Billionaire US investor Warren Buffett can thank rising insurance premiums for the 35% rise in profit enjoyed over the second quarter by his Berkshire Hathaway group, which owns major insurance and reinsurance companies. The company recorded a second quarter net profit of $1.8 billion compared with $1.4 billion last year. 

Berkshire Hathaway’s operating profit is worth $1254.49 a share, showing an increase of $430.49 on last year’s figures.