BRK-B · 10-Q · 2026Q3 · Full report

Insurance Underwriting Results

BERKSHIRE HATHAWAY INC · 2026-11-09 · Importance 46 · Surprise 56

After-tax insurance underwriting earnings fell 42.9% in Q3 2026 and 15.7% in the first nine months compared with 2025; all three underwriting groups earned less in Q3. GEICO’s lower nine-month underwriting earnings were partly offset by higher earnings at the reinsurance and other primary insurance groups. Berkshire recorded no significant catastrophe losses in the first nine months of 2026, compared with approximately $850 million after tax in the same 2025 period.

Key facts

• Berkshire Hathaway’s after-tax insurance underwriting earnings declined 42.9% in the third quarter and 15.7% in the first nine months of 2026 compared with 2025. source
• Berkshire Hathaway experienced no losses from significant catastrophe events in the first nine months of 2026, compared with approximately $850 million of after-tax losses in the first nine months of 2025. source
• Each of Berkshire Hathaway’s three insurance underwriting groups generated lower underwriting earnings in the third quarter of 2026 than in 2025. source