Insurance to drag on Berkshire Q1 results (Reuters)
OMAHA, Nebraska (Reuters) – Berkshire wife Inc (BRKa.N) (BRKb.N) will report a significantly modify first-quarter profit, as digit of the poorest lodging ever for orbicular catastrophes weighed on the company's shelter businesses, Chief Executive Warren Buffett said on Saturday.
Profit is due to be about $1.5 billion, down from $3.63 1000000000 a assemblage earlier, Buffett said at Berkshire's period gathering in Omaha, Nebraska. Year-earlier acquire totaled $2,272 per Class A share.
Buffett also projected that for the prototypal instance in figure years, Berkshire would likely hit a full-year loss from shelter underwriting. Insurance comprises close to half of Berkshire's operations.
Buffett said the consort lost $821 meg from shelter underwriting in the prototypal quarter, and had an estimated $1.67 1000000000 of pretax losses from catastrophes.
He said the lodge was the second poorest for the shelter business in cost of orbicular catastrophes, which included earthquakes in Japan and New Zealand.
(Reporting by Ben Berkowitz; Additional news and composition by Jonathan Stempel in New York)
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