Berkshire Hathaway swings to a profit, boosted by massive investment gains
Operating earnings totaled $10 billion in the second quarter, a 6.6% gain from the same period last year. Insurance underwriting and higher investment income helped boost Berkshire’s operating profits. The company posted net income of $35.9 billion after a loss of $43.6 billion in the second quarter of 2022. Berkshire posed $25.9 billion in investment gains last quarter, marking a significant turnaround from a year earlier, when its investments lost $53 billion in the second quarter alone.
Berkshire-owned Geico, one of the largest insurance companies in the United States, is faring better than it did last year, posting an underwriting profit of $514 million in this year’s second quarter. This is a modest decrease from $703 million in the first quarter but a sharp gain from last year’s second-quarter loss of $487 million. Comparatively, the insurance company has had a pretax underwriting profit of about $1.2 billion so far this year, helping to buoy Berkshire\n \n ’s earnings.
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