(August 8 – 17:45 ET) – Fairfax Financial Holdings Ltd. is reporting that its net earnings more than doubled for the second quarter ending June 30. Its says net earnings for the quarter increased 104% to $83.6 million from $40.9 million last year. Net earnings per share for the quarter soared to $5.95 a share, from $2.82 a share last year.

Revenues for the quarter were $1.61 billion, up slightly from $1.57 billion a year ago.

In a statement, Fairfax said the higher earnings were mainly due to higher realized gains. The combined ratio for the first half of the year was 111% compared to 112% last year.
-IE Staff