Warren Buffett’s sprawling Berkshire Hathaway reported higher quarterly earnings on Saturday, boosted by its insurance underwriting policies and lower taxes.
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Operating earnings for the multinational conglomerate, whose earning power is largely concentrated in the insurance sector, jumped to $6.88 million from $3.44 million in the year-ago period.
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On Wednesday, Barclays’ managing director Jay Gelb forecast that Berkshire would show “enormous” net income of about $19 million – close to a record for any company – largely because of unrecognized gains in its equity portfolio. Berkshire reported net earnings of $18.5 million, compared to $4.1 million from the year-ago period.
Last year, Berkshire reported net earnings of $44.9 billion. Almost two-thirds of that – $29 billion – stemmed from President Trump’s business-friendly tax overhaul that was signed into law in December.
