Berkshire’s Operating Profit Rose 20% in 3Q. Buybacks Totaled $1.1 Billion.

Berkshire’s Operating Profit Rose 20% in 3Q. Buybacks Totaled $1.1 Billion.

Business
November 5, 2022 by keithhill530
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[ad_1] 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
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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.

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