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Berkshire Hathaway reported Saturday a huge year-over-year increase in operating earnings in the first quarter, while its cash holdings bubbled to record levels.
The Warren Buffett-led conglomerate posted an operating profit — which encompasses earnings from the company’s wholly owned businesses — that surged 39% to $11.22 billion from the year-earlier period.
That gain was led by a 185% year-on-year increase in insurance underwriting earnings to $2.598 billion from just $911 million. Geico earnings swelled 174% to $1.928 billion from $703 million a year prior. Insurance investment income also swelled 32% to more than $2.5 billion.
Warren Buffett walks the floor ahead of the Berkshire…
Source cnbc.com
