Berkshire Hathaway's operating earnings increase 12% in the first quarter, cash hoard tops $130 billion

May 07, 2023

Earnings for Warren Buffett's Berkshire Hathaway jumped in the first quarter, thanks in part to a rebound in the conglomerate's insurance business. Operating earnings, which encompass profits from the conglomerate's fully-owned businesses, totaled $8.065 billion in the first quarter. Profit from insurance underwriting came in at $911 million, up sharply from $167 million a year prior. The auto insurer suffered a $1.9 billion pretax underwriting loss last year as it lost market share to competitor Progressive. Ajit Jain, Berkshire's vice chairman of insurance operations, previously said the biggest culprit for Geico's underperformance was telematics.