0 988.3 1,031.1 — — — 5.23% due November 23, 2054 (Cdn$250.0) (f)(2) 173.8 172.8 179.0 — — — Notes payable 495.0 448.2 448.2 660.0 579.2 579.2 Revolving credit facility (4) — — — — — — 7,976.1 7,882.4 7,940.4 7,053.6 6,928.9 6,811.2 Borrowings - insurance and reinsurance companies Allied World 4.35% senior notes due October 29, 2025 (5) — — — 500.0 501.8 488.0 Allied World primary co-obligor on 6.10% unsecured senior notes due March 15, 2055 (5) 600.0 594.2 597.4 — — — Allied World other borrowings 16.7 19.2 19.3 18.0 20.6 19.5 Gulf Insurance floating rate long term loans due 2027 165.0 165.0 166.7 172.9 172.9 171.9 Zenith National 8.55% debentures due August 1, 2028 (d) 38.5 38.4 38.5 38.5 38.4 38.5 Brit 3.6757% subordinated notes due December 9, 2030 (£127.0) 159.0 159.0 135.9 161.9 161.9 118.3 979.2 975.8 957.8 891.3 895.6 836.2 Borrowings - non-insurance companies (c) Fairfax India 5.00% unsecured senior notes due 2028 441.6 439.9 414.3 441.6 439.4 399.4 Fairfax India subsidiary borrowings 96.3 96.3 96.3 75.8 75.8 75.8 Sleep Country credit facilities, unsecured senior notes and loans (6) 468.7 456.6 468.7 — — — AGT credit facilities, senior notes and loans (7) 467.5 464.8 465.0 493.5 491.0 488.0 Peak Achievement credit facilities and loans (8) 436.0 432.7 436.0 — — — Recipe credit facilities, senior notes and loans 309.6 308.2 299.2 400.2 398.2 384.8 Grivalia Hospitality bond loans 235.1 234.1 234.1 205.8 205.2 205.2 Loans and revolving credit facilities primarily at floating rates (9)(10)(11)(12) 464.0 462.9 464.0 289.4 289.4 289.4 2,918.8 2,895.5 2,877.6 1,906.3 1,899.0 1,842.6 Total debt 11,874.1 11,753.7 11,775.8 9,851.2 9,723.5 9,490.0 ( a) Principal net of unamortized issue costs and discounts (premiums). (b) Based principally on quoted market prices with the remainder based on discounted cash flow models using market observable inputs (Levels 1 and 2 respectively in the fair value hierarchy). (c) These borrowings are non-recourse to the holding company. (d) Issuer may redeem any time at prices specified in the instrument’s offering document, except those disclosed in footnote (e) below. (e) Not redeemable prior to the contractual maturity date. (f) Designated as a hedge of the company’s net investment in its Canadian subsidiaries. See note 22 under the heading of “Market risk”. (g) Designated as a hedge of the company’s net investment in its European operations. See note 22 under the heading of “Market risk”. During and subsequent to 2024 the company and its subsidiaries completed the following debt transactions: Holding company (1) On January 12, 2024 the company completed a re-opening of its offering of $400.0 principal amount of 6.00% unsecured senior notes due December 7, 2033, completed on December 7, 2023, for $200.0 principal amount for net proceeds, excluding accrued interest, of $200.2 after premium, commissions and expenses. On January 29, 2024 the company used a portion of the net proceeds from the offering to redeem its remaining $279.3 principal amount of 4.875% unsecured senior notes due August 13, 2024 for cash consideration of $285.6 , including accrued interest, and on March 15, 2024 the company used the remainder of the net proceeds from the offering to redeem its Cdn $348.6 principal amount of 4.95% unsecured senior notes due March 3, 2025 for cash consideration of Cdn $349.1 , including accrued interest. On June 24, 2024 the company completed a second re-opening of its offering of 6.00% unsecured senior notes due December 7, 2033, for $150.0 principal amount for net proceeds, excluding accrued interest, of $152.9 after premium, commissions and expenses. Together with the previously issued $600.0 aggregate principal amount of 6.00% senior notes due 2033, there is $750.0 aggregate principal amount of the notes outstanding (comprising the initial offering of $400.0 principal amount on December 7, 2023, the first re-opening of $200.0 principal amount on January 12, 2024 as described above and the second re-opening of $150.0 principal amount on June 24, 2024). (2) On November 22, 2024 the company completed an offering of $321.9 (Cdn $450.0 ) and $178.8 (Cdn $250.0 ) principal amount of 4.73% and 5.23% unsecured senior notes due November 22, 2034 and November 23, 2054 for net proceeds of $320.2 and $177.8 after discount, commissions and expenses, respectively. Contemporaneously with the issuances, the company designated the carrying value of its Cdn $450.0 and Cdn $250.0 senior notes due November 22, 2034 and November 23, 2054, respectively, as a hedge of a portion of its net investment in Canadian subsidiaries. See note 22 under the heading of “Market risk” for details. (3) On March 22, 2024 the company completed an offering of $1.0 billion principal amount of 6.35% unsecured senior notes due March 22, 2054 for net proceeds of $988.1 after discount, commissions and expenses. (4) On July 17, 2024 the company amended and extended its $2.0 billion unsecured revolving credit facility with a syndicate of lenders on substantially the same terms and extended the expiry from July 14, 2028 to July 17, 2029. The revolving credit facility contains certain financial covenants that require the company to maintain a ratio of consolidated debt to consolidated capitalization not exceeding 0.35 :1 and consolidated shareholders’ equity of not less than $11.5 billion, both calculated as defined in such financial covenants. At December 31, 2024 and 2023, the revolving credit facility was undrawn and the company was in compliance with its financial covenants. Insurance and reinsurance companies (5) On June 24, 2024 the company completed an offering of $600.0 principal amount of 6.10% unsecured senior notes due March 15, 2055 (“2055 notes”) for net proceeds of $591.7 after discount, commissions and expenses. On July 19, 2024, pursuant to an agreement and in exchange for cash received from the holding company of $596.6 , including accrued interest, Allied World became the primary co-obligor of the 2055 notes. The 2055 notes are the joint and several obligations of the company and Allied World, with Allied World being the primary co-obligor and at first instance liable for the 2055 notes. On July 24, 2024 Allied World used the majority of those proceeds to redeem its outstanding $500.0 principal amount of 4.35% senior notes due October 29, 2025 for cash consideration of $505.1 , including accrued interest. Non-insurance companies (6) On October 1, 2024 the company acquired and consolidated Sleep Country, which included new non-recourse borrowings of $317.9 (Cdn $429.2 ) of a newly formed purchasing entity that amalgamated with Sleep Country upon closing of the acquisition. On November 28, 2024 Sleep Country completed an offering of Cdn $450.0 principal amount of 6.625% unsecured senior notes due November 28, 2032 and used the proceeds to partially repay the borrowings drawn by the purchasing entity. See note 21 for details. (7) On November 15, 2024 AGT amended its credit facilities to decrease the aggregate facilities from Cdn $710.0 to Cdn $690.0 and to extend the maturity from March 16, 2025 to March 15, 2027. (8) On December 20, 2024 the company increased its equity interest and consolidated Peak Achievement, which included new non-recourse borrowings of $339.0 of a newly formed purchasing entity that amalgamated with Peak Achievement upon closing of the acquisition. Subsequently, Peak Achievement borrowed $436.0 on its credit facility and used the proceeds to repay its existing borrowings and the borrowings drawn by the purchasing entity. See note 21 for details. (9) On October 18, 2024 Boat Rocker amended its revolving credit facility to decrease the facility from $250.0 to $85.0 and to extend the maturity from October 18, 2024 to October 18, 2025. (10) On November 29, 2024 the company consolidated Meadow Foods, which included borrowings of $235.9 at December 31, 2024. See note 21 for details. (11) On January 24, 2025 Sporting Life extended the maturity of its credit facilities of Cdn $111.0 from October 29, 2025 to January 24, 2028. (12) On February 14, 2025 Fairfax India amended its revolving credit facility to increase the limit from $175.0 to $250.0 , and to allow for the issuance of letters of credit. On February 20, 2025 Fairfax India acquired an additional 10.0% equity interest in Bangalore Airport and issued a letter of credit for $170.9 representing the deferred purchase price on that acquisition. See note 6 for details.
Summary of changes in the carrying values of borrowings	Changes in the carrying values of borrowings for the years ended December 31 were as follows: 2024 2023 Insurance Insurance and Non- and Non- Holding reinsurance insurance Holding reinsurance insurance company companies companies Total company companies companies Total Balance – January 1 6,928.9 895.6 1,899.0 9,723.5 5,887.6 733.4 2,003.9 8,624.9 Cash inflows from issuances 2,430.9 — 1,380.9 3,811.8 393.9 — 228.6 622.5 Cash outflows from repayments (702.1) (507.7) (665.2) (1,875.0) (21.8) (7.8) (163.9) (193.5) Net cash inflows (outflows) from credit facilities and short term loans — — (51.2) (51.2) — (10.0) (185.4) (195.4) Non-cash changes: Acquisitions of subsidiaries (note 21) — — 466.6 466.6 579.2 172.9 — 752.1 Gain on redemption — (1.4) — (1.4) (1.7) (2.7) (24.3) (28.7) Transfers (1) (594.2) 594.2 — — — — — — Foreign exchange effect and other (181.1) (4.9) (134.6) (320.6) 91.7 9.8 40.1 141.6 Balance – December 31 7,882.4 975.8 2,895.5 11,753.7 6,928.9 895.6 1,899.0 9,723.5 (1) On July 19, 2024 pursuant to an agreement and in exchange for cash received from the holding company of $596.6 , including accrued interest, Allied World became the primary co-obligor of the 2055 notes, as described in footnote 5 above.
Schedule of principal repayments of borrowings	Principal repayments on borrowings are due as follows: 2025 2026 2027 2028 2029 Thereafter Total Holding company 165.0 569.7 617.0 1,376.6 347.7 4,900.1 7,976.1 Insurance and reinsurance companies 50.5 39.1 76.4 38.8 0.3 774.1 979.2 Non-insurance companies 272.4 155.2 567.8 683.8 365.6 874.0 2,918.8 Total 487.9 764.0 1,261.2 2,099.2 713.6 6,548.2 11,874.1

Total Equity (Tables)

Total Equity (Tables)	12 Months Ended
Total Equity (Tables)	Dec. 31, 2024
Total Equity
Schedule of shares outstanding	The number of shares outstanding was as follows: 2024 2023 Subordinate voting shares – January 1 22,254,478 22,576,535 Purchases for cancellation (1,346,953) (364,723) Treasury shares acquired (207,974) (110,528) Treasury shares reissued 220,145 153,194 Subordinate voting shares – December 31 20,919,696 22,254,478 Multiple voting shares – beginning and end of year 1,548,000 1,548,000 Interest in multiple and subordinate voting shares held through ownership interest in shareholder – beginning and end of year (799,230) (799,230) Common stock effectively outstanding – December 31 21,668,466 23,003,248
Schedule of dividends paid	Dividends paid by the company on its outstanding multiple voting and subordinate voting shares were as follows: Date of declaration Date of record Date of payment Dividend per share Total cash payment January 3, 2025 January 16, 2025 January 23, 2025 $ 15.00 $ 343.6 January 3, 2024 January 18, 2024 January 25, 2024 $ 15.00 $ 363.1 January 4, 2023 January 19, 2023 January 26, 2023 $ 10.00 $ 245.2
Schedule of preferred shares	The terms of the company’s cumulative five-year rate reset preferred shares at December 31, 2024 were as follows: Next possible Fixed redemption and Number of Liquidation dividend Floating conversion shares Carrying preference per rate per dividend rate date (1)(2) outstanding (3) value (3) Stated capital (3) share annum (4) per annum (5) Series E March 31, 2025 5,440,132 $ 124.5 Cdn $ 136.0 Cdn $ 25.00 3.18 % — Series F March 31, 2025 2,099,046 $ 48.0 Cdn $ 52.5 Cdn $ 25.00 — 5.64 % Series G September 30, 2025 7,719,843 $ 182.1 Cdn $ 193.0 Cdn $ 25.00 2.96 % — Series H September 30, 2025 2,280,157 $ 53.8 Cdn $ 57.0 Cdn $ 25.00 — 6.04 % Series I December 31, 2025 10,420,101 $ 250.5 Cdn $ 260.5 Cdn $ 25.00 3.33 % — Series J December 31, 2025 1,579,899 $ 38.0 Cdn $ 39.5 Cdn $ 25.00 — 6.33 % Series K March 31, 2027 9,500,000 $ 231.7 Cdn $ 237.5 Cdn $ 25.00 5.05 % — Series M March 31, 2025 9,200,000 $ 179.6 Cdn $ 230.0 Cdn $ 25.00 5.00 % — $ 1,108.2 Cdn $ 1,206.0 (1) Fixed and floating rate cumulative preferred shares are redeemable by the company at each stated redemption date and on each subsequent five-year anniversary date at Cdn$ 25.00 per share. (2) Holders of Series E, Series G, Series I, Series K and Series M fixed rate cumulative preferred shares will have the option to convert their shares into Series F, Series H, Series J, Series L and Series N floating rate cumulative preferred shares respectively, at the specified conversion dates, and on each subsequent five-year anniversary date. Holders of Series F, Series H and Series J floating rate cumulative preferred shares will have the option to convert their shares into Series E, Series G and Series I fixed rate cumulative preferred shares respectively, at the specified conversion dates, and on each subsequent five-year anniversary date. (3) For each series of preferred shares, the number of shares outstanding, carrying value and stated capital remained unchanged during 2024 and 2023. (4) The Series E, Series G, Series I, Series K and Series M preferred shares have a fixed dividend rate equal to the five-year Government of Canada bond yield plus 2.16% , 2.56% , 2.85% , 3.51% and 3.98% respectively, with rate resets on each subsequent five-year anniversary date. (5) The Series F, Series H, and Series J preferred shares, and the Series L and Series N preferred shares (of which none are currently issued), have a floating dividend rate equal to the three-month Government of Canada treasury bill yield plus 2.16% , 2.56% , 2.85% , 3.51% and 3.98% respectively, with rate resets at the end of each calendar quarter.
Schedule of AOCI	Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax was comprised as follows: December 31, 2024 December 31, 2023 Income tax Income tax Pre-tax (expense) After-tax Pre-tax (expense) After-tax amount recovery amount amount recovery amount Items that may be subsequently reclassified to net earnings Foreign currency translation losses (1,333.2) 42.8 (1,290.4) (983.1) 42.2 (940.9) Share of accumulated other comprehensive loss of associates, excluding net gains (losses) on defined benefit plans (307.7) 28.2 (279.5) (169.0) 11.7 (157.3) (1,640.9) 71.0 (1,569.9) (1,152.1) 53.9 (1,098.2) Items that will not be subsequently reclassified to net earnings Net gains (losses) on defined benefit plans 57.8 (8.2) 49.6 (1.9) 9.9 8.0 Share of net gains (losses) on defined benefit plans of associates (8.2) 0.1 (8.1) (9.1) (0.1) (9.2) Other 178.2 (33.8) 144.4 153.1 (15.9) 137.2 227.8 (41.9) 185.9 142.1 (6.1) 136.0 Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax (1,413.1) 29.1 (1,384.0) (1,010.0) 47.8 (962.2)
Schedule of non-controlling interests	Details of non-controlling interests as at and for the years ended December 31 were as follows: Net earnings (loss) attributable to non- December 31, 2024 December 31, 2023 controlling interests Economic Economic Ownership Carrying Ownership Carrying percentage (6) value percentage (6) value 2024 2023 Insurance and reinsurance companies (1) Allied World (2)(3) 16.6 % 989.0 16.6 % 972.7 176.1 211.8 Odyssey Group (3) 9.99 % 665.7 9.99 % 602.3 128.1 104.9 Brit (3)(4) — 532.6 13.8 % 881.2 137.4 188.1 Gulf Insurance (5) 2.9 % 494.1 9.99 % 605.3 1.7 — All other — 58.8 — 54.3 7.3 4.9 2,740.2 3,115.8 450.6 509.7 Non-insurance companies Restaurants and retail — 147.7 — 163.5 9.2 5.6 Fairfax India (6) 57.3 % 1,029.9 57.5 % 1,131.1 (63.7) 235.4 Thomas Cook India 35.5 % 97.1 35.4 % 86.0 11.7 6.0 Other — 266.3 — 254.0 (19.8) (43.6) 1,541.0 1,634.6 (62.6) 203.4 4,281.2 4,750.4 388.0 713.1 (1) Includes property and casualty insurance and reinsurance companies, Life insurance and Run-off, and the group holding companies. (2) On June 23, 2023 the company purchased shares from minority shareholders of Allied World for cash consideration of $30.6 , increasing its ownership interest in Allied World from 82.9% to 83.4% . Concurrently, certain terms of the Allied World shareholders agreement were amended to extend the company’s option to purchase the remaining interests of the minority shareholders in Allied World at certain dates from September 2024 to September 2026. (3) During 2024 the operating companies comprising the Global Insurers and Reinsurers reporting segment paid aggregate dividends of $256.3 (2023 - $180.3 ) to non-controlling interests, with the increase in 2024 primarily reflecting the timing of a dividend payment to Allied World's non - controlling interests. (4) On December 13, 2024 the company purchased the remaining shares of Brit from Brit’s minority shareholder (OMERS) for total consideration of $525.9 , inclusive of the fair value of a call option exercised and an accrued dividend paid, which increased the company’s ownership interest in Brit from 86.2% to 100.0% . The remaining carrying value of the non-controlling interest at Brit at December 31, 2024 relates to Brit’s subsidiary Ki Insurance (December 31, 2023 - $466.3 ). Brit’s shareholding in Ki Insurance remained unchanged throughout 2024, as Brit continues to hold 20.0% of Ki Insurance’s share capital, with voting rights of 51.0% . (5) On April 25, 2024 the company completed a mandatory tender offer for the non-controlling interests in Gulf Insurance and increased its equity interest from 90.0% to 97.1% for cash consideration of $126.7 . On December 26, 2023 the company commenced consolidating Gulf Insurance as described in note 21. (6) At December 31, 2024 Fairfax India’s non-controlling interest economic ownership percentage was 57.3% (December 31, 2023 - 57.5% ) which differed from its non-controlling interest voting percentage of 4.8% (December 31, 2023 – 4.8% ).
Schedule of capitalization	2024 2023 Common Non- Common Non- shareholders’ controlling shareholders’ controlling equity interests equity interests Acquisition of non-controlling interests in Brit (76.0) (449.9) — — Additional interest acquired in Gulf Insurance through mandatory tender offer (note 21) (41.2) (85.5) — — Redemption of Series C and Series D cumulative preferred shares 53.5 — — — Partial disposition of Digit Insurance by Digit on completion of Digit Insurance's initial public offering (note 6) 97.5 — — — Purchase of certain securities held through AVLNs entered with RiverStone Barbados — — (45.1) (178.0) Partial disposition of Thomas Cook India shares — — 45.8 19.8 Fairfax India share repurchases (0.8) (7.6) (1.9) (35.4) Acquisition of non-controlling interests in Allied World — — (3.0) (27.6) Other (75.0) 29.5 (63.0) (30.9) As presented in net changes in capitalization in the consolidated statement of changes in equity (42.0) (513.5) (67.2) (252.1)

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
Earnings per Share (Tables)	Dec. 31, 2024
Earnings per Share
Schedule of earnings per share	Net earnings per share is calculated using the weighted average common shares outstanding as follows: 2024 2023 Net earnings attributable to shareholders of Fairfax 3,874.9 4,381.8 Preferred share dividends (48.6) (49.7) Excess of book value over consideration of preferred shares redeemed (note 16) 53.5 — Net earnings attributable to common shareholders – basic and diluted 3,879.8 4,332.1 Weighted average common shares outstanding – basic 22,373,092 23,182,558 Share-based payment awards 1,790,368 1,823,558 Weighted average common shares outstanding – diluted 24,163,460 25,006,116 Net earnings per common share – basic $ 173.41 $ 186.87 Net earnings per common share – diluted $ 160.56 $ 173.24

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2024
Income Taxes
Schedule of provision for (recovery of) income taxes	The company’s provision for income taxes for the years ended December 31 were comprised as follows: 2024 2023 Current income tax: Current year expense (1) 1,132.0 648.8 Adjustments to prior years’ income taxes (11.4) (8.7) 1,120.6 640.1 Deferred income tax: Origination and reversal of temporary differences 291.3 193.4 Adjustments to prior years’ deferred income taxes (36.3) (20.1) 255.0 173.3 Provision for income taxes 1,375.6 813.4 (1) Includes Pillar Two global minimum taxes of $93.7 in 2024 (2023 - nil ), which primarily relate to income earned in Bermuda.
Schedule of earnings before income taxes by jurisdiction	A significant portion of the company’s earnings before income taxes may be earned or incurred outside of Canada. The statutory income tax rates for jurisdictions outside of Canada generally differ from the Canadian statutory income tax rate, and may be significantly higher or lower. The company’s earnings before income taxes by jurisdiction and the associated provision for (recovery of) income taxes for the years ended December 31 are summarized in the following table: 2024 2023 Canada (1) U.S. (2) U.K. (3) Other (4) Total Canada (1) U.S. (2) U.K. (3) Other (4) Total Earnings before income taxes 1,089.9 2,182.8 662.5 1,703.3 5,638.5 1,115.6 1,764.3 881.9 2,146.5 5,908.3 Provision for (recovery of) income taxes 499.9 454.0 81.2 340.5 1,375.6 234.9 362.2 (48.5) 264.8 813.4 Net earnings 590.0 1,728.8 581.3 1,362.8 4,262.9 880.7 1,402.1 930.4 1,881.7 5,094.9 (1) Includes Fairfax India. (2) Principally comprised of Crum & Forster, Zenith National, Odyssey Group (notwithstanding that Odyssey Group has operations outside of the U.S.), U.S. Run-off and other associated holding company results. (3) Comprised of Brit. (4) Primarily includes companies in India, Asia and Europe (excluding the U.K.), and Allied World, which has operations in multiple jurisdictions, and in 2024 also includes Gulf Insurance which is based in Kuwait and operates through its subsidiaries throughout the Middle East and North Africa region.
Schedule of reconciliations of the provision for (recovery of) income taxes	Reconciliations of the provision for income taxes calculated at the Canadian statutory income tax rate to the provision for income taxes at the effective tax rate in the consolidated financial statements for the years ended December 31 are summarized in the following table: 2024 2023 Canadian statutory income tax rate 26.5 % 26.5 % Provision for income taxes at the Canadian statutory income tax rate 1,494.2 1,565.7 Non-taxable investment income and losses (88.2) (182.3) Tax rate differential on income and losses outside Canada (140.0) (473.2) Change in unrecorded tax benefit of losses and temporary differences 87.3 (9.7) Change in tax rate for deferred income taxes 49.1 (132.3) Recovery relating to prior years (47.7) (28.8) Foreign exchange effect (23.3) 12.5 Other including permanent differences 44.2 61.5 Provision for income taxes 1,375.6 813.4
Schedule of income taxes refundable and payable	Income taxes refundable and payable were as follows: December 31, December 31, 2024 2023 Income taxes refundable 86.7 59.0 Income taxes payable (432.3) (306.9) Net income taxes payable (345.6) (247.9)
Schedule of changes net income taxes (payable) refundable	Changes in net income taxes payable during the years ended December 31 were as follows: 2024 2023 Balance - January 1 (247.9) (293.9) Amounts recorded in the consolidated statements of earnings (1,120.6) (640.1) Payments made during the year 1,005.6 713.9 Acquisitions of subsidiaries (note 21) (8.6) (31.3) Foreign exchange effect and other 25.9 3.5 Balance - December 31 (345.6) (247.9)
Schedule of changes in net deferred income tax asset	Changes in the net deferred income tax asset (liability) during the years ended December 31 were as follows: 2024 Operating Insurance and and capital reinsurance Intangible Tax losses Investments held contracts assets credits Other Total Balance - January 1 313.4 (611.8) (358.0) (308.3) 33.6 (18.1) (949.2) Amounts recorded in the consolidated statement of earnings (59.8) (183.7) (119.0) 36.3 25.5 45.7 (255.0) Amounts recorded in total equity 5.8 14.4 — — — (27.8) (7.6) Acquisitions of subsidiaries (note 21) 10.7 0.1 (0.3) (186.1) (0.3) (31.1) (207.0) Foreign exchange effect and other (16.0) 13.5 0.5 15.3 0.2 16.3 29.8 Balance - December 31 254.1 (767.5) (476.8) (442.8) 59.0 (15.0) (1,389.0) 2023 Operating Insurance and and capital reinsurance Intangible Tax losses Investments held contracts assets credits Other Total Balance - January 1 226.8 (193.0) (382.8) (376.1) 75.4 (81.0) (730.7) Amounts recorded in the consolidated statement of earnings 57.2 (411.8) 41.1 116.6 (20.2) 43.8 (173.3) Amounts recorded in total equity 15.0 (5.8) — — — 5.8 15.0 Acquisitions of subsidiaries (note 21) (0.3) 2.7 (4.1) (46.2) — (13.0) (60.9) Foreign exchange effect and other 14.7 (3.9) (12.2) (2.6) (21.6) 26.3 0.7 Balance - December 31 313.4 (611.8) (358.0) (308.3) 33.6 (18.1) (949.2)

Statutory Requirements (Tables)

Statutory Requirements (Tables)	12 Months Ended
Statutory Requirements (Tables)	Dec. 31, 2024
Statutory Requirements
Schedule of maximum dividend capacity available	December 31, 2024 North American Insurers Northbridge (1) 362.1 Crum & Forster 269.7 Zenith National 70.6 702.4 Global Insurers and Reinsurers Allied World 1,475.2 Odyssey Group 788.8 Brit 104.6 2,368.6 International Insurers and Reinsurers Gulf Insurance 93.7 3,164.7 (1) Subject to prior regulatory approval.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	12 Months Ended
Acquisitions and Divestitures (Tables)	Dec. 31, 2024
Acquisitions and Divestitures
Schedule of fair value of assets acquired and liabilities assumed	The preliminary determination of the fair value of assets acquired and liabilities assumed in connection with the acquisitions described above are summarized in the table that follows and will be finalized within twelve months of the respective acquisition dates. Sleep Country (1) Meadow Foods (1) Peak Achievement Total Acquisition date October 1, 2024 November 29, 2024 December 20, 2024 Percentage equity interest in acquiree 100.0 % 93.2 % 100.0 % Assets: Portfolio investments (2) 27.9 12.5 64.1 104.5 Deferred income tax assets 16.7 — 0.3 17.0 Goodwill and intangible assets (3) 973.2 552.3 722.0 2,247.5 Other assets (4) 451.4 204.3 281.8 937.5 Total assets 1,469.2 769.1 1,068.2 3,306.5 Liabilities: Accounts payable and accrued liabilities (5) 382.0 107.4 153.9 643.3 Deferred income tax liabilities 76.0 88.7 66.9 231.6 Borrowings - non-insurance companies (6) 130.6 239.5 82.4 452.5 Total liabilities 588.6 435.6 303.2 1,327.4 Non-controlling interests — 0.4 — 0.4 Purchase consideration (6) 880.6 333.1 765.0 1,978.7 1,469.2 769.1 1,068.2 3,306.5 (1) Amounts translated into U.S. dollars at the acquisition date. (2) Portfolio investments include subsidiary cash and cash equivalents of $100.7 . (3) Comprised of goodwill of $550.9 and intangible assets of $422.3 (primarily brand names of $365.4 ) at Sleep Country, goodwill of $279.0 and intangible assets of $443.0 (primarily brand names of $342.6 ) at Peak Achievement, and goodwill of $225.3 and intangible assets of $327.0 (primarily customer relationships of $241.1 ) at Meadow Foods. (4) Primarily comprised of premises and equipment and right of use assets of $306.5 and inventory of $94.5 at Sleep Country, non-insurance revenue receivables of $116.0 and inventory of $87.0 at Peak Achievement, and premises and equipment and right of use assets of $85.9 and non - insurance revenue receivables of $77.8 at Meadow Foods. (5) Primarily comprised of lease liabilities of $226.3 and payables related to costs of sales of $108.8 at Sleep Country, and payables related to costs of sales of $78.7 at Meadow Foods. (6) Borrowing - non-insurance companies excludes the new borrowings described above that were drawn by the newly formed purchasing entities which amalgamated with Sleep Country and Peak Achievement upon close of the respective transactions. The new borrowings included in the respective purchase consideration, together with the borrowings assumed on the acquisitions, are included in Borrowings - non insurance companies on the consolidated balance sheet at December 31, 2024. See note 15 for details. The determination of the fair value of assets acquired and liabilities assumed are summarized in the table that follows: Gulf Insurance Acquisition date December 26, 2023 Percentage of common shares acquired 90.0 % Assets: Portfolio investments (1) 2,372.6 Reinsurance contract assets held 571.3 Deferred income tax assets 14.4 Goodwill and intangible assets (2) 967.3 Other assets (3) 459.1 Total assets 4,384.7 Liabilities: Accounts payable and accrued liabilities (4) 292.0 Deferred income tax liabilities 67.1 Insurance contract payables 34.8 Insurance contract liabilities 1,745.4 Borrowings - holding company and insurance and reinsurance companies 172.9 Total liabilities 2,312.2 Non-controlling interests (5) 603.4 Purchase consideration (6) 1,469.1 4,384.7 (1) Included subsidiary cash and cash equivalents of $459.9 , of which $31.3 was restricted. (2) Comprised of goodwill of $347.5 and intangible assets of $619.8 (primarily customer relationships of $263.9 , distribution networks of $232.8 and brand names of $123.0 ). (3) Primarily comprised of premises and equipment ( $136.8 ) and unit-linked life investment contracts ( $138.1 ). (4) Primarily comprised of accounts payable, accrued compensation costs and income taxes payable. (5) Includes the non-controlling interests arising from Gulf Insurance’s non-wholly owned subsidiaries and the 9.99% equity interest in Gulf Insurance that was not acquired by the company on closing, with the allocation of all of the non-controlling interests to Gulf Insurance’s property and casualty insurance operations within the company’s International Insurers and Reinsurers reporting segment. Non-controlling interests in Gulf Insurance were measured as the proportionate share of the identifiable net assets acquired. (6) Comprised of cash consideration of $176.9 and the fair value of the payment deed of $579.2 paid to KIPCO for the 46.3% equity interest in Gulf Insurance, and the company’s existing 43.7% equity interest in Gulf Insurance with a fair value of $713.0 .

