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Buffett's Berkshire posts bigger loss as stocks fall; operating profit sets record

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Buffett's Berkshire posts bigger loss as stocks fall; operating profit sets record

© Reuters. Berkshire Hathaway shareholders walk by a video screen at the company's annual meeting in Omaha May 4, 2013. REUTERS/Rick Wilking/File PhotoRising interest rates boosted yields on Berkshire's vast U.S. Treasury bill holdings above 5%, while fewer car accidents and a quiet Atlantic hurricane season respectively bolstered the Geico car insurer and reinsurance businesses.

Jazwares, a toymaker that makes the popular Squishmallows and which Berkshire bought one year ago, helped offset those declines, generating $469 million of revenue in the quarter. Berkshire's net results swing widely from quarter to quarter because accounting rules require the company to report investment gains and losses even if it buys and sells nothing.

Insurance operations generated $4.89 billion of profit, up from just $336 million a year earlier, when it lost $2.7 billion from Hurricane Ian alone.Among other businesses, BNSF, which often accounts for about one-fifth of Berkshire's operating profit, saw net income fall 15% to $1.22 billion.

 

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