Berkshire Hathaway

 reported Saturday a huge year-over-year increase in operating earnings in the first quarter, while its cash holdings bubbled to record levels.

The Warren Buffett-led conglomerate posted an operating profit — which encompasses earnings from the company’s wholly owned businesses — that surged 39% to $11.22 billion from the year-earlier period.

That gain was led by a 185% year-on-year increase in insurance underwriting earnings to $2.598 billion from just $911 million. Geico earnings swelled 174% to $1.928 billion from $703 million a year prior. Insurance investment income also swelled 32% to more than $2.5 billion.



Berkshire also bought back $2.6 billion in stock, up from $2.2 billion in the fourth quarter of 2023.


The report comes ahead the company’s annual shareholder meeting, known as “Woodstock for Capitalists.” Buffett will answer questions from shareholders on everything ranging from the conglomerate’s holdings as well as his thoughts on investing and the economy.


This will also be the first annual meeting since the death of Vice Chairman Charlie Munger in November.


Year to date, Berkshire Class A shares are up more than 11%, reaching an all-time high in late February. The Class B stock, meanwhile, has gained more than 12% in that time.