Berkshire Hathaway outlines earnings in Q2 and first half
Berkshire Hathaway outlines earnings in Q2 and first half | Insurance Business America
Insurance News
Berkshire Hathaway outlines earnings in Q2 and first half
Insurance underwriting results up
Insurance News
By
Terry Gangcuangco
Here’s the rundown of Berkshire’s operating results in the periods:
Metric / source
Q2 2024
Q2 2023
H1 2024
H1 2023
Net earnings attributable to Berkshire shareholders
$30.35 billion
$35.91 billion
$43.05 billion
$71.42 billion
Insurance – underwriting
$2.26 billion
$1.25 billion
$4.86 billion
$2.16 billion
Insurance – investment income
$3.32 billion
$2.37 billion
$5.92 billion
$4.34 billion
BNSF
$1.23 billion
$1.26 billion
$2.37 billion
$2.51 billion
Berkshire Hathaway Energy Company
$655 million
$785 million
$1.37 billion
$1.20 billion
Other businesses
$3.38 billion
$3.50 billion
$6.47 billion
$6.57 billion
Operating earnings
$11.60 billion
$10.04 billion
$22.82 billion
$18.11 billion
Lifting the lid on the insurance results, Berkshire reported: “Insurance underwriting after-tax earnings increased $1.0 billion in the second quarter and $2.7 billion in the first six months of 2024 compared to 2023.
Broken down, GEICO contributed $1.79 billion in pre-tax underwriting earnings in the second quarter, while $279 million and $782 million, respectively came from Berkshire Hathaway Primary Group and Berkshire Hathaway Reinsurance Group.
In the same period last year, GEICO’s pre-tax underwriting earnings stood at $514 million. Berkshire Hathaway Primary Group’s pre-tax underwriting earnings also improved, from $272 million previously.
Meanwhile, the group added: “After-tax earnings from insurance investment income increased $951 million in the second quarter and $1.6 billion in the first six months of 2024 compared to 2023, driven by higher interest income from our short-term investments in US Treasury Bills.”
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