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Berkshire takes $3.8 billion Kraft Heinz write-down as quarterly profits decline
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 B shares lower premarket after $3.8 bn Kraft-Heinz write-down
Investing.com - Berkshire Hathaway has posted a $3.76 billion write-down on its stake in consumer food company Kraft Heinz (NASDAQ: KHC ), while a fall in insurance underwriting premiums also dented second-quarter returns from Warren Buffett’s sprawling conglomerate.
The 94-year-old billionaire investor doesn’t often miss, but this rare disappointment has weighed heavily on his empire.
Berkshire's Q2 stumble underscores the challenges ahead as Buffett's succession nears amid market turbulence and shifting ...
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