Berkshire Hathaway outlines earnings in Q2 and first half
Insurance underwriting results up
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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