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Daily Insurance Industry News
Saturday 21st of October 2017
August 11, 2009

Buffett’s Berkshire rises again

by David Masters

Story link: Buffett’s Berkshire rises again

Warren Buffett’s investment firm returned to profit in the second quarter after posting a $1.5 billion loss in the first three months of this year.

Berkshire Hathaway benefited from a rising stock market, which boosted its investment portfolio.

Second quarter net income rose 14% on year to $3.3 billion, or $2,123 per Class A share.

This is compared to $2.88 billion, or $1,859 per share, a year earlier.

The result is the best quarter for the Nebraska-based firm in nearly two years.

However, the group’s reinsurance arm, Berkshire Hathaway Re, posted a loss of $291 million for the second quarter, compared to profit of $79 million for the same period last year.

The firm’s first quarter loss, its first since 2001, was largely due to a poorly-timed purchase of oil stocks.

 

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