Berkshire Hathaway's insurance group reported a 30.5 percent drop in pre-tax earnings in 2011, driven mainly by $2.6 billion in pre-tax losses from catastrophe events.
Year-end earnings at the insurance group—which consists of Geico, General Reinsurance, Berkshire Hathaway Reinsurance Group and Berkshire Hathaway Primary Group—were $4.97 billion, compared to $7.16 billion in 2010.
For 2011, Warren Buffett's Berkshire generated $10.3 billion in net income, down from nearly $13 billion in 2010. Fourth-quarter net income was $3.05 billion, down from $4.4 billion in net income the previous year.
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