Warren Buffet’s Berkshire Hathaway in its third quarter financial report saw the group making a loss as it said it lost money in its stock investment and insurance underwriting.
The net loss for the quarter was $2.8 billion compared to a profit of $10.3 billion the group registered in 2021, cumulatively for the first nine months, Berkshire is down $40.9 billion compared to registering a profit of $50 billion in the previous year.
Operating profit is up 20% to $7.76 billion or about $5,294 per Class A share from $6.47 billion or about $4,331 per share from a year earlier, helped by foreign currency gains and improvement in several businesses.
Investment losses in 2022 include losses of $10.1 billion in the third quarter and $63.9 billion in the first nine months and in 2021 include gains of $3.1 billion in the third quarter and $26.9 billion in the first nine months due to changes during the third quarter and the first nine months in the unrealised gains that existed in its equity security investment holdings.
Losses in 2022 also include after-tax realised losses on sales of investments of $378 million in the third quarter and $946 million in the first nine months and in 2021 include after-tax realized gains on sales of investments of $757 million in the third quarter and $2.4 billion in the first nine months.
