Berkshire Insurance Underwriting Profit Down Nearly 50% to $1.3B After Taxes
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Berkshire’s insurance underwriting profits in the first quarter were down nearly 50% to $1.3 billion after taxes, reflecting losses from the Los Angeles wildfires in the first quarter of $1.1 billion. Investment income rose 11% to $2.9 billion on higher cash balances in the period. Profits at the Burlington Northern Santa Fe rose 6% to $1.2 billion and earnings at Berkshire Hathaway Energy rose 53% to $1.1 billion.
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