Omaha, Neb.-based Berkshire Hathaway Inc. reported first-quarter net income decreased 64 percent primarily on losses from credit default swaps, but Berkshire Chairman Warren Buffett assured investors these swings were normal in terms of long-term profitability.

On Friday, Berkshire reported net income of $940 million, down $1.65 billion compared to the first quarter of 2007.

Insurance underwriting suffered the largest hit with a 40 percent drop in operating earnings of $420 million to $181 million.

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