Berkshire Hathaway's operating earnings jumped in the first quarter, thanks in part to a rebound in the conglomerate's insurance business.
Profit from insurance underwriting came in at $911 million, up sharply from $167 million a year prior. Insurance investment income also jumped 68% to $1.969 billion from $1.170 billion.
Berkshire's cash hoard swelled to $130.616 billion from $128 billion in the fourth quarter of 2022. Berkshire also repurchased $4.4 billion worth of stock — the most since the first quarter of 2021 — up from $2.8 billion at the end of last year. The company's latest quarterly results come ahead of the conglomerate's annual shareholder meeting, an event known as "Woodstock for Capitalists."
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