Berkshire Hathaway says its insurance underwriting result surged in the first quarter on a lack of significant catastrophe losses and higher premiums earned.

Insurance underwriting net earnings grew to $US901 million ($873 million) from $US54 million ($52 million) in the corresponding period last year.

Insurance investment earnings were $US799 million ($774 million), up from $US791 million ($766 million).

The Berkshire Hathaway Reinsurance Group reported underwriting earnings of $US974 million ($943 million), improving from a $US191 million ($185 million) loss in the first quarter of last year.

Geico, which mainly writes private auto insurance, raised its underwriting result to $US266 million ($258 million) from $US124 million ($120 million).

The division’s premiums written grew 11.3% to $US4.84 billion ($4.69 billion), while premiums earned increased 9.5% to $US4.4 billion ($4.26 billion).

General Re – which offers reinsurance on property and casualty (P&C) and life and health coverage globally – posted an underwriting result of $US95 million ($92 million), up from $US81 million ($78 million).

P&C premiums earned increased 3.1% to $US758 million ($734 million).

Berkshire Hathaway’s overall first-quarter net profit rose 51% to $US4.89 billion ($4.74 billion).