Berkshire Hathaway’s third-quarter 2025 results, released today, reinforced a broader industry theme: insurers and reinsurers continue to dodge major catastrophe losses this year.
The company’s insurance group posted pre-tax underwriting earnings of $3.16 billion, more than triple the $1.03 billion reported a year earlier. The absence of large loss events and normalized expenses in its primary lines offset modest pressure on GEICO’s margins.
Net underwriting income climbed to $2.37 billion, up from $750 million in the prior-year quarter, while the cost of float remained negative—meaning Berkshire’s insurance operations continued to generate capital at no cost.
| Segment | Pre-Tax Earnings Q3 2025 | Pre-Tax Earnings Q2 2025 | Pre-Tax Earnings Q3 2024 | |||||
|---|---|---|---|---|---|---|---|---|
| Berkshire Hathaway Primary Group | $506 million | $63 million loss | $689 million loss | |||||
| GEICO | $1.77 billion | $1.82 billion | $2.03 billion | |||||
| Berkshire Hathaway Reinsurance Group | $884 million | $650 million | $310 million loss |
Across Berkshire’s three major insurance units, results were uniformly stronger.
