• Our insurance operations continued their delivery of costless capital that funds a myriad of other opportunities.
- This business produces “float” – money that doesn’t belong to us, but that we get to invest for Berkshire’s benefit.
- And if we pay out less in losses and expenses than we receive in premiums, we additionally earn an underwriting profit, meaning the float costs us less than nothing.
- Though we are sure to have underwriting losses from time to time, we’ve now had nine consecutive years of underwriting profits, totaling about $17 billion.
- Over the same nine years our float increased from $41 billion to its current record of $70 billion. Insurance has been good to us
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