Berkshire Hathaway’s insurance underwriting business returned to profitability with a second-quarter net gain of $US337 million ($443.1 million), following a $US38 million ($50 million) loss in the corresponding period last year.

For the half-year to June 30 insurance net underwriting profit grew to $US550 million ($723 million) from $US442 million ($581 million).

All four insurance arms recorded gains in the three months to June 30.

Berkshire Hathaway Reinsurance Group led the way with a $US184 million ($241.9 million) gain, a turnaround from a $US411 million ($540.3 million) loss.

Motor insurer Geico improved its pre-tax gain to $US150 million ($197.2 million) from $US53 million ($69.7 million). General Re’s gain fell to $US2 million ($2.6 million) from $US107 million ($140.7 million) and Berkshire Hathaway Primary Group declined to $US174 million ($228.7 million) from $US203 million ($266.8 million).

“[General Re’s] comparative decrease in second-quarter underwriting gains was driven by a comparative increase in the current-accident-year loss ratio and lower gains from prior years’ business,” the US investment conglomerate says.

Net investment income from insurance operations grew to $US978 million ($1.29 billion) in the second quarter from $US977 million ($1.28 billion).

Overall net income improved to $US5 billion ($6.6 billion) from $US4 billion ($5.3 billion).