BRK-B · 10-Q · 2026Q1 · Full report

Insurance investment income trends

BERKSHIRE HATHAWAY INC · 2026-05-04 · Importance 43 · Surprise 32 · From source text

Pre-tax net investment income attributable to insurance operations declined 7.2% to $3,304 million in Q1 2026 versus Q1 2025, primarily due to lower interest income reflecting lower interest rates; dividend income was essentially flat. Berkshire emphasizes liquidity and prioritizes safety over yield for short‑term investments; cash, cash equivalents and U.S. Treasury bills held in insurance businesses rose to $236,779 million at March 31, 2026. Float remained approximately $176.9 billion (up ~$500 million from December 31, 2025) and the combined insurance operations generated pre‑tax underwriting earnings such that the average cost of float remained negative in each period.

Key facts

• Pre-tax net investment income for insurance operations: $3,304 million in Q1 2026 and $3,561 million in Q1 2025; pre-tax investment income declined 7.2%. source
• Interest and other investment income for insurance operations: $2,260 million in Q1 2026 and $2,519 million in Q1 2025; declined 10.3%. source
• Insurance – investment income after-tax earnings in the First Quarter: $2,679 million in 2026 and $2,893 million in 2025. source
• Dividend income for insurance operations: $1,044 million in Q1 2026 and $1,042 million in Q1 2025; change 0.2%. source
• After-tax corporate investment income increased $98 million in the first quarter of 2026 compared to 2025, primarily due to increased investments in U.S. Treasury Bills. source

Impact estimates