Berkshire Hathaway’s insurance business slumped to a larger underwriting loss of $US857 million ($1.32 billion) in the December quarter from $US225 million ($346.7 million) a year earlier.

Insurance investment income was moderately higher, rising to $US1.44 billion ($2.22 billion) from $US1.16 billion ($1.79 billion).

For the year to December 31 the insurance arm’s underwriting profit declined sharply to $US325 million ($500.71 million) from $US1.57 billion ($2.42 billion) in 2018. Insurance investment income rose to $US5.53 billion ($8.51 billion) from $US4.55 billion ($7 billion).