Berkshire’s insurance underwriting profits in the first quarter were down nearly 50% to $1.3 billion after taxes, reflecting losses from the Los Angeles wildfires in the first quarter of $1.1 billion.
Investment income rose 11% to $2.9 billion on higher cash balances in the period. Profits at the Burlington Northern Santa Fe rose 6% to $1.2 billion and earnings at Berkshire Hathaway Energy rose 53% to $1.1 billion.
Berkshire had about $700 million of currency losses after taxes in the first quarter, largely reflecting the strength of the Japanese yen, which lifts the value of Berkshire’s yen debt and reduces reported earnings. That loss arguably should be stripped out of the operating results, because they are one-time in nature.
