Buffett’s company says 4Q profit up 10 per cent as insurance, other subsidiaries performed well

OMAHA, Neb. – Warren Buffett’s company says its fourth-quarter profit improved 10 per cent as its insurance companies improved.

Berkshire Hathaway Inc.’s fourth-quarter results and Buffett’s annual letter to shareholders were released Saturday.

Berkshire reported fourth-quarter net income of $4.99 billion, or $3,035 per Class A share, on revenue of $47 billion. That’s up from $4.55 billion, or $2,757 per Class A share, on revenue of $44.72 billion last year.

Berkshire’s insurance companies, which include Geico and General Reinsurance, reported a $394 million operating profit in the fourth quarter, compared to last year’s $19 million loss.

Berkshire’s operating earnings, which exclude investments and derivatives, grew to $3.78 billion, or $2,297 per Class A share.

The three analysts surveyed by financial data company FactSet expected quarterly operating earnings of $2,495.42 per Class A share.

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