Berkshire Hathaway operating earnings sink
Berkshire Hathaway reported a fall in its operating earnings in the second quarter of 2015, while its insurance underwriting operations sank to a net loss.
Its operating earnings hit $3.9 billion in the second quarter of 2015, compared with $4.3 billion in the second quarter of 2014.
Berkshire Hathaway’s insurance underwriting operations reported a net loss of $38 million in the second quarter, compared with profits of $411 million in the same period of the prior year.
This was mainly driven by Berkshire Hathaway Reinsurance Group, where the underwriting loss increased to $411 million in the second quarter of 2015, compared with a loss of $9 million in the second quarter of 2014.
Within the business, its property and casualty segment posted an underwriting loss of $137 million in the quarter, compared with $198 million in the same period of the prior year.
The company said it had experienced losses of approximately $115 million from a storm loss in April and foreign currency transaction losses of $167 million in the second quarter.
However, its insurance premiums earned hit $10.4 billion in the quarter, compared with $9.3 billion in the second quarter of 2014.
