Berkshire Hathaway, businesses of which include GEICO and Berkshire Hathaway Specialty Insurance, has published its earnings report for the second quarter and first half of 2024.
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 |
US$30.35 billion |
US$35.91 billion |
US$43.05 billion |
US$71.42 billion |
|
Insurance – underwriting |
US$2.26 billion |
US$1.25 billion |
US$4.86 billion |
US$2.16 billion |
|
Insurance – investment income |
US$3.32 billion |
US$2.37 billion |
US$5.92 billion |
US$4.34 billion |
|
BNSF |
US$1.23 billion |
US$1.26 billion |
US$2.37 billion |
US$2.51 billion |
|
Berkshire Hathaway Energy Company |
US$655 million |
US$785 million |
US$1.37 billion |
US$1.20 billion |
|
Other businesses |
US$3.38 billion |
US$3.50 billion |
US$6.47 billion |
US$6.57 billion |
|
Operating earnings |
US$11.60 billion |
US$10.04 billion |
US$22.82 billion |
US$18.11 billion |
Lifting the lid on the insurance results, Berkshire reported: “Insurance underwriting after-tax earnings increased US$1.0 billion in the second quarter and US$2.7 billion in the first six months of 2024 compared to 2023.
“Earnings in 2024 benefitted from improved operating results at GEICO. We also experienced no significant catastrophe events in the first six months of 2024, while after-tax losses from significant catastrophe events during the first six months of 2023 were approximately US$450 million.”
Broken down, GEICO contributed US$1.79 billion in pre-tax underwriting earnings in the second quarter, while US$279 million and US$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 US$514 million. Berkshire Hathaway Primary Group’s pre-tax underwriting earnings also improved, from US$272 million previously.
Meanwhile, the group added: “After-tax earnings from insurance investment income increased US$951 million in the second quarter and US$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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