Financial Risk Management (Tabl

Financial Risk Management (Tables)	12 Months Ended
Financial Risk Management (Tables)	Dec. 31, 2024
Financial Risk Management
Schedule of concentration of insurance risk by geographic region and line of business based on net insurance revenue	The table that follows presents the company’s concentration of insurance risk by geographic region and line of business based on net insurance revenue (calculated by the company as insurance revenue less cost of reinsurance). The company’s exposure to general insurance risk varies by geographic region and may change over time. Middle East Other Canada United States and Asia (1) International (2) Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Property 1,392.4 1,268.1 3,828.1 4,021.1 1,320.3 735.0 1,983.6 1,774.6 8,524.4 7,798.8 Casualty 1,113.8 1,124.4 9,582.3 9,188.7 1,274.1 556.0 1,769.4 1,542.6 13,739.6 12,411.7 Specialty (3) 96.8 94.1 886.8 708.6 864.7 233.8 754.1 710.4 2,602.4 1,746.9 Total 2,603.0 2,486.6 14,297.2 13,918.4 3,459.1 1,524.8 4,507.1 4,027.6 24,866.4 21,957.4 Insurance 2,868.9 2,772.7 17,167.9 16,922.7 5,249.6 1,958.6 5,777.7 5,280.8 31,064.1 26,934.8 Reinsurance (265.9) (286.1) (2,870.7) (3,004.3) (1,790.5) (433.8) (1,270.6) (1,253.2) (6,197.7) (4,977.4) 2,603.0 2,486.6 14,297.2 13,918.4 3,459.1 1,524.8 4,507.1 4,027.6 24,866.4 21,957.4 (1) The Middle East and Asia geographic segment is primarily comprised of countries that Gulf Insurance (consolidated on December 26, 2023), based in Kuwait, operates in through its subsidiaries across the MENA region, and countries throughout Asia, including Japan, India, Sri Lanka, Malaysia, Singapore, Indonesia, China and Thailand. (2) The Other International geographic segment is primarily comprised of countries located in South America, Europe, Africa and Oceania. (3) Includes net insurance revenue, from life insurance, from the company's Life insurance and Run - off reporting segment, in the Middle East and Asia and Other International geographic regions of $151.9 (2023 - $118.4 ).
Schedule of gross credit risk exposure	The company’s gross credit risk exposure (without consideration of amounts held by the company as collateral) was comprised as follows: December 31, December 31, 2024 2023 Cash and short term investments 8,522.6 8,092.8 Investments in debt instruments: U.S. sovereign government (1) 15,863.9 16,273.5 Other sovereign government rated AA/Aa or higher (1)(2) 4,378.7 4,046.8 All other sovereign government (3) 4,048.7 3,367.1 Canadian provincials 446.9 243.5 U.S. states and municipalities 179.6 184.5 Corporate and other (4)(5) 13,317.7 13,325.6 Receivable from counterparties to derivative contracts 1,291.4 656.6 Insurance contract receivables 780.4 926.1 Reinsurance contract assets held 10,682.6 10,887.7 Other assets (6) 2,199.2 2,174.2 Total gross credit risk exposure 61,711.7 60,178.4 (1) Represented together 30.0% of the company’s total investment portfolio at December 31, 2024 (December 31, 2023 – 31.4% ) and considered by the company to have nominal credit risk. (2) Comprised primarily of bonds issued by the governments of Canada, Australia and the United Kingdom with fair values at December 31, 2024 of $2,294.1 , $479.1 and $363.8 respectively (December 31, 2023 - $2,471.6 , $378.5 and $321.8 ). (3) Comprised primarily of bonds issued by the governments of Greece, Brazil and India with fair values at December 31, 2024 of $1,130.8 , $673.9 and $628.5 respectively (December 31, 2023 - $1,234.6 , $884.4 and $44.6 ). (4) Represents 19.8% of the company’s total investment portfolio at December 31, 2024 (December 31, 2023 – 20.6% ). (5) Includes the company’s investments in first mortgage loans at December 31, 2024 of $4,777.8 (December 31, 2023 - $4,685.4 ) secured by real estate predominantly in the U.S., Europe and Canada as described in note 5. (6) Excludes assets associated with unit-linked insurance products of $1,368.3 at December 31, 2024 (December 31, 2023 – $1,204.0 ) for which credit risk is not borne by the company, and income taxes refundable of $86.7 at December 31, 2024 (December 31, 2023 - $59.0 ) that are considered to have nominal credit risk.
Schedule of investments in debt instruments	The composition of the company’s investments in debt instruments classified according to the higher of each security’s respective S&P and Moody’s issuer credit rating is presented in the table that follows: December 31, 2024 December 31, 2023 Amortized Fair Amortized Fair Issuer Credit Rating cost value % cost value % AAA/Aaa 19,394.3 19,168.0 50.1 19,301.4 19,670.5 52.5 AA/Aa 2,333.6 2,325.3 6.1 1,490.9 1,521.9 4.1 A/A 4,241.9 4,273.3 11.2 3,977.9 4,012.7 10.7 BBB/Baa 4,783.6 4,778.8 12.5 4,420.3 4,414.2 11.8 BB/Ba 1,316.4 1,128.4 3.0 1,422.0 1,445.9 3.9 B/B 167.4 171.7 0.4 184.0 182.5 0.5 Lower than B/B 291.4 364.6 1.0 87.6 113.7 0.3 Unrated (1) 6,192.5 6,025.4 15.7 6,210.2 6,079.6 16.2 Total 38,721.1 38,235.5 100.0 37,094.3 37,441.0 100.0 (1) Includes the company’s investments in first mortgage loans at December 31, 2024 of $4,777.8 (December 31, 2023 - $4,685.4 ) secured by real estate predominantly in the U.S., Europe and Canada. Unrated debt instruments also include the fair value of the company’s investments in Amynta Group of $156.2 (December 31, 2023 – $159.7 ), ONX Inc. of $125.6 (December 31, 2023 – $125.6 ), Duke Royalty UK Limited of $114.6 (December 31, 2023 - $92.5 ), Mosaic Capital Corporation of $95.2 (December 31, 2023 - $96.8 ), Metlen Energy & Metals S.A. (formerly Mytilineos S.A.) of $86.8 (December 31, 2023 – $101.4 ), and Blackberry Limited of $148.9 at December 31, 2023.
Schedule of credit risk related to derivative contract counterparties	The following table sets out the company’s net derivative counterparty risk assuming all derivative counterparties are simultaneously in default: December 31, December 31, 2024 2023 Total derivative assets (1) 1,291.4 656.6 Obligations that may be offset under net settlement arrangements (38.2) (48.8) Fair value of collateral deposited for the benefit of the company (1,063.4) (527.9) Excess collateral pledged by the company in favour of counterparties 9.2 7.2 Net derivative counterparty exposure after net settlement and collateral arrangements 199.0 87.1 (1) Excludes equity warrants, equity call options, and other derivatives which are not subject to counterparty risk.
Schedule of maturity profile of the company's insurance contract liabilities	The following table sets out the maturity profile of the company’s insurance contract liabilities based on the expected undiscounted future cash flows, excluding the risk adjustment: Maturity profile of insurance contract liabilities (1) 1 year or less 1-2 years 2-3 years 3-4 years 4-5 years More than 5 years Total December 31, 2024 14,226.5 8,462.3 6,100.6 4,511.5 3,206.0 12,158.3 48,665.2 December 31, 2023 15,080.6 7,544.2 5,414.4 3,972.1 3,168.5 11,111.8 46,291.6 (1) Excludes the liability for remaining coverage for contracts measured under the PAA.
Schedule of maturity profile of the financial and insurance liabilities	The following tables set out the maturity profile of the company’s financial liabilities based on the expected undiscounted cash flows from the balance sheet date to the contractual maturity date or the settlement date: December 31, 2024 3 months 3 months 1 - 3 3 - 5 More than or less to 1 year years years 5 years Total Accounts payable and accrued liabilities (1) 2,148.2 1,263.4 970.5 423.6 799.5 5,605.2 Insurance contract payables 261.8 75.3 342.8 21.5 221.6 923.0 Borrowings - holding company and insurance and reinsurance companies: Principal 17.1 198.4 1,302.2 1,763.4 5,674.2 8,955.3 Interest (2) 123.5 314.1 838.3 656.3 3,239.7 5,171.9 Borrowings - non-insurance companies: Principal 62.5 209.9 723.0 1,049.4 874.0 2,918.8 Interest 33.5 117.9 295.6 131.0 119.8 697.8 2,646.6 2,179.0 4,472.4 4,045.2 10,928.8 24,272.0 (1) Excludes pension and post retirement liabilities, deferred gift card, hospitality and other revenue, accrued interest expense and other. (2) Interest of more than 5 years includes interest expense on longer term debt issued in 2024, reflecting Fairfax’s $1.0 billion principal amount of senior unsecured notes due March 2054, Fairfax’s Cdn $250.0 principal amount of senior unsecured notes due November 2054 and Allied World’s primary co-obligor $600.0 principal amount of senior unsecured notes due March 2055. See note 15. December 31, 2023 3 months 3 months 1 - 3 3 - 5 More than or less to 1 year years years 5 years Total Accounts payable and accrued liabilities (1) 1,857.5 1,210.8 920.9 350.9 591.3 4,931.4 Insurance contract payables 422.0 96.5 304.3 132.8 251.3 1,206.9 Borrowings - holding company and insurance and reinsurance companies: Principal 545.3 (2) 198.5 1,341.7 2,185.9 3,673.5 (3) 7,944.9 Interest 90.4 247.4 611.1 480.8 531.0 (3) 1,960.7 Borrowings - non-insurance companies: Principal 28.4 347.9 478.6 686.9 364.5 1,906.3 Interest 31.0 71.2 144.5 80.7 70.7 398.1 2,974.6 2,172.3 3,801.1 3,918.0 5,482.3 18,348.3 (1) Excludes pension and post retirement liabilities, deferred gift card, hospitality and other revenue, accrued interest expense and other. (2) Includes the redemptions of the August 2024 and March 2025 unsecured senior notes as described in note 15. (3) Excludes the re-opening of the December 2023 unsecured senior notes of $200.0 completed subsequent to December 31, 2023 as described in note 15.
Schedule of maturity profile of the derivative obligations	The following table provides a maturity profile of the company’s derivative obligations based on the expected undiscounted cash flows from the balance sheet date to the contractual maturity date or the settlement date: December 31, 2024 December 31, 2023 3 months 3 months More than 3 months 3 months More than or less to 1 year 1 year Total or less to 1 year 1 year Total Long equity total return swaps 0.4 — — 0.4 28.5 0.1 3.9 32.5 Foreign currency forward and swap contracts 58.9 8.8 66.6 134.3 97.6 0.9 60.3 158.8 Other derivative contracts 102.9 84.4 34.9 222.2 90.3 134.9 28.4 253.6 162.2 93.2 101.5 356.9 216.4 135.9 92.6 444.9
Summary of impact changes in interest rate on fixed income portfolio	The table below displays the potential impact of changes in interest rates on the company’s fixed income portfolio based on parallel 200 basis points shifts up and down, in 100 basis points increments, which the company believes to be reasonably possible in the current economic environment given the continued uncertainty caused by increased inflationary pressures and interest rates. This analysis was performed on each individual security to determine the hypothetical effect on net earnings. December 31, 2024 December 31, 2023 Fair value of Hypothetical Hypothetical Fair value of Hypothetical Hypothetical fixed income change in net % change fixed income change in net % change portfolio earnings (1) in fair value (1) portfolio earnings (1) in fair value (1) Change in interest rates 200 basis point increase 35,484.7 (2,209.6) (7.2) 35,043.3 (1,934.7) (6.4) 100 basis point increase 36,801.1 (1,152.1) (3.8) 36,212.0 (991.9) (3.3) No change 38,235.5 — — 37,441.0 — — 100 basis point decrease 39,791.1 1,250.2 4.1 38,803.0 1,098.1 3.6 200 basis point decrease 41,539.4 2,654.3 8.6 40,274.9 2,284.7 7.6 (1) Includes the impact of forward contracts to buy U.S. treasury bonds with a notional amount at December 31, 2024 of $1,330.2 (December 31, 2023 – nil ) and certain interest rate swaps to receive fixed rates in exchange for the obligation to pay floating rates on a notional amount of $1,900.0 (December 31, 2023 – $1,900.0 ). The analysis at December 31, 2023 included the impact of forward contracts to sell long dated U.S. treasury bonds with a notional amount of $292.8 .
Summary of impact changes in net liability for incurred claims	The table below displays the potential effects of parallel 200 basis points shifts up and down, in 100 basis points increments, in interest rates on the liability for incurred claims, net of reinsurance, excluding the company's life insurance operations (as a provision for life policy benefits is principally included within the LRC), at December 31, 2024 and 2023, and the hypothetical effect on net earnings. December 31, 2024 December 31, 2023 Liability for Liability for incurred Hypothetical incurred Hypothetical claims, net of change in net claims, net of change in net [Not yet updated] reinsurance (1) earnings reinsurance (1) earnings Change in interest rates 200 basis point increase 30,794.9 1,324.2 28,081.6 1,278.6 100 basis point increase 31,594.1 686.2 28,862.7 655.3 No change 32,453.7 — 29,688.4 — 100 basis point decrease 33,381.8 (741.0) 30,625.0 (751.5) 200 basis point decrease 34,387.9 (1,544.4) 31,627.3 (1,551.7) (1) Calculated as the liability for incurred claims of insurance contract liabilities less the asset for incurred claims of reinsurance contract assets held, excluding other net receivable balances, primarily comprising the receivable from reinsurers on paid losses, funds withheld, and other.
Schedule of long equity exposures and financial effects	The following table summarizes the effect of the company’s equity and equity-related holdings on the company’s financial position as at December 31, 2024 and 2023 and results of operations for the years then ended. In that table the company considers its non-insurance investments in associates (note 6) with a fair value at December 31, 2024 of $9,997.9 (December 31, 2023 – $9,496.6) as a component of its equity and equity-related holdings when assessing its equity exposures. Year ended Year ended December 31, December 31, December 31, 2024 December 31, 2023 2024 2023 Exposure/ Exposure/ Notional Carrying Notional Carrying Pre-tax Pre-tax amount value amount value earnings (loss) earnings (loss) Long equity exposures: Common stocks 7,487.8 7,487.8 7,317.8 7,317.8 296.8 464.4 Bonds and preferred stocks – convertible (1) 273.6 273.6 414.0 414.0 14.6 77.1 Investments in associates (1)(2)(3)(4) 9,997.9 7,972.8 9,496.6 7,668.6 575.5 322.0 Equity derivatives (5) 2,588.0 1,120.8 2,060.2 563.2 939.3 357.2 Other — — — — 32.8 (3.1) Long equity exposures and financial effects 20,347.3 16,855.0 19,288.6 15,963.6 1,859.0 1,217.6 (1) Excludes the company’s insurance and reinsurance investments in associates and joint ventures and certain other equity and equity-related holdings which are considered long term strategic holdings. See note 6. (2) Pre-tax earnings (loss) excludes share of profit (loss) of associates, and includes gain (loss) on sale of non-insurance associates and joint ventures. (3) On November 1, 2024 the company sold its investment in Stelco for total consideration of $638.1 and recorded a net realized gain of $343.7 . See note 6. (4) On December 20, 2024 the company acquired additional interests in Peak Achievement, increasing its ownership from 42.6% to 100.0% . Accordingly, the company commenced consolidating Peak Achievement and recorded a realized remeasurement gain of $203.4 in the consolidated statement of earnings as described in note 21. (5) Includes net gains on investments of $1,033.5 (2023 - $624.8 ) recognized on the company’s investment in long equity total return swaps on Fairfax subordinate voting shares. See note 7.
Schedule of potential impact on net earnings due to changes in global equity markets	The table that follows illustrates the potential impact on net earnings of changes in the fair value of the company’s equity and equity-related holdings as a result of changes in global equity markets at December 31, 2024 and 2023. The analysis assumes variations of 10% and 20% (December 31, 2023 - 10% and 20%) which the company believes to be reasonably possible in the current economic environment based on analysis of the return on various equity indexes and management’s knowledge of global equity markets. December 31, 2024 Change in global equity markets 20% increase 10% increase No change 10% decrease 20% decrease Fair value of equity and equity-related holdings 12,355.7 11,344.2 10,349.4 9,378.4 8,431.8 Hypothetical $ change in net earnings 1,648.7 817.5 — (798.2) (1,576.4) Hypothetical % change in fair value 19.4 9.6 — (9.4) (18.5) December 31, 2023 Change in global equity markets 20% increase 10% increase No change 10% decrease 20% decrease Fair value of equity and equity-related holdings 11,707.2 10,742.2 9,792.0 8,872.2 8,001.8 Hypothetical $ change in net earnings 1,622.6 805.4 — (781.1) (1,522.8) Hypothetical % change in fair value 19.6 9.7 — (9.4) (18.3)
Schedule of pre-tax foreign exchange effects included in net gains (losses) on investments	The pre-tax foreign exchange effects included in net gains (losses) on investments in the company’s consolidated statements of earnings for the years ended December 31 were as follows: 2024 2023 Net gains (losses) on investments: Investing activities (350.4) 111.4 Underwriting activities 91.1 (170.2) Foreign currency contracts 234.1 (60.0) Foreign currency net losses (25.2) (118.8)
Schedule of foreign currency effects on the consolidated statement of earnings	Foreign currency effects on the consolidated statements of earnings British Canadian dollar Euro pound sterling Indian rupee 2024 2023 2024 2023 2024 2023 2024 2023 Assets 3,366.5 1,938.1 1,186.9 1,190.2 1,512.9 1,363.5 2,292.0 1,841.3 Liabilities (792.3) (723.7) (1,489.0) (1,503.6) (2,022.6) (2,048.3) (284.9) (220.9) Net asset (liability) exposure 2,574.2 1,214.4 (302.1) (313.4) (509.7) (684.8) 2,007.1 1,620.4 Notional long (short) amount of foreign currency forward contracts (2,734.6) (1,387.0) (847.7) (833.5) (99.6) (64.1) 3.8 — Net asset (liability) exposure after foreign currency forward contracts (160.4) (172.6) (1,149.8) (1,146.9) (609.3) (748.9) 2,010.9 1,620.4 Hypothetical change in pre-tax earnings (loss) 16.0 17.3 115.0 114.7 60.9 74.8 (201.1) (162.0) Hypothetical change in net earnings (loss) 17.0 16.2 93.8 96.2 48.5 63.1 (189.7) (160.1)
Schedule of foreign currency effects on the consolidated statement of other comprehensive income	Foreign currency effects on the consolidated statements of other comprehensive income British Canadian dollar Euro pound sterling Indian rupee 2024 2023 2024 2023 2024 2023 2024 2023 Assets 12,226.6 11,437.4 9,488.8 9,393.8 2,699.4 2,255.9 4,183.8 4,110.8 Liabilities (7,164.8) (6,583.4) (6,800.3) (7,064.4) (1,854.6) (1,502.3) (1,366.2) (1,349.3) Net asset exposure before hedge of net investment 5,061.8 4,854.0 2,688.5 2,329.4 844.8 753.6 2,817.6 2,761.5 Hedge of net investment (2,175.7) (2,107.6) (771.7) (821.5) — — — — Net asset exposure after hedge of net investment 2,886.1 2,746.4 1,916.8 1,507.9 844.8 753.6 2,817.6 2,761.5 Hypothetical change in pre-tax other comprehensive income (loss) (288.6) (274.6) (191.7) (150.8) (84.5) (75.4) (281.8) (276.2) Hypothetical change in other comprehensive income (loss) (284.9) (269.6) (147.4) (112.2) (83.1) (69.3) (263.2) (260.9)
Schedule of capital measurement and ratios	The company manages its capital based on the following financial measurements and ratios: Excluding consolidated non- Consolidated insurance companies December 31, December 31, December 31, December 31, 2024 2023 2024 2023 Holding company cash and investments (net of derivative obligations) 2,502.1 1,749.1 2,502.1 1,749.1 Borrowings – holding company 7,882.4 6,928.9 7,882.4 6,928.9 Borrowings – insurance and reinsurance companies 975.8 895.6 975.8 895.6 Borrowings – non-insurance companies 2,895.5 1,899.0 — — Total debt 11,753.7 9,723.5 8,858.2 7,824.5 Net debt (1) 9,251.6 7,974.4 6,356.1 6,075.4 Common shareholders’ equity 22,959.8 21,615.0 22,959.8 21,615.0 Preferred stock 1,108.2 1,335.5 1,108.2 1,335.5 Non-controlling interests 4,281.2 4,750.4 2,740.2 3,115.8 Total equity 28,349.2 27,700.9 26,808.2 26,066.3 Net debt/total equity 32.6 % 28.8 % 23.7 % 23.3 % Net debt/net total capital (2) 24.6 % 22.4 % 19.2 % 18.9 % Total debt/total capital (3) 29.3 % 26.0 % 24.8 % 23.1 % Interest coverage (4) 10.5x 13.8x 13.5x (6) 18.1x (6) Interest and preferred share dividend distribution coverage (5) 9.5x 12.1x 11.8x (6) 15.0x (6) (1) Net debt is calculated by the company as total debt less holding company cash and investments (net of derivative obligations). (2) Net total capital is calculated by the company as the sum of total equity and net debt. (3) Total capital is calculated by the company as the sum of total equity and total debt. (4) Interest coverage is calculated by the company as earnings (loss) before income taxes and interest expense on borrowings, divided by interest expense on borrowings. (5) Interest and preferred share dividend distribution coverage is calculated by the company as earnings (loss) before income taxes and interest expense on borrowings divided by the sum of interest expense on borrowings and preferred share dividend distributions adjusted to a pre-tax equivalent at the company’s Canadian statutory income tax rate. (6) Excludes earnings (loss) before income taxes, and interest expense on borrowings, of consolidated non-insurance companies.

Segmented Information (Tables)

Segmented Information (Tables)	12 Months Ended
Segmented Information (Tables)	Dec. 31, 2024
Segmented Information
Schedule of earnings by reporting segment	2024 Property and Casualty Insurance and Reinsurance North Global International Life insurance Non- American Insurers and Insurers and and insurance Insurers Reinsurers Reinsurers Total Run-off companies Total Reporting segment insurance revenue 8,779.9 15,684.7 6,825.5 31,290.1 200.0 — 31,490.1 Intercompany insurance revenue (48.1) (171.7) (195.8) (415.6) (10.4) — (426.0) Insurance revenue 8,731.8 15,513.0 6,629.7 30,874.5 189.6 — 31,064.1 Insurance service result 1,101.1 3,037.4 463.6 4,602.1 (149.9) — 4,452.2 Other insurance operating expenses (318.7) (434.6) (284.8) (1,038.1) (144.8) — (1,182.9) Interest and dividends (1) 512.9 1,259.4 452.3 2,224.6 126.4 (9.1) 2,341.9 Share of profit of associates 143.1 450.3 151.7 745.1 76.2 38.2 859.5 Non-insurance revenue — — — — — 6,682.8 6,682.8 Non-insurance expenses — — — — — (6,470.5) (6,470.5) Operating income (loss) 1,438.4 4,312.5 782.8 6,533.7 (92.1) 241.4 6,683.0 Net finance expense from insurance contracts and reinsurance contract assets held (1,279.9) Net gains on investments 1,067.2 Interest expense (649.0) Corporate overhead and other (2) (182.8) Pre-tax income 5,638.5 Provision for income taxes (1,375.6) Net earnings 4,262.9 Attributable to: Shareholders of Fairfax 3,874.9 Non-controlling interests 388.0 4,262.9 2023 Property and Casualty Insurance and Reinsurance North Global International Life insurance Non- American Insurers and Insurers and and insurance Insurers Reinsurers Reinsurers Total Run-off companies Total Reporting segment insurance revenue 8,137.2 15,600.3 3,453.8 27,191.3 149.9 — 27,341.2 Intercompany insurance revenue (59.5) (120.1) (212.4) (392.0) (14.4) — (406.4) Insurance revenue 8,077.7 15,480.2 3,241.4 26,799.3 135.5 — 26,934.8 Insurance service result 977.1 2,828.0 330.8 4,135.9 (179.5) — 3,956.4 Other insurance operating expenses (280.8) (360.4) (180.9) (822.1) (144.3) — (966.4) Interest and dividends (1) 443.3 1,031.1 180.3 1,654.7 103.0 (76.1) 1,681.6 Share of profit of associates 165.1 469.2 127.3 761.6 76.2 152.2 990.0 Non-insurance revenue — — — — — 6,614.5 6,614.5 Non-insurance expenses — — — — — (6,568.7) (6,568.7) Operating income (loss) 1,304.7 3,967.9 457.5 5,730.1 (144.6) 121.9 5,707.4 Net finance expense from insurance contracts and reinsurance contract assets held (1,605.6) Net gains on investments 1,949.5 Gain on sale and consolidation of insurance subsidiaries (note 21) 549.8 Interest expense (510.0) Corporate overhead and other (2) (182.8) Pre-tax income 5,908.3 Provision for income taxes (813.4) Net earnings 5,094.9 Attributable to: Shareholders of Fairfax 4,381.8 Non-controlling interests 713.1 5,094.9 (1) Presented net of investment management and administration fees paid to the holding company. These intercompany fees are eliminated in corporate overhead and other as shown in the footnote below. (2) Comprised principally of the expenses of the group holding companies, net of investment management and administration fees earned by the holding company, interest and dividends earned on holding company cash and investments and holding company share of profit of associates, as shown below.
Schedule of corporate overhead	2024 2023 Corporate overhead as presented in the consolidated statements of earnings 450.2 430.2 Holding company interest and dividends 15.9 31.0 Holding company share of profit of associates (96.8) (32.2) Investment management and administration fee income and other (186.5) (246.2) Corporate overhead and other as presented in the tables above 182.8 182.8
Schedule of investments in Associates, Additions to Goodwill, Segment Assets and Segment Liabilities	Investments in associates, segment assets and segment liabilities at December 31, and additions to goodwill for the years then ended, by reporting segment, were as follows: Investments in associates Additions to goodwill Segment assets Segment liabilities 2024 2023 2024 2023 2024 2023 2024 2023 Property and Casualty Insurance and Reinsurance North American Insurers 1,274.2 1,136.3 — — 18,962.6 18,133.1 11,377.6 10,831.0 Global Insurers and Reinsurers 3,384.4 3,337.7 — — 48,653.7 46,906.8 30,983.7 30,426.7 International Insurers and Reinsurers 1,084.1 845.6 17.0 343.4 13,004.5 12,648.3 6,487.5 6,192.1 5,742.7 5,319.6 17.0 343.4 80,620.8 77,688.2 48,848.8 47,449.8 Life insurance and Run-off 410.4 429.5 0.8 — 6,489.4 6,541.9 5,312.8 5,448.1 Non-insurance companies 1,369.1 1,460.6 1,134.7 12.4 11,767.4 9,049.6 6,727.5 5,012.5 Holding company and eliminations and adjustments 983.4 827.6 — — (2,100.3) (1,294.6) 7,539.0 6,373.8 Consolidated 8,505.6 8,037.3 1,152.5 355.8 96,777.3 91,985.1 68,428.1 64,284.2
Schedule of net insurance revenue on a third party basis by product line	Insurance revenue on a third party basis by product line for the years ended December 31 were as follows: Property Casualty Specialty Total 2024 2023 2024 2023 2024 2023 2024 2023 Property and Casualty Insurance and Reinsurance North American Insurers 2,282.2 2,001.5 5,929.3 5,634.6 520.3 441.6 8,731.8 8,077.7 Global Insurers and Reinsurers 5,665.1 5,848.2 8,600.6 8,561.7 1,247.3 1,070.3 15,513.0 15,480.2 International Insurers and Reinsurers 2,849.6 1,893.5 2,279.7 738.9 1,500.4 609.0 6,629.7 3,241.4 10,796.9 9,743.2 16,809.6 14,935.2 3,268.0 2,120.9 30,874.5 26,799.3 Life insurance and Run-off — — 10.9 13.2 178.7 122.3 189.6 135.5 Insurance revenue 10,796.9 9,743.2 16,820.5 14,948.4 3,446.7 2,243.2 31,064.1 26,934.8 Distribution of insurance revenue 34.8 % 36.2 % 54.1 % 55.5 % 11.1 % 8.3 % 100.0 % 100.0 %
Schedule of net insurance revenue on a third party basis by geographic region	Insurance revenue on a third party basis by geographic region for the years ended December 31 were as follows: Middle East and Other Canada United States Asia (1) International (2) Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Property and Casualty Insurance and Reinsurance North American Insurers 2,441.7 2,287.1 6,240.3 5,760.3 3.7 1.4 46.1 28.9 8,731.8 8,077.7 Global Insurers and Reinsurers 427.1 485.4 10,912.7 11,148.1 945.2 963.2 3,228.0 2,883.5 15,513.0 15,480.2 International Insurers and Reinsurers 0.3 0.2 3.7 1.1 4,258.6 994.0 2,367.1 2,246.1 6,629.7 3,241.4 2,869.1 2,772.7 17,156.7 16,909.5 5,207.5 1,958.6 5,641.2 5,158.5 30,874.5 26,799.3 Life insurance and Run-off — — 10.9 13.2 42.0 — 136.7 122.3 189.6 135.5 Insurance revenue 2,869.1 2,772.7 17,167.6 16,922.7 5,249.5 1,958.6 5,777.9 5,280.8 31,064.1 26,934.8 Distribution of insurance revenue 9.2 % 10.3 % 55.3 % 62.8 % 16.9 % 7.3 % 18.6 % 19.6 % 100.0 % 100.0 % (1) The Middle East and Asia geographic segment is primarily comprised of countries that Gulf Insurance (consolidated on December 26, 2023), based in Kuwait, operates in through its subsidiaries across the MENA region, and countries throughout Asia, including Japan, India, Sri Lanka, Malaysia, Singapore, Indonesia, China and Thailand. (2) The Other International geographic segment is primarily comprised of countries located in South America, Europe, Africa and Oceania.
Schedule of revenue and expenses of the non-insurance companies reporting segment	Revenue and expenses of the non-insurance companies were comprised as follows for the years ended December 31: Restaurants and retail (1) Fairfax India (2) Thomas Cook India (3) Other Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Revenue 1,953.9 1,772.3 319.2 263.3 973.4 941.6 3,436.3 3,637.3 6,682.8 6,614.5 Expenses (1,797.9) (1,690.7) (281.9) (251.4) (929.3) (906.5) (3,461.4) (3,720.1) (6,470.5) (6,568.7) Pre-tax income (loss) before interest expense and other (4) 156.0 81.6 37.3 11.9 44.1 35.1 (25.1) (82.8) 212.3 45.8 Interest and dividends 10.0 9.9 (21.3) (87.4) — — 2.2 1.4 (9.1) (76.1) Share of profit (loss) of associates 0.1 — 39.0 151.1 0.5 (0.1) (1.4) 1.2 38.2 152.2 Operating income (loss) 166.1 91.5 55.0 75.6 44.6 35.0 (24.3) (80.2) 241.4 121.9 (1) Sleep Country was consolidated on October 1, 2024. See note 21. (2) These results differ from those published by Fairfax India primarily due to Fairfax India’s application of investment entity accounting under IFRS Accounting Standards. (3) These results differ from those published by Thomas Cook India primarily due to differences between IFRS Accounting Standards and Ind AS, and acquisition accounting adjustments. (4) Excludes interest and dividends, share of profit (loss) of associates and net gains (losses) on investments.
Schedule of segmented balance sheet	December 31, 2024 December 31, 2023 Property Property and casualty Life and casualty Life insurance and insurance Non- Corporate insurance and insurance Non- Corporate reinsurance and insurance and reinsurance and insurance and companies Run-off companies (3) eliminations (4) Consolidated companies Run-off companies eliminations (4) Consolidated Assets Holding company cash and investments 391.9 — — 2,110.8 2,502.7 270.9 — — 1,510.7 1,781.6 Insurance contract receivables 763.6 16.8 — — 780.4 915.3 10.8 — — 926.1 Portfolio investments (1) 61,369.4 4,090.6 2,291.9 (2,531.5) 65,220.4 58,180.0 4,318.0 2,496.5 (1,572.4) 63,422.1 Reinsurance contract assets held 11,203.0 413.7 — (934.1) 10,682.6 11,373.4 454.3 — (940.0) 10,887.7 Deferred income tax assets 229.3 0.9 88.6 6.2 325.0 211.3 1.3 54.1 34.4 301.1 Goodwill and intangible assets 4,083.3 12.8 4,181.7 0.4 8,278.2 4,245.7 8.4 2,121.6 0.6 6,376.3 Due from affiliates 242.0 347.4 1.4 (590.8) — 250.8 338.8 — (589.6) — Other assets 1,858.8 1,585.2 5,203.8 340.2 8,988.0 2,059.8 1,394.8 4,377.4 458.2 8,290.2 Investments in Fairfax insurance and reinsurance affiliates (2) 479.5 22.0 — (501.5) — 181.0 15.5 — (196.5) — Total assets 80,620.8 6,489.4 11,767.4 (2,100.3) 96,777.3 77,688.2 6,541.9 9,049.6 (1,294.6) 91,985.1 Liabilities Accounts payable and accrued liabilities 2,054.3 346.3 3,170.4 507.3 6,078.3 2,083.7 257.6 2,625.6 520.3 5,487.2 Derivative obligations 265.5 8.1 82.7 0.6 356.9 351.4 — 61.0 32.5 444.9 Deferred income tax liabilities 958.1 64.4 514.3 177.2 1,714.0 866.0 69.6 274.2 40.5 1,250.3 Insurance contract payables 309.2 613.8 — — 923.0 553.5 653.4 — — 1,206.9 Insurance contract liabilities 44,261.7 4,280.2 — (939.7) 47,602.2 42,649.9 4,466.7 — (945.2) 46,171.4 Due to affiliates 24.2 — 71.2 (95.4) — 49.7 0.8 159.9 (210.4) — Borrowings - holding company and insurance and reinsurance companies 975.8 — — 7,882.4 8,858.2 895.6 — — 6,928.9 7,824.5 Borrowings - non-insurance companies — — 2,888.9 6.6 2,895.5 — — 1,891.8 7.2 1,899.0 Total liabilities 48,848.8 5,312.8 6,727.5 7,539.0 68,428.1 47,449.8 5,448.1 5,012.5 6,373.8 64,284.2 Equity Shareholders’ equity attributable to shareholders of Fairfax 29,036.2 1,172.2 3,498.9 (9,639.3) 24,068.0 27,134.9 1,081.5 2,402.5 (7,668.4) 22,950.5 Non-controlling interests 2,735.8 4.4 1,541.0 — 4,281.2 3,103.5 12.3 1,634.6 — 4,750.4 Total equity 31,772.0 1,176.6 5,039.9 (9,639.3) 28,349.2 30,238.4 1,093.8 4,037.1 (7,668.4) 27,700.9 Total liabilities and total equity 80,620.8 6,489.4 11,767.4 (2,100.3) 96,777.3 77,688.2 6,541.9 9,049.6 (1,294.6) 91,985.1 (1) Includes intercompany investments in Fairfax non-insurance subsidiaries carried at cost that are eliminated on consolidation. (2) Intercompany investments in Fairfax insurance and reinsurance subsidiaries carried at cost that are eliminated on consolidation. (3) Sleep Country, Meadow Foods and Peak Achievement were consolidated on October 1, 2024, November 29, 2024 and December 20, 2024, respectively. See note 21. (4) Corporate and eliminations includes the Fairfax holding company, subsidiary intermediate holding companies, and consolidating and eliminating entries. The most significant of those entries are the elimination of intercompany reinsurance provided by Group Re, and reinsurance provided by Odyssey Group and Allied World to affiliated primary insurers.

Expenses (Tables)

Expenses (Tables)	12 Months Ended
Expenses (Tables)	Dec. 31, 2024
Expenses
Schedule of expenses	Expenses for the company’s insurance and reinsurance companies and non-insurance companies for the years ended December 31 were comprised as follows: 2024 Non-insurance Insurance and reinsurance companies (1) companies Total Non-directly Directly attributable attributable Total expenses of insurance Insurance Total directly Other and Non- acquisition Other attributable operating reinsurance insurance cash flows expenses expenses expenses companies expenses Losses on claims, net (2) (3) — 13,336.6 13,336.6 — 13,336.6 — 13,336.6 Commissions 4,039.0 — 4,039.0 — 4,039.0 — 4,039.0 Cost of sales — — — — — 4,145.6 4,145.6 Compensation expense 765.4 1,030.5 1,795.9 850.9 2,646.8 1,162.3 3,809.1 Administrative expense and other 630.5 611.6 1,242.1 782.2 2,024.3 1,162.6 3,186.9 Total 5,434.9 14,978.7 20,413.6 1,633.1 22,046.7 6,470.5 28,517.2 As presented in the consolidated statement of earnings: Insurance service expenses 5,434.9 19,431.9 24,866.8 — 24,866.8 — 24,866.8 Recoveries of insurance service expenses — (4,453.2) (4,453.2) — (4,453.2) — (4,453.2) Other insurance operating expenses and Corporate and other expenses — — — 1,633.1 1,633.1 — 1,633.1 Non-insurance expenses — — — — — 6,470.5 6,470.5 Total 5,434.9 14,978.7 20,413.6 1,633.1 22,046.7 6,470.5 28,517.2 2023 Non-insurance Insurance and reinsurance companies (1) companies Total Non-directly Directly attributable attributable Total expenses of insurance Insurance Total directly Other and Non- acquisition Other attributable operating reinsurance insurance cash flows expenses expenses expenses companies expenses Losses on claims, net (2)(3) — 11,992.5 11,992.5 — 11,992.5 — 11,992.5 Commissions 3,582.7 — 3,582.7 — 3,582.7 — 3,582.7 Cost of sales — — — — — 4,059.6 4,059.6 Compensation expense 586.3 863.5 1,449.8 772.7 2,222.5 1,120.4 3,342.9 Administrative expense and other 573.2 402.2 975.4 623.9 1,599.3 1,388.7 2,988.0 Total 4,742.2 13,258.2 18,000.4 1,396.6 19,397.0 6,568.7 25,965.7 As presented in the consolidated statement of earnings: Insurance service expenses 4,742.2 17,201.9 21,944.1 — 21,944.1 — 21,944.1 Recoveries of insurance service expenses — (3,943.7) (3,943.7) — (3,943.7) — (3,943.7) Other insurance operating expenses and Corporate and other expenses — — — 1,396.6 1,396.6 — 1,396.6 Non-insurance expenses — — — — — 6,568.7 6,568.7 Total 4,742.2 13,258.2 18,000.4 1,396.6 19,397.0 6,568.7 25,965.7 (1) Includes Life insurance and Run-off, and the group holding companies . (2) Includes the effects of discounting losses and ceded losses on claims incurred during the year, changes in loss components and changes in risk adjustment. (3) Comprised primarily of losses on claims, net during 2024 at Global Insurers and Reinsurers of $6,807.3 (2023 - $7,004.7 ), North American Insurers of $3,807.6 (2023 - $3,524.8 ) and International Insurers and Reinsurers of $2,460.9 (2023 - $1,183.5 ).

Supplementary Cash Flow Infor_2

Supplementary Cash Flow Information (Tables)	12 Months Ended
Supplementary Cash Flow Information (Tables)	Dec. 31, 2024
Supplementary Cash Flow Information
Schedule of supplemental balance sheet disclosures	December 31, 2024 Unrestricted cash and cash equivalents included in the consolidated statement Cash and cash equivalents included on the of cash flows Restricted cash and cash equivalents consolidated balance sheet Cash Cash Cash Cash equivalents Total Cash equivalents Total Cash equivalents Total Holding company cash and investments 146.2 362.0 508.2 155.0 — 155.0 301.2 362.0 663.2 Holding company assets pledged for derivative obligations — 101.1 101.1 — — — — 101.1 101.1 Subsidiary cash and short term investments 2,411.2 3,010.2 5,421.4 1,000.1 240.6 1,240.7 3,411.3 3,250.8 6,662.1 Fairfax India 55.1 26.7 81.8 — 4.4 4.4 55.1 31.1 86.2 2,612.5 3,500.0 6,112.5 1,155.1 245.0 1,400.1 3,767.6 3,745.0 7,512.6 December 31, 2023 Unrestricted cash and cash equivalents included in the consolidated statement Cash and cash equivalents included on the of cash flows Restricted cash and cash equivalents consolidated balance sheet Cash Cash Cash Cash equivalents Total Cash equivalents Total Cash equivalents Total Holding company cash and investments 81.4 325.4 406.8 — — — 81.4 325.4 406.8 Holding company assets pledged for derivative obligations — 2.5 2.5 — — — — 2.5 2.5 Subsidiary cash and short term investments 2,172.9 2,347.3 4,520.2 188.1 448.9 637.0 2,361.0 2,796.2 5,157.2 Fairfax India 179.4 12.5 191.9 0.2 5.1 5.3 179.6 17.6 197.2 2,433.7 2,687.7 5,121.4 188.3 454.0 642.3 2,622.0 3,141.7 5,763.7
Schedule of cash flow, supplemental disclosures	Details of certain cash flows included in the consolidated statement of cash flows for the years ended December 31 were as follows: 2024 2023 Net (purchases) sales of investments classified at FVTPL Short term investments 1,267.0 1,592.6 Bonds (1,888.1) (5,910.6) Preferred stocks (11.3) (135.1) Common stocks (248.5) (1,000.6) Net derivatives and other invested assets 365.1 (45.4) (515.8) (5,499.1) Changes in operating assets and liabilities Net (increase) decrease in restricted cash and cash equivalents (733.3) 250.4 Insurance contract receivables 144.2 (282.4) Reinsurance contract assets held 17.2 (723.0) Insurance contract payables (273.8) (301.5) Insurance contract liabilities 2,388.4 4,286.1 Other receivables (36.9) (270.9) Accounts payable and accrued liabilities 312.5 541.2 Other (411.5) (423.6) 1,406.8 3,076.3 Net interest and dividends received Interest and dividends received 2,570.6 1,595.1 Interest paid on borrowings (508.8) (428.1) Interest paid on lease liabilities (57.3) (54.8) 2,004.5 1,112.2 Net income taxes paid (1,005.6) (713.9)

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
Related Party Transactions (Tables)	Dec. 31, 2024
Board of Directors
Related Party Transactions
Schedule of related party transactions	Compensation for the company’s Board of Directors for the years ended December 31 was as follows: 2024 2023 Retainers and fees 1.8 1.4 Share-based payments 0.2 0.2 2.0 1.6
Key management team
Related Party Transactions
Schedule of related party transactions	Compensation for the company’s key management team for the years ended December 31 determined in accordance with the company’s IFRS accounting policies was as follows: 2024 2023 Salaries and other short-term employee benefits 17.3 14.5 Share-based payments 7.2 7.3 24.5 21.8

Subsidiaries (Tables)

Subsidiaries (Tables)	12 Months Ended
Subsidiaries (Tables)	Dec. 31, 2024
Subsidiaries
Schedule of interests in subsidiaries	Fairfax’s ownership (100% other than as December 31, 2024 Domicile shown below) Property and casualty insurance and reinsurance North American Insurers Northbridge Financial Corporation (Northbridge) Canada Crum & Forster Holdings Corp. (Crum & Forster) United States Zenith National Insurance Corp. (Zenith National) United States Global Insurers and Reinsurers Odyssey Group Holdings, Inc. (Odyssey Group) United States 90.0 % Brit Limited (Brit) England and Wales Ki Financial Limited (Ki Insurance) England and Wales 20.0 % (1) Allied World Assurance Company Holdings, Ltd (Allied World) Bermuda 83.4 % International Insurers and Reinsurers Fairfax Central and Eastern Europe, which consists of: Polskie Towarzystwo Reasekuracji Spólka Akcyjna (Polish Re) Poland Colonnade Insurance S.A. (Colonnade Insurance) Luxembourg FFH Ukraine Holdings (Fairfax Ukraine), which consists of: Ukraine 70.0 % ARX Insurance Company (ARX Insurance) Ukraine Private Joint Stock Company Insurance Company Universalna (Universalna) Ukraine Fairfax Latin America, which consists of: Fairfax Brasil Seguros Corporativos S.A. (Fairfax Brasil) Brazil La Meridional Compañía Argentina de Seguros S.A. (La Meridional Argentina) Argentina SBS Seguros Colombia S.A. (Southbridge Colombia) Colombia SBI Seguros Uruguay S.A. (Southbridge Uruguay) Uruguay Southbridge Compañía de Seguros Generales S.A. (Southbridge Chile) Chile Bryte Insurance Company Ltd (Bryte Insurance) South Africa Eurolife FFH General Insurance Single Member S.A. (Eurolife General) Greece 80.0 % Gulf Insurance Group K.S.C.P. (Gulf Insurance) Kuwait 97.1 % Group Re, which underwrites business in: CRC Reinsurance Limited (CRC Re) Barbados Wentworth Insurance Company Ltd. (Wentworth) Barbados Connemara Reinsurance Company Ltd. (Connemara) Barbados Fairfax Asia, which consists of: Falcon Insurance Company (Hong Kong) Limited (Falcon) Hong Kong The Pacific Insurance Berhad (Pacific Insurance) Malaysia 85.0 % PT Asuransi Multi Artha Guna Tbk (AMAG Insurance) Indonesia 80.8 % Fairfirst Insurance Limited (Fairfirst Insurance) Sri Lanka 78.0 % The Falcon Insurance Public Company Limited (Falcon Thailand) Thailand 96.7 % Singapore Reinsurance Corporation Limited (Singapore Re) Singapore Life insurance and Run-off Eurolife FFH Life Insurance Group Holdings S.A. (Eurolife) Greece 80.0 % Run-off , which is principally comprised of: U.S. Run-off: TIG Insurance Company (TIG Insurance) United States Investment management Hamblin Watsa Investment Counsel Ltd. (Hamblin Watsa) Canada (1) Brit holds 51.0% of the voting rights of Ki Insurance. Subsequent to December 31, 2024, on January 1, 2025 Ki Insurance completed its separation from Brit and will be presented as a separate operating company within the Global Insurers and Reinsurers reporting segment commencing in the first quarter of 2025. Fairfax’s December 31, 2024 Domicile ownership Primary business Non-insurance companies Restaurants and retail Recipe Unlimited Corporation (Recipe) Canada 84.0 % Franchisor, owner and operator of restaurants Sleep Country Canada Holdings Inc. (Sleep Country) Canada 100.0 % Specialty sleep retailer Sporting Life Group Limited (Sporting Life Group) Canada 90.1 % Canadian sports lifestyle retail organization Fairfax India Fairfax India Holdings Corporation (Fairfax India) Canada 42.7 % (1) Invests in public and private Indian businesses Thomas Cook India Thomas Cook (India) Limited (Thomas Cook India), which owns: India 64.5 % Provider of integrated travel and travel-related financial services 100.0% of Sterling Holiday Resorts Limited (Sterling Resorts) India 64.5 % Owner and operator of holiday resorts Other AGT Food and Ingredients Inc. (AGT) Canada 65.7 % Originator, processor and distributor of value-added pulses and staple foods Boat Rocker Media Inc. (Boat Rocker) Canada 44.5 % (3) Entertainment content creator, producer and distributor Dexterra Group Inc. (Dexterra Group) Canada 49.7 % (2) Provider of infrastructure support services Farmers Edge Inc. (Farmers Edge) Canada 70.5 % Provider of advanced digital tools for agriculture Grivalia Hospitality S.A. (Grivalia Hospitality) Greece 85.2 % Hospitality real estate investor, developer and manager Meadow Foods Limited (Meadow Foods) England and Wales 93.2 % Provider of value-added milk, fats, fresh confectionery and plant-based bulk ingredients Peak Achievement Athletics Inc. (Peak Achievement) Canada 100.0 % Designer, manufacturer and distributor of performance sports equipment and related apparel and accessories (1) The company owns multiple voting shares and subordinate voting shares of Fairfax India that give it voting rights of 95.2 %. (2) The company has de facto voting control of Dexterra Group as its largest equity and voting shareholder. (3) The company has voting rights of 56.0 % due to Boat Rocker’s issuance of non-voting shares to non-controlling interests.

