Berkshire Hathaway

operating profit rose 20% in the third quarter, to $7.8 billion after taxes, topping expectations. The gain was helped by increased investment income as the company benefited from the impact of higher short-term interest rates on its $109 billion of cash and equivalents.

Berkshire generated the outsize profit gain despite suffering $3.4 billion of losses before taxes — and $2.7 billion after taxes — from Hurricane Ian. The company is a major property and casualty insurer with ownership of Geico, the No. 2 auto insurance company in the U.S. behind State Farm.