Berkshire Hathaway Re losses hit $291m for the quarter

Warren Buffett’s Berkshire Hathaway reported profits for its second quarter results based on derivatives and investments but its Berkshire Hathaway Reinsurance arm made losses.

Financial Highlights (2008 in brackets)

  • Revenues $24,816m ($25,622) half year $50,143 ($49,344)
  • Earnings before tax $4,791m ($4,471m) half year: $2,248m ($5,924m)
  • Net earnings £3,384m ($3,028m) half year: $1,938m ($4,073m)

Insurance

  • Sales and service $15,587m ($17,332m) half year: $29,897m ($32,092m)
  • Premiums earned $6,485m ($6,231m) half year: $14,668m ($12,440m)
  • Total $23,529m ($25,066m) half year $43,782 ($47,334m)

By business

  • Berkshire Hathaway Reinsurance losses -$291m (+$79m) half year: - $88m (+$108m)
  • General Re $276m ($102m) half year: $260m ($144m)
  • GEICO $111m ($298m) half year: $259m ($484m)
  • Berkshire Hathaway Primary Group $29m ($81m) half year $33m ($106m)
  • Total insurance group $1,547m ($1,764m) half year: $3,184m ($3,135m)

The company blamed a significant part of its reinsurance losses on the dollar losing ground to sterling and the Euro.

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