Berkshire Hathaway, led by Warren Buffett, posted robust third-quarter operating earnings, reaching $10.8 billion, a remarkable 40.6% increase from the previous year’s $7.7 billion. The conglomerate reported a net loss of $12.8 billion, in contrast to last year’s $2.8 billion loss.
The Omaha, Nebraska-based company attributed these losses to investment fluctuations, reporting a $23.5 billion loss for the last quarter, compared to a $10.4 billion loss in the same period a year ago.
However, Berkshire’s insurance underwriting business performed impressively, with earnings surging to $2.4 billion, rebounding from a $1.1 billion loss during the same quarter last year. Insurance investment income also saw a rise, reaching $2.5 billion, compared to last year’s $1.4 billion.
Notably, Geico, one of the country’s largest insurance providers and a Berkshire subsidiary, reported an underwriting profit of $1.053 billion, a substantial improvement from the $759 million loss recorded in last year’s third quarter.
Additionally, Berkshire continued its stock buyback program, repurchasing approximately $1.1 billion in stock during the third quarter, bringing the year-to-date total to approximately $7 billion.
The company’s cash reserves reached a record high of $157.2 billion in the third quarter, up from $147.4 billion in the second quarter of this year. Read More