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  "documentTitle": "Fairfax Financial Holdings Ltd. (FFH)",
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  "notes": "The slide uses an EY market update as a benchmark to highlight the anomaly of Fairfax's reported figures.",
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      "text": "For P&C insurers, the impact was less pronounced, given the majority of their business is measured under the PAA. The percentage of change varied between -2% and +3%.",
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      "text": "IFRS 17 and IFRS 9 vs. IFRS 4 and IAS 39 – 1 January 2022",
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      "text": "The adoption of IFRS 17 increased Fairfax's Book Value by 15.5%. According to an EY July 2023 market update on the impacts of IFRS 17 and 9 adoption by insurers, the three P&C insurers it studied had Book Value swings of -2% to +3% (at right).",
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      "text": "Approximately 83% of insurers disclosed their impacts on equity at the transition date. For the large majority of composite and L&H insurers, there has been a decrease in equity, mainly due to the recognition of RA and CSM. The percentage of decrease varied across these insurers, with the majority reporting a decrease between 5% and 25%, while two insurers mentioned a decrease of up to 50%. For P&C insurers, the impact was less pronounced, given the majority of their business is measured under the PAA. The percentage of change varied between -2% and +3%.",
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      "text": "IFRS 17 requires insurers to discount their anticipated insurance liabilities. The gains from the discounting theoretically reverse as the discount factor for liabilities decreases as time passes. Despite the future reversal, Fairfax appears to have taken its adoption of IFRS 17 as an opportunity to unjustifiably inflate profits and Book Value further.",
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      "text": "According to an EY July 2023 market update on the impacts of IFRS 17 and 9 adoption by insurers, the three P&C insurers it studied had Book Value swings of -2% to +3% (at right).",
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      "text": "1 Fairfax May 11, 2023 Press Release of Q1 2023 Results. 2 Available at: https://assets.ey.com/content/dam/ey-sites/ey-com/en_gl/topics/insurance/ey-market-updates-on-the-impact-of-ifrs-17-and-ifrs-9-july-2023.pdf?download",
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      "text": "Fairfax's IFRS 17 Adoption Equity Increase is Suspiciously Large",
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