Berkshire's Share Repurchasesīerkshire repurchased $4.4B of shares during the quarter, up from $2.6B in Q4-2022. That's a monumental challenge'Ījit also noted in last year's meeting that Progressive ( PGR) has been on the telematics bandwagon for nearly 20 years, and GEICO is just getting started on it in the past 2-3 years. It has more than 600 legacy systems that don't really talk to each other. 'GEICO's technology needs a lot more work than I thought it did. A significant portion of the better results came from $257 million in reduced expenses was primarily driven by reduced advertising spend, as well as prior year reserve releases.They're losing market share very quickly. Individual premiums were 15.2% higher than last year, but GEICO lost 2.4 million, or 13% of their policyholders.GEICO Q1-23 Performance (Berkshire Q1-23 10-Q) But digging under the surface, there are major concerns, and the optically positive results should not be celebrated. GEICO posted a $703 million underwriting profit versus a $178 million loss in the prior year. As owners, we should temper our expectations for future periods. Beyond that, results are mostly flat year over year even after adding $20 billion in acquisitions (Alleghany and Pilot.) This, combined with Buffett's commentary that most Berkshire businesses will be down this year, may imply that Berkshire, like many other businesses, has been mildly over-earning the past few years. When comparing the periods, the primary difference has been higher interest rates boosting Insurance-investment income. Q1-23 Operating Results (Berkshire Hathaway Q1 10-Q) But digging further into Berkshire's Q1-23 10-Q revealed all is not well at GEICO.

I was expecting a breakeven quarter for Insurance-underwriting, so on the surface these results looked good. In my recent article Will Berkshire Repurchases Return In Force In 2023 I estimated Q1 earnings at $7.15 billion for Q1. Berkshire Hathaway's ( NYSE: BRK.A) ( NYSE: BRK.B) 2023 Annual Meeting, like many before it, is an absolute sight to behold and contained lots of information about the company and the broader economy.īerkshire 2023 Annual Meeting (Berkshire )Īfter listening to most of the meeting and reading the 10-Q, here are some of my key takeaways.

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