Berkshire’s huge insurance coverage operations mirrored a blended image. Auto insurance coverage claims at Geico had been down within the quarter, although different elements of the insurance coverage enterprise had been harm by elevated claims tied to the harmful North American winter storm in February.
Berkshire reported $2.8 billion in funding positive aspects through the quarter, in contrast with $54.5 billion in losses within the 2020 quarter.
The conglomerate additionally purchased again $6.6 billion in inventory through the quarter, as Mr. Buffett continues to spend his firm’s monumental money hoard — presently greater than $145 billion — on repurchasing Berkshire shares somewhat than hanging big acquisitions.
The earnings report got here hours earlier than Berkshire prepares for its annual investor assembly, which for many years noticed Mr. Buffett’s trustworthy followers fly to the corporate’s hometown, Omaha, Neb., to rejoice one of many world’s best-known traders.
This yr, nevertheless, it’ll once more be held just about, bowing to pandemic journey and gathering restrictions. And for the primary time, it will likely be held not in Omaha, however in Los Angeles, the place Charles T. Munger, Berkshire’s 97-year-old vice chairman, lives.