. Record Fourth Quarter and Year for Berkshire Hathaway
Omaha, Nebraska - February 25, 2023 - Berkshire Hathaway Inc. (NYSE: BRK.A, BRK.B) today reported record annual and fourth-quarter operating profit, driven by strong growth in underwriting earnings and investment income.
Annual Results
For the full year 2024, operating profit surged by 27% to $47.44 billion, up from $37.35 billion in 2023. This increase reflects significant gains in the company's insurance businesses, primarily due to higher premiums and investment returns.
Fourth Quarter Results
The fourth quarter of 2024 also saw exceptional performance, with operating profit surging by 71% to $14.53 billion or approximately $1,010 per Class A share. This is a significant increase from the $8.48 billion reported in the same quarter of 2023. The gains were primarily attributed to improved insurance operations and favorable foreign currency movements.
Net Income
Quarterly net income totaled $19.69 billion or $13,695 per average equivalent share. This increase was driven by an appreciation in the value of Berkshire's equity portfolio, particularly holdings in Apple, American Express, and others. For the entire year, net income reached an impressive $89 billion.
Outlook
Berkshire Hathaway's strong financial performance reflects the company's diversified business model and the exceptional leadership of Warren Buffett. The company remains well-positioned for continued growth and value creation for its shareholders.