Berkshire Hathaway has reported insurance-underwriting earnings of US$306 million for the fourth quarter of 2015 ending Dec. 31, 2015, up from US$191 million in the same quarter in 2014.
However, for the full-year 2015, earnings were US$1.162 billion, down from US$1.692 billion in 2014, the Omaha, NE.-based company said in a press release on Saturday. Insurance premiums earned were US$41.294 billion in 2015, comparable to US$41.253 billion in 2014.
For the company’s railroad, utilities and energy businesses, fourth quarter 2015 earnings were US$1.507 billion, from US$1.552 billion in Q4 2014. Full-year earnings for these businesses were up from US$5.751 billion in 2014 to US$6.380 billion last year.
Berkshire Hathaway is a holding company owning subsidiaries that engage in various business activities, including insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing and services.
For the fourth quarter of 2015, operating earnings were up to US$4.673 billion from US$3.963 billion in the fourth quarter of 2014. Full-year operating earnings for 2015 were US$17.358 billion, up from US$16.551 billion in 2014. Net earnings attributable to Berkshire shareholders in Q4 2015 were US$5.478 billion, from US$4.155 billion in Q4 2014.
Earnings from “other businesses and miscellaneous income/expense” were US$1.827 billion in Q4 2015, compared to US$1.340 billion in the fourth quarter of 2014, the release noted. For the full year, earnings were US$6.091 billion in 2015 and US$5,566 billion in 2014. Insurance float – the net liabilities assumed under insurance contracts – was approximately US$88 billion at Dec. 31, 2015.
Last month, Berkshire Hathaway Specialty Insurance (BHSI) announced that it is offering claims-made liability in Canada for professionals facing allegations of negligence, misleading statements and breach of duty, among other things. The coverage – dubbed Professional First Miscellaneous Professional Liability – will cover professionals and professional firms.
BHSI announced its entry into the Canadian market in January 2015.