Fairfax Financial Holdings Ltd. is reporting reduced earnings for the first quarter ended March 31.

The financial services holding company says net earnings for the quarter decreased 14% to $30.9 million from $35.9 million last year. Net earnings per share for the quarter decreased to $2.11 per share from $2.58 per share last year.

Total revenue for the quarter was $1.53 billion, compared with $1.49 billion a year ago.

Fairfax says the decline in first quarter earnings was due to lower interest and dividend income on a lower average investment portfolio arising from 2000 net claims payments, partially offset by higher realized capital gains.