Critical Accounting Estimates_2

Critical Accounting Estimates and Judgments (Details)	Dec. 31, 2024	Dec. 31, 2023
Critical Accounting Estimates and Judgments
Confidence level used to determine risk adjustment for non-financial risk	84.60%	84%

Cash and Investments - Total ca

Cash and Investments - Total cash and investments, net of derivative obligations (Details) - USD ($) $ in Millions	Jan. 01, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash and Investments
Holding company, cash and investments		$ 2,309.1	$ 1,583.9
Holding company, assets pledged for derivative obligations		193.6	197.7
Holding company cash and investments as presented on the consolidated balance sheet		2,502.7	1,781.6
Holding company, derivative obligations		(0.6)	(32.5)
Holding company cash and investments, net		2,502.1	1,749.1
Portfolio investments, cash and investments		63,153	61,000.1
Portfolio investments, assets pledged for derivative obligations		150.8	139.3
Fairfax India cash, portfolio investments and associates		1,916.6	2,282.7
Portfolio investments as presented on the consolidated balance sheet		65,220.4	63,422.1
Portfolio investments, derivative obligations		(356.3)	(412.4)
Portfolio investments cash and investments, net		64,864.1	63,009.7
Total investments, net of derivative obligations		67,366.2	64,758.8
Restricted cash and cash equivalents		1,400.1	642.3
Restricted cash		1,155.1	188.3
Blizzard Vacatia
Cash and Investments
Restricted cash		835
Purchase of Interest in Associate \| Blizzard Vacatia
Cash and Investments
Percentage of interests acquired	50%
Total consideration	$ 835
Liabilities incurred, senior secured loan	365
Equity interests of acquirer, preferred shares	275
Liabilities incurred, mortgage-backed loan	170
Equity interests of acquirer, common shares	$ 25
Cash and cash equivalents
Cash and Investments
Holding company, cash and investments		663.2	406.8
Portfolio investments, cash and investments		6,662.1	5,157.2
Fairfax India cash, portfolio investments and associates		86.2	197.2
Cash equivalents
Cash and Investments
Holding company, assets pledged for derivative obligations		101.1	2.5
Short term investments
Cash and Investments
Holding company, cash and investments		51.6	192.9
Holding company, assets pledged for derivative obligations			127.8
Portfolio investments, cash and investments		958.4	2,008.4
Bonds
Cash and Investments
Holding company, cash and investments		444.8	344.3
Holding company, assets pledged for derivative obligations		92.5	67.4
Portfolio investments, cash and investments		37,390.3	36,850.8
Portfolio investments, assets pledged for derivative obligations		150.8	139.3
Fairfax India cash, portfolio investments and associates		157.1	39.2
Preferred stocks
Cash and Investments
Holding company, cash and investments		20.2	12.2
Portfolio investments, cash and investments		2,365	2,447.4
Common stocks
Cash and Investments
Holding company, cash and investments		92.5	103.5
Portfolio investments, cash and investments		7,464.2	6,903.4
Fairfax India cash, portfolio investments and associates		321	616.6
Investments in limited partnerships		2,282.3	2,171.8
Investments in associates
Cash and Investments
Portfolio investments, cash and investments		7,153.3	6,607.6
Fairfax India cash, portfolio investments and associates		1,352.3	1,429.7
Derivatives
Cash and Investments
Holding company, cash and investments		1,036.8	524.2
Portfolio investments, cash and investments		538	448.3
Other invested assets
Cash and Investments
Portfolio investments, cash and investments		$ 621.7	$ 577

Cash and Investments - Assets p

Cash and Investments - Assets pledged to third parties (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets pledged to third parties
Cash and Investments
Financial assets pledged as collateral	$ 8,523.9	$ 8,555.9
Regulatory deposits
Cash and Investments
Financial assets pledged as collateral	6,714.4	6,701
Security for reinsurance and other
Cash and Investments
Financial assets pledged as collateral	$ 1,809.5	$ 1,854.9

Cash and Investments - Fixed In

Cash and Investments - Fixed Income Maturity Profile (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Due after 1 year through 5 years
Cash and Investments
Investments in first mortgage loans secured by real estate	$ 4,777.8	$ 4,685.4
Between 5 to 7 years
Cash and Investments
Investments in U.S. Treasury Bonds	10,222.4	11,868
Interest rate risk \| Interest rate swaps
Cash and Investments
Notional amount	1,900	1,900
Interest rate risk \| Interest rate swaps \| First mortgage loans
Cash and Investments
Notional amount	1,900	1,900
Interest rate risk \| Forward contracts to buy long-dated U.S. treasury bonds
Cash and Investments
Notional amount	1,330.2	0
Interest rate risk \| Forward contracts to sell long-dated U.S. treasury bonds
Cash and Investments
Notional amount		292.8
Bonds
Cash and Investments
Bonds with call features	9,657.6	8,766.5
Bonds with put features	148.9	85.5
Bonds with call and put features	448.1	464.5
Amortized cost	38,721.1	37,094.3
Fair value	$ 38,235.5	$ 37,441
Effective interest rate	5.20%	5.30%
Bonds \| One year or less
Cash and Investments
Amortized cost	$ 9,324.8	$ 7,780.5
Fair value	9,117.2	7,545.6
Bonds \| Due after 1 year through 3 years
Cash and Investments
Amortized cost	8,110.9	9,352.1
Fair value	7,975.6	9,420.5
Bonds \| Due after 3 years through 5 years
Cash and Investments
Amortized cost	6,939.6	5,738.7
Fair value	7,004.5	5,861.1
Bonds \| Due after 5 years through 10 years
Cash and Investments
Amortized cost	12,309.6	13,645.1
Fair value	12,273.6	14,047.3
Bonds \| Due after 10 years
Cash and Investments
Amortized cost	2,036.2	577.9
Fair value	1,864.6	566.5
Corporate and other bonds \| One year or less
Cash and Investments
Net sales and maturities	1,361.7
Corporate and other bonds \| Due after 3 years through 5 years
Cash and Investments
Net purchases	743.6
Corporate and other bonds \| Due after 5 years through 10 years
Cash and Investments
Net purchases	286.2
U.S Treasury bonds \| One year or less
Cash and Investments
Net sales and maturities	492.8
U.S Treasury bonds \| Due after 5 years through 10 years
Cash and Investments
Decrease due to maturities and net sales	735.2
U.S Treasury bonds \| Between 28 to 30 years
Cash and Investments
Investments in U.S. Treasury Bonds	1,204.7	$ 0
Net purchases	1,348.9
Other government bonds \| One year or less
Cash and Investments
Net sales and maturities	261.9
Other government bonds \| Due after 3 years through 5 years
Cash and Investments
Net purchases	871.8
Other government bonds \| Due after 5 years through 10 years
Cash and Investments
Net purchases	400.4
Other government bonds \| Due after 10 years
Cash and Investments
Net purchases	171.9
Canadian government bonds \| One year or less
Cash and Investments
Net sales and maturities	$ 169.3

Cash and Investments - Fair val

Cash and Investments - Fair value hierarchy (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash and Investments
Derivative obligations	$ (68,428.1)	$ (64,284.2)
Percentage of assets	100%	100%
Investment in associates	$ 8,144.8	$ 7,553.2
Restricted cash and cash equivalents	1,400.1	642.3
Restricted cash	$ 1,155.1	$ 188.3
Quoted prices (Level 1)
Cash and Investments
Percentage of assets	20.10%	19.40%
Significant other observable inputs (Level 2)
Cash and Investments
Percentage of assets	62.80%	60.40%
Significant unobservable inputs (Level 3)
Cash and Investments
Financial assets	$ 10,059	$ 11,460	$ 8,744.3
Percentage of assets	17.10%	20.20%
Investments in first mortgage loans secured by real estate	$ 4,777.8	$ 4,685.4
Significant unobservable inputs (Level 3) \| Bonds
Cash and Investments
Financial assets	5,762.6
Significant unobservable inputs (Level 3) \| Common stocks
Cash and Investments
Financial assets	992.7	957.5	629.9
Significant unobservable inputs (Level 3) \| Derivatives and other invested assets
Cash and Investments
Financial assets	708.1	492.5	$ 680.3
Recurring
Cash and Investments
Investment in associates	10,743.8	10,207.8
Recurring \| Holding company
Cash and Investments
Financial assets	58,860.6	56,721.5
Recurring \| Derivative obligations
Cash and Investments
Derivative obligations	(356.9)	(444.9)
Recurring \| Cash and cash equivalents
Cash and Investments
Financial assets	7,512.6	5,763.7
Recurring \| Short term investments
Cash and Investments
Financial assets	1,010	2,329.1
Recurring \| Short term investments, Canadian government and provincials
Cash and Investments
Financial assets	98.5	553.3
Recurring \| Short term investments, U.S. treasury
Cash and Investments
Financial assets	217.8	794.1
Recurring \| Short term investments, Other government
Cash and Investments
Financial assets	226.7	370.3
Recurring \| Short term investments, Corporate and other
Cash and Investments
Financial assets	467	611.4
Recurring \| Bonds
Cash and Investments
Financial assets	38,235.5	37,441
Recurring \| Bonds, Canadian government and provincials
Cash and Investments
Financial assets	2,741	2,715.1
Recurring \| Bonds, U.S. treasury
Cash and Investments
Financial assets	15,863.9	16,273.5
Recurring \| Bonds, U.S. states and municipalities
Cash and Investments
Financial assets	179.6	184.5
Recurring \| Bonds, Other government
Cash and Investments
Financial assets	6,133.3	4,942.3
Recurring \| Bonds, Corporate and other
Cash and Investments
Financial assets	13,317.7	13,325.6
Recurring \| Preferred stocks
Cash and Investments
Financial assets	2,385.2	2,459.6
Recurring \| Preferred stocks, Canadian
Cash and Investments
Financial assets	35.5	27.8
Recurring \| Preferred stocks, U.S.
Cash and Investments
Financial assets	398.9	343.3
Recurring \| Preferred stocks, Other
Cash and Investments
Financial assets	1,950.8	2,088.5
Recurring \| Common stocks
Cash and Investments
Financial assets	7,877.7	7,623.5
Recurring \| Common stocks, Canadian
Cash and Investments
Financial assets	1,772.3	1,342.5
Recurring \| Common stocks, U.S.
Cash and Investments
Financial assets	2,332.7	2,274.1
Recurring \| Common stocks, Other
Cash and Investments
Financial assets	3,772.7	4,006.9
Recurring \| Derivatives and other invested assets
Cash and Investments
Financial assets	2,196.5	1,549.5
Recurring \| Quoted prices (Level 1)
Cash and Investments
Investment in associates	4,420.5	3,592.3
Recurring \| Quoted prices (Level 1) \| Holding company
Cash and Investments
Financial assets	11,837.1	11,019.6
Recurring \| Quoted prices (Level 1) \| Cash and cash equivalents
Cash and Investments
Financial assets	7,512.6	5,763.7
Recurring \| Quoted prices (Level 1) \| Short term investments
Cash and Investments
Financial assets	372	1,378.7
Recurring \| Quoted prices (Level 1) \| Short term investments, Canadian government and provincials
Cash and Investments
Financial assets	98.5	553.3
Recurring \| Quoted prices (Level 1) \| Short term investments, U.S. treasury
Cash and Investments
Financial assets	217.8	794.1
Recurring \| Quoted prices (Level 1) \| Short term investments, Other government
Cash and Investments
Financial assets	55.7	31.3
Recurring \| Quoted prices (Level 1) \| Preferred stocks
Cash and Investments
Financial assets	28.6	27.5
Recurring \| Quoted prices (Level 1) \| Preferred stocks, Canadian
Cash and Investments
Financial assets	16.3	15.5
Recurring \| Quoted prices (Level 1) \| Preferred stocks, Other
Cash and Investments
Financial assets	12.3	12
Recurring \| Quoted prices (Level 1) \| Common stocks
Cash and Investments
Financial assets	3,923.9	3,849.7
Recurring \| Quoted prices (Level 1) \| Common stocks, Canadian
Cash and Investments
Financial assets	1,264.5	838.3
Recurring \| Quoted prices (Level 1) \| Common stocks, U.S.
Cash and Investments
Financial assets	902.4	988
Recurring \| Quoted prices (Level 1) \| Common stocks, Other
Cash and Investments
Financial assets	1,757	2,023.4
Recurring \| Significant other observable inputs (Level 2)
Cash and Investments
Investment in associates	679.5	83.2
Recurring \| Significant other observable inputs (Level 2) \| Holding company
Cash and Investments
Financial assets	36,964.5	34,241.9
Recurring \| Significant other observable inputs (Level 2) \| Derivative obligations
Cash and Investments
Derivative obligations	(222.7)	(257.4)
Recurring \| Significant other observable inputs (Level 2) \| Short term investments
Cash and Investments
Financial assets	638	950.4
Recurring \| Significant other observable inputs (Level 2) \| Short term investments, Other government
Cash and Investments
Financial assets	171	339
Recurring \| Significant other observable inputs (Level 2) \| Short term investments, Corporate and other
Cash and Investments
Financial assets	467	611.4
Recurring \| Significant other observable inputs (Level 2) \| Bonds
Cash and Investments
Financial assets	32,472.9	31,644
Recurring \| Significant other observable inputs (Level 2) \| Bonds, Canadian government and provincials
Cash and Investments
Financial assets	2,741	2,715.1
Recurring \| Significant other observable inputs (Level 2) \| Bonds, U.S. treasury
Cash and Investments
Financial assets	15,863.9	16,273.5
Recurring \| Significant other observable inputs (Level 2) \| Bonds, U.S. states and municipalities
Cash and Investments
Financial assets	179.6	184.5
Recurring \| Significant other observable inputs (Level 2) \| Bonds, Other government
Cash and Investments
Financial assets	6,087.4	4,903
Recurring \| Significant other observable inputs (Level 2) \| Bonds, Corporate and other
Cash and Investments
Financial assets	7,601	7,567.9
Recurring \| Significant other observable inputs (Level 2) \| Preferred stocks
Cash and Investments
Financial assets	1,936.7	290.1
Recurring \| Significant other observable inputs (Level 2) \| Preferred stocks, Canadian
Cash and Investments
Financial assets		3.5
Recurring \| Significant other observable inputs (Level 2) \| Preferred stocks, Other
Cash and Investments
Financial assets	1,936.7	286.6
Recurring \| Significant other observable inputs (Level 2) \| Common stocks
Cash and Investments
Financial assets	785.4	745.3
Recurring \| Significant other observable inputs (Level 2) \| Common stocks, Canadian
Cash and Investments
Financial assets	175.4	216
Recurring \| Significant other observable inputs (Level 2) \| Common stocks, U.S.
Cash and Investments
Financial assets	34.3	27.4
Recurring \| Significant other observable inputs (Level 2) \| Common stocks, Other
Cash and Investments
Financial assets	575.7	501.9
Recurring \| Significant other observable inputs (Level 2) \| Derivatives and other invested assets
Cash and Investments
Financial assets	1,354.2	869.5
Recurring \| Significant unobservable inputs (Level 3)
Cash and Investments
Investment in associates	5,643.8	6,532.3
Recurring \| Significant unobservable inputs (Level 3) \| Holding company
Cash and Investments
Financial assets	10,059	11,460
Recurring \| Significant unobservable inputs (Level 3) \| Derivative obligations
Cash and Investments
Derivative obligations	(134.2)	(187.5)
Recurring \| Significant unobservable inputs (Level 3) \| Bonds
Cash and Investments
Financial assets	5,762.6	5,797
Recurring \| Significant unobservable inputs (Level 3) \| Bonds, Other government
Cash and Investments
Financial assets	45.9	39.3
Recurring \| Significant unobservable inputs (Level 3) \| Bonds, Corporate and other
Cash and Investments
Financial assets	5,716.7	5,757.7
Recurring \| Significant unobservable inputs (Level 3) \| Preferred stocks
Cash and Investments
Financial assets	419.9	2,142
Recurring \| Significant unobservable inputs (Level 3) \| Preferred stocks, Canadian
Cash and Investments
Financial assets	19.2	8.8
Recurring \| Significant unobservable inputs (Level 3) \| Preferred stocks, U.S.
Cash and Investments
Financial assets	398.9	343.3
Recurring \| Significant unobservable inputs (Level 3) \| Preferred stocks, Other
Cash and Investments
Financial assets	1.8	1,789.9
Recurring \| Significant unobservable inputs (Level 3) \| Common stocks
Cash and Investments
Financial assets	3,168.4	3,028.5
Recurring \| Significant unobservable inputs (Level 3) \| Common stocks, Canadian
Cash and Investments
Financial assets	332.4	288.2
Recurring \| Significant unobservable inputs (Level 3) \| Common stocks, U.S.
Cash and Investments
Financial assets	1,396	1,258.7
Recurring \| Significant unobservable inputs (Level 3) \| Common stocks, Other
Cash and Investments
Financial assets	1,440	1,481.6
Recurring \| Significant unobservable inputs (Level 3) \| Derivatives and other invested assets
Cash and Investments
Financial assets	$ 842.3	$ 680
Digit
Cash and Investments
Ownership percentage	49%
Blizzard Vacatia
Cash and Investments
Restricted cash	$ 835

Cash and Investments - Changes

Cash and Investments - Changes in Level 3 financial assets (Details) - Significant unobservable inputs (Level 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Changes in fair value measurement, assets
Balance - January 1	$ 11,460	$ 8,744.3
Net realized and unrealized gains (losses) included in the consolidated statement of earnings	480.5	(139.1)
Purchases	1,777.2	4,397.8
Acquisitions of insurance subsidiaries		178.1
Sales and distributions	(1,728.5)	(1,655.6)
Transfer out of category	(1,816.1)	(39.7)
Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss)	(114.1)	17.5
Deconsolidation of non-insurance subsidiary		(43.3)
Balance - December 31	10,059	11,460
Private placement debt securities
Changes in fair value measurement, assets
Balance - January 1	5,797	3,465.3
Net realized and unrealized gains (losses) included in the consolidated statement of earnings	29.4	63.7
Purchases	1,306.3	3,451.7
Acquisitions of insurance subsidiaries		109.6
Sales and distributions	(1,280.3)	(1,262.5)
Transfer out of category	(31.8)
Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss)	(58)	12.5
Deconsolidation of non-insurance subsidiary		(43.3)
Balance - December 31	5,762.6	5,797
Net purchases of first mortgage loans	103.5	2,261.5
Private company preferred shares
Changes in fair value measurement, assets
Balance - January 1	2,142	2,047.1
Net realized and unrealized gains (losses) included in the consolidated statement of earnings	57.8	(2.4)
Purchases	12.7	134.5
Sales and distributions	(1.4)	(2.9)
Transfer out of category	(1,784.3)	(36.7)
Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss)	(6.9)	2.4
Balance - December 31	419.9	2,142
Limited partnerships and other
Changes in fair value measurement, assets
Balance - January 1	1,998.2	1,824.2
Net realized and unrealized gains (losses) included in the consolidated statement of earnings	125.1	(69.7)
Purchases	203.6	384.2
Sales and distributions	(203.5)	(146.1)
Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss)	(18.6)	5.6
Balance - December 31	2,104.8	1,998.2
Private equity funds
Changes in fair value measurement, assets
Balance - January 1	72.8	97.5
Net realized and unrealized gains (losses) included in the consolidated statement of earnings	9	(7.6)
Acquisitions of insurance subsidiaries		0.9
Sales and distributions	(8.6)	(19.7)
Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss)	(2.3)	1.7
Balance - December 31	70.9	72.8
Common stocks
Changes in fair value measurement, assets
Balance - January 1	957.5	629.9
Net realized and unrealized gains (losses) included in the consolidated statement of earnings	80.4	12.3
Purchases	160.6	289.7
Acquisitions of insurance subsidiaries		34.9
Sales and distributions	(191.7)	(10.2)
Transfer out of category		(3)
Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss)	(14.1)	3.9
Balance - December 31	992.7	957.5
Derivatives and other invested assets
Changes in fair value measurement, assets
Balance - January 1	492.5	680.3
Net realized and unrealized gains (losses) included in the consolidated statement of earnings	178.8	(135.4)
Purchases	94	137.7
Acquisitions of insurance subsidiaries		32.7
Sales and distributions	(43)	(214.2)
Unrealized foreign currency translation gains (losses) on foreign subsidiaries included in other comprehensive income (loss)	(14.2)	(8.6)
Balance - December 31	$ 708.1	$ 492.5

Cash and Investments - Fair v_2

Cash and Investments - Fair value assets valuation (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Private placement debt securities
Cash and Investments
Number of investments \| item	11	10
Private placement debt securities \| Sensitivity Analysis, increase in credit spreads
Cash and Investments
Percentage of reasonably possible increase in unobservable input, assets	1%
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	$ (24.7)
Private placement debt securities \| Sensitivity Analysis, decrease in credit spreads
Cash and Investments
Percentage of reasonably possible decrease in unobservable input, assets	(1.00%)
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets	$ 26.1
Private placement debt securities \| Discounted cash flow \| Credit spread \| Low
Cash and Investments
Significant unobservable input	0.008
Private placement debt securities \| Discounted cash flow \| Credit spread \| High
Cash and Investments
Significant unobservable input	0.073
Private placement debt securities - largest investment \| Construction and home building
Cash and Investments
Financial assets	$ 125.6
Private placement debt securities - largest investment \| Software and services
Cash and Investments
Financial assets		$ 148.9
Mortgage loans
Cash and Investments
Number of investments \| item	93	102
Mortgage loans \| Sensitivity Analysis, increase in credit spreads
Cash and Investments
Percentage of reasonably possible increase in unobservable input, assets	1%
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	$ (42.6)
Mortgage loans \| Sensitivity Analysis, decrease in credit spreads
Cash and Investments
Percentage of reasonably possible decrease in unobservable input, assets	(1.00%)
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets	$ 25.2
Mortgage loans \| Discounted cash flow \| Credit spread \| Low
Cash and Investments
Significant unobservable input	0.03
Mortgage loans \| Discounted cash flow \| Credit spread \| High
Cash and Investments
Significant unobservable input	0.104
Mortgage loans - largest investment
Cash and Investments
Financial assets	$ 235	$ 235
Private placement preferred shares \| Discounted cash flow \| Credit spread \| Low
Cash and Investments
Significant unobservable input	0.036
Private placement preferred shares \| Discounted cash flow \| Credit spread \| High
Cash and Investments
Significant unobservable input	0.043
Limited partnerships and other
Cash and Investments
Number of investments \| item	44	42
Limited partnerships and other \| Sensitivity Analysis, increase in net asset values
Cash and Investments
Percentage of reasonably possible increase in unobservable input, assets	10%
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	$ 210.5
Limited partnerships and other \| Sensitivity Analysis, decrease in net asset values
Cash and Investments
Percentage of reasonably possible decrease in unobservable input, assets	(10.00%)
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets	$ (210.5)
Limited partnerships and other \| Industrials One
Cash and Investments
Financial assets	320.1	$ 315
Limited partnerships and other \| Industrials Two
Cash and Investments
Financial assets	265.6
Limited partnerships and other \| Industrials and Consumer Discretionary
Cash and Investments
Financial assets		242.5
Limited partnerships and other \| Oil and gas extraction
Cash and Investments
Financial assets	$ 288.4	235.3
Investment property \| Sales comparison \| Price per acre (Cdn$ thousands) \| Low
Cash and Investments
Significant unobservable input	40,500
Investment property \| Sales comparison \| Price per acre (Cdn$ thousands) \| High
Cash and Investments
Significant unobservable input	183,600
Investment property \| Income capitalization \| Terminal capitalization rate \| Low
Cash and Investments
Significant unobservable input	0.063
Investment property \| Income capitalization \| Terminal capitalization rate \| High
Cash and Investments
Significant unobservable input	0.09
Investment property \| Income capitalization \| Discount rate \| Low
Cash and Investments
Significant unobservable input	0.08
Investment property \| Income capitalization \| Discount rate \| High
Cash and Investments
Significant unobservable input	0.103
Investment property \| Income capitalization \| Market rent growth rate \| Low
Cash and Investments
Significant unobservable input	0.025
Investment property \| Income capitalization \| Market rent growth rate \| High
Cash and Investments
Significant unobservable input	0.03
Level 3
Cash and Investments
Financial assets	$ 10,059	11,460	$ 8,744.3
Level 3 \| Bonds
Cash and Investments
Financial assets	5,762.6
Level 3 \| Private placement debt securities
Cash and Investments
Financial assets	5,762.6	5,797	3,465.3
Level 3 \| Private placement debt securities \| Discounted cash flow
Cash and Investments
Financial assets	781.8
Level 3 \| Mortgage loans \| Market approach
Cash and Investments
Financial assets	4,777.8
Level 3 \| Other \| Various
Cash and Investments
Financial assets	203
Level 3 \| Preferred Stocks
Cash and Investments
Financial assets	419.9
Level 3 \| Private placement preferred shares \| Discounted cash flow
Cash and Investments
Financial assets	338.5
Level 3 \| Other \| Various
Cash and Investments
Financial assets	81.4
Level 3 \| Common Stocks
Cash and Investments
Financial assets	3,168.4
Level 3 \| Limited partnerships and other
Cash and Investments
Financial assets	2,104.8	1,998.2	1,824.2
Level 3 \| Limited partnerships and other \| Net asset value
Cash and Investments
Financial assets	2,104.8
Level 3 \| Private equity funds \| Net asset value
Cash and Investments
Financial assets	463.1
Level 3 \| Other \| Various
Cash and Investments
Financial assets	600.5
Level 3 \| Derivatives and other invested assets
Cash and Investments
Financial assets	708.1	$ 492.5	$ 680.3
Level 3 \| Investment property \| Sales comparison
Cash and Investments
Financial assets	87
Level 3 \| Investment property \| Income capitalization
Cash and Investments
Financial assets	307
Level 3 \| Other \| Various
Cash and Investments
Financial assets	$ 314.1

Cash and Investments - Interest

Cash and Investments - Interest and dividends and share of profit of associates (Details) - USD ($) $ in Millions		12 Months Ended
	Oct. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Interest income:
Cash and short term investments		$ 359.8	$ 279.4
Bonds		2,055.3	1,624.9
Derivatives and other invested assets		(68.5)	(63.2)
Interest income		2,346.6	1,841.1
Dividends:
Dividend income		262.9	133.8
Investment expenses		(97.6)	(78.7)
Interest and dividends		2,511.9	1,896.2
Share of profit of associates		956.3	1,022.2
Dividends received		419.6	246.7
Preferred stocks
Dividends:
Dividend income		164.7	44.7
Preferred stocks \| Digit
Dividends:
Dividends received	$ 112.3
Common stocks
Dividends:
Dividend income		$ 98.2	$ 89.1

Cash and Investments - Net gain

Cash and Investments - Net gains (losses) on investments (Details) $ in Millions, ₨ in Billions				12 Months Ended
	Dec. 20, 2024 USD ($)	Dec. 19, 2024	Nov. 01, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 INR (₨)
Cash and Investments
Net gains (losses) on investments				$ 1,067.2	$ 1,949.5
Common stocks
Cash and Investments
Net realized gains (losses)				507	43.9
Net change in unrealized gains (losses)				(210.2)	420.5
Net gains (losses) on investments				296.8	464.4
Bonds and preferred stocks - convertible
Cash and Investments
Net realized gains (losses)				18.2	(0.2)
Net change in unrealized gains (losses)				(3.6)	77.3
Net gains (losses) on investments				14.6	77.1
Other equity derivatives
Cash and Investments
Net realized gains (losses)				375.3	144
Net change in unrealized gains (losses)				564	213.2
Net gains (losses) on investments				939.3	357.2
Long equity total return swaps on Fairfax subordinate voting shares
Cash and Investments
Net realized gains (losses)				517.7	304.2
Cash-settlement amounts on market value movement				295.3
Cash settlement on closing contracts				222.4
Notional amount of contracts closed during the period				68.5
Disposition of non-insurance associates
Cash and Investments
Net realized gains (losses)				575.5	322
Net gains (losses) on investments				575.5	322
Other
Cash and Investments
Net realized gains (losses)				32.8	(3.1)
Net gains (losses) on investments				32.8	(3.1)
Long equity exposure and financial effects
Cash and Investments
Net realized gains (losses)				1,508.8	506.6
Net change in unrealized gains (losses)				350.2	711
Net gains (losses) on investments				1,859	1,217.6
Bonds
Cash and Investments
Net realized gains (losses)				(16.5)	(587.6)
Net change in unrealized gains (losses)				(590.8)	1,141.9
Net gains (losses) on investments				(607.3)	554.3
Fair value				38,235.5	37,441
U.S. treasury bond forward contracts
Cash and Investments
Net realized gains (losses)				(90)	172.3
Net change in unrealized gains (losses)				(34)	(12.5)
Net gains (losses) on investments				(124)	159.8
Total bonds
Cash and Investments
Net realized gains (losses)				(106.5)	(415.3)
Net change in unrealized gains (losses)				(624.8)	1,129.4
Net gains (losses) on investments				(731.3)	714.1
Foreign currency
Cash and Investments
Net realized gains (losses)				166.6	(222.5)
Net change in unrealized gains (losses)				(191.8)	103.7
Net gains (losses) on investments				(25.2)	(118.8)
Other
Cash and Investments
Net realized gains (losses)				(17.9)	1.6
Net change in unrealized gains (losses)				(17.4)	135
Net gains (losses) on investments				(35.3)	136.6
Net gains (losses) on investments
Cash and Investments
Net realized gains (losses)				1,551	(129.6)
Net change in unrealized gains (losses)				(483.8)	2,079.1
Net gains (losses) on investments				1,067.2	1,949.5
Stelco
Cash and Investments
Total consideration received from sale of interests in associates			$ 638.1
Net realized gains (losses) on disposal			$ 343.7
RiverStone Barbados AVLNs \| Long equity total return swaps on Fairfax subordinate voting shares
Cash and Investments
Net change in unrealized gains (losses)				515.8	320.6
Fair value				$ 1,032.7	516.9
Peak Achievement Athletics, Inc.
Cash and Investments
Ownership percentage	100%	42.60%
Gain on remeasurement of previously held equity interest	$ 203.4
Fairfax India \| IIFL Finance
Cash and Investments
Net realized gains (losses) on disposal					$ 88.6
Ownership percentage					15.10%	15.10%
Percentage of interest sold					7.10%	7.10%
Proceeds from sale of equity interest					$ 177.3	₨ 14.7
Realized gain on remeasurement of investment					$ 204.2

Investments in Associates - Sum

Investments in Associates - Summary (Details) - USD ($) $ in Millions						12 Months Ended
	Dec. 20, 2024	Dec. 19, 2024	Dec. 26, 2023	Dec. 25, 2023	Dec. 11, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments in Associates
Fair value						$ 10,743.8	$ 10,207.8
Associates and joint ventures						7,153.3	6,607.6
Fairfax India investments in associates						1,352.3	1,429.7
Total						8,505.6	8,037.3	$ 7,435.7
Share of profit (loss) of associates						$ 956.3	1,022.2
Go Digit Infoworks Services Private Limited
Investments in Associates
Ownership percentage						49%
Peak Achievement Athletics, Inc.
Investments in Associates
Ownership percentage	100%	42.60%
Insurance and reinsurance
Investments in Associates
Fair value						$ 745.9	711.2
Associates and joint ventures						532.8	368.7
Total						532.8	368.7
Share of profit (loss) of associates						$ 57.7	$ 80.7
Insurance and reinsurance \| Go Digit Infoworks Services Private Limited
Investments in Associates
Ownership percentage						49%	49%
Fair value						$ 434.9	$ 477.2
Associates and joint ventures						325.3	146.6
Total						325.3	146.6
Share of profit (loss) of associates						59.7	43.2
Insurance and reinsurance \| Gulf Insurance Group K.S.C.P.
Investments in Associates
Ownership percentage			90%	43.70%
Share of profit (loss) of associates							42.6
Insurance and reinsurance \| Other
Investments in Associates
Fair value						311	234
Associates and joint ventures						207.5	222.1
Total						207.5	222.1
Share of profit (loss) of associates						(2)	(5.1)
Non-insurance
Investments in Associates
Fair value						9,997.9	9,496.6
Associates and joint ventures						6,620.5	6,238.9
Fairfax India investments in associates						1,352.3	1,429.7
Total						7,972.8	7,668.6
Share of profit (loss) of associates						898.6	941.5
Non-insurance \| Quess Corp Limited
Investments in Associates
Share of profit (loss) of associates							$ (47)
Non-insurance \| IIFL Finance Limited
Investments in Associates
Ownership percentage							15.10%
Non-insurance \| Eurobank Ergasias Services & Holdings S.A
Investments in Associates
Ownership percentage					34.10%
Non-insurance \| India
Investments in Associates
Fair value						3,050.1	$ 3,013.9
Associates and joint ventures						453	457.4
Fairfax India investments in associates						1,352.3	1,429.7
Total						1,805.3	1,887.1
Share of profit (loss) of associates						$ 52.4	$ 106.9
Non-insurance \| India \| Bangalore International Airport Limited
Investments in Associates
Ownership percentage						64%	64%
Fair value						$ 1,632	$ 1,600
Fairfax India investments in associates						787.5	783
Total						787.5	783
Share of profit (loss) of associates						$ 27.4	$ 16
Non-insurance \| India \| CSB Bank Limited
Investments in Associates
Ownership percentage						40%	49.70%
Fair value						$ 254.8	$ 409.3
Fairfax India investments in associates						197.2	223
Total						197.2	223
Share of profit (loss) of associates						$ 24.9	$ 35.4
Non-insurance \| India \| Quess Corp Limited
Investments in Associates
Ownership percentage						34.60%	34.70%
Fair value						$ 397.3	$ 323.6
Associates and joint ventures						426.4	433
Total						426.4	433
Share of profit (loss) of associates						$ 10.4	$ (47)
Non-insurance \| India \| Sanmar Chemical Enterprises Limited
Investments in Associates
Ownership percentage						42.90%	42.90%
Fair value						$ 201.4	$ 302.9
Fairfax India investments in associates						81.6	156.1
Total						81.6	156.1
Share of profit (loss) of associates						$ (72.7)	$ 0.6
Non-insurance \| India \| IIFL Capital Services Limited
Investments in Associates
Ownership percentage						30.70%	30.90%
Fair value						$ 362.7	$ 165.7
Associates and joint ventures						15.8	13.6
Fairfax India investments in associates						120.4	103.8
Total						136.2	117.4
Share of profit (loss) of associates						$ 26.1	$ 12.4
Non-insurance \| India \| Seven Islands Shipping Limited
Investments in Associates
Ownership percentage						48.50%	48.50%
Fair value						$ 146	$ 142.8
Fairfax India investments in associates						134.3	133.6
Total						134.3	133.6
Share of profit (loss) of associates						34.4	42.6
Non-insurance \| India \| IIFL Finance Limited
Investments in Associates
Share of profit (loss) of associates							45.1
Non-insurance \| India \| Other
Investments in Associates
Fair value						55.9	69.6
Associates and joint ventures						10.8	10.8
Fairfax India investments in associates						31.3	30.2
Total						42.1	41
Share of profit (loss) of associates						1.9	1.8
Non-insurance \| Real estate
Investments in Associates
Fair value						272.2	177.3
Associates and joint ventures						273.5	177.3
Total						273.5	177.3
Share of profit (loss) of associates						(9.7)	(7.4)
Non-insurance \| Real estate \| KWF Real Estate Ventures Limited Partnerships
Investments in Associates
Fair value						106.4	104
Associates and joint ventures						106.4	104
Total						106.4	104
Share of profit (loss) of associates						7.8	6.4
Non-insurance \| Real estate \| Other
Investments in Associates
Fair value						165.8	73.3
Associates and joint ventures						167.1	73.3
Total						167.1	73.3
Share of profit (loss) of associates						(17.5)	(13.8)
Non-insurance \| Other
Investments in Associates
Fair value						6,675.6	6,305.4
Associates and joint ventures						5,894	5,604.2
Total						5,894	5,604.2
Share of profit (loss) of associates						$ 855.9	$ 842
Non-insurance \| Other \| Eurobank Ergasias Services & Holdings S.A
Investments in Associates
Ownership percentage						34.40%	34.10%
Fair value						$ 2,923.5	$ 2,251.6
Associates and joint ventures						2,374.8	2,099.5
Total						2,374.8	2,099.5
Share of profit (loss) of associates						$ 515	$ 437.7
Non-insurance \| Other \| Poseidon Corp.
Investments in Associates
Ownership percentage						43.30%	43.40%
Fair value						$ 2,046.3	$ 2,046.3
Associates and joint ventures						1,858.5	1,706.4
Total						1,858.5	1,706.4
Share of profit (loss) of associates						212.6	$ 149.6
Non-insurance \| Other \| Stelco Holdings Inc.
Investments in Associates
Ownership percentage							23.60%
Fair value							$ 491.6
Associates and joint ventures							291.6
Total							291.6
Share of profit (loss) of associates						$ 18.3	$ 23.7
Non-insurance \| Other \| EXCO Resources Inc.
Investments in Associates
Ownership percentage						49.30%	48.30%
Fair value						$ 459.6	$ 435.2
Associates and joint ventures						458.1	417.6
Total						458.1	417.6
Share of profit (loss) of associates						39.6	$ 129.1
Non-insurance \| Other \| Peak Achievement Athletics, Inc.
Investments in Associates
Ownership percentage							42.60%
Fair value							$ 226.1
Associates and joint ventures							129.4
Total							129.4
Share of profit (loss) of associates						$ 57	$ 23.3
Non-insurance \| Other \| Helios Fairfax Partners Corporation
Investments in Associates
Ownership percentage						36.30%	36.30%
Fair value						$ 73.3	$ 91.5
Associates and joint ventures						162.7	197.6
Total						162.7	197.6
Share of profit (loss) of associates						(34.8)	9.2
Non-insurance \| Other \| Partnerships, trusts and other
Investments in Associates
Fair value						1,172.9	763.1
Associates and joint ventures						1,039.9	762.1
Total						1,039.9	762.1
Share of profit (loss) of associates						$ 48.2	$ 69.4

Investments in Associates - Bal

Investments in Associates - Balance sheet disclosures (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
As presented on the consolidated balance sheet:
Investments in associates, at fair value	$ 8,144.8	$ 7,553.2
Fairfax India investments in associates, at fair value	2,599	2,654.6
Total, Fair Value	10,743.8	10,207.8
Associates and joint ventures	7,153.3	6,607.6
Fairfax India associates	1,352.3	1,429.7
Total	$ 8,505.6	$ 8,037.3	$ 7,435.7

Investments in Associates - Ins

Investments in Associates - Insurance and reinsurance associates and joint ventures (Details) ₨ / shares in Units, $ in Millions, ₨ in Billions						12 Months Ended
	Oct. 30, 2024 USD ($)	May 23, 2024 USD ($)	May 22, 2024	Dec. 26, 2023	Dec. 25, 2023	Dec. 31, 2024 ₨ / shares	Dec. 31, 2023	May 23, 2024 INR (₨) ₨ / shares
Go Digit Infoworks Services Private Limited \| Go Digit Insurance Limited
Investments in Associates
Ownership percentage		73.60%	83.30%
Go Digit Infoworks Services Private Limited
Investments in Associates
Ownership percentage						49%
Insurance and reinsurance companies \| Go Digit Insurance Limited
Investments in Associates
Ownership percentage		49%
Dividend received \| $	$ 112.3
Insurance and reinsurance companies \| Go Digit Infoworks Services Private Limited
Investments in Associates
Ownership percentage						49%	49%
Insurance and reinsurance companies \| Gulf Insurance
Investments in Associates
Ownership percentage				90%	43.70%
Go Digit Insurance Limited
Investments in Associates
Fair value of investments in associates for which there are quoted market prices		$ 3,000						₨ 249.5
Market price per share (associate) \| ₨ / shares								₨ 272
Pre tax gain \| $		$ 106.3
Market value (per common share) \| ₨ / shares						₨ 319.1

