Berkshire Hathaway outlines financials in Q2 and first half

Insurance underwriting figures improve

Berkshire Hathaway outlines financials in Q2 and first half

Insurance News

By Terry Gangcuangco

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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