Berkshire Hathaway Posts Lower Profit
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Berkshire Hathaway Inc., the conglomerate run by billionaire investor Warren E. Buffett, posted a 37% drop in profit as its insurance operations paid out large claims from the hurricanes that hit Florida.
Despite the losses, Buffett said that Berkshire’s insurance operations, which include car insurer Geico and the No. 1 U.S. reinsurer General Re, were performing well and that the company had $38 billion in cash and equivalents on hand.
Berkshire reported third-quarter profit of $1.14 billion, or $739 a share, compared with $1.81 billion, or $1,176, a year earlier.
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