Investments in Associates - Non

Investments in Associates - Non-insurance associates and joint ventures (Details) $ / shares in Units, € in Millions, $ in Millions, ₨ in Billions, රු in Billions														3 Months Ended			12 Months Ended
	Feb. 20, 2025 USD ($) installment	Jan. 23, 2025 USD ($) shares	Jan. 23, 2025 EUR (€) shares	Dec. 20, 2024	Dec. 19, 2024	Nov. 01, 2024 USD ($) shares	Nov. 01, 2024 $ / shares	Dec. 12, 2023 USD ($)	Dec. 11, 2023 USD ($)	Jun. 21, 2023 USD ($)	Mar. 28, 2023 $ / shares	Mar. 01, 2023 USD ($) $ / shares	Jan. 12, 2023 USD ($)	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 $ / shares shares	Dec. 31, 2024 USD ($) shares entity	Dec. 31, 2024 EUR (€) shares entity	Dec. 31, 2023 USD ($)	Dec. 31, 2023 INR (₨)	Dec. 31, 2017 USD ($)	Jan. 01, 2025	Dec. 31, 2024 EUR (€)	Mar. 31, 2024 LKR (රු)
Investments in Associates
Sales of investments in associates																	$ 682.7		$ 818.6
Share of profit (loss) of associates																	956.3		1,022.2
Investments in associates, at fair value																	8,144.8		$ 7,553.2
Stelco Holdings Inc.
Investments in Associates
Realized gain on sale of investments						$ 343.7
Sale price per share \| $ / shares							$ 60
Number of shares of acquiring entity to be received for each share of associate entity sold \| shares						0.454
Total consideration received from sale of interests in associates						$ 638.1
Peak Achievement Athletics, Inc.
Investments in Associates
Ownership percentage				100%	42.60%
Blizzard Vacatia \| Purchase of Interest in Associate
Investments in Associates
Percentage of interests acquired																						50%
Fairfax India \| IIFL Finance
Investments in Associates
Ownership percentage																			15.10%	15.10%
Percentage of interest sold																			7.10%	7.10%
Realized gain on sale of investments																			$ 88.6
Proceeds from sale of equity interest																			177.3	₨ 14.7
Non-insurance associates and joint ventures
Investments in Associates
Dividend received																	409.8		220.4
Share of profit (loss) of associates																	898.6		941.5
Non-insurance associates and joint ventures \| Marval Guru Fund
Investments in Associates
Investment in managed fund														$ 100.4							$ 50
Non-insurance associates and joint ventures \| Eurobank
Investments in Associates
Dividend received																	$ 127.9	€ 118.2
Ownership percentage									34.10%
Cash consideration									$ 82
Non-insurance associates and joint ventures \| Eurobank \| Sale of Interest in Associate
Investments in Associates
Ownership percentage		32.30%	32.30%
Number of shares sold \| shares		80,000,000	80,000,000
Percentage of interest sold		2.20%	2.20%
Sales of investments in associates		$ 190.8	€ 183.5
Realized gain on sale of investments		$ 40
Non-insurance associates and joint ventures \| Quess
Investments in Associates
Share of profit (loss) of associates																			(47)
Non-cash impairment charge																			$ 52.8
Non-insurance associates and joint ventures \| John Keells Holdings PLC
Investments in Associates
Ownership percentage															19.50%
Voting rights held in associate															24.50%
Investments in associates, at fair value															$ 175.3									රු 54.3
Non-insurance associates and joint ventures \| Atlas Corp
Investments in Associates
Sales of investments in associates													$ 78.7
Sale price per share \| $ / shares											$ 15.5
Number of shares owned by a related party \| shares																678,021
Percentage of ownership interest held by related party																0.30%
Non-insurance associates and joint ventures \| Poseidon Corp.
Investments in Associates
Number of shares acquired by Fairfax \| shares																678,021
Cash consideration for acquisition of shares, per share \| $ / shares																$ 15.5
Non-insurance associates and joint ventures \| Resolute
Investments in Associates
Realized gain on sale of investments												$ 44.2
Sale price per share \| $ / shares												$ 20.5
Total consideration received from sale of interests in associates												$ 665.6
CVR per share value \| $ / shares												$ 1.42
Fair value of shares included in sale of associate												$ 120.7
Non-insurance associates and joint ventures \| IIFL Finance
Investments in Associates
Ownership percentage																			15.10%	15.10%
Percentage of interest sold																			7.10%	7.10%
Realized gain on sale of investments																			$ 88.6
Proceeds from sale of equity interest																			177.3	₨ 14.7
Realized remeasurement gain on reclassification of equity method investment to FVTPL																			204.2
Non-insurance associates and joint ventures \| Albingia SA
Investments in Associates
Percentage of interest to be acquired																	33%						33%
Expected amount of purchase consideration																	$ 216						€ 209
Non-insurance associates and joint ventures \| Fairfax India \| Bangalore Airport
Investments in Associates
Ownership percentage								64%		57%
Cash consideration for acquisition of shares								$ 175		$ 75
Percentage of interests acquired								7%		3%
Non-insurance associates and joint ventures \| Fairfax India \| Bangalore Airport \| Purchase of Interest in Associate
Investments in Associates
Ownership percentage	74%
Cash consideration for acquisition of shares	$ 255
Percentage of interests acquired	10%
Number of Installments \| installment	3
Non-insurance associates and joint ventures \| India
Investments in Associates
Share of profit (loss) of associates																	$ 52.4		$ 106.9
Non-insurance associates and joint ventures \| India \| Quess
Investments in Associates
Ownership percentage																	34.60%	34.60%	34.70%	34.70%
Share of profit (loss) of associates																	$ 10.4		$ (47)
Non-insurance associates and joint ventures \| India \| Quess \| Demerger
Investments in Associates
Number of separate units formed \| entity																	3	3
Number of Shares to be Received for Each Share Held \| shares																	1	1
Non-insurance associates and joint ventures \| India \| Bangalore Airport
Investments in Associates
Ownership percentage																	64%	64%	64%	64%
Share of profit (loss) of associates																	$ 27.4		$ 16
Non-insurance associates and joint ventures \| India \| IIFL Finance
Investments in Associates
Share of profit (loss) of associates																			45.1
Non-insurance associates and joint ventures \| Real estate
Investments in Associates
Share of profit (loss) of associates																	(9.7)		(7.4)
Non-insurance associates and joint ventures \| Other
Investments in Associates
Share of profit (loss) of associates																	$ 855.9		$ 842
Non-insurance associates and joint ventures \| Other \| Eurobank
Investments in Associates
Ownership percentage																	34.40%	34.40%	34.10%	34.10%
Share of profit (loss) of associates																	$ 515		$ 437.7
Non-insurance associates and joint ventures \| Other \| Stelco Holdings Inc.
Investments in Associates
Ownership percentage																			23.60%	23.60%
Share of profit (loss) of associates																	18.3		$ 23.7
Non-insurance associates and joint ventures \| Other \| Peak Achievement Athletics, Inc.
Investments in Associates
Ownership percentage																			42.60%	42.60%
Share of profit (loss) of associates																	$ 57		$ 23.3
Non-insurance associates and joint ventures \| Other \| Poseidon Corp.
Investments in Associates
Ownership percentage																	43.30%	43.30%	43.40%	43.40%
Share of profit (loss) of associates																	$ 212.6		$ 149.6

Investments in Associates - Ann

Investments in Associates - Annual changes in carrying value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Changes in the carrying value of investments in associates
Balance - January 1	$ 8,037.3	$ 7,435.7
Share of pre-tax comprehensive income (loss):
Share of profit	956.3	1,100
Impairments		(77.8)
Share of other comprehensive income (loss), excluding gains (losses) on defined benefit plans	(153.1)	36.9
Share of gains (losses) on defined benefit plans	(1.8)	(5.6)
Share of pre-tax comprehensive income (loss)	801.4	1,053.5
Dividends and distributions recognized	(429.2)	(246.7)
Purchase and acquisitions	700.3	1,177.3
Divestitures and other net changes in capitalization	(301.9)	(814.2)
Reclassifications	(224.8)	(572.3)
Foreign exchange effect and other	(77.5)	4
Balance - December 31	8,505.6	8,037.3
Non-cash impairment charges		77.8
Gulf Insurance
Share of pre-tax comprehensive income (loss):
Fair value of investment in associate consolidated		151.8
Associates
Changes in the carrying value of investments in associates
Balance - January 1	5,865.8	5,312.2
Share of pre-tax comprehensive income (loss):
Share of profit	871.1	936
Impairments		(19.8)
Share of other comprehensive income (loss), excluding gains (losses) on defined benefit plans	(146.6)	39.2
Share of gains (losses) on defined benefit plans	(0.7)	0.9
Share of pre-tax comprehensive income (loss)	723.8	956.3
Dividends and distributions recognized	(308.1)	(208.7)
Purchase and acquisitions	573.6	884.8
Divestitures and other net changes in capitalization	(253.6)	(709.9)
Reclassifications	(97.4)	(379.3)
Foreign exchange effect and other	(31.9)	10.4
Balance - December 31	6,472.2	5,865.8
Joint ventures
Changes in the carrying value of investments in associates
Balance - January 1	741.8	780.9
Share of pre-tax comprehensive income (loss):
Share of profit	46.2	12.9
Impairments		(58)
Share of other comprehensive income (loss), excluding gains (losses) on defined benefit plans	(7.5)	1.1
Share of gains (losses) on defined benefit plans	(0.7)	(0.8)
Share of pre-tax comprehensive income (loss)	38	(44.8)
Dividends and distributions recognized	(88.2)	(24.8)
Purchase and acquisitions	126.7	42.5
Divestitures and other net changes in capitalization	(3.2)	(14.6)
Reclassifications	(127.4)
Foreign exchange effect and other	(6.6)	2.6
Balance - December 31	681.1	741.8
Fairfax India associates
Changes in the carrying value of investments in associates
Balance - January 1	1,429.7	1,342.6
Share of pre-tax comprehensive income (loss):
Share of profit	39	151.1
Share of other comprehensive income (loss), excluding gains (losses) on defined benefit plans	1	(3.4)
Share of gains (losses) on defined benefit plans	(0.4)	(5.7)
Share of pre-tax comprehensive income (loss)	39.6	142
Dividends and distributions recognized	(32.9)	(13.2)
Purchase and acquisitions		250
Divestitures and other net changes in capitalization	(45.1)	(89.7)
Reclassifications		(193)
Foreign exchange effect and other	(39)	(9)
Balance - December 31	$ 1,352.3	$ 1,429.7

Derivatives - Summary (Details)

Derivatives - Summary (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Derivatives
Derivative financial assets	$ 1,574.8	$ 972.5
Derivative financial liabilities	356.9	444.9
Equity derivative contracts
Derivatives
Notional amount	4,156.1	4,101.7
Cost	140.5	149.1
Derivative financial assets	1,121.2	595.7
Derivative financial liabilities	0.4	32.5
Foreign currency derivative contracts
Derivatives
Cost	3.1
Derivative financial assets	204.2	65
Derivative financial liabilities	134.3	158.8
Other derivative contracts
Derivatives
Cost	137.3	254.2
Derivative financial assets	249.4	311.8
Derivative financial liabilities	$ 222.2	$ 253.6

Derivatives - Equity derivative

Derivatives - Equity derivative contracts (Details) $ / shares in Units, $ / shares in Units, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2024 CAD ($) $ / shares shares	Dec. 31, 2023 CAD ($) $ / shares shares
Derivatives
Net gains (losses) on investments	$ 1,067.2		$ 1,949.5
Long equity total return swaps on individual equities for investment purposes
Derivatives
Notional amount	$ 981.6		$ 1,112.8
Fairfax subordinate voting shares included in long equity total return swaps
Derivatives
Number of shares under equity swap contracts \| shares	1,760,355		1,964,155	1,760,355	1,964,155
Notional amount	$ 664		$ 732.5	$ 846.1	$ 935
Notional amount per share \| (per share)	$ 377.19		$ 372.96	$ 480.62	$ 476.03
Net gains (losses) on investments	$ 1,033.5		$ 624.8
Realized gains (losses) on financial assets	517.7		304.2
Unrealized gains (losses) on financial assets	515.8		320.6
Realized gains (losses) on financial assets at fair value through profit or loss from market value movements	295.3		304.2
Cash settlement on closing contracts	$ 222.4		$ 0
Number of shares under derivative contracts closed out \| shares	203,800			203,800
Original notional amount	$ 68.5	$ 88.9

Derivatives - Other derivative

Derivatives - Other derivative contracts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Derivatives
Net gains (losses) on investments	$ 1,067.2	$ 1,949.5
U.S. treasury bond forward contracts
Derivatives
Notional amount	1,330.2	0
Net gains (losses) on investments	(124)	159.8
Long-dated U.S. treasury bond forward contracts
Derivatives
Notional amount	0	292.8
Interest rate swap contracts
Derivatives
Notional amount	$ 1,900	$ 1,900
Interest rate swap contracts \| Maximum
Derivatives
Term of contracts	6 months	6 months

Derivatives - Counterparty coll

Derivatives - Counterparty collateral (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Cash \| Collateral deposits on derivative contracts for the benefit of the company
Derivatives
Financial assets pledged as collateral	$ 50	$ 42.2
Government securities
Derivatives
Financial assets pledged as collateral	1,015.1	492.3
Government securities \| Collateral deposits on derivative contracts for the benefit of the company
Derivatives
Financial assets pledged as collateral	1,015.1	492.3
Holding company cash and investments \| Collateral deposits on derivative contracts for the benefit of the derivative counterparties
Derivatives
Financial assets pledged as collateral	344.4	337
Amount of collateral originally required for deposit	271.6	270.3
Amount of collateral deposits attributable to changes in fair value since the most recent reset date	$ 72.8	$ 66.7

Insurance Contract Liabilitie_2

Insurance Contract Liabilities - Summary (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Jan. 01, 2024	Dec. 31, 2023	Jan. 01, 2023
Insurance Contract Liabilities
Insurance contracts issued	$ 47,782.7		$ 46,334.8
Assets for insurance acquisition cash flows	(180.5)		(163.4)
Insurance contract liabilities	47,602.2		46,171.4
LRC
Insurance Contract Liabilities
Insurance contracts issued	5,878.1		6,757.1
LIC
Insurance Contract Liabilities
Insurance contracts issued	41,904.6		39,577.7
Estimates of undiscounted gross cumulative claims
Insurance Contract Liabilities
Loss reserve development	410.4
PAA
Insurance Contract Liabilities
Insurance contracts issued	42,989.4	$ 41,863.4	41,863.4	$ 36,549.5
Assets for insurance acquisition cash flows	(176.8)		(160)
Insurance contract liabilities	42,812.6		41,703.4
PAA \| Life insurance and Run-off
Insurance Contract Liabilities
Insurance contracts issued	80.4	$ 70.7	70.7	$ 59.7
GMM
Insurance Contract Liabilities
Insurance contracts issued	4,793.3		4,471.4
Assets for insurance acquisition cash flows	(3.7)		(3.4)
Insurance contract liabilities	4,789.6		4,468
GMM \| LRC
Insurance Contract Liabilities
Insurance contracts issued	3,104.5		3,122.6
GMM \| LIC
Insurance Contract Liabilities
Insurance contracts issued	1,688.8		1,348.8
GMM \| Global Insurers and Reinsurers
Insurance Contract Liabilities
Insurance contracts issued	941.4		396.9
GMM \| International Insurers and Reinsurers
Insurance Contract Liabilities
Insurance contracts issued	303		356.3
GMM \| Life insurance and Run-off
Insurance Contract Liabilities
Insurance contracts issued	$ 3,548.9		$ 3,718.2

Insurance Contract Liabilitie_3

Insurance Contract Liabilities - Contracts measured under PAA (Details) - USD ($) $ in Millions	Dec. 31, 2024	Jan. 01, 2024	Dec. 31, 2023	Jan. 01, 2023
Insurance Contract Liabilities
Insurance contracts issued	$ 47,782.7		$ 46,334.8
LRC
Insurance Contract Liabilities
Insurance contracts issued	5,878.1		6,757.1
LIC
Insurance Contract Liabilities
Insurance contracts issued	41,904.6		39,577.7
PAA
Insurance Contract Liabilities
Insurance contracts issued	42,989.4	$ 41,863.4	41,863.4	$ 36,549.5
PAA \| Property and Casualty Insurance and Reinsurance
Insurance Contract Liabilities
Insurance contracts issued	42,909	41,792.7	41,792.7	36,489.8
PAA \| Property and Casualty Insurance and Reinsurance \| North American Insurers
Insurance Contract Liabilities
Insurance contracts issued	10,794	10,146	10,146	9,037.8
PAA \| Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers
Insurance Contract Liabilities
Insurance contracts issued	27,190.4	27,008.2	27,008.2	24,733.1
PAA \| Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers
Insurance Contract Liabilities
Insurance contracts issued	4,924.6	4,638.5	4,638.5	2,718.9
PAA \| Life insurance and Run-off
Insurance Contract Liabilities
Insurance contracts issued	80.4	70.7	70.7	59.7
PAA \| LRC \| Property and Casualty Insurance and Reinsurance \| North American Insurers
Insurance Contract Liabilities
Insurance contracts issued	1,117.8	1,140.8	1,140.8	1,065.4
PAA \| LRC \| Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers
Insurance Contract Liabilities
Insurance contracts issued	891.8	1,071	1,071	449.2
PAA \| LRC \| Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers
Insurance Contract Liabilities
Insurance contracts issued	737.5	1,399	1,399	386.3
PAA \| LIC \| Property and Casualty Insurance and Reinsurance \| North American Insurers
Insurance Contract Liabilities
Insurance contracts issued	9,676.2	9,005.2	9,005.2	7,972.4
PAA \| LIC \| Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers
Insurance Contract Liabilities
Insurance contracts issued	26,298.6	25,937.2	25,937.2	24,283.9
PAA \| LIC \| Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers
Insurance Contract Liabilities
Insurance contracts issued	$ 4,187.1	$ 3,239.5	$ 3,239.5	$ 2,332.6

Insurance Contract Liabilitie_4

Insurance Contract Liabilities - Movements in insurance contracts issued (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2024	Jan. 01, 2023
Liability for remaining coverage
Cash flows:
Loss component	$ 184.6	$ 64.7	$ 64.7	$ 139
Liability for remaining coverage \| Risk adjustment for non-financial risk \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Insurance service result	(47.9)
ARC \| Reinsurance contracts assets held
Cash flows:
Premiums paid	(54.1)
Global Insurers and Reinsurers \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Incurred claims and other insurance service expenses	647.3	677.1
Net finance (income) expense from insurance contracts	992.6	1,401.4
Cash flows:
Release of risk adjustment for non-financial risk as claims are paid	(630.2)	(589.9)
Global Insurers and Reinsurers \| Reinsurance contracts assets held
Cash flows:
Release of risk adjustment for non-financial risk as claims are paid	(217.4)	(200.9)
Global Insurers and Reinsurers \| Estimates of present value of future cash flows \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Incurred claims and other insurance service expenses	8,788.7	9,596.8
Global Insurers and Reinsurers \| Estimates of present value of future cash flows \| Reinsurance contracts assets held
Changes in the consolidated statement of comprehensive income:
Incurred claims and other insurance service expenses	(1,677)	(1,996.4)
Net finance (income) expense from insurance contracts		(392.6)
Cash flows:
Premiums paid	266
Global Insurers and Reinsurers \| Risk adjustment for non-financial risk \| Reinsurance contracts assets held
Changes in the consolidated statement of comprehensive income:
Incurred claims and other insurance service expenses	(167.7)	(219.3)
Global Insurers and Reinsurers \| Liability for incurred claims \| Estimates of present value of future cash flows \| Insurance contracts liabilities
Cash flows:
Insurance contracts, favorable (adverse) prior year reserve development	211.5	290.7
North American Insurers \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Net finance (income) expense from insurance contracts	389.3	407.6
Cash flows:
Release of risk adjustment for non-financial risk as claims are paid	(156.5)	(155.9)
North American Insurers \| Reinsurance contracts assets held
Cash flows:
Release of risk adjustment for non-financial risk as claims are paid	(43.2)	(40.4)
North American Insurers \| Estimates of present value of future cash flows \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Incurred claims and other insurance service expenses	5,297.1	5,104.1
North American Insurers \| Estimates of present value of future cash flows \| Reinsurance contracts assets held
Changes in the consolidated statement of comprehensive income:
Incurred claims and other insurance service expenses	(916.2)	(973.7)
Net finance (income) expense from insurance contracts		(49.7)
Cash flows:
Premiums paid	51.7
North American Insurers \| Risk adjustment for non-financial risk \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Incurred claims and other insurance service expenses	237.1	191.1
North American Insurers \| Risk adjustment for non-financial risk \| Reinsurance contracts assets held
Changes in the consolidated statement of comprehensive income:
Incurred claims and other insurance service expenses	(51.7)	(53.1)
North American Insurers \| Liability for incurred claims \| Estimates of present value of future cash flows \| Insurance contracts liabilities
Cash flows:
Insurance contracts, favorable (adverse) prior year reserve development	(128.3)	(50.2)
International Insurers and Reinsurers \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Net finance (income) expense from insurance contracts	252.7	156.7
Cash flows:
Release of risk adjustment for non-financial risk as claims are paid	(59.3)
International Insurers and Reinsurers \| Estimates of present value of future cash flows \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Incurred claims and other insurance service expenses	4,320.4	1,779.7
International Insurers and Reinsurers \| Estimates of present value of future cash flows \| Reinsurance contracts assets held
Changes in the consolidated statement of comprehensive income:
Incurred claims and other insurance service expenses	(1,530.7)	(526.1)
Net finance (income) expense from insurance contracts		(78.6)
Cash flows:
Premiums paid	143.4
International Insurers and Reinsurers \| Risk adjustment for non-financial risk \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Incurred claims and other insurance service expenses	167.5	103
International Insurers and Reinsurers \| Risk adjustment for non-financial risk \| Reinsurance contracts assets held
Changes in the consolidated statement of comprehensive income:
Incurred claims and other insurance service expenses	(86.2)	(57.7)
International Insurers and Reinsurers \| Liability for incurred claims \| Estimates of present value of future cash flows \| Insurance contracts liabilities
Cash flows:
Insurance contracts, favorable (adverse) prior year reserve development	149.6	(167.2)
Gulf Insurance \| International Insurers and Reinsurers \| Reinsurance contracts assets held
Cash flows:
Insurance acquisition cash flows	959.1
Gulf Insurance \| International Insurers and Reinsurers \| Estimates of present value of future cash flows
Cash flows:
Insurance acquisition cash flows	2,482.1
Property and Casualty Insurance and Reinsurance \| Insurance contracts liabilities
Insurance Contract Liabilities
Beginning Balance	41,792.7	36,489.8
Changes in the consolidated statement of comprehensive income:
Insurance revenue	(29,589)	(26,095)
Incurred claims and other insurance service expenses	19,577.6	17,370.6
Amortization of acquisition costs	5,124.9	4,719.1
Prior year reserve development and release of risk adjustment on prior year claims	(1,078.8)	(868)
Insurance service expenses	23,623.7	21,221.7
Insurance service result	(5,965.3)	(4,873.3)
Net finance (income) expense from insurance contracts	1,634	1,969.9
Foreign exchange effects	(806.8)	85.8
Total changes in the consolidated statement of comprehensive income	(5,138.1)	(2,817.6)
Cash flows:
Premiums received	29,692.6	27,191.2
Claims and other insurance service expenses paid, including investment components	(17,848)	(15,537.9)
Insurance acquisition cash flows	(5,569.1)	(5,196.6)
Changes in funds withheld	(41.1)	120.5
Total changes from cash flows	6,234.4	6,577.2
Investment components and other	20	(23.3)
Contracts recognized on acquisition of subsidiary		1,566.6
Ending Balance	42,909	41,792.7
Property and Casualty Insurance and Reinsurance \| Reinsurance contracts assets held
Insurance Contract Liabilities
Beginning Balance	(9,853.7)	(8,674.2)
Changes in the consolidated statement of comprehensive income:
Insurance revenue	6,004.8	4,759.6
Incurred claims and other insurance service expenses	(4,480.5)	(3,798.5)
Prior year reserve development and release of risk adjustment on prior year claims	218.5	39.4
Insurance service expenses	(4,262)	(3,759.1)
Insurance service result	1,742.8	1,000.5
Net finance (income) expense from insurance contracts	(460.9)	(521.7)
Total changes in the consolidated statement of comprehensive income	1,471.3	611.6
Cash flows:
Premiums received	4,403.2	3,502.6
Changes in funds withheld	40.4	17.7
Total changes from cash flows	(1,360.8)	(1,265.9)
Investment components and other	(6.4)	(0.8)
Contracts recognized on acquisition of subsidiary	(1.3)	524.4
Ending Balance	(9,748.3)	(9,853.7)
Premiums paid	5,804.4	4,786.2
Property and Casualty Insurance and Reinsurance \| Liability for remaining coverage \| Insurance contracts liabilities
Insurance Contract Liabilities
Beginning Balance	3,610.8	1,900.9
Changes in the consolidated statement of comprehensive income:
Insurance revenue	(29,589)	(26,095)
Incurred claims and other insurance service expenses	119.5	(81.2)
Amortization of acquisition costs	5,124.9	4,719.1
Insurance service expenses	5,244.4	4,637.9
Insurance service result	(24,344.6)	(21,457.1)
Net finance (income) expense from insurance contracts	(0.6)	4.2
Foreign exchange effects	(127.3)	23.8
Total changes in the consolidated statement of comprehensive income	(24,472.5)	(21,429.1)
Cash flows:
Premiums received	29,692.6	27,191.2
Insurance acquisition cash flows	(5,569.1)	(5,196.6)
Changes in funds withheld	(78.3)	142.3
Total changes from cash flows	24,045.2	22,136.9
Investment components and other	(436.4)	(170.4)
Contracts recognized on acquisition of subsidiary		1,172.5
Ending Balance	2,747.1	3,610.8
Property and Casualty Insurance and Reinsurance \| Liability for incurred claims \| Estimates of present value of future cash flows \| Insurance contracts liabilities
Insurance Contract Liabilities
Beginning Balance	35,530.6	32,108.9
Changes in the consolidated statement of comprehensive income:
Incurred claims and other insurance service expenses	18,406.2	16,480.6
Prior year reserve development and release of risk adjustment on prior year claims	(232.8)	(73.3)
Insurance service expenses	18,173.4	16,407.3
Insurance service result	18,173.4	16,407.3
Net finance (income) expense from insurance contracts	1,634.6	1,965.7
Foreign exchange effects	(625.6)	90.1
Total changes in the consolidated statement of comprehensive income	19,182.4	18,463.1
Cash flows:
Claims and other insurance service expenses paid, including investment components	(17,848)	(15,537.9)
Changes in funds withheld	37.2	(21.8)
Total changes from cash flows	(17,810.8)	(15,559.7)
Investment components and other	468.5	147.1
Contracts recognized on acquisition of subsidiary		371.2
Ending Balance	37,370.7	35,530.6
Property and Casualty Insurance and Reinsurance \| Liability for incurred claims \| Risk adjustment for non-financial risk \| Insurance contracts liabilities
Insurance Contract Liabilities
Beginning Balance	2,651.3	2,480
Changes in the consolidated statement of comprehensive income:
Incurred claims and other insurance service expenses	1,051.9	971.2
Prior year reserve development and release of risk adjustment on prior year claims	(846)	(794.7)
Insurance service expenses	205.9	176.5
Insurance service result	205.9	176.5
Foreign exchange effects	(53.9)	(28.1)
Total changes in the consolidated statement of comprehensive income	152	148.4
Cash flows:
Investment components and other	(12.1)
Contracts recognized on acquisition of subsidiary		22.9
Ending Balance	2,791.2	2,651.3
Property and Casualty Insurance and Reinsurance \| ARC \| Reinsurance contracts assets held
Insurance Contract Liabilities
Beginning Balance	(180.1)	144
Changes in the consolidated statement of comprehensive income:
Insurance revenue	6,004.8	4,759.6
Incurred claims and other insurance service expenses	(51)	27.8
Insurance service expenses	(51)	27.8
Insurance service result	5,953.8	4,787.4
Net finance (income) expense from insurance contracts	0.2	(0.8)
Total changes in the consolidated statement of comprehensive income	5,946.1	4,828.5
Cash flows:
Changes in funds withheld	4.7	3.1
Total changes from cash flows	(5,799.7)	(4,783.1)
Investment components and other	582.4	7.2
Contracts recognized on acquisition of subsidiary		376.7
Ending Balance	548.7	(180.1)
Premiums paid	5,804.4	$ 4,786.2
Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Foreign exchange effects	(254)
Property and Casualty Insurance and Reinsurance \| North American Insurers \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Foreign exchange effects	(220.7)
Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Foreign exchange effects	(150.9)
Property and Casualty Insurance and Reinsurance \| Gulf Insurance \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Insurance revenue	3,239
Incurred claims and other insurance service expenses	2,920.6
Cash flows:
Acquired contracts	665.3
Incurred claims and acquired contracts	713.2
Property and Casualty Insurance and Reinsurance \| Gulf Insurance \| Reinsurance contracts assets held
Changes in the consolidated statement of comprehensive income:
Incurred claims and other insurance service expenses	(1,064.5)
Cash flows:
Incurred claims and acquired contracts	$ 392.9

Insurance Contract Liabilitie_5

Insurance Contract Liabilities - Discount rates (Details)	Dec. 31, 2024	Dec. 31, 2023
United States dollar \| 1 year
IFRS Disclosure of types of insurance contracts [Line Items]
Yield used to discount cash flows (as a percent)	4.64%	5%
United States dollar \| 5 years
IFRS Disclosure of types of insurance contracts [Line Items]
Yield used to discount cash flows (as a percent)	4.83%	4.57%
United States dollar \| 10 years
IFRS Disclosure of types of insurance contracts [Line Items]
Yield used to discount cash flows (as a percent)	5.17%	4.70%
United States dollar \| 15 years
IFRS Disclosure of types of insurance contracts [Line Items]
Yield used to discount cash flows (as a percent)	5.37%	4.81%
Canadian dollar \| 1 year
IFRS Disclosure of types of insurance contracts [Line Items]
Yield used to discount cash flows (as a percent)	3.36%	5.28%
Canadian dollar \| 5 years
IFRS Disclosure of types of insurance contracts [Line Items]
Yield used to discount cash flows (as a percent)	3.82%	4.51%
Canadian dollar \| 10 years
IFRS Disclosure of types of insurance contracts [Line Items]
Yield used to discount cash flows (as a percent)	4.43%	4.37%
Canadian dollar \| 15 years
IFRS Disclosure of types of insurance contracts [Line Items]
Yield used to discount cash flows (as a percent)	4.60%	4.41%
Euro \| 1 year
IFRS Disclosure of types of insurance contracts [Line Items]
Yield used to discount cash flows (as a percent)	2.38%	3.38%
Euro \| 5 years
IFRS Disclosure of types of insurance contracts [Line Items]
Yield used to discount cash flows (as a percent)	2.50%	2.64%
Euro \| 10 years
IFRS Disclosure of types of insurance contracts [Line Items]
Yield used to discount cash flows (as a percent)	2.91%	2.86%
Euro \| 15 years
IFRS Disclosure of types of insurance contracts [Line Items]
Yield used to discount cash flows (as a percent)	3.23%	3.08%
British pound sterling \| 1 year
IFRS Disclosure of types of insurance contracts [Line Items]
Yield used to discount cash flows (as a percent)	4.74%	4.95%
British pound sterling \| 5 years
IFRS Disclosure of types of insurance contracts [Line Items]
Yield used to discount cash flows (as a percent)	4.68%	3.93%
British pound sterling \| 10 years
IFRS Disclosure of types of insurance contracts [Line Items]
Yield used to discount cash flows (as a percent)	5.14%	4.26%
British pound sterling \| 15 years
IFRS Disclosure of types of insurance contracts [Line Items]
Yield used to discount cash flows (as a percent)	5.51%	4.60%

Insurance Contract Liabilitie_6

Insurance Contract Liabilities - Estimates of undiscounted gross cumulative claims (Details) - Estimates of undiscounted gross cumulative claims - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Insurance Contract Liabilities
Property and casualty provision for losses and loss adjustment expenses	$ 44,110	$ 41,221.8	$ 36,306.4	$ 32,329.1	$ 28,700.5	$ 26,528.3	$ 25,426.9	$ 25,284.5
Favourable (adverse) development		800.4	(186.9)	(196.4)	(418.1)	(624.6)	(799.2)	460.3
Effect of foreign currency translation
Insurance Contract Liabilities
Favourable (adverse) development		390	250.1	338.8	399.5	410.5	307.3	555.9
Favourable (adverse) loss reserve development
Insurance Contract Liabilities
Favourable (adverse) development		410.4	(437)	(535.2)	(817.6)	(1,035.1)	(1,106.5)	(95.6)
One year later
Insurance Contract Liabilities
Cumulative payments		11,386.6	10,341.7	8,410.7	6,986.7	7,018.7	7,191	6,917.3
Reserves re-estimated		$ 40,421.4	36,470.5	31,640.8	28,119.8	26,259.1	25,256.3	24,131.2
Two years later
Insurance Contract Liabilities
Cumulative payments			17,308.6	14,571.5	11,990.6	11,133.7	11,487.9	11,052.3
Reserves re-estimated			$ 36,493.3	32,041.6	27,894.1	26,052.6	25,124	24,091.7
Three years later
Insurance Contract Liabilities
Cumulative payments				19,487.3	16,410.5	14,702.8	14,318.9	13,928.6
Reserves re-estimated				$ 32,525.5	28,468.4	25,961.4	25,132.6	23,949.9
Four years later
Insurance Contract Liabilities
Cumulative payments					19,797.6	17,959.2	16,807.6	15,843.4
Reserves re-estimated					$ 29,118.6	26,611.8	25,286.7	24,046.1
Five years later
Insurance Contract Liabilities
Cumulative payments						20,332.7	19,121.9	17,528.7
Reserves re-estimated						$ 27,152.9	25,851.6	24,202.6
Six years later
Insurance Contract Liabilities
Cumulative payments							20,755.7	19,141.7
Reserves re-estimated							$ 26,226.1	24,554.7
Seven years later
Insurance Contract Liabilities
Cumulative payments								20,301.2
Reserves re-estimated								$ 24,824.2

Insurance Contract Liabilitie_7

Insurance Contract Liabilities - Reconciliation to the LIC (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Estimates of undiscounted gross cumulative claims
Insurance Contract Liabilities
Property and casualty provision for losses and loss adjustment expenses	$ 44,110	$ 41,221.8	$ 36,306.4	$ 32,329.1	$ 28,700.5	$ 26,528.3	$ 25,426.9	$ 25,284.5
Effect of discounting	(6,652.8)
Risk adjustment for non-financial risk	3,364.9
Other	227.2
Liability for incurred claims	41,049.3
Estimates of undiscounted gross cumulative claims \| GMM
Insurance Contract Liabilities
Liability for incurred claims	(887.4)
Estimates of undiscounted gross cumulative claims \| PAA
Insurance Contract Liabilities
Liability for incurred claims	40,161.9
Estimates of undiscounted gross cumulative claims \| PAA \| Estimates of present value of future cash flows
Insurance Contract Liabilities
Liability for incurred claims	37,370.7
Estimates of undiscounted gross cumulative claims \| PAA \| Risk adjustment for non-financial risk
Insurance Contract Liabilities
Liability for incurred claims	2,791.2
Estimates of undiscounted net cumulative claims
Insurance Contract Liabilities
Property and casualty provision for losses and loss adjustment expenses	34,197.6	$ 31,618.1	$ 27,800.1	$ 24,068.6	$ 21,468.6	$ 19,858.9	$ 19,334.7	$ 19,750.1
Effect of discounting	(5,157.7)
Risk adjustment for non-financial risk	2,364.9
Other	(663.1)
Liability for incurred claims	30,741.7
Estimates of undiscounted net cumulative claims \| GMM
Insurance Contract Liabilities
Liability for incurred claims	(876.8)
Estimates of undiscounted net cumulative claims \| PAA
Insurance Contract Liabilities
Liability for incurred claims	29,864.9
Liability for incurred claims, net of reinsurance (PAA)	29,864.9
Estimates of undiscounted net cumulative claims \| PAA \| Estimates of present value of future cash flows
Insurance Contract Liabilities
Liability for incurred claims	27,920.9
Estimates of undiscounted net cumulative claims \| PAA \| Risk adjustment for non-financial risk
Insurance Contract Liabilities
Liability for incurred claims	1,944
LIC \| PAA
Insurance Contract Liabilities
Liability for incurred claims, net of reinsurance (PAA)	40,161.9
LIC \| PAA \| Estimates of present value of future cash flows
Insurance Contract Liabilities
Liability for incurred claims	37,370.7
LIC \| PAA \| Risk adjustment for non-financial risk
Insurance Contract Liabilities
Liability for incurred claims	2,791.2
AIC \| PAA
Insurance Contract Liabilities
Liability for incurred claims, net of reinsurance (PAA)	10,297
AIC \| PAA \| Estimates of present value of future cash flows
Insurance Contract Liabilities
Liability for incurred claims	9,449.8
AIC \| PAA \| Risk adjustment for non-financial risk
Insurance Contract Liabilities
Liability for incurred claims	$ 847.2

Insurance Contract Liabilitie_8

Insurance Contract Liabilities - Estimates of undiscounted net cumulative claims (Details) - Estimates of undiscounted net cumulative claims - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Insurance Contract Liabilities
Property and casualty provision for losses and loss adjustment expenses	$ 34,197.6	$ 31,618.1	$ 27,800.1	$ 24,068.6	$ 21,468.6	$ 19,858.9	$ 19,334.7	$ 19,750.1
Favourable (adverse) development		774.6	207	(501.8)	(726.3)	(798.4)	(557)	691
Effect of foreign currency translation
Insurance Contract Liabilities
Favourable (adverse) development		336.6	117.6	260.9	207.5	173.2	67.5	231.2
Favourable (adverse) loss reserve development
Insurance Contract Liabilities
Favourable (adverse) development		438	89.4	(762.7)	(933.8)	(971.6)	(624.5)	459.8
One year later
Insurance Contract Liabilities
Cumulative payments		8,508.8	7,791.6	6,415.3	5,426.1	5,339.8	5,407	5,297.4
Reserves re-estimated		$ 30,843.5	27,534.6	23,808.7	21,233.4	19,587.2	19,052.8	18,642.9
Two years later
Insurance Contract Liabilities
Cumulative payments			13,108.6	11,042.3	9,269.8	8,480.3	8,606.4	8,394.6
Reserves re-estimated			$ 27,593.1	24,151.8	21,342.5	19,585.7	18,937.4	18,411.4
Three years later
Insurance Contract Liabilities
Cumulative payments				14,770.8	12,456.8	11,216.3	10,719	10,562.7
Reserves re-estimated				$ 24,570.4	21,728.2	19,845.5	19,052.3	18,275.8
Four years later
Insurance Contract Liabilities
Cumulative payments					14,979.6	13,473.3	12,624.3	12,010
Reserves re-estimated					$ 22,194.9	20,269.4	19,227.2	18,392
Five years later
Insurance Contract Liabilities
Cumulative payments						15,227.4	14,142.2	13,291.3
Reserves re-estimated						$ 20,657.3	19,589.3	18,589.3
Six years later
Insurance Contract Liabilities
Cumulative payments							15,378.5	14,348.9
Reserves re-estimated							$ 19,891.7	18,839.6
Seven years later
Insurance Contract Liabilities
Cumulative payments								15,221.8
Reserves re-estimated								$ 19,059.1

Reinsurance Contract Assets H_3

Reinsurance Contract Assets Held - Summary (Details) - USD ($) $ in Millions	Dec. 31, 2024	Jan. 01, 2024	Dec. 31, 2023	Jan. 01, 2023
Reinsurance Contract Assets Held
Reinsurance contract assets held	$ 10,682.6		$ 10,887.7
ARC
Reinsurance Contract Assets Held
Reinsurance contract assets held	15.8		771.7
AIC
Reinsurance Contract Assets Held
Reinsurance contract assets held	10,666.8		10,116
PAA
Reinsurance Contract Assets Held
Reinsurance contract assets held	9,757.2	$ 9,856.3	9,856.3	$ 8,679.2
PAA \| Life insurance and Run-off
Reinsurance Contract Assets Held
Reinsurance contract assets held	8.9	$ 2.6	2.6	$ 5
GMM
Reinsurance Contract Assets Held
Reinsurance contract assets held	925.4		1,031.4
GMM \| Global Insurers and Reinsurers
Reinsurance Contract Assets Held
Reinsurance contract assets held	261.3		321.6
GMM \| International Insurers and Reinsurers
Reinsurance Contract Assets Held
Reinsurance contract assets held	263.5		262.1
GMM \| Life insurance and Run-off
Reinsurance Contract Assets Held
Reinsurance contract assets held	$ 400.6		$ 447.7

Reinsurance Contract Assets H_4

Reinsurance Contract Assets Held - Contracts measured under PAA (Details) - USD ($) $ in Millions	Dec. 31, 2024	Jan. 01, 2024	Dec. 31, 2023	Jan. 01, 2023
Reinsurance Contract Assets Held
Reinsurance contract assets held	$ 10,682.6		$ 10,887.7
ARC
Reinsurance Contract Assets Held
Reinsurance contract assets held	15.8		771.7
AIC
Reinsurance Contract Assets Held
Reinsurance contract assets held	10,666.8		10,116
PAA
Reinsurance Contract Assets Held
Reinsurance contract assets held	9,757.2	$ 9,856.3	9,856.3	$ 8,679.2
PAA \| Property and Casualty Insurance and Reinsurance
Reinsurance Contract Assets Held
Reinsurance contract assets held	9,748.3	9,853.7	9,853.7	8,674.2
PAA \| Property and Casualty Insurance and Reinsurance \| North American Insurers
Reinsurance Contract Assets Held
Reinsurance contract assets held	1,149.2	1,180.3	1,180.3	959.3
PAA \| Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers
Reinsurance Contract Assets Held
Reinsurance contract assets held	6,748.5	6,960.6	6,960.6	6,451.4
PAA \| Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers
Reinsurance Contract Assets Held
Reinsurance contract assets held	1,850.6	1,712.8	1,712.8	1,263.5
PAA \| Life insurance and Run-off
Reinsurance Contract Assets Held
Reinsurance contract assets held	8.9	2.6	2.6	5
PAA \| ARC \| Property and Casualty Insurance and Reinsurance \| North American Insurers
Reinsurance Contract Assets Held
Reinsurance contract assets held	(87)	(70)	(70)	(15.2)
PAA \| ARC \| Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers
Reinsurance Contract Assets Held
Reinsurance contract assets held	(1.7)	(46.6)	(46.6)	(182.1)
PAA \| ARC \| Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers
Reinsurance Contract Assets Held
Reinsurance contract assets held	(460)	296.7	296.7	53.3
PAA \| AIC \| Property and Casualty Insurance and Reinsurance \| North American Insurers
Reinsurance Contract Assets Held
Reinsurance contract assets held	1,236.2	1,250.3	1,250.3	974.5
PAA \| AIC \| Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers
Reinsurance Contract Assets Held
Reinsurance contract assets held	6,750.2	7,007.2	7,007.2	6,633.5
PAA \| AIC \| Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers
Reinsurance Contract Assets Held
Reinsurance contract assets held	$ 2,310.6	$ 1,416.1	$ 1,416.1	$ 1,210.2

