Berkshire Hathaway has reported third-quarter net earnings dropped 48.5 percent to $586 million, or $381 per share, with nearly $3 billion in hurricane losses for its insurance operations causing the decline.
In last year's third quarter, net earnings totaled $1.1 billion, or $739 per share, the company reported Friday.
In total, estimates of losses from Hurricanes Katrina and Rita recorded in the third quarter were $2.99 billion, with $2.3 billion recorded for the Berkshire Hathaway Reinsurance Group operations, $602 million for General Re, and $118 million for GEICO.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
