Berkshire Net Income More Than Doubles
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Billionaire Warren Buffett’s Berkshire Hathaway Inc. said second-quarter profit more than doubled, as the company’s insurance businesses benefited from the highest premiums in almost a decade.
Net income climbed to $2.23 billion, or $1,452 per Class A share, from $1.05 billion, or $681, a year earlier. Profit excluding investment gains and losses was $862 a share, compared with a Thomson First Call analyst survey of $779.50 a share.
Berkshire, whose units include General Reinsurance Co., National Indemnity Co. and Geico Corp., earns about half its profits from insurance. Buffett also has generated capital gains by selling junk bonds he bought last year.
Berkshire’s A shares rose $200 to $72,400 on the NYSE before the company announced earnings.
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