The work that GEICO’s chief executive has done to “repolish” Berkshire Hathaway’s “long-held gem” got a special shout-out in Warren Buffett’s Berkshire Hathaway 2024 annual report to shareholders last weekend.
GEICO’s $4 billion-plus jump in 2024 underwriting profit (before taxes) versus 2023, and another $5 billion boost in investment income across all of Berkshire’s insurance operations compared to 2023, explained the bulk of the conglomerate’s improvement in operating income.
Berkshire’s total operating income of $47.4 billion after taxes was $10 billion higher than operating income for 2023—up by 27% on a percentage basis.
“In 2024, Berkshire did better than I expected, though 53% of our 189 operating businesses reported a decli