July 29, 2010 / 9:29 PM / 7 years ago

UPDATE 1-Fairfax Financial profit climbs on investments

* Net EPS $15.49 vs expected $5.81

* Revenue rises on strong investment gains (In U.S. dollars, unless noted)

TORONTO, July 29 (Reuters) - Insurer Fairfax Financial Holdings Ltd FFH.TO said on Thursday its second-quarter profit rose 18 percent, easily topping expectations on the back of hefty investment gains.

The Toronto-based property and casualty insurer earned $325.2 million, or $15.49 a share, in the three months ended June 30.

That compared with a profit of $275.4 million, or $15.56 a share, in the year-before period. The per-share figure declined due to a higher number of shares outstanding in the most recent quarter.

Analysts polled by Thomson Reuters I/B/E/S had expected, on average, a profit of $5.81 a share.

Revenue rose 4.4 percent to $1.8 billion, as net premiums written were flat at $1.1 billion, while gains on investments climbed to $388.7 million from $330 million.

Fairfax’s total debt to total capital ratio was 23.3 percent at June 30, compared with 23.0 percent a year earlier, and the company has more than $1.4 billion in cash, it said.

$1=$1.04 Canadian Reporting by Cameron French; editing by Rob Wilson

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