Market Updates
Berkshire Operating Income Surges 37%
Scott Peters
08 Aug, 2022
New York City
Berkshire Hathaway Inc increased 0.3% to $293.16 after the insurance and industrial conglomerate swung to a second quarter loss of 43.8 billion from a profit of $28.1 billion a year ago.
The GAAP accounting includes the quarterly loss of $53.0 billion in investment security investments.
Operating earnings in the second quarter increased to $9.3 billion from $6.7 billion a year ago.
Berkshire spent $1.0 billion to acquire its shares and increased the total to $4.2 billion in the first-half of 2022.
Insurance float, the net liabilities assumed by the company under insurance contracts, was relatively unchanged from the end of 2021 to approximately $147 billion.
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