Reinsurance Contract Assets H_5

Reinsurance Contract Assets Held - Movements in reinsurance contract assets held (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2024	Jan. 01, 2023
Assets for remaining coverage (ARC)
Cash flows:
Loss recovery component	$ 73.4	$ 23	$ 23	$ 50.1
Assets for remaining coverage (ARC) \| Reinsurance contracts assets held
Cash flows:
Premiums paid	(54.1)
Net reinsurance	54.1
Global Insurers and Reinsurers \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Recoveries of incurred claims and other insurance service expenses	(647.3)	(677.1)
Net finance income (expense) from reinsurance contract assets held	(992.6)	(1,401.4)
Cash flows:
Release of risk adjustment for non-financial risk as claims are paid	(630.2)	(589.9)
Global Insurers and Reinsurers \| Reinsurance contracts assets held
Cash flows:
Release of risk adjustment for non-financial risk as claims are paid	(217.4)	(200.9)
Global Insurers and Reinsurers \| Estimates of present value of future cash flows \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Recoveries of incurred claims and other insurance service expenses	(8,788.7)	(9,596.8)
Global Insurers and Reinsurers \| Estimates of present value of future cash flows \| Reinsurance contracts assets held
Changes in the consolidated statement of comprehensive income:
Recoveries of incurred claims and other insurance service expenses	1,677	1,996.4
Net finance income (expense) from reinsurance contract assets held		392.6
Cash flows:
Premiums paid	266
Net reinsurance	(266)
Global Insurers and Reinsurers \| Risk adjustment for non-financial risk \| Reinsurance contracts assets held
Changes in the consolidated statement of comprehensive income:
Recoveries of incurred claims and other insurance service expenses	167.7	219.3
Global Insurers and Reinsurers \| Assets for incurred claims \| Estimates of present value of future cash flows \| Insurance contracts liabilities
Cash flows:
Insurance contracts, favorable (adverse) prior year reserve development	32	(43.8)
North American Insurers \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Net finance income (expense) from reinsurance contract assets held	(389.3)	(407.6)
Cash flows:
Release of risk adjustment for non-financial risk as claims are paid	(156.5)	(155.9)
North American Insurers \| Reinsurance contracts assets held
Cash flows:
Release of risk adjustment for non-financial risk as claims are paid	(43.2)	(40.4)
North American Insurers \| Estimates of present value of future cash flows \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Recoveries of incurred claims and other insurance service expenses	(5,297.1)	(5,104.1)
North American Insurers \| Estimates of present value of future cash flows \| Reinsurance contracts assets held
Changes in the consolidated statement of comprehensive income:
Recoveries of incurred claims and other insurance service expenses	916.2	973.7
Net finance income (expense) from reinsurance contract assets held		49.7
Cash flows:
Premiums paid	51.7
Net reinsurance	(51.7)
North American Insurers \| Risk adjustment for non-financial risk \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Recoveries of incurred claims and other insurance service expenses	(237.1)	(191.1)
North American Insurers \| Risk adjustment for non-financial risk \| Reinsurance contracts assets held
Changes in the consolidated statement of comprehensive income:
Recoveries of incurred claims and other insurance service expenses	51.7	53.1
North American Insurers \| Assets for incurred claims \| Estimates of present value of future cash flows \| Insurance contracts liabilities
Cash flows:
Insurance contracts, favorable (adverse) prior year reserve development	81.7	53
International Insurers and Reinsurers \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Net finance income (expense) from reinsurance contract assets held	(252.7)	(156.7)
Cash flows:
Release of risk adjustment for non-financial risk as claims are paid	(59.3)
International Insurers and Reinsurers \| Estimates of present value of future cash flows \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Recoveries of incurred claims and other insurance service expenses	(4,320.4)	(1,779.7)
International Insurers and Reinsurers \| Estimates of present value of future cash flows \| Reinsurance contracts assets held
Changes in the consolidated statement of comprehensive income:
Recoveries of incurred claims and other insurance service expenses	1,530.7	526.1
Net finance income (expense) from reinsurance contract assets held		78.6
Cash flows:
Premiums paid	143.4
Net reinsurance	(143.4)
International Insurers and Reinsurers \| Risk adjustment for non-financial risk \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Recoveries of incurred claims and other insurance service expenses	(167.5)	(103)
International Insurers and Reinsurers \| Risk adjustment for non-financial risk \| Reinsurance contracts assets held
Changes in the consolidated statement of comprehensive income:
Recoveries of incurred claims and other insurance service expenses	86.2	57.7
International Insurers and Reinsurers \| Assets for incurred claims \| Estimates of present value of future cash flows \| Insurance contracts liabilities
Cash flows:
Insurance contracts, favorable (adverse) prior year reserve development	(40.3)	217.8
International Insurers and Reinsurers \| Gulf Insurance \| Reinsurance contracts assets held
Cash flows:
Insurance acquisition cash flows	959.1
International Insurers and Reinsurers \| Gulf Insurance \| Estimates of present value of future cash flows
Cash flows:
Insurance acquisition cash flows	2,482.1
Property and Casualty Insurance and Reinsurance \| Insurance contracts liabilities
Reinsurance Contract Assets Held
Beginning Balance	(41,792.7)	(36,489.8)
Changes in the consolidated statement of comprehensive income:
Cost of reinsurance	29,589	26,095
Recoveries of incurred claims and other insurance service expenses	(19,577.6)	(17,370.6)
Prior year reserve development and release of risk adjustment on prior year claims	1,078.8	868
Recoveries of insurance service expenses	(23,623.7)	(21,221.7)
Net reinsurance result	5,965.3	4,873.3
Net finance income (expense) from reinsurance contract assets held	(1,634)	(1,969.9)
Total changes in the consolidated statement of comprehensive income	5,138.1	2,817.6
Cash flows:
Amounts received	(29,692.6)	(27,191.2)
Changes in funds withheld	41.1	(120.5)
Total changes from cash flows	(6,234.4)	(6,577.2)
Investment components and other	(20)	23.3
Contracts recognized on acquisition of subsidiary		1,566.6
Ending Balance	(42,909)	(41,792.7)
Insurance acquisition cash flows	(5,569.1)	(5,196.6)
Property and Casualty Insurance and Reinsurance \| Reinsurance contracts assets held
Reinsurance Contract Assets Held
Beginning Balance	9,853.7	8,674.2
Changes in the consolidated statement of comprehensive income:
Cost of reinsurance	(6,004.8)	(4,759.6)
Recoveries of incurred claims and other insurance service expenses	4,480.5	3,798.5
Prior year reserve development and release of risk adjustment on prior year claims	(218.5)	(39.4)
Recoveries of insurance service expenses	4,262	3,759.1
Net reinsurance result	(1,742.8)	(1,000.5)
Net finance income (expense) from reinsurance contract assets held	460.9	521.7
Foreign exchange effects	(189.4)	(132.8)
Total changes in the consolidated statement of comprehensive income	(1,471.3)	(611.6)
Cash flows:
Premiums paid	5,804.4	4,786.2
Amounts received	(4,403.2)	(3,502.6)
Changes in funds withheld	(40.4)	(17.7)
Total changes from cash flows	1,360.8	1,265.9
Investment components and other	6.4	0.8
Contracts recognized on acquisition of subsidiary	(1.3)	524.4
Ending Balance	9,748.3	9,853.7
Net reinsurance	(5,804.4)	(4,786.2)
Property and Casualty Insurance and Reinsurance \| Assets for remaining coverage (ARC) \| Reinsurance contracts assets held
Reinsurance Contract Assets Held
Beginning Balance	180.1	(144)
Changes in the consolidated statement of comprehensive income:
Cost of reinsurance	(6,004.8)	(4,759.6)
Recoveries of incurred claims and other insurance service expenses	51	(27.8)
Recoveries of insurance service expenses	51	(27.8)
Net reinsurance result	(5,953.8)	(4,787.4)
Net finance income (expense) from reinsurance contract assets held	(0.2)	0.8
Foreign exchange effects	7.9	(41.9)
Total changes in the consolidated statement of comprehensive income	(5,946.1)	(4,828.5)
Cash flows:
Premiums paid	5,804.4	4,786.2
Changes in funds withheld	(4.7)	(3.1)
Total changes from cash flows	5,799.7	4,783.1
Investment components and other	(582.4)	(7.2)
Contracts recognized on acquisition of subsidiary		376.7
Ending Balance	(548.7)	180.1
Net reinsurance	(5,804.4)	(4,786.2)
Property and Casualty Insurance and Reinsurance \| Assets for incurred claims \| Estimates of present value of future cash flows \| Reinsurance contracts assets held
Reinsurance Contract Assets Held
Beginning Balance	8,821	8,011.6
Changes in the consolidated statement of comprehensive income:
Recoveries of incurred claims and other insurance service expenses	4,123.9	3,496.2
Prior year reserve development and release of risk adjustment on prior year claims	73.4	227
Recoveries of insurance service expenses	4,197.3	3,723.2
Net reinsurance result	4,197.3	3,723.2
Net finance income (expense) from reinsurance contract assets held	461.1	520.9
Foreign exchange effects	(181.6)	(59)
Total changes in the consolidated statement of comprehensive income	4,476.8	4,185.1
Cash flows:
Amounts received	(4,403.2)	(3,502.6)
Changes in funds withheld	(35.7)	(14.6)
Total changes from cash flows	(4,438.9)	(3,517.2)
Investment components and other	592.2	8
Contracts recognized on acquisition of subsidiary	(1.3)	133.5
Ending Balance	9,449.8	8,821
Property and Casualty Insurance and Reinsurance \| Assets for incurred claims \| Risk adjustment for non-financial risk \| Reinsurance contracts assets held
Reinsurance Contract Assets Held
Beginning Balance	852.6	806.6
Changes in the consolidated statement of comprehensive income:
Recoveries of incurred claims and other insurance service expenses	305.6	330.1
Prior year reserve development and release of risk adjustment on prior year claims	(291.9)	(266.4)
Recoveries of insurance service expenses	13.7	63.7
Net reinsurance result	13.7	63.7
Foreign exchange effects	(15.7)	(31.9)
Total changes in the consolidated statement of comprehensive income	(2)	31.8
Cash flows:
Investment components and other	(3.4)
Contracts recognized on acquisition of subsidiary		14.2
Ending Balance	847.2	$ 852.6
Property and Casualty Insurance and Reinsurance \| Gulf Insurance \| Insurance contracts liabilities
Changes in the consolidated statement of comprehensive income:
Cost of reinsurance	(3,239)
Recoveries of incurred claims and other insurance service expenses	(2,920.6)
Cash flows:
Incurred claims and acquired contracts	713.2
Property and Casualty Insurance and Reinsurance \| Gulf Insurance \| Reinsurance contracts assets held
Changes in the consolidated statement of comprehensive income:
Recoveries of incurred claims and other insurance service expenses	1,064.5
Cash flows:
Cost of reinsurance	1,301.3
Acquired contracts	338.8
Incurred claims and acquired contracts	$ 392.9

Net Finance Income or Expense_3

Net Finance Income or Expense from Insurance Contracts and Reinsurance Contract Assets Held (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Net Finance Income or Expense from Insurance Contracts and Reinsurance Contract Assets Held
Net finance income (expense) from insurance contracts	$ (1,754.9)	$ (2,152.7)
Net finance income (expense) from reinsurance contract assets held	475	547.1
Net finance expense from insurance contracts and reinsurance contract assets held	(1,279.9)	(1,605.6)
Interest accreted to insurance contracts
Net Finance Income or Expense from Insurance Contracts and Reinsurance Contract Assets Held
Net finance income (expense) from insurance contracts	(2,027.7)	(1,889.5)
Net finance income (expense) from reinsurance contract assets held	546.4	502
Effect of changes in interest rates and other financial assumptions
Net Finance Income or Expense from Insurance Contracts and Reinsurance Contract Assets Held
Net finance income (expense) from insurance contracts	272.8	(263.2)
Net finance income (expense) from reinsurance contract assets held	$ (71.4)	$ 45.1

Net Finance Income or Expense_4

Net Finance Income or Expense from Insurance Contracts and Reinsurance Contract Assets Held - Changes in discount rates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Net Finance Income or Expense from Insurance Contracts and Reinsurance Contract Assets Held
Effect of changes in discount rates on total bonds (recognized in net gains on investments)	$ (731.3)	$ 714.1
Effect of changes in interest rates on insurance contracts and reinsurance contract assets held (recognized in net finance income (expense) from insurance contracts and reinsurance contract assets held)	201.4	(218.1)
Net benefit (loss) from changes in discount rates in consolidated statement of earnings	$ (529.9)	$ 496

Insurance Contract Receivable_3

Insurance Contract Receivables and Payables - Summary of insurance contract receivables (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Insurance Contract Receivables and Payables
Insurance Contracts Receivables, Current	$ 761.3	$ 685.3
Insurance Contracts Receivables, Non-current	19.1	240.8
Insurance Contracts Receivables	780.4	926.1
Insurance premiums receivable from agents, brokers and other intermediaries
Insurance Contract Receivables and Payables
Insurance Contracts Receivables	428.8	615.9
Insurance contract receivables from third party administrators and other
Insurance Contract Receivables and Payables
Insurance Contracts Receivables	$ 351.6	$ 310.2

Insurance Contract Receivable_4

Insurance Contract Receivables and Payables - Summary of insurance contract payables (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Insurance Contract Receivables and Payables
Payable to agents and brokers	$ 199.5	$ 374.2
Investment contracts associated with life insurance products	577.3	626.5
Other insurance contract payables	146.2	206.2
Insurance contract payables	923	1,206.9
Current	337.1	518.4
Non-current	$ 585.9	$ 688.5

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Changes in goodwill and intangible assets
Goodwill and intangible assets, beginning balance	$ 6,376.3	$ 5,689
Additions	2,538.7	1,226.3
Disposals	(44.1)	(82.3)
Amortization	(266.5)	(373.3)
Impairments	(95.5)	(136.2)
Foreign exchange effect and other	(230.7)	52.8
Goodwill and intangible assets, ending balance	8,278.2	6,376.3
Aggregate carrying value of Intangible assets with indefinite useful life	2,294.7	1,756.8
Aggregate carrying value of intangible assets with a finite useful life	$ 1,858.6	$ 1,497.6
Customer and broker relationships \| Minimum
Changes in goodwill and intangible assets
Intangible assets with a finite useful life	8 years	8 years
Customer and broker relationships \| Maximum
Changes in goodwill and intangible assets
Intangible assets with a finite useful life	20 years	20 years
Computer software \| Minimum
Changes in goodwill and intangible assets
Intangible assets with a finite useful life	3 years	3 years
Computer software \| Maximum
Changes in goodwill and intangible assets
Intangible assets with a finite useful life	15 years	15 years
Brand names
Changes in goodwill and intangible assets
Aggregate carrying value of Intangible assets with indefinite useful life	$ 1,700.5	$ 1,161.7
Goodwill
Changes in goodwill and intangible assets
Goodwill and intangible assets, beginning balance	3,121.9	2,927.5
Additions	1,152.5	355.8
Disposals	(22.9)	(45.9)
Impairments	(30.3)	(132.4)
Foreign exchange effect and other	(96.3)	16.9
Goodwill and intangible assets, ending balance	4,124.9	3,121.9
Lloyd's participation rights
Changes in goodwill and intangible assets
Goodwill and intangible assets, beginning balance	503.2	503.2
Goodwill and intangible assets, ending balance	503.2	503.2
Customer and broker relationships
Changes in goodwill and intangible assets
Goodwill and intangible assets, beginning balance	1,070.6	653.9
Additions	335.8	538.2
Disposals	(17)	(35.9)
Amortization	(125)	(92.9)
Impairments	(52)
Foreign exchange effect and other	(8.9)	7.3
Goodwill and intangible assets, ending balance	1,203.5	1,070.6
Brand names
Changes in goodwill and intangible assets
Goodwill and intangible assets, beginning balance	1,169.9	1,028.8
Additions	777.9	123.5
Disposals	(1)	(0.5)
Amortization	(2.8)	(3)
Impairments	(2.6)	(3.7)
Foreign exchange effect and other	(96.8)	24.8
Goodwill and intangible assets, ending balance	1,844.6	1,169.9
Computer software and other
Changes in goodwill and intangible assets
Goodwill and intangible assets, beginning balance	510.7	575.6
Additions	272.5	208.8
Disposals	(3.2)
Amortization	(138.7)	(277.4)
Impairments	(10.6)	(0.1)
Foreign exchange effect and other	(28.7)	3.8
Goodwill and intangible assets, ending balance	$ 602	$ 510.7

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Net (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets
Gross carrying amount	$ 10,771.8	$ 8,671.3
Accumulated amortization	(2,033.4)	(1,885.4)
Accumulated impairment and other	(460.2)	(409.6)
Total	8,278.2	6,376.3	$ 5,689
Goodwill
Goodwill and Intangible Assets
Gross carrying amount	4,488	3,485.6
Accumulated impairment and other	(363.1)	(363.7)
Total	4,124.9	3,121.9	2,927.5
Lloyd's participation rights
Goodwill and Intangible Assets
Gross carrying amount	503.2	503.2
Total	503.2	503.2	503.2
Customer and broker relationships
Goodwill and Intangible Assets
Gross carrying amount	2,039.4	1,765.9
Accumulated amortization	(803.7)	(710.3)
Accumulated impairment and other	(32.2)	15
Total	1,203.5	1,070.6	653.9
Brand names
Goodwill and Intangible Assets
Gross carrying amount	1,901.3	1,232.2
Accumulated amortization	(20.1)	(20.6)
Accumulated impairment and other	(36.6)	(41.7)
Total	1,844.6	1,169.9	1,028.8
Computer software and other
Goodwill and Intangible Assets
Gross carrying amount	1,839.9	1,684.4
Accumulated amortization	(1,209.6)	(1,154.5)
Accumulated impairment and other	(28.3)	(19.2)
Total	$ 602	$ 510.7	$ 575.6

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Allocation to CGUs (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of information for cash-generating units
Goodwill	$ 4,124.9	$ 3,121.9
Intangible assets	4,153.3	3,254.4
Total	$ 8,278.2	6,376.3	$ 5,689
Minimum
Disclosure of information for cash-generating units
Growth rate used to extrapolate cash flow projections	3%
Maximum
Disclosure of information for cash-generating units
Growth rate used to extrapolate cash flow projections	3.70%
Insurance and reinsurance companies
Disclosure of information for cash-generating units
Goodwill	$ 2,181.4	2,188.6
Intangible assets	1,915.1	2,066.1
Total	$ 4,096.5	4,254.7
Insurance and reinsurance companies \| Minimum
Disclosure of information for cash-generating units
Discount rate applied to cash flow projections	9.80%
Investment return rate	5%
Insurance and reinsurance companies \| Maximum
Disclosure of information for cash-generating units
Discount rate applied to cash flow projections	11.90%
Investment return rate	7%
Allied World
Disclosure of information for cash-generating units
Goodwill	$ 940	940
Intangible assets	431	474.3
Total	1,371	1,414.3
Gulf Insurance
Disclosure of information for cash-generating units
Goodwill	346.6	330.5
Intangible assets	542.9	607
Total	889.5	937.5
Brit
Disclosure of information for cash-generating units
Goodwill	167.3	167.7
Intangible assets	534.6	527.4
Total	701.9	695.1
Zenith National
Disclosure of information for cash-generating units
Goodwill	317.6	317.6
Intangible assets	62.6	69.3
Total	380.2	386.9
Crum & Forster
Disclosure of information for cash-generating units
Goodwill	132.6	132.6
Intangible assets	84	99
Total	216.6	231.6
Northbridge
Disclosure of information for cash-generating units
Goodwill	76.9	83.8
Intangible assets	110.9	136.6
Total	187.8	220.4
Odyssey Group
Disclosure of information for cash-generating units
Goodwill	107.9	119.7
Intangible assets	49.8	49.4
Total	157.7	169.1
All other
Disclosure of information for cash-generating units
Goodwill	92.5	96.7
Intangible assets	99.3	103.1
Total	191.8	199.8
Non-insurance companies
Disclosure of information for cash-generating units
Goodwill	1,943.5	933.3
Intangible assets	2,238.2	1,188.3
Total	$ 4,181.7	2,121.6
Non-insurance companies \| Minimum
Disclosure of information for cash-generating units
Discount rate applied to cash flow projections	10.60%
Non-insurance companies \| Maximum
Disclosure of information for cash-generating units
Discount rate applied to cash flow projections	11.10%
Recipe
Disclosure of information for cash-generating units
Goodwill	$ 264	293.6
Intangible assets	835.3	919
Total	1,099.3	1,212.6
Sleep Country
Disclosure of information for cash-generating units
Goodwill	517.3
Intangible assets	398.3
Total	915.6
Peak Achievement Athletics, Inc.
Disclosure of information for cash-generating units
Goodwill	279
Intangible assets	443
Total	722
Meadow Foods
Disclosure of information for cash-generating units
Goodwill	222
Intangible assets	322.2
Total	544.2
AGT
Disclosure of information for cash-generating units
Goodwill	148.2	150.7
Intangible assets	55.5	49.4
Total	203.7	200.1
Thomas Cook India
Disclosure of information for cash-generating units
Goodwill	123.4	126.9
Intangible assets	46	48.1
Total	169.4	175
Boat Rocker
Disclosure of information for cash-generating units
Goodwill	29.4	59.7
Intangible assets	78.1	102.9
Total	107.5	162.6
All other
Disclosure of information for cash-generating units
Goodwill	360.2	302.4
Intangible assets	59.8	68.9
Total	$ 420	$ 371.3

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Millions	Dec. 13, 2024	Dec. 12, 2024	Dec. 31, 2024	Dec. 31, 2023
Other Assets
Premises and equipment, right-of-use assets and non-insurance companies' investment property			$ 3,630.2	$ 3,255.7
Assets associated with unit-linked insurance products and other products			1,368.3	1,204
Inventories			857.6	669.1
Non-insurance revenue receivables			835.4	611.6
Accrued interest and dividends			483.2	490.8
Prepaid expenses			382.7	350.9
Income tax, sales tax and subsidies receivable			252.2	275.9
Finance lease receivables			179.8	215.2
Call Options on Non-Controlling Interests			177.8	306.6
Prepaid losses on claims			153.3	151
Pension surplus			100.4	96.3
Other			567.1	663.1
Current			3,580.6	3,128.2
Non-current			5,407.4	5,162
Other assets			8,988	8,290.2
Brit
Other Assets
Percentage equity interest in acquiree	100%	86.20%
Insurance and reinsurance companies
Other Assets
Premises and equipment, right-of-use assets and non-insurance companies' investment property			811.5	875.1
Assets associated with unit-linked insurance products and other products			1,368.3	1,204
Accrued interest and dividends			473.7	488
Prepaid expenses			154.9	170.5
Income tax, sales tax and subsidies receivable			86.6	60.4
Finance lease receivables			6.1	7.8
Call Options on Non-Controlling Interests			177.8	306.6
Prepaid losses on claims			153.3	151
Pension surplus			100.4	96.3
Other			451.6	553
Current			1,374	1,425.3
Non-current			2,410.2	2,487.4
Other assets			3,784.2	3,912.7
Non-insurance companies
Other Assets
Premises and equipment, right-of-use assets and non-insurance companies' investment property			2,818.7	2,380.6
Inventories			857.6	669.1
Non-insurance revenue receivables			835.4	611.6
Accrued interest and dividends			9.5	2.8
Prepaid expenses			227.8	180.4
Income tax, sales tax and subsidies receivable			165.6	215.5
Finance lease receivables			173.7	207.4
Other			115.5	110.1
Current			2,206.6	1,702.9
Non-current			2,997.2	2,674.6
Other assets			$ 5,203.8	$ 4,377.5

Account Payable and Accrued Lia

Account Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities
Lease liabilities	$ 1,304.8	$ 1,075.2
Payables related to cost of sales	1,209.8	965.2
Salaries and employee benefit liabilities	867.2	757.8
Deferred gift card, hospitality and other revenue	442	460.7
Income taxes payable	432.3	306.9
Put options held by non-controlling interests	201.7	250.1
Accrued taxes	133	115.7
Pension and post retirement liabilities	109.3	157.1
Administrative and other	1,378.2	1,398.5
Accounts payable and accrued liabilities	6,078.3	5,487.2
Current	3,945.6	3,557.4
Non-current	2,132.7	1,929.8
Insurance and reinsurance companies
Accounts Payable and Accrued Liabilities
Lease liabilities	348.2	349
Salaries and employee benefit liabilities	709.8	642.3
Deferred gift card, hospitality and other revenue	24.5	34.8
Income taxes payable	376	284.8
Put options held by non-controlling interests	176.6	180.7
Accrued taxes	92.4	82.5
Pension and post retirement liabilities	96.1	145.1
Administrative and other	1,084.9	1,142.4
Accounts payable and accrued liabilities	2,908.5	2,861.6
Current	1,950.5	1,818.3
Non-current	958	1,043.3
Global minimum taxes payable	93.7	0
Non-insurance companies
Accounts Payable and Accrued Liabilities
Lease liabilities	956.6	726.2
Payables related to cost of sales	1,209.8	965.2
Salaries and employee benefit liabilities	157.4	115.5
Deferred gift card, hospitality and other revenue	417.5	425.9
Income taxes payable	56.3	22.1
Put options held by non-controlling interests	25.1	69.4
Accrued taxes	40.6	33.2
Pension and post retirement liabilities	13.2	12
Administrative and other	293.3	256.1
Accounts payable and accrued liabilities	3,169.8	2,625.6
Current	1,995.1	1,739.1
Non-current	$ 1,174.7	$ 886.5

Borrowings - Summary (Details)

Borrowings - Summary (Details) € in Millions, £ in Millions, $ in Millions, $ in Millions	Dec. 31, 2024 GBP (£)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)	Dec. 31, 2024 EUR (€)	Nov. 22, 2024 USD ($)	Nov. 22, 2024 CAD ($)	Jul. 17, 2024 USD ($)	Jun. 24, 2024 USD ($)	Mar. 22, 2024 USD ($)	Jan. 29, 2024	Jan. 12, 2024 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 EUR (€)	Dec. 07, 2023 USD ($)	Dec. 31, 2022 USD ($)
Borrowings
Borrowings, Principal		$ 11,874.1											$ 9,851.2
Carrying value		11,753.7											9,723.5				$ 8,624.9
Fair value		$ 11,775.8											9,490
4.95% due March 3, 2025 (Cdn$348.6)
Borrowings
Interest rate	4.95%	4.95%	4.95%	4.95%
Holding company
Borrowings
Borrowings, Principal		$ 7,976.1											7,053.6
Carrying value		7,882.4											6,928.9				5,887.6
Fair value		$ 7,940.4											$ 6,811.2
Holding company \| 4.875% due August 13, 2024
Borrowings
Interest rate										4.875%		4.875%	4.875%	4.875%	4.875%
Borrowings, Principal													$ 279.3
Carrying value													279
Fair value													$ 277.5
Holding company \| 4.95% due March 3, 2025 (Cdn$348.6)
Borrowings
Interest rate												4.95%	4.95%	4.95%	4.95%
Borrowings, Principal													$ 264.3	$ 348.6
Carrying value													263.7
Fair value													$ 264.3
Holding company \| 8.30% due April 15, 2026
Borrowings
Interest rate	8.30%	8.30%	8.30%	8.30%								8.30%	8.30%	8.30%	8.30%
Borrowings, Principal		$ 91.8											$ 91.8
Carrying value		91.8											91.8
Fair value		$ 95.4											$ 97.1
Holding company \| 4.70% due December 16, 2026 (Cdn$450.0)
Borrowings
Interest rate	4.70%	4.70%	4.70%	4.70%								4.70%	4.70%	4.70%	4.70%
Borrowings, Principal		$ 312.9	$ 450										$ 341.3	$ 450
Carrying value		312.4											340.4
Fair value		$ 319.1											$ 339.9
Holding company \| 4.25% due December 6, 2027 (Cdn$650.0)
Borrowings
Interest rate	4.25%	4.25%	4.25%	4.25%								4.25%	4.25%	4.25%	4.25%
Borrowings, Principal		$ 452	$ 650										$ 492.9	$ 650
Carrying value		451.3											492
Fair value		$ 459											$ 486.4
Holding company \| 2.75% due March 29, 2028 (750.0 EUR)
Borrowings
Interest rate	2.75%	2.75%	2.75%	2.75%								2.75%	2.75%	2.75%	2.75%
Borrowings, Principal		$ 776.6		€ 750									$ 828.5		€ 750
Carrying value		771.7											821.5
Fair value		$ 767.5											$ 791.9
Holding company \| 4.85% due April 17, 2028
Borrowings
Interest rate	4.85%	4.85%	4.85%	4.85%								4.85%	4.85%	4.85%	4.85%
Borrowings, Principal		$ 600											$ 600
Carrying value		598.1											597.5
Fair value		$ 596.3											$ 592.7
Holding company \| 4.23% due June 14, 2029 (Cdn$500.0)
Borrowings
Interest rate	4.23%	4.23%	4.23%	4.23%								4.23%	4.23%	4.23%	4.23%
Borrowings, Principal		$ 347.7	$ 500										$ 379.2	$ 500
Carrying value		346.8											378.1
Fair value		$ 353											$ 371.6
Holding company \| 4.625% due April 29, 2030
Borrowings
Interest rate	4.625%	4.625%	4.625%	4.625%								4.625%	4.625%	4.625%	4.625%
Borrowings, Principal		$ 650											$ 650
Carrying value		647.3											646.8
Fair value		$ 634.7											$ 627.3
Holding company \| 3.375% due March 3, 2031
Borrowings
Interest rate	3.375%	3.375%	3.375%	3.375%								3.375%	3.375%	3.375%	3.375%
Borrowings, Principal		$ 596.8											$ 596.8
Carrying value		586.8											585.2
Fair value		$ 532.4											$ 527
Holding company \| 3.95% due March 3, 2031 (Cdn$840.0)
Borrowings
Interest rate	3.95%	3.95%	3.95%	3.95%								3.95%	3.95%	3.95%	3.95%
Borrowings, Principal		$ 584.1	$ 840										$ 637	$ 840
Carrying value		581.2											633.4
Fair value		$ 579.9											598.9
Holding company \| 5.625% due August 16, 2032
Borrowings
Interest rate	5.625%	5.625%	5.625%	5.625%
Borrowings, Principal		$ 741.2											741.2
Carrying value		736.2											735.6
Fair value		$ 749.9											742.5
Holding company \| 6.00% due December 7, 2033
Borrowings
Interest rate	6%	6%	6%	6%				6%			6%					6%
Borrowings, Principal		$ 750						$ 150			$ 600		400			$ 400
Carrying value		747.5											394
Fair value		$ 773.5											$ 410.6
Holding company \| 4.73% due November 22, 2034 (Cdn$450.0)
Borrowings
Interest rate	4.73%	4.73%	4.73%	4.73%	4.73%	4.73%
Borrowings, Principal		$ 312.9	$ 450		$ 321.9	$ 450
Carrying value		311.2
Fair value		$ 317
Holding company \| 7.75% due July 15, 2037
Borrowings
Interest rate	7.75%	7.75%	7.75%	7.75%								7.75%	7.75%	7.75%	7.75%
Borrowings, Principal		$ 91.3											$ 91.3
Carrying value		90.8											90.7
Fair value		$ 104.4											104.3
Holding company \| 6.35% due March 22, 2054
Borrowings
Interest rate	6.35%	6.35%	6.35%	6.35%					6.35%
Borrowings, Principal		$ 1,000							$ 1,000
Carrying value		988.3
Fair value		$ 1,031.1
Holding company \| 5.23% due November 23, 2054
Borrowings
Interest rate	5.23%	5.23%	5.23%	5.23%	5.23%	5.23%
Borrowings, Principal		$ 173.8	$ 250		$ 178.8	$ 250
Carrying value		172.8
Fair value		179
Holding company \| Notes Payable
Borrowings
Borrowings, Principal		495											660
Carrying value		448.2											579.2
Fair value		448.2											579.2
Holding company \| Revolving Credit Facility
Borrowings
Borrowings, Principal							$ 2,000
Insurance and reinsurance companies
Borrowings
Borrowings, Principal		979.2											891.3
Carrying value		975.8											895.6				733.4
Fair value		$ 957.8											$ 836.2
Insurance and reinsurance companies \| Allied World 4.35% senior notes due October 29, 2025
Borrowings
Interest rate	4.35%	4.35%	4.35%	4.35%								4.35%	4.35%	4.35%	4.35%
Borrowings, Principal													$ 500
Carrying value													501.8
Fair value													488
Insurance and reinsurance companies \| Allied World primary co-obligor on 6.10% unsecured senior notes due March 15, 2055
Borrowings
Interest rate	6.10%	6.10%	6.10%	6.10%				6.10%
Borrowings, Principal		$ 600						$ 600
Carrying value		594.2
Fair value		597.4
Insurance and reinsurance companies \| Allied World other borrowings
Borrowings
Borrowings, Principal		16.7											18
Carrying value		19.2											20.6
Fair value		19.3											19.5
Insurance and reinsurance companies \| Gulf Insurance floating rate long term loans due 2027
Borrowings
Borrowings, Principal		165											172.9
Carrying value		165											172.9
Fair value		$ 166.7											$ 171.9
Insurance and reinsurance companies \| Zenith National 8.55% debentures due August 1, 2028
Borrowings
Interest rate	8.55%	8.55%	8.55%	8.55%								8.55%	8.55%	8.55%	8.55%
Borrowings, Principal		$ 38.5											$ 38.5
Carrying value		38.4											38.4
Fair value		$ 38.5											$ 38.5
Insurance and reinsurance companies \| Brit 3.6757% subordinated notes due December 9, 2030 (£127.0)
Borrowings
Interest rate	3.6757%	3.6757%	3.6757%	3.6757%								3.6757%	3.6757%	3.6757%	3.6757%
Borrowings, Principal	£ 127	$ 159										£ 127	$ 161.9
Carrying value		159											161.9
Fair value		135.9											118.3
Non-insurance companies
Borrowings
Borrowings, Principal		2,918.8											1,906.3
Carrying value		2,895.5											1,899				$ 2,003.9
Fair value		$ 2,877.6											$ 1,842.6
Non-insurance companies \| Fairfax India 5.00% unsecured senior notes due 2028
Borrowings
Interest rate	5%	5%	5%	5%								5%	5%	5%	5%
Borrowings, Principal		$ 441.6											$ 441.6
Carrying value		439.9											439.4
Fair value		414.3											399.4
Non-insurance companies \| Sleep Country credit facilities, unsecured senior notes, and loans
Borrowings
Borrowings, Principal		468.7
Carrying value		456.6
Fair value		468.7
Non-insurance companies \| AGT credit facilities, senior notes and loans
Borrowings
Borrowings, Principal		467.5											493.5
Carrying value		464.8											491
Fair value		465											488
Non-insurance companies \| Peak Achievement credit facilities and loans
Borrowings
Borrowings, Principal		436
Carrying value		432.7
Fair value		436
Non-insurance companies \| Fairfax India subsidiary borrowings
Borrowings
Borrowings, Principal		96.3											75.8
Carrying value		96.3											75.8
Fair value		96.3											75.8
Non-insurance companies \| Recipe credit facilities, senior notes and loans
Borrowings
Borrowings, Principal		309.6											400.2
Carrying value		308.2											398.2
Fair value		299.2											384.8
Non-insurance companies \| Grivalia Hospitality bond loans
Borrowings
Borrowings, Principal		235.1											205.8
Carrying value		234.1											205.2
Fair value		234.1											205.2
Non-insurance companies \| Loans and revolving credit facilities primarily at floating rates
Borrowings
Borrowings, Principal		464											289.4
Carrying value		462.9											289.4
Fair value		$ 464											$ 289.4

Borrowings - New Transactions (

Borrowings - New Transactions (Details) $ in Millions, $ in Millions	Dec. 20, 2024 USD ($)	Nov. 22, 2024 USD ($)	Jul. 24, 2024 USD ($)	Jul. 19, 2024 USD ($)	Jul. 17, 2024 USD ($)	Jun. 24, 2024 USD ($)	Mar. 22, 2024 USD ($)	Mar. 15, 2024 CAD ($)	Jan. 29, 2024 USD ($)	Jan. 12, 2024 USD ($)	Feb. 20, 2025 USD ($)	Feb. 14, 2025 USD ($)	Feb. 13, 2025 USD ($)	Jan. 24, 2025 CAD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)	Nov. 29, 2024 USD ($)	Nov. 28, 2024 CAD ($)	Nov. 22, 2024 CAD ($)	Nov. 15, 2024 CAD ($)	Nov. 14, 2024 CAD ($)	Oct. 18, 2024 USD ($)	Oct. 17, 2024 USD ($)	Oct. 01, 2024 USD ($)	Oct. 01, 2024 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 07, 2023 USD ($)
Borrowings
Borrowings, Principal															$ 11,874.1											$ 9,851.2
Meadow Foods
Borrowings
Borrowings included in acquisition																	$ 239.5
4.95% due March 3, 2025 (Cdn$348.6)
Borrowings
Interest rate															4.95%	4.95%
Holding company
Borrowings
Borrowings, Principal															$ 7,976.1											7,053.6
Holding company \| 6.00% due December 7, 2033
Borrowings
Borrowings, Principal						$ 150				$ 600					$ 750											400		$ 400
Interest rate						6%				6%					6%	6%												6%
Re-opening of principal amount of notes						$ 150				$ 200
Net proceeds excluding accrued interest after discount, commissions and expenses						152.9				$ 200.2
Holding company \| 4.875% due August 13, 2024
Borrowings
Borrowings, Principal																										$ 279.3
Interest rate									4.875%																	4.875%	4.875%
Amount of principal redeemed									$ 279.3
Redemption of debt, cash consideration									$ 285.6
Holding company \| 4.95% due March 3, 2025 (Cdn$348.6)
Borrowings
Borrowings, Principal																										$ 264.3	$ 348.6
Interest rate																										4.95%	4.95%
Amount of principal redeemed								$ 348.6
Redemption of debt, cash consideration								$ 349.1
Holding company \| Notes Payable
Borrowings
Borrowings, Principal															$ 495											$ 660
Holding company \| Revolving Credit Facility
Borrowings
Borrowings, Principal					$ 2,000
Ratio of consolidated debt to consolidated capitalization					0.35
Required minimum of shareholders' equity balance					$ 11,500
Maximum borrowing capacity															2,000
Holding company \| 6.35% due March 22, 2054
Borrowings
Borrowings, Principal							$ 1,000								$ 1,000
Interest rate							6.35%								6.35%	6.35%
Net proceeds excluding accrued interest after discount, commissions and expenses							$ 988.1
Holding company \| 4.73% due November 22, 2034 (Cdn$450.0)
Borrowings
Borrowings, Principal		$ 321.9													$ 312.9	$ 450			$ 450
Interest rate		4.73%													4.73%	4.73%			4.73%
Net proceeds excluding accrued interest after discount, commissions and expenses		$ 320.2
Holding company \| 4.73% due November 22, 2034 (Cdn$450.0) \| Hedges of net investment in Canadian subsidiaries
Borrowings
Principal amount of hedged item																			$ 450
Holding company \| 5.23% due November 23, 2054
Borrowings
Borrowings, Principal		$ 178.8													$ 173.8	$ 250			$ 250
Interest rate		5.23%													5.23%	5.23%			5.23%
Net proceeds excluding accrued interest after discount, commissions and expenses		$ 177.8
Holding company \| 5.23% due November 23, 2054 \| Hedges of net investment in Canadian subsidiaries
Borrowings
Principal amount of hedged item																			$ 250
Insurance and reinsurance companies
Borrowings
Borrowings, Principal															$ 979.2											891.3
Insurance and reinsurance companies \| Gulf Insurance floating rate long term loans due 2027
Borrowings
Borrowings, Principal															$ 165											172.9
Insurance and reinsurance companies \| Allied World senior notes, 4.35% due October 29, 2025
Borrowings
Borrowings, Principal																										$ 500
Interest rate															4.35%	4.35%										4.35%	4.35%
Insurance and reinsurance companies \| Allied World senior notes, 4.35% due October 29, 2025 \| Allied World
Borrowings
Borrowings, Principal			$ 500
Interest rate			4.35%
Redemption of debt, cash consideration			$ 505.1
Insurance and reinsurance companies \| Allied World primary co-obligor on 6.10% unsecured senior notes due March 15, 2055
Borrowings
Borrowings, Principal						$ 600									$ 600
Interest rate						6.10%									6.10%	6.10%
Net proceeds excluding accrued interest after discount, commissions and expenses						$ 591.7
Cash received from holding company				$ 596.6
Non-insurance companies
Borrowings
Borrowings, Principal															$ 2,918.8											$ 1,906.3
Non-insurance companies \| Sleep Country Canada Holdings Inc. (Sleep Country)
Borrowings
New non-recourse borrowings																								$ 317.9	$ 429.2
Non-insurance companies \| Peak Achievement Athletics
Borrowings
New non-recourse borrowings	$ 339
Non-insurance companies \| Fairfax India
Borrowings
Maximum borrowing capacity												$ 250	$ 175
Non-insurance companies \| Fairfax India \| Bangalore International Airport Limited
Borrowings
Letter of credit, outstanding											$ 170.9
Percentage of interests acquired											10%
Non-insurance companies \| Loans and revolving credit facilities primarily at floating rates
Borrowings
Borrowings, Principal															464											$ 289.4
Non-insurance companies \| Loans and revolving credit facilities primarily at floating rates \| Meadow Foods
Borrowings
Borrowings included in acquisition															235.9
Non-insurance companies \| Loans and revolving credit facilities primarily at floating rates \| Boat Rocker
Borrowings
Maximum borrowing capacity																						$ 85	$ 250
Non-insurance companies \| Loans and revolving credit facilities primarily at floating rates \| Sporting Life
Borrowings
Maximum borrowing capacity														$ 111
Non-insurance companies \| Unsecured senior Notes 6.625 percent due november 28 2032 \| Sleep Country Canada Holdings Inc. (Sleep Country)
Borrowings
Borrowings, Principal																		$ 450
Interest rate																		6.625%
Non-insurance companies \| AGT credit facilities
Borrowings
Maximum borrowing capacity																				$ 690	$ 710
Non-insurance companies \| Peak Achievement credit facilities and loans
Borrowings
Borrowings, Principal															$ 436
Non-insurance companies \| Peak Achievement credit facilities and loans \| Peak Achievement Athletics
Borrowings
Net proceeds from borrowings	$ 436

