Insurance underwriting
Insurance-underwriting earnings were $1.73 billion in the second quarter of 2026.
The numbers
What it is
Berkshire's insurance group writes auto, property and casualty insurance and reinsurance through GEICO, General Re and National Indemnity. Underwriting profit is the premium left after claims and costs, and it is the part of insurance that depends on pricing discipline.
Why it matters to the stock. Underwriting results show whether the insurance float is being written at a profit, and they move Berkshire's operating earnings.
News
Berkshire Q2 operating earnings rise 16% to $12.98 billion; insurance underwriting falls 13%
Berkshire reported second-quarter 2026 operating earnings of $12.98 billion, up from $11.16 billion a year earlier, led by Manufacturing, service and retailing and BNSF.
Berkshire Q1 2026 operating earnings rise 18% to $11.3 billion; shares slip about 1% the next session
Berkshire reported first-quarter 2026 operating earnings of $11,346 million, up from $9,641 million a year earlier, led by insurance-underwriting, BNSF and BHE.
Berkshire takes $4.5 billion of Q4 2025 impairments on its Kraft Heinz and Occidental stakes
Berkshire recorded other-than-temporary impairments of $4,495 million in the fourth quarter of 2025 on its Kraft Heinz and Occidental Petroleum investments, and $8,255 million for the full year.