TORONTO (Reuters) — Fairfax Financial Holdings Ltd. said yesterday its first-quarter earnings fell along with lower total revenue and a decline in investment gains.The insurance holding company said it earned $110.9 million, or $5.88 a share, in the three months ended March 31, compared with a profit of $198.4 million, or $10.51 a share, a year earlier.

Net premiums written in the first quarter fell 7.6 percent to $1.07 billion, reflecting “increasingly competitive conditions in global insurance and reinsurance markets”.