BRK-B · 10-Q · 2026Q1 · Full report

BH Primary underwriting trends

BERKSHIRE HATHAWAY INC · 2026-05-04 · Importance 62 · Surprise 58 · In source text

BH Primary’s premiums written were modestly higher in Q1 2026 (total premiums written $4,466 million) with premiums earned of $4,591 million, but underwriting performance improved materially as losses and LAE declined 19.1% and the loss ratio fell by 14.6 percentage points versus Q1 2025. There were no significant catastrophe losses in Q1 2026 versus approximately $300 million in Q1 2025; prior-year development reduced incurred losses by $176 million in Q1 2026. Premium mix shifts included declines at RSUI (−14%, primarily property) and NICO Primary (−7%, primarily commercial auto) offset by gains at MedPro (+7%), BHSI (+3%) and BH Direct (+9%). Underwriting expenses increased $54 million (4.3%) and rose across nearly all business units, partially offsetting improved loss experience.

Key facts

• BH Primary losses and LAE declined $660 million (19.1%) in Q1 2026 versus 2025, and the loss ratio declined 14.6 percentage points. source
• BH Primary had no significant catastrophe losses in Q1 2026 compared to approximately $300 million in Q1 2025. source
• BH Primary pre-tax underwriting loss in the First Quarter of 2026: $(144) million. source
• BH Primary premiums written: $4,466 million in Q1 2026 and $4,423 million in Q1 2025; premiums and earned were slightly higher in 2026. source

Impact estimates