BRK-B · 10-Q · 2026Q3 · Full report

Insurance Investment Income

BERKSHIRE HATHAWAY INC · 2026-11-09 · Importance 51 · Surprise 32

Insurance pre-tax net investment income declined 10.7% in Q3 2026 and 8.6% to $10.308 billion in the first nine months, primarily because lower short-term interest rates reduced interest income. Dividend income was $3.586 billion year to date, down 0.7% from 2025. Insurance float increased $2.1 billion from year-end 2025 to approximately $178.5 billion at September 30, 2026; the combined insurance operations had negative average cost of float in both nine-month periods. Insurance cash, cash equivalents and U.S. Treasury Bills totaled $230.941 billion, while insurance equity securities totaled $333.359 billion at September 30, 2026.

Key facts

• Berkshire Hathaway’s after-tax insurance investment income declined $447 million (14.1%) in the third quarter and $969 million (10.3%) in the first nine months of 2026 compared with 2025, attributable to lower interest income and lower interest rates. source
• Berkshire Hathaway’s pre-tax insurance investment income declined 10.7% in the third quarter and 8.6% in the first nine months of 2026 compared with 2025, primarily because lower short-term interest rates reduced interest income. source
• After-tax corporate investment income increased $26 million in Q3 2026 and $215 million in the first nine months versus 2025, primarily from increased U.S. Treasury Bill investments, partly offset by lower rates and cash used in acquisitions. source