BRK-B · 10-Q · 2026Q2 · Full report

Insurance Investment Income

BERKSHIRE HATHAWAY INC · 2026-08-10 · Importance 43 · Surprise 32 · Matches filing data

After-tax insurance investment income declined $308 million, or 9.1%, to $3.059 billion in the second quarter and $522 million, or 8.3%, to $5.738 billion in the first six months of 2026. Pre-tax interest and other investment income declined 12.8% in the quarter to $2.200 billion and 11.6% year to date to $4.460 billion because of lower short-term interest rates. Insurance float increased approximately $1.1 billion to $177.5 billion at June 30, 2026, while cash, cash equivalents and U.S. Treasury bills totaled $210.310 billion and total insurance investments were $553.316 billion.

Key facts

• Equity securities held in insurance businesses at June 30, 2026: $321,865 million; at December 31, 2025: $294,144 million source
• After-tax earnings from insurance investment income declined $522 million (8.3%) in the first six months of 2026 versus 2025 source
• Fixed maturity securities held at June 30, 2026: $16,781 million; amortized cost $16,630 million and unrealized gains (losses) shown, carrying value $16,781 million source
• After-tax earnings from insurance investment income declined $308 million (9.1%) in the second quarter of 2026 versus 2025 source
• Approximately 95% of foreign government investments were rated AA or higher by at least one major rating agency source
• After-tax corporate investment income increased $91 million in the second quarter and $189 million in the first six months of 2026 compared to 2025, primarily due to increased investments in U.S. Treasury Bills, including investments derived from capital distributions from Berkshire subsidiaries, partially offset by lower interest rates. source

Impact estimates