BRK-B · 10-Q · 2026Q1 · Full report

Insurance Underwriting Results

BERKSHIRE HATHAWAY INC · 2026-05-04 · Importance 49 · Surprise 66 · From source text

Consolidated after-tax underwriting earnings were $1,717 million in Q1 2026 versus $1,336 million in Q1 2025, with consolidated pre-tax underwriting earnings of $2,265 million in Q1 2026. Berkshire reported no significant catastrophe events in Q1 2026 while Q1 2025 included after-tax catastrophe losses of $860 million, which materially reduced 2025 underwriting results. The company defines significant current-year pre-tax losses as those exceeding $150 million and continues to note volatility from loss estimate changes and foreign currency remeasurement. The consolidated effective income tax rate on underwriting earnings rose to 24.2% in Q1 2026 from 22.4% in Q1 2025.

Key facts

• Insurance – underwriting after-tax earnings in the First Quarter: $1,717 million in 2026 and $1,336 million in 2025. source
• Consolidated pre-tax underwriting earnings: $2,265 million in the First Quarter of 2026 and $1,722 million in 2025. source
• Consolidated pre-tax losses exceeding $150 million from an event occurring in the current year are considered significant for consolidated underwriting. source
• Effective income tax rate on net underwriting earnings was 24.2% in the First Quarter of 2026 and 22.4% in 2025. source

Impact estimates