Buffett's Berkshire posts record profit on insurance, investments
Warren Buffett's Berkshire Hathaway on Saturday posted its third straight record annual operating profit, bolstered by large increases in underwriting earnings and investment income in its insurance businesses.
Operating profit rose 27% to $47.44 billion in 2024 from $37.35 billion a year earlier.
Fourth-quarter operating profit also set a record, rising 71% to $14.53 billion, or about $1,010 per Class A share, from $8.48 billion a year earlier, reflecting gains in its insurance operations and from foreign currency changes.
Quarterly net income totalled $19.69 billion, or $13,695 per average equivalent share, as the value of Berkshire's holdings in Apple, American Express and other stocks increased. For the year, net income totalled $89 billion.
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