Berkshire Hathaway Q4 Operating Earnings Climb 28%, Cash Pile Tops $167B

Seeking Alpha2024-02-24

Berkshire Hathaway (NYSE:BRK.B) (NYSE:BRK.A) Q4 operating earnings rose 28% from a year ago, driven by improvements in insurance underwriting and investment income, which more than offset declines at ...

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nywles
·2024-02-25
Thanks
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RichDen
·2024-02-24
all about money.... even stock price drop is earningz
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Insurance underwriting income more than quintupled, while its insurance investment income increased by 38%.Insurance float stood at ~$169B at Dec. 31, 2023, up from $167B at Sept. 30 and $164B at Dec. 31, 2022.Operating income by segment vs. a year ago:Insurance - underwriting: $848M vs. $160MInsurance - investment income: $2.76B vs. $2.00BRailroad: $1.36B vs. $1.47BUtilities and energy: $632M vs. $739MOther businesses: $3.69B vs. $3.71BOther: -$804M vs. -$1.45BInvestment and derivative gains, most of which are unrealized, surged to $29.1B in Q4, compared with losses of $23.5B in Q3 and gains of $11.5B in Q4 2022.Looking at Berkshire's (BRK.B) investmens in equities, ~79% of the portfolio's fair value was concentrated in five companies — Apple (AAPL) - $174.3B; Bank of America (BAC) - $34.8B; American Express (AXP) - $28.4B, Coca-Cola (KO) - $23.6B, and Chevron (CVX) - $18.8B. That compares with 78% concentration in the same five companies as of Sept. 30, 2023.Its stake in Occidental Petroleum (OXY) rose to $14.5B, at fair value from $12.2B at Dec. 31, 2022. Meanwhile, its holdings in Kraft Heinz (KHC) declined to $12.0B, at fair value, from $13.2B.2023's Earnings DisappointmentsIn Warren Buffett's annual letter to shareholders, also released on Saturday, he points to disappointments in the company's full-year 2023 earnings — its railroad, BNSF, and Berkshire Hathaway Energy (\"BHE\").\"Last year BNSF’s earnings declined more than I expected, as revenues fell,\" Buffett wrote. \"Though fuel costs also fell, wage increases, promulgated in Washington, were far beyond the country’s inflation goals. This differential may recur in future negotiations.\" Still, he sticks by Berkshire's commitment to the business. \"A century from now, BNSF will continue to be a major asset of the country and of Berkshire. You can count on that.\"At BHE, most of its large electric-utility businesses, as well as its gas pipelines, \"performed about as expected,\" he said. However, \"the regulatory climate in a few states has raised the specter of zero profitability or even bankruptcy.\"\"Now, the fixed-but-satisfactory-return pact has been broken in a few states, and investors are becoming apprehensive that such ruptures may spread. Climate change adds to their worries,\" Buffett wrote.He estimates it will be \"many years\" until BHE knows its final forest-fire losses and \"can intelligently make decisions about the desirability of future investments in vulnerable western states.\"He questions whether utilities will continue to operate in the private sector. \"Whatever the case at Berkshire, the final result for the utility industry may be ominous: Certain utilities might no longer attract the savings of American citizens and will be forced to adopt the public-power model.\"2023 Insurance GainsFor the year, Berkshire's (BRK.B) insurance operations posted insurance underwriting after-tax earnings of $5.43B compared with a $30M loss in 2022, benefiting from low losses for significant catastrophe events, premium rate inreases, and lower claims frequencies.GEICO's 2023 pretax underwriting earnings swung to positive $3.64B from a $1.88B loss in 2022, bolstered by higher average premiums per auto policy, lower claims frequencies, reductions in prior accident years' claims estimates, and lower advertising costs. Inflation, though, tempered those factors. Average claims severities continued to increase in 2023 on higher auto repair parts prices, labor costs, and medical inflation.At GEICO, premiums written rose to $39.8B from $39.1B in 2022. Losses and loss adjustment expenses declined to $31.8B from $36.3B, while underwriting expenses of $35.6B fell from $40.9B.After-tax earnings from insurance investment income rose 48% to $9.57B from $6.48B in 2022, helped by higher interest rates in its short-term investments, likely its Treasury bill holdings. Dividend income slipped to $5.50B from $6.04B in the prior year, while interest and other investment income surged to $6.08B from $1.69B.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[{"id":277699488989424,"gmtCreate":1708823839252,"gmtModify":1708823842362,"author":{"id":"3555362771681553","authorId":"3555362771681553","name":"nywles","avatar":"https://static.tigerbbs.com/a7e6473ec2cec348d167d7d95fbdb76c","vip":1,"crmLevel":8,"crmLevelSwitch":0,"idStr":"3555362771681553","authorIdStr":"3555362771681553"},"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/277699488989424","repostId":1190025101,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":277542385270824,"gmtCreate":1708785369380,"gmtModify":1708785374333,"author":{"id":"4088318672089880","authorId":"4088318672089880","name":"RichDen","avatar":"https://static.tigerbbs.com/e5e2032d82e91e4d2df416c9f08328d1","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4088318672089880","authorIdStr":"4088318672089880"},"htmlText":"all about money.... even stock price drop is earningz","listText":"all about money.... even stock price drop is earningz","text":"all about money.... even stock price drop is earningz","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/277542385270824","repostId":1190025101,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":28,"commentSize":2,"repostSize":2,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false}}