Berkshire Hathaway Shows a Rebound From the Pandemic

Berkshire’s vast insurance operations reflected a mixed picture. Auto insurance claims at Geico were down in the quarter, though other parts of the insurance business were hurt by increased claims tied to the destructive North American winter storm in February.

Berkshire reported $2.8 billion in investment gains during the quarter, compared with $54.5 billion in losses in the 2020 quarter.

The conglomerate also bought back $6.6 billion in stock during the quarter, as Mr. Buffett continues to spend his company’s enormous cash hoard — currently more than $145 billion — on repurchasing Berkshire shares rather than striking huge acquisitions.

The earnings report came hours before Berkshire prepares for its annual investor meeting, which for decades saw Mr. Buffett’s faithful followers fly to the company’s hometown, Omaha, Neb., to celebrate one of the world’s best-known investors.

This year, however, it will again be held virtually, bowing to pandemic travel and gathering restrictions. And for the first time, it will be held not in Omaha, but in Los Angeles, where Charles T. Munger, Berkshire’s 97-year-old vice chairman, lives.

Article source: https://www.nytimes.com/2021/05/01/business/dealbook/berkshire-hathaway-earnings.html