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The Toronto-based insurer reported a 19 per cent year-over-year decrease in third quarter earnings attributable to its shareholders, as higher interest rates hit the company’s bond portfolio and its marine insurance operations in the Gulf region and property insurance in Ukraine weathered geopolitical strife. But the US$929.6-million profit was above the $858.3 million expected by analysts, according to S&P Capital IQ. (The Logic)
Talking point: The company has faced questions about how it will pay for IDBI Bank, a $7.9-billion deal and the largest foreign investment in India’s financial sector, where bank workers are concerned about the takeover. In its earnings release, it said it is focused on being “soundly financed,” with US$1.9 billion of cash and US$2 billion in untouched credit, even after internally funding Sleep Country’s acquisition of Sleep Number and agreeing to buy a US$2.3-billion stake in U.K. drugstore Boots. Fairfax shares rose nearly 10 per cent on the Toronto Stock Exchange Wednesday.
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