strong operating income and investment gains took the net earnings to $35,912 million which is a significant jump of 182% from the loss of $(43,621) during the corresponding quarter's previous fiscal. Overall, in the first six months of 2023, Berkshire Hathaway posted a growth of 287% as it touched $71,416 million from the net loss of $(38,041) million against the same period last year.
The cash reserves of the company swelled to an all-time high of $147.3 billion by the end of the second quarter. This is the all-time level of cash pile with Berkshire Hathaway as it surpassed the previous high of $130.6 billion held in the initial quarter.
“Approximately $1.4 billion was used to repurchase Berkshire shares during the second quarter of 2023, bringing the six-month total to $5.8 billion. On June 30, 2023, there were 1,447,541 Class A equivalent shares outstanding.
On June 30, 2023, insurance float (the net liabilities we assume under insurance contracts) was approximately $166 billion, an increase of approximately $2 billion from yearend 2022," Berkshire Hathaway said in a press release. Segment-wise, insurance provided a big boost to the operating earning of Berkshire Hathaway the insurance underwriting grew 74% to $1,247 million from $715 during the corresponding quarter last fiscal.
The insurance-investment income also jumped from $1,906 million in Q2FY23 to $2,369 during Q2FY24. The earnings from Berkshire Hathaway Energy Company grew declined marginally from $789 million to $785 million during Q2.
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