Borrowings - Changes in the car

Borrowings - Changes in the carrying values of borrowings (Details) - USD ($) $ in Millions		12 Months Ended
	Jul. 19, 2024	Dec. 31, 2024	Dec. 31, 2023
Changes in the carrying values of borrowings
Balance - January 1		$ 9,723.5	$ 8,624.9
Cash inflows from issuances		3,811.8	622.5
Cash outflows from repayments		(1,875)	(193.5)
Net cash inflows (outflows) from credit facilities and short term loans		(51.2)	(195.4)
Non-cash changes:
Acquisition of subsidiaries		466.6	752.1
Gain on redemption		(1.4)	(28.7)
Foreign exchange effect and other		(320.6)	141.6
Balance - December 31		11,753.7	9,723.5
Holding company
Changes in the carrying values of borrowings
Balance - January 1		6,928.9	5,887.6
Cash inflows from issuances		2,430.9	393.9
Cash outflows from repayments		(702.1)	(21.8)
Non-cash changes:
Acquisition of subsidiaries			579.2
Gain on redemption			(1.7)
Transfer		(594.2)
Foreign exchange effect and other		(181.1)	91.7
Balance - December 31		7,882.4	6,928.9
Insurance and reinsurance companies
Changes in the carrying values of borrowings
Balance - January 1		895.6	733.4
Cash outflows from repayments		(507.7)	(7.8)
Net cash inflows (outflows) from credit facilities and short term loans			(10)
Non-cash changes:
Acquisition of subsidiaries			172.9
Gain on redemption		(1.4)	(2.7)
Transfer		594.2
Foreign exchange effect and other		(4.9)	9.8
Balance - December 31		975.8	895.6
Insurance and reinsurance companies \| Allied World primary co-obligor on 6.10% unsecured senior notes due March 15, 2055
Non-cash changes:
Balance - December 31		594.2
Cash received from holding company	$ 596.6
Non-insurance companies
Changes in the carrying values of borrowings
Balance - January 1		1,899	2,003.9
Cash inflows from issuances		1,380.9	228.6
Cash outflows from repayments		(665.2)	(163.9)
Net cash inflows (outflows) from credit facilities and short term loans		(51.2)	(185.4)
Non-cash changes:
Acquisition of subsidiaries		466.6
Gain on redemption			(24.3)
Foreign exchange effect and other		(134.6)	40.1
Balance - December 31		$ 2,895.5	$ 1,899

Borrowings - Principal Repaymen

Borrowings - Principal Repayments (Details) $ in Millions	Dec. 31, 2024 USD ($)
Borrowings
Principal repayments on borrowings	$ 11,874.1
2024
Borrowings
Principal repayments on borrowings	487.9
2025
Borrowings
Principal repayments on borrowings	764
2026
Borrowings
Principal repayments on borrowings	1,261.2
2027
Borrowings
Principal repayments on borrowings	2,099.2
2028
Borrowings
Principal repayments on borrowings	713.6
Thereafter
Borrowings
Principal repayments on borrowings	6,548.2
Holding company
Borrowings
Principal repayments on borrowings	7,976.1
Holding company \| 2024
Borrowings
Principal repayments on borrowings	165
Holding company \| 2025
Borrowings
Principal repayments on borrowings	569.7
Holding company \| 2026
Borrowings
Principal repayments on borrowings	617
Holding company \| 2027
Borrowings
Principal repayments on borrowings	1,376.6
Holding company \| 2028
Borrowings
Principal repayments on borrowings	347.7
Holding company \| Thereafter
Borrowings
Principal repayments on borrowings	4,900.1
Insurance and reinsurance companies
Borrowings
Principal repayments on borrowings	979.2
Insurance and reinsurance companies \| 2024
Borrowings
Principal repayments on borrowings	50.5
Insurance and reinsurance companies \| 2025
Borrowings
Principal repayments on borrowings	39.1
Insurance and reinsurance companies \| 2026
Borrowings
Principal repayments on borrowings	76.4
Insurance and reinsurance companies \| 2027
Borrowings
Principal repayments on borrowings	38.8
Insurance and reinsurance companies \| 2028
Borrowings
Principal repayments on borrowings	0.3
Insurance and reinsurance companies \| Thereafter
Borrowings
Principal repayments on borrowings	774.1
Non-insurance companies
Borrowings
Principal repayments on borrowings	2,918.8
Non-insurance companies \| 2024
Borrowings
Principal repayments on borrowings	272.4
Non-insurance companies \| 2025
Borrowings
Principal repayments on borrowings	155.2
Non-insurance companies \| 2026
Borrowings
Principal repayments on borrowings	567.8
Non-insurance companies \| 2027
Borrowings
Principal repayments on borrowings	683.8
Non-insurance companies \| 2028
Borrowings
Principal repayments on borrowings	365.6
Non-insurance companies \| Thereafter
Borrowings
Principal repayments on borrowings	$ 874

Borrowings - Interest Expense (

Borrowings - Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Borrowings
Interest expense	$ 649	$ 510
Holding company and insurance and reinsurance companies
Borrowings
Interest expense on borrowings	456.6	330.5
Non-insurance companies
Borrowings
Interest expense on borrowings	136.7	130
Interest expense on lease liabilities	$ 55.7	$ 49.5

Total Equity - Authorized and I

Total Equity - Authorized and Issued capital (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Multiple voting shares
Total Equity
Voting percentage of multiple voting shares	41.80%
Number of shares issued	1,548,000	1,548,000
Subordinate voting shares
Total Equity
Number of shares issued	22,886,704	24,233,657
Number of shares reserved for share-based payments	1,967,008	1,979,179

Total Equity - Common Stock, Nu

Total Equity - Common Stock, Number of shares outstanding (Details) - shares	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Common shares
Number of shares outstanding:
Beginning balance, shares outstanding (in shares)		23,003,248
Ending balance, shares outstanding (in shares)	21,668,466	21,668,466	23,003,248
Multiple and subordinate voting shares
Number of shares outstanding:
Interest in multiple and subordinate voting shares held through ownership interest in shareholder	(799,230)	(799,230)	(799,230)
Subordinate voting shares
Number of shares outstanding:
Beginning balance, shares outstanding (in shares)		22,254,478	22,576,535
Purchases for cancellation (in shares)		(1,346,953)	(364,723)
Treasury shares acquired (in shares)	(207,974)	(207,974)	(110,528)
Treasury shares reissued (in shares)		220,145	153,194
Ending balance, shares outstanding (in shares)	20,919,696	20,919,696	22,254,478
Multiple voting shares
Number of shares outstanding:
Beginning balance, shares outstanding (in shares)		1,548,000	1,548,000
Ending balance, shares outstanding (in shares)	1,548,000	1,548,000	1,548,000

Total Equity - Common stock - n

Total Equity - Common stock - narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Total Equity
Reduction of issued capital purchases for cancellation		$ 1,815.7	$ 273.6
Subordinate voting shares
Total Equity
Purchases for cancellation (in shares)		1,346,953	364,723
Cost of shares purchased for cancellation		$ 1,588.4	$ 273.6
Treasury shares acquired (in shares)	207,974	207,974	110,528
Value of treasury shares purchased	$ 240.4		$ 89.6
Treasury shares reissued (in shares)		220,145	153,194
Treasury shares reissued cost		$ 108.3	$ 74.2
Award vesting period		5 years
Compensation expense		$ 164.9	147
Subordinate voting shares \| Prem Watsa
Total Equity
Purchases for cancellation (in shares)		275,000
Cost of shares purchased for cancellation		$ 304.3
Retained earnings
Total Equity
Reduction of issued capital purchases for cancellation		$ 1,254.7	$ 183.2

Total Equity - Dividends Paid (

Total Equity - Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Millions				12 Months Ended
	Jan. 23, 2025	Jan. 25, 2024	Jan. 26, 2023	Dec. 31, 2024	Dec. 31, 2023
Total Equity
Dividend per share (in dollars per share)				$ 15	$ 10
Total cash payment				$ 657.8	$ 449.7
Multiple and subordinate voting shares
Total Equity
Dividend per share (in dollars per share)	$ 15	$ 15	$ 10
Total cash payment	$ 343.6	$ 363.1	$ 245.2

Total Equity - Preferred Shares

Total Equity - Preferred Shares (Details) $ / shares in Units, $ in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2025 CAD ($) $ / shares shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2024 CAD ($) $ / shares shares
Total Equity
Dividends paid \| $		$ 48.6	$ 49.7
Redemption price per share \| $ / shares				$ 25
Recognized gain \| $		53.5
Redemptions \| $		173.8
Preferred shares
Total Equity
Stated capital		$ 1,108.2	1,335.5	$ 1,206
Liquidation preference per share (in dollars per share) \| $ / shares				$ 25
Floating dividend payment basis		three-month Government of Canada treasury bill yield
Dividends paid \| $		$ 48.6	$ 49.7
Series E
Total Equity
Number of shares outstanding (in shares) \| shares		5,440,132		5,440,132
Stated capital		$ 124.5		$ 136
Liquidation preference per share (in dollars per share) \| $ / shares				$ 25
Fixed dividend rate per annum		3.18%
Fixed dividend rate (Percent)		2.16%		2.16%
Series E \| Major ordinary share transactions
Total Equity
Number of shares redeemed \| shares	5,440,132
Redemption price per share \| $ / shares	$ 25
Redemptions \| $	$ 136
Series F
Total Equity
Number of shares outstanding (in shares) \| shares		2,099,046		2,099,046
Stated capital		$ 48		$ 52.5
Liquidation preference per share (in dollars per share) \| $ / shares				$ 25
Floating dividend rate per annum		5.64%
Adjustment to floating rate basis for payment of dividends		2.16%		2.16%
Series F \| Major ordinary share transactions
Total Equity
Number of shares redeemed \| shares	2,099,046
Redemption price per share \| $ / shares	$ 25
Redemptions \| $	$ 52.5
Series G
Total Equity
Number of shares outstanding (in shares) \| shares		7,719,843		7,719,843
Stated capital		$ 182.1		$ 193
Liquidation preference per share (in dollars per share) \| $ / shares				$ 25
Fixed dividend rate per annum		2.96%
Fixed dividend rate (Percent)		2.56%		2.56%
Series H
Total Equity
Number of shares outstanding (in shares) \| shares		2,280,157		2,280,157
Stated capital		$ 53.8		$ 57
Liquidation preference per share (in dollars per share) \| $ / shares				$ 25
Floating dividend rate per annum		6.04%
Adjustment to floating rate basis for payment of dividends		2.56%		2.56%
Series I
Total Equity
Number of shares outstanding (in shares) \| shares		10,420,101		10,420,101
Stated capital		$ 250.5		$ 260.5
Liquidation preference per share (in dollars per share) \| $ / shares				$ 25
Fixed dividend rate per annum		3.33%
Fixed dividend rate (Percent)		2.85%		2.85%
Series J
Total Equity
Number of shares outstanding (in shares) \| shares		1,579,899		1,579,899
Stated capital		$ 38		$ 39.5
Liquidation preference per share (in dollars per share) \| $ / shares				$ 25
Floating dividend rate per annum		6.33%
Adjustment to floating rate basis for payment of dividends		2.85%		2.85%
Series K
Total Equity
Number of shares outstanding (in shares) \| shares		9,500,000		9,500,000
Stated capital		$ 231.7		$ 237.5
Liquidation preference per share (in dollars per share) \| $ / shares				$ 25
Fixed dividend rate per annum		5.05%
Fixed dividend rate (Percent)		3.51%		3.51%
Series M
Total Equity
Number of shares outstanding (in shares) \| shares		9,200,000		9,200,000
Stated capital		$ 179.6		$ 230
Liquidation preference per share (in dollars per share) \| $ / shares				$ 25
Fixed dividend rate per annum		5%
Fixed dividend rate (Percent)		3.98%		3.98%
Series M \| Major ordinary share transactions
Total Equity
Number of shares redeemed \| shares	9,200,000
Redemption price per share \| $ / shares	$ 25
Redemptions \| $	$ 230
Series C
Total Equity
Stated capital \| $		$ 170.8
Number of shares redeemed \| shares		7,515,642
Redemption value		$ 130.6		$ 187.9
Series D
Total Equity
Stated capital \| $		$ 56.5
Number of shares redeemed \| shares		2,484,358
Redemption value		$ 43.2		$ 62.1
Series L
Total Equity
Adjustment to floating rate basis for payment of dividends		3.51%		3.51%
Series N
Total Equity
Adjustment to floating rate basis for payment of dividends		3.98%		3.98%

Total Equity - Accumulated Othe

Total Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Pre-tax amount
Foreign currency translation losses	$ (1,333.2)	$ (983.1)
Share of accumulated other comprehensive loss of associates, excluding net gains (losses) on defined benefit plans	(307.7)	(169)
Items that may be subsequently reclassified to net earnings	(1,640.9)	(1,152.1)
Net gains (losses) on defined benefit plans	57.8	(1.9)
Share of net gains (losses) on defined benefit plans of associates	(8.2)	(9.1)
Other	178.2	153.1
Items that will not be subsequently reclassified to net earnings	227.8	142.1
Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax	(1,413.1)	(1,010)
Income tax (expense) recovery
Foreign currency translation losses	42.8	42.2
Share of accumulated other comprehensive income (loss) of associates, excluding net losses on defined benefit plans	28.2	11.7
Items that may be subsequently reclassified to net earnings	71	53.9
Net losses on defined benefit plans	(8.2)	9.9
Share of net losses on defined benefit plans of associates	0.1	(0.1)
Other	(33.8)	(15.9)
Items that will not be subsequently reclassified to net earnings	(41.9)	(6.1)
Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax	29.1	47.8
After-tax amount
Foreign currency translation losses	(1,290.4)	(940.9)
Share of accumulated other comprehensive income (loss) of associates, excluding net losses on defined benefit plans	(279.5)	(157.3)
Items that may be subsequently reclassified to net earnings	(1,569.9)	(1,098.2)
Net losses on defined benefit plans	49.6	8
Share of net losses on defined benefit plans of associates	(8.1)	(9.2)
Other	144.4	137.2
Items that will not be subsequently reclassified to net earnings	185.9	136
Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax	$ (1,384)	$ (962.2)

Total Equity - Non-Controlling

Total Equity - Non-Controlling Interests (Details) - USD ($) $ in Millions								12 Months Ended
	Dec. 13, 2024	Dec. 12, 2024	Apr. 25, 2024	Apr. 24, 2024	Dec. 26, 2023	Jun. 23, 2023	Sep. 27, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total equity
Carrying value								$ 4,281.2	$ 4,750.4
Net earnings (loss) attributable to non-controlling interests								$ 388	$ 713.1
Allied World
Total equity
Cash consideration for shares purchased from minority shareholders						$ 30.6
Proportion of ownership interest in subsidiary						83.40%	82.90%		83.40%
Brit
Total equity
Proportion of ownership interest in subsidiary	100%	86.20%
Consideration paid	$ 525.9
Gulf Insurance
Total equity
Proportion of ownership interest in subsidiary			97.10%	90%
Fairfax India
Total equity
Economic ownership percentage								57.30%	57.50%
Voting percentage								4.80%	4.80%
Brit \| Ki Insurance
Total equity
Carrying value									$ 466.3
Proportion of ownership interest in subsidiary								20%
Proportion of voting rights held								51%
Gulf Insurance
Total equity
Proportion of ownership interest in subsidiary			97.10%		90%					43.70%
Cash consideration			$ 126.7		$ 176.9
Global Insurers and Reinsurers
Total equity
Dividends paid								$ 256.3	180.3
Insurance and reinsurance companies
Total equity
Carrying value								2,740.2	3,115.8
Net earnings (loss) attributable to non-controlling interests								$ 450.6	$ 509.7
Insurance and reinsurance companies \| Allied World
Total equity
Economic ownership percentage								16.60%	16.60%
Carrying value								$ 989	$ 972.7
Net earnings (loss) attributable to non-controlling interests								$ 176.1	$ 211.8
Insurance and reinsurance companies \| Odyssey Group
Total equity
Economic ownership percentage								9.99%	9.99%
Carrying value								$ 665.7	$ 602.3
Net earnings (loss) attributable to non-controlling interests								128.1	$ 104.9
Insurance and reinsurance companies \| Brit
Total equity
Economic ownership percentage									13.80%
Carrying value								532.6	$ 881.2
Net earnings (loss) attributable to non-controlling interests								$ 137.4	$ 188.1
Insurance and reinsurance companies \| Gulf Insurance
Total equity
Economic ownership percentage								2.90%	9.99%
Carrying value								$ 494.1	$ 605.3
Net earnings (loss) attributable to non-controlling interests								1.7
Insurance and reinsurance companies \| All other
Total equity
Carrying value								58.8	54.3
Net earnings (loss) attributable to non-controlling interests								7.3	4.9
Non-insurance companies
Total equity
Carrying value								1,541	1,634.6
Net earnings (loss) attributable to non-controlling interests								(62.6)	203.4
Non-insurance companies \| Restaurants and retail
Total equity
Carrying value								147.7	163.5
Net earnings (loss) attributable to non-controlling interests								$ 9.2	$ 5.6
Non-insurance companies \| Fairfax India
Total equity
Economic ownership percentage								57.30%	57.50%
Carrying value								$ 1,029.9	$ 1,131.1
Net earnings (loss) attributable to non-controlling interests								$ (63.7)	$ 235.4
Non-insurance companies \| Thomas Cook India
Total equity
Economic ownership percentage								35.50%	35.40%
Carrying value								$ 97.1	$ 86
Net earnings (loss) attributable to non-controlling interests								11.7	6
Non-insurance companies \| All other
Total equity
Carrying value								266.3	254
Net earnings (loss) attributable to non-controlling interests								$ (19.8)	$ (43.6)

Total Equity - Net Changes In C

Total Equity - Net Changes In Capitalization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Redemption of Series C and Series D cumulative preferred shares	$ 53.5
As presented in other net changes in capitalization in the consolidated statement of changes in equity	(555.5)	$ (319.3)
Common shareholders' equity
Redemption of Series C and Series D cumulative preferred shares	53.5
Other	(75)	(63)
As presented in other net changes in capitalization in the consolidated statement of changes in equity	(42)	(67.2)
Non-controlling interests
Other	29.5	(30.9)
As presented in other net changes in capitalization in the consolidated statement of changes in equity	(513.5)	(252.1)
RiverStone Barbados \| Common shareholders' equity \| RiverStone Barbados AVLNs
Purchase of certain securities held through AVLNs		(45.1)
RiverStone Barbados \| Non-controlling interests \| RiverStone Barbados AVLNs
Purchase of certain securities held through AVLNs		(178)
Thomas Cook India \| Common shareholders' equity
Partial disposition of shares		45.8
Thomas Cook India \| Non-controlling interests
Partial disposition of shares		19.8
Fairfax India \| Common shareholders' equity
Fairfax India share repurchases	(0.8)	(1.9)
Fairfax India \| Non-controlling interests
Fairfax India share repurchases	(7.6)	(35.4)
Allied World \| Common shareholders' equity
Acquisition of non-controlling interests		(3)
Allied World \| Non-controlling interests
Acquisition of non-controlling interests		$ (27.6)
Brit \| Common shareholders' equity
Acquisition of non-controlling interests	(76)
Brit \| Non-controlling interests
Acquisition of non-controlling interests	(449.9)
Gulf Insurance \| Common shareholders' equity
Additional interest acquired in Gulf Insurance through mandatory tender offer (note 21)	(41.2)
Gulf Insurance \| Non-controlling interests
Additional interest acquired in Gulf Insurance through mandatory tender offer (note 21)	(85.5)
Digit \| Common shareholders' equity
Partial disposition of Digit Insurance by Digit on completion of Digit Insurance's initial public offering (note 6)	$ 97.5

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings per Share
Net earnings attributable to shareholders of Fairfax	$ 3,874.9	$ 4,381.8
Preferred share dividends	(48.6)	(49.7)
Excess of book value over consideration of preferred shares redeemed	53.5
Net earnings attributable to common shareholders - basic and diluted	$ 3,879.8	$ 4,332.1
Weighted average common shares outstanding - basic (in shares)	22,373,092	23,182,558
Share-based payment awards (in shares)	1,790,368	1,823,558
Weighted average common shares outstanding - diluted (in shares)	24,163,460	25,006,116
Net earnings per common share - basic (in dollars per share)	$ 173.41	$ 186.87
Net earnings per common share - diluted (in dollars per share)	$ 160.56	$ 173.24

Income Taxes - Provision for in

Income Taxes - Provision for income taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Current income tax:
Current year expense	$ 1,132	$ 648.8
Adjustments to prior years' income taxes	(11.4)	(8.7)
Current income tax	1,120.6	640.1
Deferred income tax:
Origination and reversal of temporary differences	291.3	193.4
Adjustments to prior years' deferred income taxes	(36.3)	(20.1)
Deferred income tax	255	173.3
Provision for income taxes	1,375.6	813.4
Pillar Two global minimum taxes	$ 93.7	$ 0

Income Taxes - Earnings before

Income Taxes - Earnings before income taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segmented Information
Earnings before income taxes	$ 5,638.5	$ 5,908.3
Provision for (recovery of) income taxes	1,375.6	813.4
Net earnings	4,262.9	5,094.9
Canada
Segmented Information
Earnings before income taxes	1,089.9	1,115.6
Provision for (recovery of) income taxes	499.9	234.9
Net earnings	590	880.7
U.S.
Segmented Information
Earnings before income taxes	2,182.8	1,764.3
Provision for (recovery of) income taxes	454	362.2
Net earnings	1,728.8	1,402.1
U.K.
Segmented Information
Earnings before income taxes	662.5	881.9
Provision for (recovery of) income taxes	81.2	(48.5)
Net earnings	581.3	930.4
Other
Segmented Information
Earnings before income taxes	1,703.3	2,146.5
Provision for (recovery of) income taxes	340.5	264.8
Net earnings	$ 1,362.8	$ 1,881.7

Income Taxes - Income tax recon

Income Taxes - Income tax reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Taxes
Canadian statutory income tax rate	26.50%	26.50%
Provision for income taxes at the Canadian statutory income tax rate	$ 1,494.2	$ 1,565.7
Non-taxable investment income and losses	(88.2)	(182.3)
Tax rate differential on income and losses outside Canada	(140)	(473.2)
Pillar Two global minimum taxes	93.7	0
Change in unrecorded tax benefit of losses and temporary differences	87.3	(9.7)
Change in tax rate for deferred income taxes	49.1	(132.3)
Recovery relating to prior years	(47.7)	(28.8)
Foreign exchange effect	(23.3)	12.5
Other including permanent differences	44.2	61.5
Provision for income taxes	$ 1,375.6	813.4
Change in deferred income tax asset		$ 140.8

Income Taxes - Income taxes ref

Income Taxes - Income taxes refundable and payable (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Income taxes refundable	$ 86.7	$ 59
Income taxes payable	(432.3)	(306.9)
Net income taxes payable	$ (345.6)	$ (247.9)	$ (293.9)

Income Taxes - Changes in net i

Income Taxes - Changes in net income taxes payable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Changes in net income taxes payable
Balance - January 1	$ (247.9)	$ (293.9)
Amounts recorded in the consolidated statements of earnings	(1,120.6)	(640.1)
Payments made during the year	1,005.6	713.9
Acquisitions of subsidiaries	(8.6)	(31.3)
Foreign exchange effect and other	25.9	3.5
Balance - December 31	$ (345.6)	$ (247.9)

Income Taxes - Changes in net d

Income Taxes - Changes in net deferred income tax asset (liability) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of changes in the net deferred income tax asset (liability)
Balance - January 1	$ (949.2)	$ (730.7)
Amounts recorded in the consolidated statement of earnings	(255)	(173.3)
Amounts recorded in total equity	(7.6)	15
Acquisitions of subsidiaries	(207)	(60.9)
Foreign exchange effect and other	29.8	0.7
Balance - December 31	(1,389)	(949.2)
Operating and capital losses
Reconciliation of changes in the net deferred income tax asset (liability)
Balance - January 1	313.4	226.8
Amounts recorded in the consolidated statement of earnings	(59.8)	57.2
Amounts recorded in total equity	5.8	15
Acquisitions of subsidiaries	10.7	(0.3)
Foreign exchange effect and other	(16)	14.7
Balance - December 31	254.1	313.4
Investments
Reconciliation of changes in the net deferred income tax asset (liability)
Balance - January 1	(611.8)	(193)
Amounts recorded in the consolidated statement of earnings	(183.7)	(411.8)
Amounts recorded in total equity	14.4	(5.8)
Acquisitions of subsidiaries	0.1	2.7
Foreign exchange effect and other	13.5	(3.9)
Balance - December 31	(767.5)	(611.8)
Insurance and reinsurance held contracts
Reconciliation of changes in the net deferred income tax asset (liability)
Balance - January 1	(358)	(382.8)
Amounts recorded in the consolidated statement of earnings	(119)	41.1
Acquisitions of subsidiaries	(0.3)	(4.1)
Foreign exchange effect and other	0.5	(12.2)
Balance - December 31	(476.8)	(358)
Intangible assets
Reconciliation of changes in the net deferred income tax asset (liability)
Balance - January 1	(308.3)	(376.1)
Amounts recorded in the consolidated statement of earnings	36.3	116.6
Acquisitions of subsidiaries	(186.1)	(46.2)
Foreign exchange effect and other	15.3	(2.6)
Balance - December 31	(442.8)	(308.3)
Tax credits
Reconciliation of changes in the net deferred income tax asset (liability)
Balance - January 1	33.6	75.4
Amounts recorded in the consolidated statement of earnings	25.5	(20.2)
Acquisitions of subsidiaries	(0.3)
Foreign exchange effect and other	0.2	(21.6)
Balance - December 31	59	33.6
Other
Reconciliation of changes in the net deferred income tax asset (liability)
Balance - January 1	(18.1)	(81)
Amounts recorded in the consolidated statement of earnings	45.7	43.8
Amounts recorded in total equity	(27.8)	5.8
Acquisitions of subsidiaries	(31.1)	(13)
Foreign exchange effect and other	16.3	26.3
Balance - December 31	$ (15)	$ (18.1)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Taxes
Unremitted earnings of subsidiaries	$ 16,200	$ 13,400
Allied World, Falcon and Farmers Edge
Income Taxes
Deferred income tax assets not recorded	208.1	341.6
Canada
Income Taxes
Deferred income tax assets not recorded	2,016.5	2,075.4
Europe
Income Taxes
Deferred income tax assets not recorded	703.6	624.6
United States
Income Taxes
Deferred income tax assets not recorded	$ 375.6	377.8
Switzerland \| Allied World
Income Taxes
Operating loss carryforward, expiration period	7 years
Operating and capital losses
Income Taxes
Deferred income tax assets not recorded	$ 965.7	$ 899.8

Statutory Requirements (Details

Statutory Requirements (Details) - USD ($) $ in Millions	12 Months Ended
Statutory Requirements (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Statutory Requirements
Common share dividends	$ 657.8	$ 449.7
Dividend capacity available	3,164.7
North American Insurers
Statutory Requirements
Dividend capacity available	702.4
North American Insurers \| Northbridge
Statutory Requirements
Dividend capacity available	362.1
North American Insurers \| Crum & Forster
Statutory Requirements
Dividend capacity available	269.7
North American Insurers \| Zenith National
Statutory Requirements
Dividend capacity available	70.6
Global Insurers and Reinsurers
Statutory Requirements
Dividend capacity available	2,368.6
Global Insurers and Reinsurers \| Allied World
Statutory Requirements
Dividend capacity available	1,475.2
Global Insurers and Reinsurers \| Odyssey Group
Statutory Requirements
Dividend capacity available	788.8
Global Insurers and Reinsurers \| Brit
Statutory Requirements
Dividend capacity available	104.6
International Insurers and Reinsurers \| Gulf Insurance
Statutory Requirements
Dividend capacity available	93.7
Insurance and reinsurance companies
Statutory Requirements
Common share dividends	$ 1,955.6	$ 787.8

Contingencies and Commitments (

Contingencies and Commitments (Details) $ in Millions	Dec. 31, 2024 USD ($)
Contingencies and Commitments
Maximum capital commitments for first mortgage loans	$ 3,811.9
Maximum capital commitments for common stocks, limited partnerships, associates and joint ventures	1,498.8
Lloyd's participants \| Cash and cash equivalents
Contingencies and Commitments
Financial assets pledged as collateral	208.6
Lloyd's participants \| Securities \| Financial assets at fair value
Contingencies and Commitments
Financial assets pledged as collateral	$ 1,640.2

Acquisitions and Divestitures -

Acquisitions and Divestitures - Acquisition of Peak Achievement Athletics Inc. (Details) - Peak Achievement Athletics, Inc. - USD ($) $ in Millions		12 Months Ended
	Dec. 20, 2024	Dec. 31, 2023
Acquisitions and Divestitures
Percentage equity interest in acquiree	100%	42.60%
Purchase consideration	$ 765
New non-recourse borrowings	339
Fair value of equity interest previously held	325.7
Cash consideration	100.3
Gain on remeasurement of previously held equity interest	$ 203.4
Sagard Holdings Inc.
Acquisitions and Divestitures
Percentage of interests acquired	42.60%
Other Minority Shareholders
Acquisitions and Divestitures
Percentage of interests acquired	14.80%

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Acquisition of Meadow Foods Limited (Details) - Nov. 29, 2024 - Meadow Foods £ in Millions, $ in Millions	USD ($)	GBP (£)
Acquisitions and Divestitures
Percentage equity interest in acquiree	93.20%
Purchase consideration	$ 333.1
Fair value of equity interest previously held	250.5	£ 197.1
Additional consideration	$ 82.6	£ 65

Acquisitions and Divestitures_3

Acquisitions and Divestitures - Acquisition of Sleep Country Canada Holdings Inc. (Details) - Oct. 01, 2024 - Sleep Country $ / shares in Units, $ in Millions, $ in Millions	USD ($) $ / shares	CAD ($)
Acquisitions and Divestitures
Purchase consideration	$ 880.6	$ 1,200
Cash consideration for acquisition of shares, per share	$ 35
Cash consideration	$ 562.7	759.9
New non-recourse borrowings	$ 317.9	$ 429.2

Acquisitions and Divestitures_4

Acquisitions and Divestitures - Fair value of assets and liabilities in connections with acquisitions (Details) $ in Millions, $ in Billions				12 Months Ended
	Dec. 20, 2024 USD ($)	Nov. 29, 2024 USD ($)	Oct. 01, 2024 USD ($)	Dec. 31, 2023	Dec. 31, 2024 USD ($)	Oct. 01, 2024 CAD ($)
Total
Assets
Portfolio investments					$ 104.5
Deferred income tax assets					17
Goodwill and intangible assets					2,247.5
Other assets					937.5
Total assets					3,306.5
Liabilities
Accounts payable and accrued liabilities					643.3
Deferred income tax liabilities					231.6
Borrowings - non-insurance companies					452.5
Total liabilities					1,327.4
Non-controlling interests					0.4
Purchase consideration					1,978.7
Total					3,306.5
Subsidiary cash and cash equivalents					$ 100.7
Sleep Country
Acquisitions and Divestitures
Percentage equity interest in acquiree			100%
Assets
Portfolio investments			$ 27.9
Deferred income tax assets			16.7
Goodwill and intangible assets			973.2
Other assets			451.4
Total assets			1,469.2
Liabilities
Accounts payable and accrued liabilities			382
Deferred income tax liabilities			76
Borrowings - non-insurance companies			130.6
Total liabilities			588.6
Purchase consideration			880.6			$ 1.2
Total			1,469.2
Goodwill			550.9
Intangible assets			422.3
Property plant and equipment and right of use assets			306.5
Inventory acquired			94.5
Lease liability			226.3
Accounts payable			108.8
Sleep Country \| Brand names
Liabilities
Intangible assets			$ 365.4
Meadow Foods
Acquisitions and Divestitures
Percentage equity interest in acquiree		93.20%
Assets
Portfolio investments		$ 12.5
Goodwill and intangible assets		552.3
Other assets		204.3
Total assets		769.1
Liabilities
Accounts payable and accrued liabilities		107.4
Deferred income tax liabilities		88.7
Borrowings - non-insurance companies		239.5
Total liabilities		435.6
Non-controlling interests		0.4
Purchase consideration		333.1
Total		769.1
Goodwill		225.3
Intangible assets		327
Property plant and equipment and right of use assets		85.9
Revenue receivables		77.8
Accounts payable		78.7
Meadow Foods \| Customer relationships
Liabilities
Intangible assets		$ 241.1
Peak Achievement
Acquisitions and Divestitures
Percentage equity interest in acquiree	100%			42.60%
Assets
Portfolio investments	$ 64.1
Deferred income tax assets	0.3
Goodwill and intangible assets	722
Other assets	281.8
Total assets	1,068.2
Liabilities
Accounts payable and accrued liabilities	153.9
Deferred income tax liabilities	66.9
Borrowings - non-insurance companies	82.4
Total liabilities	303.2
Purchase consideration	765
Total	1,068.2
Goodwill	279
Intangible assets	443
Inventory acquired	87
Revenue receivables	116
Peak Achievement \| Brand names
Liabilities
Intangible assets	$ 342.6

Acquisitions and Divestitures_5

Acquisitions and Divestitures - Acquisition of Gulf Insurance (Details) - Gulf Insurance $ in Millions			12 Months Ended
	Apr. 25, 2024 USD ($)	Dec. 26, 2023 USD ($) item	Dec. 31, 2022
Acquisitions and Divestitures
Proportion of ownership interest in subsidiary	97.10%	90%	43.70%
Percentage of common shares acquired	9.99%	46.30%
Cash consideration	$ 126.7	$ 176.9
Fair value of equity interest previously held		713
Gain on remeasurement of previously held equity interest		$ 279.9
Percentage held by non-controlling interests		9.99%
Purchase consideration paid to KIPCO		$ 756.1
Payment deed		$ 660
Payment deed, number of installment payments \| item		4
Payment deed, amount of installment payments		$ 165
Fair value of payment deed		579.2
Assets
Portfolio investments		2,372.6
Reinsurance contract assets held		571.3
Deferred income tax assets		14.4
Goodwill and intangible assets		967.3
Other assets		459.1
Total assets		4,384.7
Liabilities
Accounts payable and accrued liabilities		292
Deferred income tax liabilities		67.1
Insurance contract payables		34.8
Insurance contract liabilities		1,745.4
Borrowings - non-insurance companies		172.9
Total assets		2,312.2
Non-controlling interests		603.4
Purchase consideration		1,469.1
Total assets		4,384.7
Subsidiary cash and cash equivalents		459.9
Restricted cash and cash equivalents		31.3
Goodwill		347.5
Intangible assets		619.8
Premises and equipment		136.8
Unit-linked life investment contracts		138.1
Customer relationships
Liabilities
Intangible assets		263.9
Distribution networks
Liabilities
Intangible assets		232.8
Brand names
Liabilities
Intangible assets		$ 123

Acquisitions and Divestitures_6

Acquisitions and Divestitures - Sale of Ambridge Group by Brit (Details) - Brit - Ambridge Group $ in Millions	May 10, 2023 USD ($)
Acquisitions and Divestitures
Aggregate consideration received	$ 379
Cash consideration received	265.8
Fair value of promissory note received in sale of business interests	113.2
Pre-tax gain on sale	259.1
After tax gain on sale	259.1
Deconsolidate assets, carrying values	309.3
Deconsolidate liabilities, carrying values	$ 191.3

