Losses from the Japan earthquake cost Berkshire Hathaway more than $US1 billion ($912 million) in the first quarter, with Chairman Warren Buffett telling the company’s annual shareholder meeting the underwriting operation is unlikely to make a profit this year.

The underwriting business made a loss of $US821 million ($749 million), compared with a $US226 million ($206 million) profit in the first quarter of 2010, and investment income fell 3.6% to $952 million ($868 million).

Berkshire Hathaway uses investment income from its insurance operations to invest in other parts of the business.

The group released the preliminary results prior to its annual meeting on April 30, stating that its reinsurance losses were $US1.06 billion ($967 million) from the Japan earthquake, $US195 million ($177 million) from the Australian floods and Cyclone Yasi and $US412 million ($375 million) from the Christchurch earthquake.