2023-08-05 13:22:50
Warren Buffett’s Berkshire Hathaway posted an operating profit of $10.04 billion in the second quarter, as the company’s strong performance in the insurance business helped counter inflationary pressures that affected the sprawling group last year.
Profit from insurance underwriting increased by 74%, contributing to Berkshire’s profit exceeding its revenues of $9.28 billion in the same period last year.
Berkshire posted stronger results despite Buffett’s warning at its annual meeting in Omaha last May that profits for most of its operating units might fall this year amid rising prices as the end of an “unreasonable period” for the US economy approaches.
however; The Federal Reserve’s hawkish interest rate hikes helped the company reap a greater return on the cash it held primarily in short-term US Treasury bonds. Buffett said on Thursday that a downgrade by Fitch Ratings on US government debt will not reduce his appetite for bonds.
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