Warren Buffett's conglomerate
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
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.