BUSINESS Storm losses reduce profit at Buffett's Berkshire

BUSINESS

Storm losses reduce profit at Buffett's Berkshire

Jonathan Stempel | Reuters

05:16, November 04, 2017

image.png

Berkshire Hathaway shareholders walk by a video screen at the company's annual meeting in Omaha, Nebraska, U.S. on May 4, 2013.  Photo: REUTERS/Rick Wilking


Bad weather weighed on results at Warren Buffett’s Berkshire Hathaway Inc (BRKa.N), as losses from insurance claims tied to Hurricanes Harvey, Irma and Maria and an earthquake in Mexico contributed to a 43 percent drop in third-quarter profit.

Berkshire on Friday said net income fell to $4.07 billion, or $2,473 per Class A share, from $7.2 billion, or $4,379 per share, a year earlier.

Operating profit, which excludes investment and derivative gains and losses and which Buffett says better reflects company performance, fell 29 percent to $3.44 billion, or $2,094 per Class A share, from $4.85 billion, or $2,951 per share.

Berkshire said it incurred $1.95 billion of after-tax underwriting losses attributable to the hurricanes and earthquake.


Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue