Berkshire Hathaway second-quarter profit down 7.6%
Berkshire Hathaway has reported a second-quarter net profit of $US2.88 billion ($3.3 billion), 7.6% down on the corresponding quarter last year.
Chairman Warren Buffett had warned that underwriting gains for the year will be substantially lower than last year as price competition has steadily increased over the past two years in most US property and casualty markets.
Berkshire Hathaway owns reinsurer Gen Re and insurers Geico and National Indemnity.
Earnings from underwriting insurance and reinsurance fell 43% to $US360 million ($407 million) during the period.
Investment income was up marginally on last year’s figure, increasing from $US862 million ($975 million) to $US884 million ($1 billion).
Chairman Warren Buffett had warned that underwriting gains for the year will be substantially lower than last year as price competition has steadily increased over the past two years in most US property and casualty markets.
Berkshire Hathaway owns reinsurer Gen Re and insurers Geico and National Indemnity.
Earnings from underwriting insurance and reinsurance fell 43% to $US360 million ($407 million) during the period.
Investment income was up marginally on last year’s figure, increasing from $US862 million ($975 million) to $US884 million ($1 billion).