Marketwatch Nov 7 News . Operating earnings, which exclude net realized investment gains and losses, were $2.07 billion, or $1,335 per Class A share, down 19% from the same period in 2007.
Berkshire's large insurance businesses generated an underwriting profit of $81 million in the latest third quarter, down from $486 million last year.
Hurricanes Gustav and Ike left Berkshire's insurance businesses with estimated losses of roughly $1.05 billion in the third quarter, the company said. Price competition, which has steadily increased in insurance markets in the past two years, also dented profit, it added.
Berkshire, run by Warren Buffett, incurred $296 million of net investment losses in the quarter, versus net investment gains of more than $3 billion a year earlier.
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