Financial Risk Management - Con

Financial Risk Management - Concentration of insurance risk (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financial Risk Management.
Insurance	$ 31,064.1	$ 26,934.8
Reinsurance	$ (6,197.7)	(4,977.4)
Reserving risk
Asbestos and environmental claims, maximum settlement period (in years)	40 years
Catastrophe risk
Normalized Net Earnings, Percent Return On Common Shareholders' Equity Adjusted To Pre-Tax Basis	15%
Canada
Financial Risk Management.
Insurance	$ 2,869.1	2,772.7
United States
Financial Risk Management.
Insurance	17,167.6	16,922.7
Middle East and Asia
Financial Risk Management.
Insurance	5,249.5	1,958.6
Other International
Financial Risk Management.
Insurance	5,777.9	5,280.8
Property
Financial Risk Management.
Insurance	10,796.9	9,743.2
Casualty
Financial Risk Management.
Insurance	16,820.5	14,948.4
Specialty
Financial Risk Management.
Insurance	3,446.7	2,243.2
Insurance risk
Financial Risk Management.
Insurance	31,064.1	26,934.8
Reinsurance	(6,197.7)	(4,977.4)
Net insurance revenue	24,866.4	21,957.4
Insurance risk \| Canada
Financial Risk Management.
Insurance	2,868.9	2,772.7
Reinsurance	(265.9)	(286.1)
Net insurance revenue	2,603	2,486.6
Insurance risk \| United States
Financial Risk Management.
Insurance	17,167.9	16,922.7
Reinsurance	(2,870.7)	(3,004.3)
Net insurance revenue	14,297.2	13,918.4
Insurance risk \| Middle East and Asia
Financial Risk Management.
Insurance	5,249.6	1,958.6
Reinsurance	(1,790.5)	(433.8)
Net insurance revenue	3,459.1	1,524.8
Insurance risk \| Other International
Financial Risk Management.
Insurance	5,777.7	5,280.8
Reinsurance	(1,270.6)	(1,253.2)
Net insurance revenue	4,507.1	4,027.6
Insurance risk \| Property
Financial Risk Management.
Net insurance revenue	8,524.4	7,798.8
Insurance risk \| Property \| Canada
Financial Risk Management.
Net insurance revenue	1,392.4	1,268.1
Insurance risk \| Property \| United States
Financial Risk Management.
Net insurance revenue	3,828.1	4,021.1
Insurance risk \| Property \| Middle East and Asia
Financial Risk Management.
Net insurance revenue	1,320.3	735
Insurance risk \| Property \| Other International
Financial Risk Management.
Net insurance revenue	1,983.6	1,774.6
Insurance risk \| Casualty
Financial Risk Management.
Net insurance revenue	13,739.6	12,411.7
Insurance risk \| Casualty \| Canada
Financial Risk Management.
Net insurance revenue	1,113.8	1,124.4
Insurance risk \| Casualty \| United States
Financial Risk Management.
Net insurance revenue	9,582.3	9,188.7
Insurance risk \| Casualty \| Middle East and Asia
Financial Risk Management.
Net insurance revenue	1,274.1	556
Insurance risk \| Casualty \| Other International
Financial Risk Management.
Net insurance revenue	1,769.4	1,542.6
Insurance risk \| Specialty
Financial Risk Management.
Net insurance revenue	2,602.4	1,746.9
Insurance risk \| Specialty \| Canada
Financial Risk Management.
Net insurance revenue	96.8	94.1
Insurance risk \| Specialty \| United States
Financial Risk Management.
Net insurance revenue	886.8	708.6
Insurance risk \| Specialty \| Middle East and Asia
Financial Risk Management.
Net insurance revenue	864.7	233.8
Insurance risk \| Specialty \| Other International
Financial Risk Management.
Net insurance revenue	754.1	710.4
Life insurance and Run-off
Financial Risk Management.
Insurance	189.6	135.5
Life insurance and Run-off \| United States
Financial Risk Management.
Insurance	10.9	13.2
Life insurance and Run-off \| Middle East and Asia
Financial Risk Management.
Insurance	42
Life insurance and Run-off \| Other International
Financial Risk Management.
Insurance	136.7	122.3
Life insurance and Run-off \| Casualty
Financial Risk Management.
Insurance	10.9	13.2
Life insurance and Run-off \| Specialty
Financial Risk Management.
Insurance	178.7	122.3
Life insurance and Run-off \| Insurance risk
Financial Risk Management.
Net insurance revenue	$ 151.9	$ 118.4

Financial Risk Management - Cre

Financial Risk Management - Credit Risk - Gross credit risk exposure (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Financial Risk Management
Assets associated with unit-linked insurance products and other products	$ 1,368.3	$ 1,204
Income taxes refundable	86.7	59
Credit risk
Financial Risk Management
Maximum exposure to credit risk	61,711.7	60,178.4
Credit risk \| Cash and short term investments
Financial Risk Management
Maximum exposure to credit risk	$ 8,522.6	$ 8,092.8
Credit risk \| Cash and short term investments \| Canada and United States
Financial Risk Management
Risk exposure percentage	69.40%	59.10%
Credit risk \| Cash and short term investments \| Europe
Financial Risk Management
Risk exposure percentage	17.40%	24%
Credit risk \| Cash and short term investments \| Other foreign countries
Financial Risk Management
Risk exposure percentage	13.20%	16.90%
Credit risk \| U.S. sovereign government and other sovereign government rated AA/Aa or higher
Financial Risk Management
Risk exposure percentage	30%	31.40%
Credit risk \| U.S. sovereign government
Financial Risk Management
Maximum exposure to credit risk	$ 15,863.9	$ 16,273.5
Credit risk \| Other sovereign government rated AA/Aa or higher
Financial Risk Management
Maximum exposure to credit risk	4,378.7	4,046.8
Credit risk \| Other sovereign government rated AA/Aa or higher \| Canada
Financial Risk Management
Bonds issued by government	2,294.1	2,471.6
Credit risk \| Other sovereign government rated AA/Aa or higher \| Australia
Financial Risk Management
Bonds issued by government	479.1	378.5
Credit risk \| Other sovereign government rated AA/Aa or higher \| United Kingdom
Financial Risk Management
Bonds issued by government	363.8	321.8
Credit risk \| All other sovereign government
Financial Risk Management
Maximum exposure to credit risk	4,048.7	3,367.1
Credit risk \| All other sovereign government \| Greece
Financial Risk Management
Bonds issued by government	1,130.8	1,234.6
Credit risk \| All other sovereign government \| Brazil
Financial Risk Management
Bonds issued by government	673.9	884.4
Credit risk \| All other sovereign government \| India
Financial Risk Management
Bonds issued by government	628.5	44.6
Credit risk \| Canadian provincials
Financial Risk Management
Maximum exposure to credit risk	446.9	243.5
Credit risk \| U.S. states and municipalities
Financial Risk Management
Maximum exposure to credit risk	179.6	184.5
Credit risk \| Corporate and other
Financial Risk Management
Maximum exposure to credit risk	$ 13,317.7	$ 13,325.6
Risk exposure percentage	19.80%	20.60%
Credit risk \| Investments in first mortgage loans
Financial Risk Management
Maximum exposure to credit risk	$ 4,777.8	$ 4,685.4
Credit risk \| Receivable from counterparties to derivative contracts
Financial Risk Management
Maximum exposure to credit risk	1,291.4	656.6
Credit risk \| Insurance contract receivables
Financial Risk Management
Maximum exposure to credit risk	780.4	926.1
Credit risk \| Reinsurance contracts assets held
Financial Risk Management
Maximum exposure to credit risk	10,682.6	10,887.7
Credit risk \| Other assets
Financial Risk Management
Maximum exposure to credit risk	2,199.2	2,174.2
Assets associated with unit-linked insurance products and other products	1,368.3	1,204
Income taxes refundable	$ 86.7	$ 59

Financial Risk Management - C_2

Financial Risk Management - Credit Risk - Investments in debt instruments (Details) - Credit risk - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
BP Capital Markets America Inc \| Largest single issuer of corporate bonds
Financial Risk Management
Investments in debt instruments	$ 444.7
Risk exposure percentage	0.70%
Bank of Nova Scotia \| Largest single issuer of corporate bonds
Financial Risk Management
Investments in debt instruments		$ 453
Risk exposure percentage		0.70%
Investments in debt instruments
Financial Risk Management
Risk exposure percentage	100%	100%
Corporate and other
Financial Risk Management
Risk exposure percentage	19.80%	20.60%
Bonds, Excluding U.S., Canadian and United Kingdom Sovereign Government Bonds \| Ten largest issuers
Financial Risk Management
Investments in debt instruments	$ 4,931	$ 4,704.6
Risk exposure percentage	7.30%	7.30%
AAA/Aaa \| Investments in debt instruments
Financial Risk Management
Risk exposure percentage	50.10%	52.50%
AA/Aa \| Investments in debt instruments
Financial Risk Management
Risk exposure percentage	6.10%	4.10%
AA/Aa \| Canadian provincials
Financial Risk Management
Net purchases of bonds	$ 192.1
AA/Aa \| Corporate and other
Financial Risk Management
Net purchases of bonds	91.2
AA/Aa \| Other government bonds
Financial Risk Management
Net purchases of bonds	$ 203
A/A \| Investments in debt instruments
Financial Risk Management
Risk exposure percentage	11.20%	10.70%
A/A \| Other government bonds
Financial Risk Management
Net purchases of bonds	$ 165.9
A/A \| Corporate and other
Financial Risk Management
Net purchases of bonds	$ 263
BBB/Baa \| Investments in debt instruments
Financial Risk Management
Risk exposure percentage	12.50%	11.80%
BBB/Baa \| Corporate and other
Financial Risk Management
Net sales of bonds	$ 145.7
BBB/Baa \| Other government bonds
Financial Risk Management
Net purchases of bonds	$ 725.8
BB/Ba \| Investments in debt instruments
Financial Risk Management
Risk exposure percentage	3%	3.90%
BB/Ba \| Corporate and other
Financial Risk Management
Net sales of bonds	$ 176.2
B/B \| Investments in debt instruments
Financial Risk Management
Risk exposure percentage	0.40%	0.50%
B/B \| Other government bonds
Financial Risk Management
Net purchases of bonds	$ 193.7
Lower than B/B \| Investments in debt instruments
Financial Risk Management
Risk exposure percentage	1%	0.30%
Unrated \| Amynta Agency Inc.
Financial Risk Management
Investments in debt instruments	$ 156.2	$ 159.7
Unrated \| ONX Inc.
Financial Risk Management
Investments in debt instruments	125.6	125.6
Unrated \| Duke Royalty UK Limited
Financial Risk Management
Investments in debt instruments	114.6	92.5
Unrated \| Mosaic Capital
Financial Risk Management
Investments in debt instruments	95.2	96.8
Unrated \| Metlen Energy & Metals S.A.
Financial Risk Management
Investments in debt instruments	$ 86.8	101.4
Unrated \| Blackberry Limited
Financial Risk Management
Investments in debt instruments		$ 148.9
Unrated \| Investments in debt instruments
Financial Risk Management
Risk exposure percentage	15.70%	16.20%
Unrated \| Investments in first mortgage loans
Financial Risk Management
Investments in debt instruments	$ 4,777.8	$ 4,685.4
Net purchases of bonds	$ 103.5
Investment grade or better \| Investments in debt instruments
Financial Risk Management
Risk exposure percentage	79.90%	79.10%
AA or better \| Investments in debt instruments
Financial Risk Management
Risk exposure percentage	56.20%	56.60%
Amortized cost
Financial Risk Management
Investments in debt instruments	$ 38,721.1	$ 37,094.3
Amortized cost \| AAA/Aaa
Financial Risk Management
Investments in debt instruments	19,394.3	19,301.4
Amortized cost \| AA/Aa
Financial Risk Management
Investments in debt instruments	2,333.6	1,490.9
Amortized cost \| A/A
Financial Risk Management
Investments in debt instruments	4,241.9	3,977.9
Amortized cost \| BBB/Baa
Financial Risk Management
Investments in debt instruments	4,783.6	4,420.3
Amortized cost \| BB/Ba
Financial Risk Management
Investments in debt instruments	1,316.4	1,422
Amortized cost \| B/B
Financial Risk Management
Investments in debt instruments	167.4	184
Amortized cost \| Lower than B/B
Financial Risk Management
Investments in debt instruments	291.4	87.6
Amortized cost \| Unrated
Financial Risk Management
Investments in debt instruments	6,192.5	6,210.2
Fair value
Financial Risk Management
Investments in debt instruments	38,235.5	37,441
Fair value \| AAA/Aaa
Financial Risk Management
Investments in debt instruments	19,168	19,670.5
Fair value \| AA/Aa
Financial Risk Management
Investments in debt instruments	2,325.3	1,521.9
Fair value \| A/A
Financial Risk Management
Investments in debt instruments	4,273.3	4,012.7
Fair value \| BBB/Baa
Financial Risk Management
Investments in debt instruments	4,778.8	4,414.2
Fair value \| BB/Ba
Financial Risk Management
Investments in debt instruments	1,128.4	1,445.9
Fair value \| B/B
Financial Risk Management
Investments in debt instruments	171.7	182.5
Fair value \| Lower than B/B
Financial Risk Management
Investments in debt instruments	364.6	113.7
Fair value \| Unrated
Financial Risk Management
Investments in debt instruments	$ 6,025.4	$ 6,079.6

Financial Risk Management - C_3

Financial Risk Management - Credit Risk - Counterparties to derivative contracts (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Financial Risk Management
Total derivative assets	$ 1,291.4	$ 656.6
Obligations that may be offset under net settlement arrangements	(38.2)	(48.8)
Fair value of collateral deposited for the benefit of the company	(1,063.4)	(527.9)
Excess collateral pledged by the company in favour of counterparties	9.2	7.2
Net derivative counterparty exposure after net settlement and collateral arrangements	199	87.1
Cash
Financial Risk Management
Financial assets pledged as collateral	50	42.2
Government securities
Financial Risk Management
Financial assets pledged as collateral	$ 1,015.1	$ 492.3

Financial Risk Management - C_4

Financial Risk Management - Credit Risk - Reinsurance contract assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Financial Risk Management
Capital and surplus requirement	$ 500
Funds available for collateralization	1,000
Reinsurance contract assets held	$ 10,682.6	$ 10,887.7
A.M. Best rating A- or higher
Financial Risk Management
Risk exposure percentage	88%
Pools and associations
Financial Risk Management
Risk exposure percentage	12%

Financial Risk Management - Liq

Financial Risk Management - Liquidity Risk (Details) $ / shares in Units, € in Millions, shares in Millions, $ in Millions, $ in Millions		1 Months Ended	12 Months Ended
	Jan. 23, 2025 EUR (€) shares	Mar. 31, 2025 CAD ($)	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2024 CAD ($)	Dec. 31, 2024 EUR (€)	Nov. 22, 2024 CAD ($)	Jul. 17, 2024 USD ($)	Jun. 24, 2024 USD ($)	Jan. 29, 2024	Jan. 12, 2024 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 07, 2023 USD ($)
Financial Risk Management.
Redemptions			$ 173.8
Borrowings, Principal			11,874.1	$ 9,851.2
Holding company cash and investments (net of derivative obligations)			2,502.1	1,749.1
Portfolio investments cash and investments, net			$ 64,864.1	63,009.7
Series E, F and M preferred share \| Major ordinary share transactions
Financial Risk Management.
Redemptions		$ 418.5
4.95% due March 3, 2025 (Cdn$348.6)
Financial Risk Management.
Borrowings, principal					$ 348.6
Interest rate			4.95%		4.95%	4.95%
Unsecured Senior Notes due November 22, 2034 \| Hedges of net investment in Canadian subsidiaries
Financial Risk Management.
Principal amount of hedged item							$ 450
Unsecured Senior Notes due November 22, 2054 \| Hedges of net investment in Canadian subsidiaries
Financial Risk Management.
Principal amount of hedged item							$ 250
Unsecured senior notes \| Hedges of net investment in Canadian subsidiaries
Financial Risk Management.
Principal amount of hedged item					$ 700
Foreign currency risk \| Unsecured senior notes \| Hedges of net investment in Canadian subsidiaries
Financial Risk Management.
Principal amount of hedged item					$ 3,140							$ 2,788.6
Holding company
Financial Risk Management.
Commitment to pay dividends in the next fiscal year			$ 343.6
Commitment to pay dividends in the next fiscal year (per share) \| $ / shares			$ 15
Borrowings, Principal			$ 7,976.1	7,053.6
Holding company \| Albingia SA
Financial Risk Management.
Ownership percentage			33%
Purchase consideration			$ 216			€ 209
Holding company \| Eurobank
Financial Risk Management.
Proceeds from sale of equity interest	€ 183.5		190.8
Number of shares sold \| shares	80
Percentage of interest sold	2.20%
Holding company \| Gulf Insurance
Financial Risk Management.
Commitment for payment deed in next fiscal year			165
Holding company \| Notes Payable
Financial Risk Management.
Borrowings, Principal			495	660
Holding company \| Notes Payable \| Gulf Insurance
Financial Risk Management.
Borrowings, Principal			495
Holding company \| 4.875% due August 13, 2024
Financial Risk Management.
Borrowings, Principal				$ 279.3
Interest rate				4.875%						4.875%		4.875%
Holding company \| 4.95% due March 3, 2025 (Cdn$348.6)
Financial Risk Management.
Borrowings, Principal				$ 264.3								$ 348.6
Interest rate				4.95%								4.95%
Holding company \| Revolving Credit Facility
Financial Risk Management.
Borrowings, Principal								$ 2,000
Maximum borrowing capacity			2,000
Holding company \| 6.00% due December 7, 2033
Financial Risk Management.
Borrowings, Principal			$ 750	$ 400					$ 150		$ 600		$ 400
Interest rate			6%		6%	6%			6%		6%		6%
Holding company \| Long equity total return swap contracts
Financial Risk Management.
Cash received from settlement of derivative contracts			$ 517.7	304.2
Insurance and reinsurance subsidiaries
Financial Risk Management.
Borrowings, Principal			979.2	891.3
Insurance and reinsurance subsidiaries \| Fairfax India
Financial Risk Management.
Investments lacking liquidity or inactively traded			$ 1,020.7	$ 1,461.2
Insurance and reinsurance subsidiaries \| Investments that may lack liquidity or are inactively traded
Financial Risk Management.
Risk exposure percentage			20.70%	20.70%	20.70%	20.70%						20.70%
Non-insurance companies
Financial Risk Management.
Borrowings, Principal			$ 2,918.8	$ 1,906.3
Non-insurance companies \| Peak Achievement, Boat Rocker and Sporting Life's credit facilities
Financial Risk Management.
Repayments of borrowings in next fiscal year			$ 272.4

Financial Risk Management - L_2

Financial Risk Management - Liquidity Risk - Maturity profile of the insurance contract liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Financial Risk Management.
Insurance contract liabilities, undiscounted cash flows	$ 48,665.2	$ 46,291.6
One year or less
Financial Risk Management.
Insurance contract liabilities, undiscounted cash flows	14,226.5	15,080.6
One to two years
Financial Risk Management.
Insurance contract liabilities, undiscounted cash flows	8,462.3	7,544.2
Two to three years
Financial Risk Management.
Insurance contract liabilities, undiscounted cash flows	6,100.6	5,414.4
Three to four years
Financial Risk Management.
Insurance contract liabilities, undiscounted cash flows	4,511.5	3,972.1
Four to five years
Financial Risk Management.
Insurance contract liabilities, undiscounted cash flows	3,206	3,168.5
More than five years
Financial Risk Management.
Insurance contract liabilities, undiscounted cash flows	$ 12,158.3	$ 11,111.8

Financial Risk Management - L_3

Financial Risk Management - Liquidity Risk - Maturity profile of financial and insurance liabilities (Details) $ in Millions, $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 USD ($)
Financial Risk Management
Insurance contract liabilities	$ 48,665.2		$ 46,291.6
Principal amount	11,874.1		9,851.2
Holding company and insurance and reinsurance companies \| Fairfax Senior Unsecured Notes, Due March 2054
Financial Risk Management
Principal amount	1,000
Holding company and insurance and reinsurance companies \| Fairfax Senior Unsecured Notes, Due November 2054
Financial Risk Management
Principal amount		$ 250
Holding company and insurance and reinsurance companies \| Allied World's Senior Unsecured Notes, Due March 2055
Financial Risk Management
Principal amount	600
Holding company and insurance and reinsurance companies \| December 2023 Unsecured Senior Notes
Financial Risk Management
Principal amount			200
Non-insurance companies
Financial Risk Management
Principal amount	2,918.8		1,906.3
More than five years
Financial Risk Management
Insurance contract liabilities	12,158.3		11,111.8
Liquidity risk
Financial Risk Management
Accounts payable and accrued liabilities	5,605.2		4,931.4
Insurance contract payables	923		1,206.9
Total financial liabilities	24,272		18,348.3
Liquidity risk \| Holding company and insurance and reinsurance companies
Financial Risk Management
Borrowings - principal	8,955.3		7,944.9
Borrowings - interest	5,171.9		1,960.7
Liquidity risk \| Non-insurance companies
Financial Risk Management
Borrowings - principal	2,918.8		1,906.3
Borrowings - interest	697.8		398.1
Liquidity risk \| 3 months or less
Financial Risk Management
Accounts payable and accrued liabilities	2,148.2		1,857.5
Insurance contract payables	261.8		422
Total financial liabilities	2,646.6		2,974.6
Liquidity risk \| 3 months or less \| Holding company and insurance and reinsurance companies
Financial Risk Management
Borrowings - principal	17.1		545.3
Borrowings - interest	123.5		90.4
Liquidity risk \| 3 months or less \| Non-insurance companies
Financial Risk Management
Borrowings - principal	62.5		28.4
Borrowings - interest	33.5		31
Liquidity risk \| 3 months to 1 year
Financial Risk Management
Accounts payable and accrued liabilities	1,263.4		1,210.8
Insurance contract payables	75.3		96.5
Total financial liabilities	2,179		2,172.3
Liquidity risk \| 3 months to 1 year \| Holding company and insurance and reinsurance companies
Financial Risk Management
Borrowings - principal	198.4		198.5
Borrowings - interest	314.1		247.4
Liquidity risk \| 3 months to 1 year \| Non-insurance companies
Financial Risk Management
Borrowings - principal	209.9		347.9
Borrowings - interest	117.9		71.2
Liquidity risk \| 1 - 3 years
Financial Risk Management
Accounts payable and accrued liabilities	970.5		920.9
Insurance contract payables	342.8		304.3
Total financial liabilities	4,472.4		3,801.1
Liquidity risk \| 1 - 3 years \| Holding company and insurance and reinsurance companies
Financial Risk Management
Borrowings - principal	1,302.2		1,341.7
Borrowings - interest	838.3		611.1
Liquidity risk \| 1 - 3 years \| Non-insurance companies
Financial Risk Management
Borrowings - principal	723		478.6
Borrowings - interest	295.6		144.5
Liquidity risk \| 3 - 5 years
Financial Risk Management
Accounts payable and accrued liabilities	423.6		350.9
Insurance contract payables	21.5		132.8
Total financial liabilities	4,045.2		3,918
Liquidity risk \| 3 - 5 years \| Holding company and insurance and reinsurance companies
Financial Risk Management
Borrowings - principal	1,763.4		2,185.9
Borrowings - interest	656.3		480.8
Liquidity risk \| 3 - 5 years \| Non-insurance companies
Financial Risk Management
Borrowings - principal	1,049.4		686.9
Borrowings - interest	131		80.7
Liquidity risk \| More than five years
Financial Risk Management
Accounts payable and accrued liabilities	799.5		591.3
Insurance contract payables	221.6		251.3
Total financial liabilities	10,928.8		5,482.3
Liquidity risk \| More than five years \| Holding company and insurance and reinsurance companies
Financial Risk Management
Borrowings - principal	5,674.2		3,673.5
Borrowings - interest	3,239.7		531
Liquidity risk \| More than five years \| Non-insurance companies
Financial Risk Management
Borrowings - principal	874		364.5
Borrowings - interest	$ 119.8		$ 70.7

Financial Risk Management - L_4

Financial Risk Management - Liquidity Risk - Derivative Financial Liabilities (Details) - Liquidity risk - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Financial Risk Management
Derivative financial liabilities	$ 356.9	$ 444.9
3 months or less
Financial Risk Management
Derivative financial liabilities	162.2	216.4
3 months to 1 year
Financial Risk Management
Derivative financial liabilities	93.2	135.9
More than 1 year
Financial Risk Management
Derivative financial liabilities	101.5	92.6
Equity total return swaps - long positions
Financial Risk Management
Derivative financial liabilities	0.4	32.5
Equity total return swaps - long positions \| 3 months or less
Financial Risk Management
Derivative financial liabilities	0.4	28.5
Equity total return swaps - long positions \| 3 months to 1 year
Financial Risk Management
Derivative financial liabilities		0.1
Equity total return swaps - long positions \| More than 1 year
Financial Risk Management
Derivative financial liabilities		3.9
Foreign currency forward and swap contracts
Financial Risk Management
Derivative financial liabilities	134.3	158.8
Foreign currency forward and swap contracts \| 3 months or less
Financial Risk Management
Derivative financial liabilities	58.9	97.6
Foreign currency forward and swap contracts \| 3 months to 1 year
Financial Risk Management
Derivative financial liabilities	8.8	0.9
Foreign currency forward and swap contracts \| More than 1 year
Financial Risk Management
Derivative financial liabilities	66.6	60.3
Other derivative contracts
Financial Risk Management
Derivative financial liabilities	222.2	253.6
Other derivative contracts \| 3 months or less
Financial Risk Management
Derivative financial liabilities	102.9	90.3
Other derivative contracts \| 3 months to 1 year
Financial Risk Management
Derivative financial liabilities	84.4	134.9
Other derivative contracts \| More than 1 year
Financial Risk Management
Derivative financial liabilities	$ 34.9	$ 28.4

Financial Risk Management - Mar

Financial Risk Management - Market Risk - Interest rate risk (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
200 basis point increase
Financial Risk Management
Liability for incurred claims, net of reinsurance	$ 30,794.9	$ 28,081.6
Hypothetical change in net earnings	1,324.2	1,278.6
100 basis point increase
Financial Risk Management
Liability for incurred claims, net of reinsurance	31,594.1	28,862.7
Hypothetical change in net earnings	686.2	655.3
No change
Financial Risk Management
Liability for incurred claims, net of reinsurance	32,453.7	29,688.4
100 basis point decrease
Financial Risk Management
Liability for incurred claims, net of reinsurance	33,381.8	30,625
Hypothetical change in net earnings	(741)	(751.5)
200 basis point decrease
Financial Risk Management
Liability for incurred claims, net of reinsurance	34,387.9	31,627.3
Hypothetical change in net earnings	(1,544.4)	(1,551.7)
Interest rate risk
Financial Risk Management
Fixed income securities	38,200	37,400
Liability for incurred claims, net of reinsurance	32,453.7	29,688.4
Interest rate risk \| Forward contracts to sell long-dated U.S. treasury bonds
Financial Risk Management
Notional amount		292.8
Interest rate risk \| Forward contracts to buy long-dated U.S. treasury bonds
Financial Risk Management
Notional amount	$ 1,330.2	0
Term of contracts	6 months
Interest rate risk \| U.S. treasury bond forward contracts
Financial Risk Management
Notional amount	$ 1,330.2	0
Interest rate risk \| Interest rate swaps
Financial Risk Management
Notional amount	1,900	1,900
Interest rate risk \| 200 basis point increase
Financial Risk Management
Fair value of fixed income portfolio	35,484.7	35,043.3
Hypothetical change in net earnings	$ (2,209.6)	$ (1,934.7)
Hypothetical % change in fair value	(7.20%)	(6.40%)
Interest rate risk \| 100 basis point increase
Financial Risk Management
Fair value of fixed income portfolio	$ 36,801.1	$ 36,212
Hypothetical change in net earnings	$ (1,152.1)	$ (991.9)
Hypothetical % change in fair value	(3.80%)	(3.30%)
Interest rate risk \| No change
Financial Risk Management
Fair value of fixed income portfolio	$ 38,235.5	$ 37,441
Interest rate risk \| 100 basis point decrease
Financial Risk Management
Fair value of fixed income portfolio	39,791.1	38,803
Hypothetical change in net earnings	$ 1,250.2	$ 1,098.1
Hypothetical % change in fair value	4.10%	3.60%
Interest rate risk \| 200 basis point decrease
Financial Risk Management
Fair value of fixed income portfolio	$ 41,539.4	$ 40,274.9
Hypothetical change in net earnings	$ 2,654.3	$ 2,284.7
Hypothetical % change in fair value	8.60%	7.60%
Equity price risk \| Interest rate swaps
Financial Risk Management
Notional amount	$ 1,900

Financial Risk Management - M_2

Financial Risk Management - Market Risk - Equity and equity-related holdings (Details) - USD ($) $ in Millions				12 Months Ended
	Dec. 20, 2024	Dec. 19, 2024	Nov. 01, 2024	Dec. 31, 2024	Dec. 31, 2023
Financial Risk Management.
Investments in associates, at fair value				$ 8,144.8	$ 7,553.2
Net gains (losses) on investments				1,067.2	$ 1,949.5
Peak Achievement Athletics
Financial Risk Management.
Proportion of ownership interest in subsidiary					42.60%
Gain on remeasurement of previously held equity interest	$ 203.4
Peak Achievement Athletics
Financial Risk Management.
Ownership percentage	100%	42.60%
Gain on remeasurement of previously held equity interest	$ 203.4
Common stocks
Financial Risk Management.
Net gains (losses) on investments				296.8	$ 464.4
Bonds and preferred stocks - convertible
Financial Risk Management.
Net gains (losses) on investments				14.6	77.1
Equity price risk
Financial Risk Management.
Investments in associates, at fair value				9,997.9	9,496.6
Exposure/Notional amount				20,347.3	19,288.6
Carrying value				16,855	15,963.6
Net gains (losses) on investments				1,859	1,217.6
Equity price risk \| Stelco
Financial Risk Management.
Aggregate consideration received			$ 638.1
Gain on sale of associate			$ 343.7
Equity price risk \| Common stocks
Financial Risk Management.
Exposure/Notional amount				7,487.8	7,317.8
Carrying value				7,487.8	7,317.8
Net gains (losses) on investments				296.8	464.4
Equity price risk \| Bonds and preferred stocks - convertible
Financial Risk Management.
Exposure/Notional amount				273.6	414
Carrying value				273.6	414
Net gains (losses) on investments				14.6	77.1
Equity price risk \| Investments in associates
Financial Risk Management.
Exposure/Notional amount				9,997.9	9,496.6
Carrying value				7,972.8	7,668.6
Net gains (losses) on investments				575.5	322
Equity price risk \| Equity derivatives
Financial Risk Management.
Exposure/Notional amount				2,588	2,060.2
Carrying value				1,120.8	563.2
Net gains (losses) on investments				939.3	357.2
Equity price risk \| Long equity total return swaps on Fairfax subordinate voting shares
Financial Risk Management.
Net gains (losses) on investments				1,033.5	624.8
Equity price risk \| Other
Financial Risk Management.
Net gains (losses) on investments				$ 32.8	$ (3.1)

Financial Risk Management - M_3

Financial Risk Management - Market Risk - Impact on Net Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Equity price risk
Financial Risk Management.
Financial asset investments	$ 16,855	$ 15,963.6
Equity price risk \| Minimum
Financial Risk Management.
Sensitivity analysis, variation percentage	10%	10%
Equity price risk \| Maximum
Financial Risk Management.
Sensitivity analysis, variation percentage	20%	20%
Equity price risk \| 20% increase
Financial Risk Management.
Fair value of equity and equity-related holdings	$ 12,355.7	$ 11,707.2
Hypothetical $ change in net earnings	$ 1,648.7	$ 1,622.6
Hypothetical % change in fair value	19.40%	19.60%
Equity price risk \| 10% increase
Financial Risk Management.
Fair value of equity and equity-related holdings	$ 11,344.2	$ 10,742.2
Hypothetical $ change in net earnings	$ 817.5	$ 805.4
Hypothetical % change in fair value	9.60%	9.70%
Equity price risk \| No change
Financial Risk Management.
Fair value of equity and equity-related holdings	$ 10,349.4	$ 9,792
Equity price risk \| 10% decrease
Financial Risk Management.
Fair value of equity and equity-related holdings	9,378.4	8,872.2
Hypothetical $ change in net earnings	$ (798.2)	$ (781.1)
Hypothetical % change in fair value	(9.40%)	(9.40%)
Equity price risk \| 20% decrease
Financial Risk Management.
Fair value of equity and equity-related holdings	$ 8,431.8	$ 8,001.8
Hypothetical $ change in net earnings	$ (1,576.4)	$ (1,522.8)
Hypothetical % change in fair value	(18.50%)	(18.30%)
Equity price risk \| Ten largest issuers
Financial Risk Management.
Financial asset investments	$ 7,418.2	$ 7,282.8
Risk exposure percentage	11%	11.20%
Equity price risk \| Largest single issuer of corporate bonds \| Eurobank
Financial Risk Management.
Financial asset investments	$ 2,374.8	$ 2,099.5
Risk exposure percentage	3.50%	3.20%
Interest rate risk
Financial Risk Management.
Sensitivity analysis, variation percentage	1%	1%
Incremental change in interest rate on investments	2%	2%

Financial Risk Management - M_4

Financial Risk Management - Market Risk - Foreign currency risk (Details) € in Millions, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 CAD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 EUR (€)
Hedges of net investment in Canadian subsidiaries \| Unsecured senior notes
Financial Risk Management.
Debt hedges			$ 700
Foreign currency risk
Net gains (losses) on investments:
Investing activities	$ (350.4)	$ 111.4
Underwriting activities	91.1	(170.2)
Foreign currency contracts	234.1	(60)
Foreign currency net losses	(25.2)	(118.8)
Foreign currency risk \| Hedges of net investment in Canadian subsidiaries \| Unsecured senior notes
Financial Risk Management.
Debt hedges			$ 3,140		$ 2,788.6
Debt hedges at fair value	2,207	2,061.1
Gains (losses) on hedge of net investment in Canadian subsidiaries	173.9	(56.6)
Foreign currency risk \| Hedges of net investment in European operations \| Unsecured senior notes
Financial Risk Management.
Debt hedges \| €				€ 750		€ 750
Debt hedges at fair value	767.5	791.9
Gains (losses) on hedge of net investment in Canadian subsidiaries	$ 51.5	$ (27.8)

Financial Risk Management - M_5

Financial Risk Management - Market Risk - Foreign currency effects on the consolidated statement of earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Canadian dollar
Financial Risk Management
Assets	$ 3,366.5	$ 1,938.1
Liabilities	(792.3)	(723.7)
Net asset (liability) exposure	2,574.2	1,214.4
Notional long (short) amount of foreign currency forward contracts	(2,734.6)	(1,387)
Net asset (liability) exposure after foreign currency forward contracts	(160.4)	(172.6)
Hypothetical change in pre-tax earnings (loss)	16	17.3
Hypothetical change in net earnings (loss)	17	16.2
Euro
Financial Risk Management
Assets	1,186.9	1,190.2
Liabilities	(1,489)	(1,503.6)
Net asset (liability) exposure	(302.1)	(313.4)
Notional long (short) amount of foreign currency forward contracts	(847.7)	(833.5)
Net asset (liability) exposure after foreign currency forward contracts	(1,149.8)	(1,146.9)
Hypothetical change in pre-tax earnings (loss)	115	114.7
Hypothetical change in net earnings (loss)	93.8	96.2
British pound sterling
Financial Risk Management
Assets	1,512.9	1,363.5
Liabilities	(2,022.6)	(2,048.3)
Net asset (liability) exposure	(509.7)	(684.8)
Notional long (short) amount of foreign currency forward contracts	(99.6)	(64.1)
Net asset (liability) exposure after foreign currency forward contracts	(609.3)	(748.9)
Hypothetical change in pre-tax earnings (loss)	60.9	74.8
Hypothetical change in net earnings (loss)	48.5	63.1
Indian rupee
Financial Risk Management
Assets	2,292	1,841.3
Liabilities	(284.9)	(220.9)
Net asset (liability) exposure	2,007.1	1,620.4
Notional long (short) amount of foreign currency forward contracts	3.8
Net asset (liability) exposure after foreign currency forward contracts	2,010.9	1,620.4
Hypothetical change in pre-tax earnings (loss)	(201.1)	(162)
Hypothetical change in net earnings (loss)	$ (189.7)	$ (160.1)
Foreign currency risk
Financial Risk Management
Sensitivity analysis, percentage of appreciation the U.S. dollar against foreign currency	10%

Financial Risk Management - M_6

Financial Risk Management - Market Risk - Foreign currency effects on the consolidated statement of other comprehensive income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Canadian dollar
Financial Risk Management
Assets	$ 12,226.6	$ 11,437.4
Liabilities	(7,164.8)	(6,583.4)
Net asset exposure before hedge of net investment	5,061.8	4,854
Hedge of net investment	(2,175.7)	(2,107.6)
Net asset exposure after hedge of net investment	2,886.1	2,746.4
Hypothetical change in pre-tax other comprehensive income (loss)	(288.6)	(274.6)
Hypothetical change in other comprehensive income (loss)	(284.9)	(269.6)
Euro Member Countries, Euro
Financial Risk Management
Assets	9,488.8	9,393.8
Liabilities	(6,800.3)	(7,064.4)
Net asset exposure before hedge of net investment	2,688.5	2,329.4
Hedge of net investment	(771.7)	(821.5)
Net asset exposure after hedge of net investment	1,916.8	1,507.9
Hypothetical change in pre-tax other comprehensive income (loss)	(191.7)	(150.8)
Hypothetical change in other comprehensive income (loss)	(147.4)	(112.2)
British pound sterling
Financial Risk Management
Assets	2,699.4	2,255.9
Liabilities	(1,854.6)	(1,502.3)
Net asset exposure before hedge of net investment	844.8	753.6
Net asset exposure after hedge of net investment	844.8	753.6
Hypothetical change in pre-tax other comprehensive income (loss)	(84.5)	(75.4)
Hypothetical change in other comprehensive income (loss)	(83.1)	(69.3)
Indian rupee
Financial Risk Management
Assets	4,183.8	4,110.8
Liabilities	(1,366.2)	(1,349.3)
Net asset exposure before hedge of net investment	2,817.6	2,761.5
Net asset exposure after hedge of net investment	2,817.6	2,761.5
Hypothetical change in pre-tax other comprehensive income (loss)	(281.8)	(276.2)
Hypothetical change in other comprehensive income (loss)	$ (263.2)	$ (260.9)

Financial Risk Management - Cap

Financial Risk Management - Capital Management - Additional disclosures (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares
Financial Risk Management.
Net earnings attributable to shareholders of Fairfax	$ 3,874.9	$ 4,381.8
Cash consideration for cancellation of shares	1,588.4	273.6
Net unrealized foreign currency translation losses net of hedges	477.2
Changes in capitalization	555.5	$ 319.3
Payments of common and preferred share dividends	$ 411.7
Percentage of consolidated net debt/net total capital ratio	24.60%	22.40%
Percentage of consolidated total debt/total capital ratio	29.30%	26%
National Association of Insurance Commissioners
Financial Risk Management.
Capital and surplus, regulatory minimum requirement multiplier	2	2
Bermuda Monetary Authority
Financial Risk Management.
Target capital level percentage	120%
Office of the Superintendent of Financial Institutions
Financial Risk Management.
Minimum supervisory target	150%
Common shareholders' equity
Financial Risk Management.
Changes in capitalization	$ 42	$ 67.2
Odyssey Group, Crum & Forster, Zenith National, Allied World and U.S. Run-off excluding TIG Insurance \| National Association of Insurance Commissioners \| Minimum
Financial Risk Management.
Capital and surplus, actual multiplier	3.3	3.2
TIG Insurance \| National Association of Insurance Commissioners \| Minimum
Financial Risk Management.
Capital and surplus, actual multiplier	2.1	2
Northbridge \| Office of the Superintendent of Financial Institutions
Financial Risk Management.
Weighted average MCT ratio	227%	255%
Brit
Financial Risk Management.
Subordinated debt and contingent funding in the form of letters of credit	$ 2,853.3	$ 2,977.9
Surplus over the management capital requirements	$ 988	$ 1,050.5
Gulf Insurance
Financial Risk Management.
Regulatory solvency capital	960.20%	998%
Ordinary shares
Financial Risk Management.
Equity in stock	$ 22,959.8	$ 21,615
Subordinate voting shares
Financial Risk Management.
Purchases for cancellation (in shares) \| shares	1,346,953	364,723
Subordinate voting shares \| Common shareholders' equity
Financial Risk Management.
Cash consideration for cancellation of shares	$ 1,588.4

Financial Risk Management - C_5

Financial Risk Management - Capital Management - Financial measurements and ratios (Details) $ in Millions, $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Financial Risk Management
Capitalization	$ 40,102.9		$ 37,424.4
Holding company cash and investments (net of derivative obligations)	2,502.1		1,749.1
Borrowings	11,753.7		9,723.5	$ 8,624.9
Net debt	9,251.6		7,974.4
Non-controlling interests	4,281.2		4,750.4
Total equity	$ 28,349.2		$ 27,700.9	23,018.7
Net debt/total equity	32.60%	32.60%	28.80%
Net debt/net total capital	24.60%	24.60%	22.40%
Total debt/total capital	29.30%	29.30%	26%
Interest coverage	10.5	10.5	13.8
Interest and preferred share dividend distribution coverage	9.5	9.5	12.1
Borrowings, At Fair Value	$ 11,775.8		$ 9,490
Common shares
Financial Risk Management
Equity in stock	22,959.8		21,615
Preferred shares
Financial Risk Management
Equity in stock	1,108.2	$ 1,206	1,335.5
Holding company
Financial Risk Management
Borrowings	7,882.4		6,928.9	5,887.6
Borrowings, At Fair Value	7,940.4		6,811.2
Insurance and reinsurance companies
Financial Risk Management
Borrowings	975.8		895.6	733.4
Borrowings, At Fair Value	957.8		836.2
Non-insurance companies
Financial Risk Management
Borrowings	2,895.5		1,899	$ 2,003.9
Borrowings, At Fair Value	2,877.6		1,842.6
Excluding consolidated non-insurance companies
Financial Risk Management
Holding company cash and investments (net of derivative obligations)	2,502.1		1,749.1
Borrowings	8,858.2		7,824.5
Net debt	6,356.1		6,075.4
Non-controlling interests	2,740.2		3,115.8
Total equity	$ 26,808.2		$ 26,066.3
Net debt/total equity	23.70%	23.70%	23.30%
Net debt/net total capital	19.20%	19.20%	18.90%
Total debt/total capital	24.80%	24.80%	23.10%
Interest coverage	13.5	13.5	18.1
Interest and preferred share dividend distribution coverage	11.8	11.8	15
Excluding consolidated non-insurance companies \| Common shares
Financial Risk Management
Equity in stock	$ 22,959.8		$ 21,615
Excluding consolidated non-insurance companies \| Preferred shares
Financial Risk Management
Equity in stock	1,108.2		1,335.5
Excluding consolidated non-insurance companies \| Holding company
Financial Risk Management
Borrowings	7,882.4		6,928.9
Excluding consolidated non-insurance companies \| Insurance and reinsurance companies
Financial Risk Management
Borrowings	$ 975.8		$ 895.6

