Berkshire Insurance Revenue Rose 7.8%
NU Online News Service, Nov. 10, 11:54 a.m. EST?Berkshire Hathaway Inc., the Omaha, Neb.-based holding company owned by billionaire investor Warren Buffett, posted overall net income of $1.81 billion for the third quarter, up 58 percent from $1.14 billion reported for the period last year.
Berkshire, whose insurance subsidiaries include National Indemnity, GEICO Corp. and GeneralCologne Re, showed improved underwriting profits. The company's underwriting operations earned a combined $258 million for the quarter, in contrast to an underwriting loss of $65 million posted one year ago. For the first nine months of the year, Berkshire had $704 million in underwriting profit, compared with a $64 million loss posted during the same period a year ago.
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