Berkshire Hathaway, the investment company of Warren Buffett, reported a robust result for the January–March period. Despite recent acquisitions such as an insurance company and shares in Occidental Petroleum, Buffett still holds massive cash reserves. The underwriting result of Berkshire Hathaway’s insurance holdings saw a substantial increase, primarily driven by Geico’s performance. Investment income in the insurance sector also grew significantly.
Warren Buffett, a renowned investor, reduced his holdings in Apple during this period. Despite this, Berkshire Hathaway bought back its own shares worth $2.6 billion due to a lack of suitable acquisition targets. The company reported a 39 percent increase in operating profit to $11.22 billion in the first quarter, with insurance businesses being a significant driver of profitability. However, the first-quarter net profit fell by 64 percent from the previous year due to non-recurring entries.
Buffett’s reduced holdings in Apple during the first quarter but remained Berkshire’s largest single stock holding. Nicknamed the “Oracle of Omaha,” Buffett’s investment company has consistently grown its cash reserves quarter after quarter. Berkshire Hathaway’s cash reserves reached a record $189 billion during the January–March period and continue to grow despite recent acquisitions and buybacks.