Berkshire Hathaway: insurance and reinsurance results to 30 September 2024

Berkshire Hathaway's combined insurance and reinsurance activities posted net underwriting income of 750 million USD for the third quarter of 2024, down 69% over one year.

This sharp decline in the insurance and reinsurance businesses was mainly due to the performance of the Berkshire Hathaway Primary Group and Berkshire Hathaway Reinsurance Group subsidiaries. These two entities recorded pre-tax underwriting losses totalling 689 million USD and 310 million USD respectively.

GEICO, the motor insurance subsidiary, achieved a 93% increase in pre-tax underwriting profit to 2.033 billion USD. Insurance-reinsurance results were up for the first nine months of 2024. Net underwriting result stood at 5.611 billion USD, up 22.5% year-on-year.

All three subsidiaries posted positive pre-tax underwriting results: GEICO 5.747 billion USD, Berkshire Hathaway Primary Group 76 billion USD and Berkshire Hathaway Reinsurance Group 1.384 billion USD.