Berkshire Hathaway's profit falls 28% as Geico struggles: Warren Buffett's insurance giant under focus
Berkshire Hathaway reported a more than 28% decline in third-quarter profit due to its insurance businesses. The conglomerate's insurance underwriting profit fell, primarily affecting Geico's performance significantly. Additionally, Berkshire's operating earnings decreased nearly 6%, missing analyst expectations as well. Conversely, non-insurance operations showed better performance under the leadership of Greg Abel, indicating relative stability. Furthermore, Berkshire repurchased $9.6 billion in shares while increasing cash reserves to $377.4 billion.
