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Buffett’s Berkshire Hathaway Reports Lost
Berkshire Hathaway Reports Worst Year Ever
Warren Buffett’s Berkshire Hathaway Inc. reported Saturday that 2008 was the legendary investor’s worst year ever. It also reported a grim fourth quarter, though it eked out a slight gain.
Berkshire’s powerful insurance business also struggled in 2008 along with the sector. Underwriting profits at Geico, its car-insurance unit, fell 18%, although Mr. Buffett said market share rose to 7.7% from 7.2%. Earnings at General Re, the company’s international reinsurance unit, slid 38%.
Broadly, operating earnings in Berkshire’s insurance-underwriting units fell 17% from a year ago to $2.79 billion, hurt by last year’s heavy hurricane season. Hurricanes Gustav and Ike inflicted losses on Berkshire’s property- and casualty-reinsurance operations of about $900 million, Mr. Buffett said. Reinsurance firms provide financial backstops to other insurance companies.
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