Berkshire Hathaway’s insurance earnings grew 28% to $US7.8 billion ($8.7 billion) last year as all divisions except General Re posted gains.

Pre-tax underwriting earnings increased to $US3.09 billion ($3.45 billion) from $US1.63 billion ($1.81 billion) and investment income gained 5.8% to $US4.71 billion ($5.26 billion).

Earnings at the Geico car insurance business grew to $US1.13 billion ($1.26 billion) from $US680 million ($758 million), while General Re’s result fell to $US283 million ($316 million) from $US355 million ($396 million) in 2012.

General Re’s property result included losses of about $US400 million ($446 million) from a hailstorm and floods in Europe, while premiums written were relatively unchanged at $US5.97 billion ($6.65 billion).

“Our underwriters continue to exercise discipline by declining offers to write business where prices are deemed inadequate,” the company says.

“We remain prepared to increase premium volumes should market conditions improve.”

Berkshire Hathaway Reinsurance Group earnings increased to $US1.29 billion ($1.44 billion) from $US304 million ($339 million), while Berkshire Hathaway Primary Group results grew to $US385 million ($429 million) from $US286 million ($319 million).

Chairman Warren Buffett told US TV network CNBC he has not changed his calculations on catastrophe risks for extreme weather, amid some dire predictions.

“The truth is that writing US hurricane insurance has been very profitable in the past five or six years,” he said.

“Now the rates have come down very significantly so we aren’t writing much – if anything – in the US. Our biggest single cat risk would be earthquakes in New Zealand.”

Berkshire Hathaway’s total net earnings grew to $US19.48 billion ($21.72 billion) from $US14.82 billion ($22.11 billion) in 2012.