Warren Buffett’s Berkshire Hathaway (BRK.A) on Saturday reported operating earnings for the fourth quarter rose 71% after taxes year-over-year to a record $14.5 billion.

Operating profit in 2024 rose 27% to $47.4 billion from $37.3 billion a year earlier. Berkshire reported full-year net income of $89 billion, down 7.5% from 2023.

“Berkshire did better than I expected,” Buffett said in his annual letter to investors.

“We were aided by a predictable large gain in investment income as Treasury Bill yields improved and we substantially increased our holdings of these highly-liquid short-term securities,” Buffett said.

Buffett said insurance businesses “delivered a major increase in earnings,” led by car insurer Geico. Berkshire earned $9 billion in 2024 from insurance underwriting, a 66% increase from $5.4 billion in 2023.

“In five years, Todd Combs has reshaped GEICO in a major way, increasing efficiency and bringing underwriting practices up to date,” Buffett wrote in a letter to shareholders.

Berkshire added to its cash position while it seeks value investments. For the fourth quarter, Berkshire’s cash ballooned to a new high of $334.2 billion, up from $325.2 billion in the third quarter, after reducing shares last year in Apple (AAPL) and Bank of America (BAC). The company had $167.6 billion in cash this time last year.

The Oracle of Omaha acknowledged that his time at Berkshire may soon come to an end and a new leader at the famed conglomerate holding company will take over his highly popular yearly letters to investors.

“At 94, it won’t be long before Greg Abel replaces me as CEO and will be writing the annual letters,” Buffett said in the letter. “Greg shares the Berkshire creed that a ‘report’ is what a Berkshire CEO annually owes to owners. And he also understands that if you start fooling your shareholders, you will soon believe your own baloney and be fooling yourself as well.”