Berkshire’s Quarterly Profit Rises 35%
Billionaire investor Warren Buffett’s Berkshire Hathaway Inc. had a 35% increase in second-quarter net income to $1.05 billion, or $681 a share, as its insurance units raised prices and had fewer claims.
Earnings excluding gains from sales of securities were $1.03 billion, or $673 a share, beating the $550 average estimate of analysts.
Units General Reinsurance Corp., the third-largest reinsurer, and Geico Corp., the fourth-largest U.S. car insurer, are benefiting from higher rates after the Sept. 11 terrorist attacks, which generated $58 billion in claims.
Shares of Omaha, Neb.-based Berkshire gained $110 to $71,000 on the NYSE.
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