GIECO goes from loss to profit

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Berkshire’s insurance underwriting business generated earnings of $2.4 billion, up from a loss of $1.1 billion during the same quarter last year.
Insurance investment income increased to $2.5 billion,
up from $1.4 billion from the same period a year ago.

Geico, owned by Berkshire and one of the country’s largest insurance companies, reported an underwriting profit of $1.053 billion — a sharp gain from a loss of $759 million during last year’s third quarter.

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But the parent company racked up a big loss, while also building up a huge ready cash pile to possibly buy a company

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The Omaha, Nebraska-based conglomerate saw investment losses of $23.5 billion last quarter, compared to a loss of $10.4 billion a year earlier.

The company’s cash hoard rose to $157.2 billion, up from $147.4 in the second quarter of this year.

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from

https://www.cnn.com/2023/11/04/markets/berkshire-hathaway-q3-earnings/index.html