Berkshire Hathaway Q4 Profit Surges
Berkshire’s insurance businesses generated $1.01 billion in net income from underwriting in 2009, down from $1.7 billion last year. Total revenues from the business for the year declined to $92.78 billion from $95.70 billion in the previous year.
Berkshire’s utility division, which includes MidAmerican Energy Holdings Co. and PacifiCorp, generated net income of $1.07 billion during 2009, down from $1.70 billion in 2008. Yearly revenues at the business were $11.44 billion, down from $13.97 billion a year ago.
The manufacturing, service and retail unit at Berkshire generated $1.1 billion in net income in 2009, down from $2.3 billion the year before. Revenues from the business for the year declined to $61.66 billion from $66.10 billion last year.
In Finance and Financial Products business, which includes the operations of Clayton Homes, Fleetwood, Champion and Oakwood, the company reported a decline in income before investment and derivatives gains or losses for 2009 to $781 million from $787 million a year ago. Revenues rose to $112.49 billion from $107.77 billion.
Within the company’s investments division, total common stocks carried at Market had a cost of $34.65 billion and a market value of $59.03 billion.
Looking forward, the company Chairman Buffett reiterated that he believes the derivatives will be profitable over their lifetime, partly because Berkshire held about $6.3 billion in derivative premiums at year end that it can invest.
Buffett also said its insurance business Geico had 8.1% of the auto insurance market in 2009, but the company’s growth may slow this year because of slumping vehicle sales and high unemployment.
BRK-A last traded on Friday at $119,800.00, up 1,000.00 or 0.84%, on the NYSE. In the past 52-week period, the stock trended in a range between $118,642.50 and $120,155.00, on a 3-month average volume of 0.31 million shares.
BRK-B last traded on Friday at $80.13, up 0.73 or 0.92%, on a volume of 10.53 million shares on the NYSE. In after hours, the stock declined 0.10 or 0.12%, trading at $80.03. In the past 52-week period, the stock trended in the range of $45.02 to $80.18, on a 3-month average volume of 10.53 million shares.
Think about how you’d want your claim handled - by someone who is just set on getting through your call and subsequent claim- handling as quickly as they can to satisfy our unrealistic goals? Or by someone who may take a little longer, but is responsible, thorough, and uses common sense when assisting you? I know what I’d prefer. And while ARX is a good idea, it’s not fair to base our goals on someone else’s choices - I can accept being rated on whether I offer it and really try to sell it every time, but I ultimately I cannot control whether a customer will accept and use the program - do you all HONESTLY bring your BMW’s and Mercedes and all the other high-end cars you own to our ARX shops or to the dealership? Come on, be truthful now…
Some guy hit my car while it was parked and Geico’s adjuster completely ripped me off as far as the claim estimate. It was completely shocking. I’m supposed to replace my car parts with inferior autoparts? Their fair and reasonable department is unfair and unreasonable. It was disgusting, plus their claims people can be scandalously rude. NEVER NEVER NEVER recommend these con-artists.