Berkshire reports a 51 per cent increase in profit as insurance, investments perform well
OMAHA, Neb. – Berkshire Hathaway’s first-quarter profit jumped 51 per cent as its insurance companies performed well and the value of its investments soared.
Warren Buffett’s firm said Friday it earned $4.89 billion, or $2,977 per Class A share. That’s up from last year’s $3.25 billion net income, or $1,966 per Class A share.
The Omaha-based conglomerate says its revenue grew 15 per cent to $43.87 billion from $38.15 billion last year.
Berkshire’s insurance companies generated $901 million in underwriting profit because there were no major losses in the quarter. That’s far better than last year’s $54 million.
The value of Berkshire’s investments and derivatives soared to $1.1 billion from $580 million.
The earnings report was released as thousands of Berkshire shareholders were gathering in Omaha for Saturday’s annual meeting.
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