Berkshire Hathaway says underwriting earnings more than doubled in the first half as its reinsurance and vehicle operations offset losses from second-quarter European floods.

Net underwriting grew to $US1.43 billion ($1.58 billion) in the six months to June 30 from $US673 million ($742 million) in the corresponding period last year.

Berkshire Hathaway Reinsurance posted pre-tax underwriting earnings of $US1.37 billion ($1.51 billion) – up from $US422 million ($465 million) – while car insurer Geico’s result jumped to $US602 million ($664 million) from $US279 million ($308 million).

Reinsurance premiums earned grew to $US4.7 billion ($5.18 billion) from $US4.41 billion ($4.86 billion) as the multiline and life businesses increased.

Premiums earned from catastrophe and individual risk contracts fell 3% compared with the first half of last year.

General Re earnings fell to $US119 million ($131 million) from $US219 million ($242 million) on a decline in the property and casualty result.

The European flood losses of $US124 million ($137 million) depressed the result compared with the first half of last year in which there were no significant catastrophes.

Property and casualty premiums grew 3.9% to $US1.49 billion ($1.64 billion) as international treaty business increased, but the company says price competition is persisting in most lines.

“Our underwriters continue to exercise discipline by declining offers to write business where prices are deemed inadequate,” Berkshire Hathaway said. “We remain prepared to increase premium volumes should market conditions improve.”