Berkshire’s profit rose as investments rallied, though a loss for insurance

Warren Buffett spoke during the virtual Berkshire Hathaway annual shareholders meeting in May.

PHOTO: ANDREW HARRER/BLOOMBERG NEWS

By Jenna Telesca
Nov. 7, 2020 8:41 am ET WSJ
Berkshire Hathaway Inc.’s third-quarter profit rose as investments rallied, though a loss for the company’s insurance underwriting pinched its operating profit.

Berkshire reported third-quarter net earnings of $30.1 billion, or $18,994 per Class A share equivalent, up from $16.5 billion, or $10,119 per Class A share equivalent, in the year-earlier period.

Operating earnings, which exclude some investment results, fell to $5.5 billion from $8.1 billion the year prior.

Warren Buffett’s sprawling Omaha, Neb., conglomerate owns a large insurance business as well as railroads, utilities, manufacturers and well-known American retail brands such as Fruit of the Loom, Dairy Queen and Oscar Meyer.

The company’s quarterly results were boosted by its vast investment portfolio.