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Fairfax Financial posts dramatic profit drop on underperforming investments

Fairfax Financial Holdings Ltd. says its profits dropped by 78 per cent in the third quarter compared with last year as it took a hit from investments.The insurance-focused financial services company says net income came in at US$106.2 million, or US$3.34 per diluted share after dividends, down from the US$476.9 million or US$16.42 per share for the same quarter last year.Analysts had expected a profit of US$283.7 million, or US$9.50 per share, according to Thomson Reuters Eikon.Underwriter profit was US$74.2 million for the quarter ending Sept. 30, compared with a net loss of US$833 million for last year as the company recorded fewer catastrophe losses.Investment income showed a US$41.2 million gain in the quarter, compared with a US$1.1 billion gain for the same quarter last year.The company booked US$2.96 billion in net premiums, up from US$2.78 billion last year.

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