Segmented Information - Sources

Segmented Information - Sources of earnings by reporting segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segmented Information
Insurance revenue	$ 31,064.1	$ 26,934.8
Insurance service result	4,452.2	3,956.4
Other insurance operating expenses	(1,182.9)	(966.4)
Interest and dividends	2,341.9	1,681.6
Share of profit of associates	859.5	990
Non-insurance revenue	6,682.8	6,614.5
Non-insurance expenses	6,470.5	6,568.7
Operating income (loss)	6,683	5,707.4
Net finance income (expense) from insurance contracts and reinsurance contract assets held	(1,279.9)	(1,605.6)
Net gains (losses) on investments	1,067.2	1,949.5
Gain (loss) on deconsolidation of insurance subsidiary		549.8
Interest expense	(649)	(510)
Corporate overhead and other	(450.2)	(430.2)
Earnings before income taxes	5,638.5	5,908.3
Provision for income taxes	(1,375.6)	(813.4)
Net earnings	4,262.9	5,094.9
Attributable to:
Shareholders of Fairfax	3,874.9	4,381.8
Non-controlling interests	388	713.1
Net earnings	4,262.9	5,094.9
Property and Casualty Insurance and Reinsurance
Segmented Information
Insurance revenue	30,874.5	26,799.3
Insurance service result	4,602.1	4,135.9
Other insurance operating expenses	(1,038.1)	(822.1)
Interest and dividends	2,224.6	1,654.7
Share of profit of associates	745.1	761.6
Operating income (loss)	6,533.7	5,730.1
Property and Casualty Insurance and Reinsurance \| North American Insurers
Segmented Information
Insurance revenue	8,731.8	8,077.7
Insurance service result	1,101.1	977.1
Other insurance operating expenses	(318.7)	(280.8)
Interest and dividends	512.9	443.3
Share of profit of associates	143.1	165.1
Operating income (loss)	1,438.4	1,304.7
Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers
Segmented Information
Insurance revenue	15,513	15,480.2
Insurance service result	3,037.4	2,828
Other insurance operating expenses	(434.6)	(360.4)
Interest and dividends	1,259.4	1,031.1
Share of profit of associates	450.3	469.2
Operating income (loss)	4,312.5	3,967.9
Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers
Segmented Information
Insurance revenue	6,629.7	3,241.4
Insurance service result	463.6	330.8
Other insurance operating expenses	(284.8)	(180.9)
Interest and dividends	452.3	180.3
Share of profit of associates	151.7	127.3
Operating income (loss)	782.8	457.5
Life insurance and Run-off
Segmented Information
Insurance revenue	189.6	135.5
Insurance service result	(149.9)	(179.5)
Other insurance operating expenses	(144.8)	(144.3)
Interest and dividends	126.4	103
Share of profit of associates	76.2	76.2
Operating income (loss)	(92.1)	(144.6)
Non-insurance companies
Segmented Information
Interest and dividends	(9.1)	(76.1)
Share of profit of associates	38.2	152.2
Non-insurance revenue	6,682.8	6,614.5
Non-insurance expenses	6,470.5	6,568.7
Operating income (loss)	241.4	121.9
Attributable to:
Non-controlling interests	(62.6)	203.4
Operating segments
Segmented Information
Insurance revenue	31,490.1	27,341.2
Corporate overhead and other	(182.8)	(182.8)
Operating segments \| Property and Casualty Insurance and Reinsurance
Segmented Information
Insurance revenue	31,290.1	27,191.3
Operating segments \| Property and Casualty Insurance and Reinsurance \| North American Insurers
Segmented Information
Insurance revenue	8,779.9	8,137.2
Operating segments \| Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers
Segmented Information
Insurance revenue	15,684.7	15,600.3
Operating segments \| Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers
Segmented Information
Insurance revenue	6,825.5	3,453.8
Operating segments \| Life insurance and Run-off
Segmented Information
Insurance revenue	200	149.9
Operating segments \| Non-insurance companies
Segmented Information
Interest and dividends	(9.1)	(76.1)
Non-insurance revenue	6,682.8	6,614.5
Non-insurance expenses	6,470.5	6,568.7
Operating income (loss)	241.4	121.9
Intercompany insurance revenue
Segmented Information
Insurance revenue	(426)	(406.4)
Intercompany insurance revenue \| Property and Casualty Insurance and Reinsurance
Segmented Information
Insurance revenue	(415.6)	(392)
Intercompany insurance revenue \| Property and Casualty Insurance and Reinsurance \| North American Insurers
Segmented Information
Insurance revenue	(48.1)	(59.5)
Intercompany insurance revenue \| Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers
Segmented Information
Insurance revenue	(171.7)	(120.1)
Intercompany insurance revenue \| Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers
Segmented Information
Insurance revenue	(195.8)	(212.4)
Intercompany insurance revenue \| Life insurance and Run-off
Segmented Information
Insurance revenue	$ (10.4)	$ (14.4)

Segmented Information (Details)

Segmented Information (Details) - USD ($) $ in Millions	12 Months Ended
Segmented Information (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Segmented Information
Corporate overhead and other	$ 450.2	$ 430.2
Share of profit of associates	(956.3)	(1,022.2)
Operating segments
Segmented Information
Corporate overhead and other	182.8	182.8
Intercompany insurance revenue
Segmented Information
Interest and dividends	15.9	31
Share of profit of associates	(96.8)	(32.2)
Investment management and administration fee income and other	$ (186.5)	$ (246.2)

Segmented Information - Investm

Segmented Information - Investments In Associates, Additions to goodwill, Segment assets and liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segmented Information
Investments in associates	$ 8,505.6	$ 8,037.3	$ 7,435.7
Additions to goodwill	1,152.5	355.8
Segment assets	96,777.3	91,985.1
Segment liabilities	68,428.1	64,284.2
Non-insurance companies
Segmented Information
Investments in associates	7,972.8	7,668.6
Holding company and eliminations and adjustments
Segmented Information
Investments in associates	983.4	827.6
Segment assets	(2,100.3)	(1,294.6)
Segment liabilities	7,539	6,373.8
Operating segments \| Property and Casualty Insurance and Reinsurance
Segmented Information
Investments in associates	5,742.7	5,319.6
Additions to goodwill	17	343.4
Segment assets	80,620.8	77,688.2
Segment liabilities	48,848.8	47,449.8
Operating segments \| Property and Casualty Insurance and Reinsurance \| North American Insurers
Segmented Information
Investments in associates	1,274.2	1,136.3
Segment assets	18,962.6	18,133.1
Segment liabilities	11,377.6	10,831
Operating segments \| Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers
Segmented Information
Investments in associates	3,384.4	3,337.7
Segment assets	48,653.7	46,906.8
Segment liabilities	30,983.7	30,426.7
Operating segments \| Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers
Segmented Information
Investments in associates	1,084.1	845.6
Additions to goodwill	17	343.4
Segment assets	13,004.5	12,648.3
Segment liabilities	6,487.5	6,192.1
Operating segments \| Life insurance and Run-off
Segmented Information
Investments in associates	410.4	429.5
Additions to goodwill	0.8
Segment assets	6,489.4	6,541.9
Segment liabilities	5,312.8	5,448.1
Operating segments \| Non-insurance companies
Segmented Information
Investments in associates	1,369.1	1,460.6
Additions to goodwill	1,134.7	12.4
Segment assets	11,767.4	9,049.6
Segment liabilities	$ 6,727.5	$ 5,012.5

Segmented Information - Product

Segmented Information - Product Line (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segmented Information
Insurance revenue	$ 31,064.1	$ 26,934.8
Distribution of insurance revenue	100%	100%
Property
Segmented Information
Insurance revenue	$ 10,796.9	$ 9,743.2
Distribution of insurance revenue	34.80%	36.20%
Casualty
Segmented Information
Insurance revenue	$ 16,820.5	$ 14,948.4
Distribution of insurance revenue	54.10%	55.50%
Specialty
Segmented Information
Insurance revenue	$ 3,446.7	$ 2,243.2
Distribution of insurance revenue	11.10%	8.30%
Property and Casualty Insurance and Reinsurance
Segmented Information
Insurance revenue	$ 30,874.5	$ 26,799.3
Property and Casualty Insurance and Reinsurance \| Property
Segmented Information
Insurance revenue	10,796.9	9,743.2
Property and Casualty Insurance and Reinsurance \| Casualty
Segmented Information
Insurance revenue	16,809.6	14,935.2
Property and Casualty Insurance and Reinsurance \| Specialty
Segmented Information
Insurance revenue	3,268	2,120.9
Property and Casualty Insurance and Reinsurance \| North American Insurers
Segmented Information
Insurance revenue	8,731.8	8,077.7
Property and Casualty Insurance and Reinsurance \| North American Insurers \| Property
Segmented Information
Insurance revenue	2,282.2	2,001.5
Property and Casualty Insurance and Reinsurance \| North American Insurers \| Casualty
Segmented Information
Insurance revenue	5,929.3	5,634.6
Property and Casualty Insurance and Reinsurance \| North American Insurers \| Specialty
Segmented Information
Insurance revenue	520.3	441.6
Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers
Segmented Information
Insurance revenue	15,513	15,480.2
Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers \| Property
Segmented Information
Insurance revenue	5,665.1	5,848.2
Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers \| Casualty
Segmented Information
Insurance revenue	8,600.6	8,561.7
Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers \| Specialty
Segmented Information
Insurance revenue	1,247.3	1,070.3
Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers
Segmented Information
Insurance revenue	6,629.7	3,241.4
Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers \| Property
Segmented Information
Insurance revenue	2,849.6	1,893.5
Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers \| Casualty
Segmented Information
Insurance revenue	2,279.7	738.9
Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers \| Specialty
Segmented Information
Insurance revenue	1,500.4	609
Life insurance and Run-off
Segmented Information
Insurance revenue	189.6	135.5
Life insurance and Run-off \| Casualty
Segmented Information
Insurance revenue	10.9	13.2
Life insurance and Run-off \| Specialty
Segmented Information
Insurance revenue	$ 178.7	$ 122.3

Segmented Information - Geograp

Segmented Information - Geographic Region (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segmented Information
Insurance revenue	$ 31,064.1	$ 26,934.8
Distribution of insurance revenue	100%	100%
Canada
Segmented Information
Insurance revenue	$ 2,869.1	$ 2,772.7
Distribution of insurance revenue	9.20%	10.30%
United States
Segmented Information
Insurance revenue	$ 17,167.6	$ 16,922.7
Distribution of insurance revenue	55.30%	62.80%
Middle East and Asia
Segmented Information
Insurance revenue	$ 5,249.5	$ 1,958.6
Distribution of insurance revenue	16.90%	7.30%
Other International
Segmented Information
Insurance revenue	$ 5,777.9	$ 5,280.8
Distribution of insurance revenue	18.60%	19.60%
Property and Casualty Insurance and Reinsurance
Segmented Information
Insurance revenue	$ 30,874.5	$ 26,799.3
Property and Casualty Insurance and Reinsurance \| Canada
Segmented Information
Insurance revenue	2,869.1	2,772.7
Property and Casualty Insurance and Reinsurance \| United States
Segmented Information
Insurance revenue	17,156.7	16,909.5
Property and Casualty Insurance and Reinsurance \| Middle East and Asia
Segmented Information
Insurance revenue	5,207.5	1,958.6
Property and Casualty Insurance and Reinsurance \| Other International
Segmented Information
Insurance revenue	5,641.2	5,158.5
Property and Casualty Insurance and Reinsurance \| North American Insurers
Segmented Information
Insurance revenue	8,731.8	8,077.7
Property and Casualty Insurance and Reinsurance \| North American Insurers \| Canada
Segmented Information
Insurance revenue	2,441.7	2,287.1
Property and Casualty Insurance and Reinsurance \| North American Insurers \| United States
Segmented Information
Insurance revenue	6,240.3	5,760.3
Property and Casualty Insurance and Reinsurance \| North American Insurers \| Middle East and Asia
Segmented Information
Insurance revenue	3.7	1.4
Property and Casualty Insurance and Reinsurance \| North American Insurers \| Other International
Segmented Information
Insurance revenue	46.1	28.9
Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers
Segmented Information
Insurance revenue	15,513	15,480.2
Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers \| Canada
Segmented Information
Insurance revenue	427.1	485.4
Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers \| United States
Segmented Information
Insurance revenue	10,912.7	11,148.1
Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers \| Middle East and Asia
Segmented Information
Insurance revenue	945.2	963.2
Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers \| Other International
Segmented Information
Insurance revenue	3,228	2,883.5
Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers
Segmented Information
Insurance revenue	6,629.7	3,241.4
Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers \| Canada
Segmented Information
Insurance revenue	0.3	0.2
Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers \| United States
Segmented Information
Insurance revenue	3.7	1.1
Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers \| Middle East and Asia
Segmented Information
Insurance revenue	4,258.6	994
Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers \| Other International
Segmented Information
Insurance revenue	2,367.1	2,246.1
Life insurance and Run-off
Segmented Information
Insurance revenue	189.6	135.5
Life insurance and Run-off \| United States
Segmented Information
Insurance revenue	10.9	13.2
Life insurance and Run-off \| Middle East and Asia
Segmented Information
Insurance revenue	42
Life insurance and Run-off \| Other International
Segmented Information
Insurance revenue	$ 136.7	$ 122.3

Segmented Information - Non-ins

Segmented Information - Non-insurance companies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segmented Information
Revenue	$ 6,682.8	$ 6,614.5
Expenses	(6,470.5)	(6,568.7)
Interest and dividends	2,341.9	1,681.6
Share of profit (loss) of associates	956.3	1,022.2
Operating income (loss)	6,683	5,707.4
Cost of sales	4,145.6	4,059.6
Non-insurance companies
Segmented Information
Revenue	6,682.8	6,614.5
Expenses	(6,470.5)	(6,568.7)
Interest and dividends	(9.1)	(76.1)
Share of profit (loss) of associates	898.6	941.5
Operating income (loss)	241.4	121.9
Operating segments \| Non-insurance companies
Segmented Information
Revenue	6,682.8	6,614.5
Expenses	(6,470.5)	(6,568.7)
Pre-tax income (loss) before interest expense and other	212.3	45.8
Interest and dividends	(9.1)	(76.1)
Share of profit (loss) of associates	38.2	152.2
Operating income (loss)	241.4	121.9
Operating segments \| Non-insurance companies \| Restaurants and retail
Segmented Information
Revenue	1,953.9	1,772.3
Expenses	(1,797.9)	(1,690.7)
Pre-tax income (loss) before interest expense and other	156	81.6
Interest and dividends	10	9.9
Share of profit (loss) of associates	0.1
Operating income (loss)	166.1	91.5
Operating segments \| Non-insurance companies \| Fairfax India
Segmented Information
Revenue	319.2	263.3
Expenses	(281.9)	(251.4)
Pre-tax income (loss) before interest expense and other	37.3	11.9
Interest and dividends	(21.3)	(87.4)
Share of profit (loss) of associates	39	151.1
Operating income (loss)	55	75.6
Operating segments \| Non-insurance companies \| Thomas Cook India
Segmented Information
Revenue	973.4	941.6
Expenses	(929.3)	(906.5)
Pre-tax income (loss) before interest expense and other	44.1	35.1
Share of profit (loss) of associates	0.5	(0.1)
Operating income (loss)	44.6	35
Operating segments \| Non-insurance companies \| Other
Segmented Information
Revenue	3,436.3	3,637.3
Expenses	(3,461.4)	(3,720.1)
Pre-tax income (loss) before interest expense and other	(25.1)	(82.8)
Interest and dividends	2.2	1.4
Share of profit (loss) of associates	(1.4)	1.2
Operating income (loss)	$ (24.3)	$ (80.2)

Segmented Information - Segment

Segmented Information - Segmented Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets
Holding company cash and investments	$ 2,502.7	$ 1,781.6
Insurance contract receivables	780.4	926.1
Portfolio investments	65,220.4	63,422.1
Reinsurance contract assets held	10,682.6	10,887.7
Deferred income tax assets	325	301.1
Goodwill and intangible assets	8,278.2	6,376.3	$ 5,689
Other assets	8,988	8,290.2
Total assets	96,777.3	91,985.1
Liabilities
Accounts payable and accrued liabilities	6,078.3	5,487.2
Derivative obligations	356.9	444.9
Deferred income tax liabilities	1,714	1,250.3
Insurance Contract Payables	923	1,206.9
Insurance contract liabilities	47,602.2	46,171.4
Borrowings	11,753.7	9,723.5	8,624.9
Total liabilities	68,428.1	64,284.2
Equity
Shareholders' equity attributable to shareholders of Fairfax	24,068	22,950.5
Non-controlling interests	4,281.2	4,750.4
Total equity	28,349.2	27,700.9	23,018.7
Total liabilities and total equity	96,777.3	91,985.1
Holding company and insurance and reinsurance companies
Liabilities
Borrowings	8,858.2	7,824.5
Non-insurance companies
Liabilities
Borrowings	2,895.5	1,899	$ 2,003.9
Non-insurance companies
Equity
Non-controlling interests	1,541	1,634.6
Operating segments \| Property and Casualty Insurance and Reinsurance
Assets
Holding company cash and investments	391.9	270.9
Insurance contract receivables	763.6	915.3
Portfolio investments	61,369.4	58,180
Reinsurance contract assets held	11,203	11,373.4
Deferred income tax assets	229.3	211.3
Goodwill and intangible assets	4,083.3	4,245.7
Due from affiliates	242	250.8
Other assets	1,858.8	2,059.8
Investments in affiliates	479.5	181
Total assets	80,620.8	77,688.2
Liabilities
Accounts payable and accrued liabilities	2,054.3	2,083.7
Derivative obligations	265.5	351.4
Deferred income tax liabilities	958.1	866
Insurance Contract Payables	309.2	553.5
Insurance contract liabilities	44,261.7	42,649.9
Due to affiliates	24.2	49.7
Total liabilities	48,848.8	47,449.8
Equity
Shareholders' equity attributable to shareholders of Fairfax	29,036.2	27,134.9
Non-controlling interests	2,735.8	3,103.5
Total equity	31,772	30,238.4
Total liabilities and total equity	80,620.8	77,688.2
Operating segments \| Property and Casualty Insurance and Reinsurance \| Holding company and insurance and reinsurance companies
Liabilities
Borrowings	975.8	895.6
Operating segments \| Life insurance and Run-off
Assets
Insurance contract receivables	16.8	10.8
Portfolio investments	4,090.6	4,318
Reinsurance contract assets held	413.7	454.3
Deferred income tax assets	0.9	1.3
Goodwill and intangible assets	12.8	8.4
Due from affiliates	347.4	338.8
Other assets	1,585.2	1,394.8
Investments in affiliates	22	15.5
Total assets	6,489.4	6,541.9
Liabilities
Accounts payable and accrued liabilities	346.3	257.6
Derivative obligations	8.1
Deferred income tax liabilities	64.4	69.6
Insurance Contract Payables	613.8	653.4
Insurance contract liabilities	4,280.2	4,466.7
Due to affiliates		0.8
Total liabilities	5,312.8	5,448.1
Equity
Shareholders' equity attributable to shareholders of Fairfax	1,172.2	1,081.5
Non-controlling interests	4.4	12.3
Total equity	1,176.6	1,093.8
Total liabilities and total equity	6,489.4	6,541.9
Operating segments \| Non-insurance companies
Assets
Portfolio investments	2,291.9	2,496.5
Deferred income tax assets	88.6	54.1
Goodwill and intangible assets	4,181.7	2,121.6
Due from affiliates	1.4
Other assets	5,203.8	4,377.4
Total assets	11,767.4	9,049.6
Liabilities
Accounts payable and accrued liabilities	3,170.4	2,625.6
Derivative obligations	82.7	61
Deferred income tax liabilities	514.3	274.2
Due to affiliates	71.2	159.9
Total liabilities	6,727.5	5,012.5
Equity
Shareholders' equity attributable to shareholders of Fairfax	3,498.9	2,402.5
Non-controlling interests	1,541	1,634.6
Total equity	5,039.9	4,037.1
Total liabilities and total equity	11,767.4	9,049.6
Operating segments \| Non-insurance companies \| Non-insurance companies
Liabilities
Borrowings	2,888.9	1,891.8
Corporate and eliminations
Assets
Holding company cash and investments	2,110.8	1,510.7
Portfolio investments	(2,531.5)	(1,572.4)
Reinsurance contract assets held	(934.1)	(940)
Deferred income tax assets	6.2	34.4
Goodwill and intangible assets	0.4	0.6
Due from affiliates	(590.8)	(589.6)
Other assets	340.2	458.2
Investments in affiliates	(501.5)	(196.5)
Total assets	(2,100.3)	(1,294.6)
Liabilities
Accounts payable and accrued liabilities	507.3	520.3
Derivative obligations	0.6	32.5
Deferred income tax liabilities	177.2	40.5
Insurance contract liabilities	(939.7)	(945.2)
Due to affiliates	(95.4)	(210.4)
Total liabilities	7,539	6,373.8
Equity
Shareholders' equity attributable to shareholders of Fairfax	(9,639.3)	(7,668.4)
Total equity	(9,639.3)	(7,668.4)
Total liabilities and total equity	(2,100.3)	(1,294.6)
Corporate and eliminations \| Holding company and insurance and reinsurance companies
Liabilities
Borrowings	7,882.4	6,928.9
Corporate and eliminations \| Non-insurance companies
Liabilities
Borrowings	$ 6.6	$ 7.2

Expenses (Details)

Expenses (Details) - USD ($) $ in Millions	12 Months Ended
Expenses (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Expenses
Losses on claims, net	$ 13,336.6	$ 11,992.5
Commissions	4,039	3,582.7
Cost of sales	4,145.6	4,059.6
Compensation expense	3,809.1	3,342.9
Administrative expense and other	3,186.9	2,988
Expenses	28,517.2	25,965.7
As presented in the consolidated statement of earnings:
Insurance service expenses	24,866.8	21,944.1
Recoveries of insurance service expenses	(4,453.2)	(3,943.7)
Other insurance operating expenses and Corporate and other expenses	1,633.1	1,396.6
Non-insurance expenses	6,470.5	6,568.7
Expenses	28,517.2	25,965.7
Global Insurers and Reinsurers
Expenses
Losses on claims, net	6,807.3	7,004.7
North American Insurers
Expenses
Losses on claims, net	3,807.6	3,524.8
International Insurers and Reinsurers
Expenses
Losses on claims, net	2,460.9	1,183.5
Insurance and reinsurance companies
Expenses
Losses on claims, net	13,336.6	11,992.5
Commissions	4,039	3,582.7
Compensation expense	2,646.8	2,222.5
Administrative expense and other	2,024.3	1,599.3
Expenses	22,046.7	19,397
As presented in the consolidated statement of earnings:
Insurance service expenses	24,866.8	21,944.1
Recoveries of insurance service expenses	(4,453.2)	(3,943.7)
Other insurance operating expenses and Corporate and other expenses	1,633.1	1,396.6
Expenses	22,046.7	19,397
Insurance and reinsurance companies \| Directly attributable expenses
Expenses
Losses on claims, net	13,336.6	11,992.5
Commissions	4,039	3,582.7
Compensation expense	1,795.9	1,449.8
Administrative expense and other	1,242.1	975.4
Expenses	20,413.6	18,000.4
As presented in the consolidated statement of earnings:
Insurance service expenses	24,866.8	21,944.1
Recoveries of insurance service expenses	(4,453.2)	(3,943.7)
Expenses	20,413.6	18,000.4
Insurance and reinsurance companies \| Directly attributable expenses \| Insurance acquisition cash flows
Expenses
Commissions	4,039	3,582.7
Compensation expense	765.4	586.3
Administrative expense and other	630.5	573.2
Expenses	5,434.9	4,742.2
As presented in the consolidated statement of earnings:
Insurance service expenses	5,434.9	4,742.2
Expenses	5,434.9	4,742.2
Insurance and reinsurance companies \| Directly attributable expenses \| Other expenses
Expenses
Losses on claims, net	13,336.6	11,992.5
Compensation expense	1,030.5	863.5
Administrative expense and other	611.6	402.2
Expenses	14,978.7	13,258.2
As presented in the consolidated statement of earnings:
Insurance service expenses	19,431.9	17,201.9
Recoveries of insurance service expenses	(4,453.2)	(3,943.7)
Expenses	14,978.7	13,258.2
Insurance and reinsurance companies \| Non-directly attributable expenses \| Other operating expenses
Expenses
Compensation expense	850.9	772.7
Administrative expense and other	782.2	623.9
Expenses	1,633.1	1,396.6
As presented in the consolidated statement of earnings:
Other insurance operating expenses and Corporate and other expenses	1,633.1	1,396.6
Expenses	1,633.1	1,396.6
Non-insurance companies
Expenses
Cost of sales	4,145.6	4,059.6
Compensation expense	1,162.3	1,120.4
Administrative expense and other	1,162.6	1,388.7
Expenses	6,470.5	6,568.7
As presented in the consolidated statement of earnings:
Non-insurance expenses	6,470.5	6,568.7
Expenses	$ 6,470.5	$ 6,568.7

Supplementary Cash Flow Infor_3

Supplementary Cash Flow Information - Cash and cash equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Cash	$ 2,612.5	$ 2,433.7
Cash equivalents	3,500	2,687.7
Total cash and cash equivalents	6,112.5	5,121.4	$ 6,119.6
Restricted cash and cash equivalents
Restricted cash	1,155.1	188.3
Restricted cash equivalents	245	454
Total restricted cash and restricted cash equivalents	1,400.1	642.3
Cash and cash equivalents included on the consolidated balance sheet
Cash and restricted cash	3,767.6	2,622
Cash equivalents and restricted cash equivalents	3,745	3,141.7
Total cash and cash equivalents and restricted cash and restricted cash equivalents	7,512.6	5,763.7
Blizzard Vacatia
Restricted cash and cash equivalents
Restricted cash	835
Cash and cash equivalents included on the consolidated balance sheet
Restricted cash	835
Holding company cash and investments
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Cash	146.2	81.4
Cash equivalents	362	325.4
Total cash and cash equivalents	508.2	406.8
Restricted cash and cash equivalents
Restricted cash	155
Total restricted cash and restricted cash equivalents	155
Cash and cash equivalents included on the consolidated balance sheet
Cash and restricted cash	301.2	81.4
Cash equivalents and restricted cash equivalents	362	325.4
Total cash and cash equivalents and restricted cash and restricted cash equivalents	663.2	406.8
Holding company assets pledged for derivative obligations
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Cash equivalents	101.1	2.5
Total cash and cash equivalents	101.1	2.5
Cash and cash equivalents included on the consolidated balance sheet
Cash equivalents and restricted cash equivalents	101.1	2.5
Total cash and cash equivalents and restricted cash and restricted cash equivalents	101.1	2.5
Subsidiary cash and short term investments
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Cash	2,411.2	2,172.9
Cash equivalents	3,010.2	2,347.3
Total cash and cash equivalents	5,421.4	4,520.2
Restricted cash and cash equivalents
Restricted cash	1,000.1	188.1
Restricted cash equivalents	240.6	448.9
Total restricted cash and restricted cash equivalents	1,240.7	637
Cash and cash equivalents included on the consolidated balance sheet
Cash and restricted cash	3,411.3	2,361
Cash equivalents and restricted cash equivalents	3,250.8	2,796.2
Total cash and cash equivalents and restricted cash and restricted cash equivalents	6,662.1	5,157.2
Fairfax India
Unrestricted cash and cash equivalents included in the consolidated statement of cash flows
Cash	55.1	179.4
Cash equivalents	26.7	12.5
Total cash and cash equivalents	81.8	191.9
Restricted cash and cash equivalents
Restricted cash		0.2
Restricted cash equivalents	4.4	5.1
Total restricted cash and restricted cash equivalents	4.4	5.3
Cash and cash equivalents included on the consolidated balance sheet
Cash and restricted cash	55.1	179.6
Cash equivalents and restricted cash equivalents	31.1	17.6
Total cash and cash equivalents and restricted cash and restricted cash equivalents	$ 86.2	$ 197.2

Supplementary Cash Flow Infor_4

Supplementary Cash Flow Information - Additional disclosures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Net (purchases) sales of investments classified at FVTPL
Short term investments	$ 1,267	$ 1,592.6
Bonds	(1,888.1)	(5,910.6)
Preferred stocks	(11.3)	(135.1)
Common stocks	(248.5)	(1,000.6)
Net derivatives and other invested assets	365.1	(45.4)
Net (purchases) sales of securities classified at FVTPL	(515.8)	(5,499.1)
Changes in operating assets and liabilities
Net (increase) decrease in restricted cash and cash equivalents	(733.3)	250.4
Insurance contract receivables	144.2	(282.4)
Reinsurance contract assets held	17.2	(723)
Insurance contract payables	(273.8)	(301.5)
Insurance contract liabilities	2,388.4	4,286.1
Other receivables	(36.9)	(270.9)
Accounts payable and accrued liabilities	312.5	541.2
Other	(411.5)	(423.6)
Changes in operating assets and liabilities	(1,406.8)	(3,076.3)
Net interest and dividends received
Interest and dividends received	2,570.6	1,595.1
Interest paid on borrowings	(508.8)	(428.1)
Interest paid on lease liabilities	(57.3)	(54.8)
Net interest and dividends received	2,004.5	1,112.2
Net income taxes paid	$ (1,005.6)	$ (713.9)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2017
Subordinate voting shares
Related Party Transactions
Purchases for cancellation (in shares)		1,346,953	364,723
Subordinate voting shares \| Prem Watsa
Related Party Transactions
Purchases for cancellation (in shares)		275,000
Key management team
Related Party Transactions
Salaries and other short-term employee benefits		$ 17.3	$ 14.5
Share-based payments		7.2	7.3
Related party compensation		24.5	21.8
Board of Directors
Related Party Transactions
Retainers and fees		1.8	1.4
Share-based payments		0.2	0.2
Related party compensation		$ 2	$ 1.6
Non-insurance associates and joint ventures \| Marval Guru Fund
Related Party Transactions
Investment in managed fund	$ 100.4			$ 50

Subsidiaries (Details)

Subsidiaries (Details)							12 Months Ended
Subsidiaries (Details)	Dec. 13, 2024	Dec. 12, 2024	Apr. 25, 2024	Apr. 24, 2024	Jun. 23, 2023	Sep. 27, 2022	Dec. 31, 2024	Dec. 31, 2023
Brit Limited (Brit)
Subsidiaries
Percentage equity interest in acquiree	100%	86.20%
Allied World Assurance Company Holdings, Ltd (Allied World)
Subsidiaries
Percentage equity interest in acquiree					83.40%	82.90%		83.40%
Gulf Insurance Group K.S.C.P.
Subsidiaries
Percentage equity interest in acquiree			97.10%	90%
Peak Achievement Athletics, Inc.
Subsidiaries
Percentage equity interest in acquiree								42.60%
U.S. Run-off \| TIG Insurance Company (TIG Insurance)
Subsidiaries
Percentage equity interest in acquiree							100%
Property and Casualty Insurance and Reinsurance \| Gulf Insurance Group K.S.C.P.
Subsidiaries
Percentage equity interest in acquiree							97.10%
Property and Casualty Insurance and Reinsurance \| North American Insurers \| Northbridge Financial Corporation (Northbridge)
Subsidiaries
Percentage equity interest in acquiree							100%
Property and Casualty Insurance and Reinsurance \| North American Insurers \| Crum & Forster Holdings Corp. (Crum & Forster)
Subsidiaries
Percentage equity interest in acquiree							100%
Property and Casualty Insurance and Reinsurance \| North American Insurers \| Zenith National Insurance Corp. (Zenith National)
Subsidiaries
Percentage equity interest in acquiree							100%
Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers \| Odyssey Group Holdings, Inc. (Odyssey Group)
Subsidiaries
Percentage equity interest in acquiree							90%
Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers \| Brit Limited (Brit)
Subsidiaries
Percentage equity interest in acquiree							100%
Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers \| Ki Financial Limited (Ki Insurance)
Subsidiaries
Percentage equity interest in acquiree							20%
Property and Casualty Insurance and Reinsurance \| Global Insurers and Reinsurers \| Allied World Assurance Company Holdings, Ltd (Allied World)
Subsidiaries
Percentage equity interest in acquiree							83.40%
Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers \| Bryte Insurance Company Ltd (Bryte Insurance)
Subsidiaries
Percentage equity interest in acquiree							100%
Property and Casualty Insurance and Reinsurance \| International Insurers and Reinsurers \| Eurolife FFH General Insurance Single Member S.A. (Eurolife General)
Subsidiaries
Percentage equity interest in acquiree							80%
Property and Casualty Insurance and Reinsurance \| Fairfax Central and Eastern Europe \| Polskie Towarzystwo Reasekuracji Spolka Akcyjna (Polish Re)
Subsidiaries
Percentage equity interest in acquiree							100%
Property and Casualty Insurance and Reinsurance \| Fairfax Central and Eastern Europe \| Colonnade Insurance S.A. (Colonnade Insurance)
Subsidiaries
Percentage equity interest in acquiree							100%
Property and Casualty Insurance and Reinsurance \| Fairfax Central and Eastern Europe \| FFH Ukraine Holdings (Fairfax Ukraine)
Subsidiaries
Percentage equity interest in acquiree							70%
Property and Casualty Insurance and Reinsurance \| Fairfax Central and Eastern Europe \| ARX Insurance Company (ARX Insurance)
Subsidiaries
Percentage equity interest in acquiree							100%
Property and Casualty Insurance and Reinsurance \| Fairfax Central and Eastern Europe \| Private Joint Stock Company Insurance Company Universalna (Universalna)
Subsidiaries
Percentage equity interest in acquiree							100%
Property and Casualty Insurance and Reinsurance \| Fairfax Latin America \| Fairfax Brasil Seguros Corporativos S.A. (Fairfax Brasil)
Subsidiaries
Percentage equity interest in acquiree							100%
Property and Casualty Insurance and Reinsurance \| Fairfax Latin America \| La Meridional Compania Argentina de Seguros S.A. (La Meridional Argentina)
Subsidiaries
Percentage equity interest in acquiree							100%
Property and Casualty Insurance and Reinsurance \| Fairfax Latin America \| SBS Seguros Colombia S.A. (Southbridge Colombia)
Subsidiaries
Percentage equity interest in acquiree							100%
Property and Casualty Insurance and Reinsurance \| Fairfax Latin America \| SBI Seguros Uruguay S.A. (Southbridge Uruguay)
Subsidiaries
Percentage equity interest in acquiree							100%
Property and Casualty Insurance and Reinsurance \| Fairfax Latin America \| Southbridge Compania de Seguros Generales S.A. (Southbridge Chile)
Subsidiaries
Percentage equity interest in acquiree							100%
Property and Casualty Insurance and Reinsurance \| Group Re \| CRC Reinsurance Limited (CRC Re)
Subsidiaries
Percentage equity interest in acquiree							100%
Property and Casualty Insurance and Reinsurance \| Group Re \| Wentworth Insurance Company Ltd. (Wentworth)
Subsidiaries
Percentage equity interest in acquiree							100%
Property and Casualty Insurance and Reinsurance \| Group Re \| Connemara Reinsurance Company Ltd. (Connemara)
Subsidiaries
Percentage equity interest in acquiree							100%
Property and Casualty Insurance and Reinsurance \| Fairfax Asia \| Falcon Insurance Company (Hong Kong) Limited (Falcon)
Subsidiaries
Percentage equity interest in acquiree							100%
Property and Casualty Insurance and Reinsurance \| Fairfax Asia \| The Pacific Insurance Berhad (Pacific Insurance)
Subsidiaries
Percentage equity interest in acquiree							85%
Property and Casualty Insurance and Reinsurance \| Fairfax Asia \| PT Asuransi Multi Artha Guna Tbk (AMAG Insurance)
Subsidiaries
Percentage equity interest in acquiree							80.80%
Property and Casualty Insurance and Reinsurance \| Fairfax Asia \| Fairfirst Insurance Limited (Fairfirst Insurance)
Subsidiaries
Percentage equity interest in acquiree							78%
Property and Casualty Insurance and Reinsurance \| Fairfax Asia \| Falcon Insurance Public Company Limited (Falcon Thailand) [Member]
Subsidiaries
Percentage equity interest in acquiree							96.70%
Property and Casualty Insurance and Reinsurance \| Fairfax Asia \| Singapore Reinsurance Corporation Limited (Singapore Re)
Subsidiaries
Percentage equity interest in acquiree							100%
Life insurance and Run-off \| Eurolife FFH Life Insurance Group Holdings S.A. (Eurolife)
Subsidiaries
Percentage equity interest in acquiree							80%
Investment management \| Hamblin Watsa Investment Counsel Ltd. (Hamblin Watsa)
Subsidiaries
Percentage equity interest in acquiree							100%
Non-insurance companies \| Restaurants and retail \| Recipe Unlimited Corporation (Recipe)
Subsidiaries
Percentage equity interest in acquiree							84%
Non-insurance companies \| Restaurants and retail \| Sleep Country Canada Holdings Inc. (Sleep Country)
Subsidiaries
Percentage equity interest in acquiree							100%
Non-insurance companies \| Restaurants and retail \| Sporting Life Group Limited (Sporting Life Group)
Subsidiaries
Percentage equity interest in acquiree							90.10%
Non-insurance companies \| Fairfax India \| Fairfax India Holdings Corporation (Fairfax India)
Subsidiaries
Percentage equity interest in acquiree							42.70%
Proportion of voting rights held							95.20%
Non-insurance companies \| Thomas Cook India \| Thomas Cook (India) Limited (Thomas Cook India)
Subsidiaries
Percentage equity interest in acquiree							64.50%
Non-insurance companies \| Other \| AGT Food and Ingredients Inc. (AGT)
Subsidiaries
Percentage equity interest in acquiree							65.70%
Non-insurance companies \| Other \| Boat Rocker Media Inc. (Boat Rocker)
Subsidiaries
Percentage equity interest in acquiree							44.50%
Proportion of voting rights held							56%
Non-insurance companies \| Other \| Dexterra Group Inc. (Dexterra Group)
Subsidiaries
Percentage equity interest in acquiree							49.70%
Non-insurance companies \| Other \| Farmers Edge Inc. (Farmers Edge)
Subsidiaries
Percentage equity interest in acquiree							70.50%
Non-insurance companies \| Other \| Grivalia Hospitality S.A. (Grivalia Hospitality)
Subsidiaries
Percentage equity interest in acquiree							85.20%
Non-insurance companies \| Other \| Meadow Foods Limited (Meadow Foods)
Subsidiaries
Percentage equity interest in acquiree							93.20%
Non-insurance companies \| Other \| Peak Achievement Athletics, Inc.
Subsidiaries
Percentage equity interest in acquiree							100%
Thomas Cook (India) Limited (Thomas Cook India) \| Sterling Holiday Resorts Limited (Sterling Resorts)
Subsidiaries
Percentage equity interest in acquiree							64.50%
Proportion of voting rights held							100%
Brit Limited (Brit) \| Ki Financial Limited (Ki Insurance)
Subsidiaries
Proportion of voting rights held							51%