Berkshire said the 12 per cent quarterly decline in insurance underwriting profit stemmed primarily from reinsurance businesses and some smaller insurance businesses. Geico, its best-known insurance business, saw pre-tax underwriting profit rise 2 per cent, as a 5 per cent increase in premiums offset a smaller rise in accident losses.

Berkshire Hathaway has reported a $3.8 billion impairment on its stake in Kraft Heinz, marking a significant setback for the billionaire investor.

Berkshire marked down its carrying value of the Kraft Heinz stake to US$8.4 billion at the end of June. Read more at straitstimes.com. Read more at straitstimes.com.