Berkshire Hathaway's Q3 Profit Drops 28% Due to Geico Struggles
Berkshire Hathaway's third-quarter profit fell over 28%, mainly due to weak performance in its insurance businesses, especially Geico. Insurance underwriting profits declined, and operating earnings dropped nearly 6%, missing analyst expectations. However, non-insurance operations led by Greg Abel performed better, showing stability. Berkshire also repurchased $9.6 billion in shares and increased cash reserves to $377.4 billion.
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