Berkshire Hathaway Earnings Fall 7.6% - TheStreet

Berkshire Hathaway's (BRK.A) - Get Report net earnings fell 7.6% in the second quarter, weighed down by weakness in insurance underwriting.

Warren Buffett's conglomerate

said Friday

it earned $2.88 billion, or $1,859 for each of its Class A shares, in the latest quarter. That was down from $3.12 billion, or $2,018 a share, a year earlier.

Berkshire said operating earnings from insurance underwriting were $360 million in the second quarter, down 43% from $632 million in same period a year before. Insurance underwriting in general is going through a tough period, and Berkshire rival

AIG

(AIG) - Get Report

reported

a huge loss

earlier this week.

Operating earnings from insurance investments rose slightly, however, to $884 million from $862 million. Non-insurance businesses also saw operating earnings expand year over year, to $1.09 billion from $1.05 billion.

Berkshire's Class A shares gained $275 Friday to close at $115,750.

This article was written by a staff member of TheStreet.com.