Total Equity (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Total Equity |
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| Schedule of shares outstanding |
The number of shares outstanding was as follows: | | | | | | | 2025 | | 2024 | Subordinate voting shares – January 1 | | 20,919,696 | | 22,254,478 | Purchases for cancellation | | (1,006,535) | | (1,346,953) | Treasury shares acquired | | (117,918) | | (207,974) | Treasury shares reissued | | 312,073 | | 220,145 | Subordinate voting shares – December 31 | | 20,107,316 | | 20,919,696 | 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 | | 20,856,086 | | 21,668,466 |
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| 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 5, 2026 | | January 15, 2026 | | January 22, 2026 | | $ | 15.00 | | $ | 329.1 | 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 |
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| Schedule of preferred shares |
The terms of the company’s cumulative five-year rate reset preferred shares at December 31, 2025 were as follows: | | | | | | | | | | | | | | | | | | | Next possible | | | | | | | | | | | Fixed | | | | redemption and | | Number of | | | | | | | Liquidation | | dividend | | | | conversion | | shares | | Carrying | | | | preference per | | rate per | | | | date(1)(2) | | outstanding(3) | | value(3) | | Stated capital(3) | | share | | annum(4) | | Series K | | March 31, 2027 | | 9,500,000 | | $ | 231.7 | | Cdn $ | 237.5 | | Cdn $ | 25.00 | | 5.05 | % |
| (1) | Redeemable by the company at the stated redemption date and on each subsequent five-year anniversary date at Cdn $25.00 per share. |
| (2) | Holders have the option to convert their shares into Series L floating rate cumulative preferred shares at the specified conversion date and on each subsequent five-year anniversary date. |
| (3) | The number of shares outstanding, carrying value and stated capital remained unchanged during 2025 and 2024. |
| (4) | Series K preferred shares have a fixed dividend rate equal to the five-year Government of Canada bond yield plus 3.51%, with rate resets on each subsequent five-year anniversary date. Series L 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 3.51%, with rate resets at the end of each calendar quarter. |
During 2025 the company redeemed the following cumulative five-year reset preferred shares, all with stated capital and redemption values of Cdn$25.00 per share: | | | | | | | | | | | | | | | | | | | | | | | Gain recognized in | | | | | | Number of shares | | | | | | equity (net changes in | | | Redemption date | | redeemed | | Carrying value | | Redemption cost | | capitalization) | Series E | | | March 31, 2025 | | 5,440,132 | | 124.5 | | 94.5 | | 30.0 | Series F | | | March 31, 2025 | | 2,099,046 | | 48.0 | | 36.5 | | 11.5 | Series G | | | September 30, 2025 | | 7,719,843 | | 182.1 | | 138.7 | | 43.4 | Series H | | | September 30, 2025 | | 2,280,157 | | 53.8 | | 41.0 | | 12.8 | Series I | | | December 31, 2025 | | 10,420,101 | | 250.5 | | 190.1 | | 60.4 | Series J | | | December 31, 2025 | | 1,579,899 | | 38.0 | | 28.8 | | 9.2 | Series M | | | March 31, 2025 | | 9,200,000 | | 179.6 | | 159.8 | | 19.8 | | | | | | | | 876.5 | | 689.4 | | 187.1 |
During 2024 the company redeemed the following cumulative five-year reset preferred shares, all with stated capital and redemption values of Cdn$25.00 per share: | | | | | | | | | | | | | | | | | | | | | | | Gain recognized in | | | | | | Number of shares | | | | | | equity (net changes in | | | Redemption date | | redeemed | | Carrying value | | Redemption cost | | capitalization) | Series C | | | December 31, 2024 | | 7,515,642 | | 170.8 | | 130.6 | | 40.2 | Series D | | | December 31, 2024 | | 2,484,358 | | 56.5 | | 43.2 | | 13.3 | | | | | | | | 227.3 | | 173.8 | | 53.5 |
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| Schedule of AOCI |
Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax was comprised as follows: | | | | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 | | | | | 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 | | (1,196.3) | | 58.3 | | (1,138.0) | | (1,333.2) | | 42.8 | | (1,290.4) | Share of accumulated other comprehensive loss of associates, excluding net gains (losses) on defined benefit plans | | (41.9) | | (14.2) | | (56.1) | | (307.7) | | 28.2 | | (279.5) | | | (1,238.2) | | 44.1 | | (1,194.1) | | (1,640.9) | | 71.0 | | (1,569.9) | Items that will not be subsequently reclassified to net earnings | | | | | | | | | | | | | Net gains (losses) on defined benefit plans | | 159.9 | | (35.8) | | 124.1 | | 57.8 | | (8.2) | | 49.6 | Share of net gains (losses) on defined benefit plans of associates | | (10.5) | | 1.7 | | (8.8) | | (8.2) | | 0.1 | | (8.1) | Other | | 217.7 | | (43.9) | | 173.8 | | 178.2 | | (33.8) | | 144.4 | | | 367.1 | | (78.0) | | 289.1 | | 227.8 | | (41.9) | | 185.9 | Accumulated other comprehensive income (loss) attributable to shareholders of Fairfax | | (871.1) | | (33.9) | | (905.0) | | (1,413.1) | | 29.1 | | (1,384.0) |
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| 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, 2025 | | December 31, 2024 | | controlling interests | | | Economic | | | | Economic | | | | | | | | | ownership | | Carrying | | ownership | | Carrying | | | | | | | percentage(5) | | value | | percentage(5) | | value | | 2025 | | 2024 | Insurance and reinsurance companies(1) | | | | | | | | | | | | | Allied World(2) | | 16.6 | % | 1,121.7 | | 16.6 | % | 989.0 | | 204.5 | | 176.1 | Odyssey Group(2) | | 9.99 | % | 735.3 | | 9.99 | % | 665.7 | | 129.5 | | 128.1 | Ki(3)(5) | | 80.0 | % | 589.7 | | 80.0 | % | 532.6 | | 70.6 | | 137.4 | Gulf Insurance | | 2.9 | % | 496.6 | | 2.9 | % | 494.1 | | 27.9 | | 1.7 | All other | | — | | 62.1 | | — | | 58.8 | | 11.0 | | 7.3 | | | | | 3,005.4 | | | | 2,740.2 | | 443.5 | | 450.6 | Non-insurance companies | | | | | | | | | | | | | Restaurants and retail(4) | | — | | 3.3 | | — | | 147.7 | | 1.4 | | 9.2 | Fairfax India(5) | | 57.1 | % | 1,074.4 | | 57.3 | % | 1,029.9 | | 124.0 | | (63.7) | Thomas Cook India | | 35.5 | % | 99.5 | | 35.5 | % | 97.1 | | 12.8 | | 11.7 | All other | | — | | 177.2 | | — | | 266.3 | | (70.3) | | (19.8) | | | | | 1,354.4 | | | | 1,541.0 | | 67.9 | | (62.6) | | | | | 4,359.8 | | | | 4,281.2 | | 511.4 | | 388.0 |
| (1) | Includes property and casualty insurance and reinsurance companies, Life insurance and Run-off, and the group holding companies. |
| (2) | During 2025 the subsidiaries comprising the Global Insurers and Reinsurers reporting segment paid aggregate dividends of $146.3 (2024 - $256.3) to non-controlling interests. |
| (3) | On January 1, 2025 Ki completed the separation from its parent company Brit and became a separate operating company within the Global Insurers and Reinsurers reporting segment. |
| (4) | During 2025 Recipe repurchased and cancelled its common shares not owned by Fairfax, which increased Fairfax’s ownership interest in Recipe from 84.0% to 100.0%. |
| (5) | At December 31, 2025, Ki’s non-controlling interest economic ownership percentage was 80.0% (December 31, 2024 - 80.0%) which differed from its non-controlling interest voting percentage of 49.0% (December 31, 2024 - 49.0)% and Fairfax India’s non-controlling interest economic ownership percentage was 57.1% (December 31, 2024 - 57.3%) which differed from its non-controlling interest voting percentage of 4.8% (December 31, 2024 – 4.8%). |
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| Schedule of capitalization |
| | | | | | | | | | | 2025 | | 2024 | | | Common | | Non- | | Common | | Non- | | | shareholders’ | | controlling | | shareholders’ | | controlling | | | equity | | interests | | equity | | interests | Redemption of Series E, F, G, H, I, J and M cumulative preferred shares | | 187.1 | | — | | — | | — | Repurchase and cancellation by Recipe of shares held by non-controlling interests | | 4.3 | | (147.7) | | — | | — | Acquisition of non-controlling interests in Brit | | — | | — | | (76.0) | | (449.9) | Additional interest acquired in Gulf Insurance through mandatory tender offer | | — | | — | | (41.2) | | (85.5) | Redemption of Series C and 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 | | — | Other | | (67.5) | | (41.4) | | (75.8) | | 21.9 | As presented in net changes in capitalization in the consolidated statement of changes in equity | | 123.9 | | (189.1) | | (42.0) | | (513.5) |
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