AI English summary of an SEC filing — figures as filed
Berkshire Hathaway BRK.BBerkshire said its insurance underwriting generated after-tax earnings of $5.4 billion in 2023, a loss of $30 million in 2022 and earnings of $870 million in 2021. The company attributed the 2023 results to relatively low losses from significant catastrophe events during the year and improved underwriting results at GEICO.
Key points
AI summaryBerkshire said its insurance underwriting generated after-tax earnings of $5.4 billion in 2023, a loss of $30 million in 2022 and earnings of $870 million in 2021. The company attributed the 2023 results to relatively low losses from significant catastrophe events during the year and improved underwriting results at GEICO.
The company said after-tax earnings from insurance investment income rose $3.1 billion (47.5%) in 2023 and cited higher short-term interest rates as the main factor. After-tax earnings of BNSF fell 14.4%, while earnings from the utilities and energy business declined 40.3%.
GEICO’s loss ratio fell to 81.0% in 2023, down 12.1 percentage points from 2022, and its expense ratio fell to 9.7%, down 2.0 percentage points, the company said. Premiums written rose $730 million (1.9%), and policies-in-force fell 9.8%.
Berkshire said it increased its ownership in PTC from 38.6% to 80% on January 31, 2023 and began consolidating PTC’s results on February 1, 2023. Investment and derivative contract gains for Q1 2023 included an after-tax non-cash remeasurement gain of about $2.4 billion on its previously held 38.6% interest in PTC.
Key figures
Fiscal year ended December 31, 2023
- Revenue
- $254.9B
- Net income
- $96.2B
- Operating cash flow
- $49.2B
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Insurance underwriting after-tax earnings of $5.4 billion
Berkshire said its insurance underwriting generated after-tax earnings of $5.4 billion in 2023, a loss of $30 million in 2022 and earnings of $870 million in 2021. The company attributed the 2023 results to relatively low losses from significant catastrophe events during the year and improved underwriting results at GEICO.
Source · Based on the MD&A text of the filing
Insurance investment income and BNSF and utilities earnings shifts
The company said after-tax earnings from insurance investment income rose $3.1 billion (47.5%) in 2023 and cited higher short-term interest rates as the main factor. After-tax earnings of BNSF fell 14.4%, while earnings from the utilities and energy business declined 40.3%.
Source · Based on the MD&A text of the filing
GEICO loss ratio 81.0%, expense ratio 9.7%
GEICO’s loss ratio fell to 81.0% in 2023, down 12.1 percentage points from 2022, and its expense ratio fell to 9.7%, down 2.0 percentage points, the company said. Premiums written rose $730 million (1.9%), and policies-in-force fell 9.8%.
Source · Based on the MD&A text of the filing
PTC stake increase and $2.4 billion remeasurement gain
Berkshire said it increased its ownership in PTC from 38.6% to 80% on January 31, 2023 and began consolidating PTC’s results on February 1, 2023. Investment and derivative contract gains for Q1 2023 included an after-tax non-cash remeasurement gain of about $2.4 billion on its previously held 38.6% interest in PTC.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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