Berkshire Hathaway (BRK.A, Financials) reported $47.4 billion in operating earnings for 2024, a 27% increase from $37.4 billion in 2023, fueled by higher investment income and improved insurance performance.

From $9.6 billion, investment income climbed to $13.7 billion as Treasury rates jumped. Thanks to GEICO's turnaround under CEO Todd Combs, insurance underwriting revenue jumped from $5.4 billion to $9 billion.

With $26.8 billion in corporate taxes paid in 2024, Berkshire made the highest yearly contribution of any American firm. Over six decades, the company's overall tax contributions come out to be over $101 billion.

With interests estimated at $23.5 billion, the corporation raised its ownership in five key Japanese trading companies: ITOCHU, Marubeni, Mitsubishi, Mitsui, and Sumitomo. Its public equities portfolio dropped from $354 billion to $272 billion meanwhile. Purchasing the remaining 8% share for $3.9 billion, Berkshire took complete control of Berkshire Hathaway Energy.

The company in property and casualty insurance had its float rise to $171 billion. Berkshire has produced $32 billion in after-tax underwriting gains over the last 20 years. Buffett pointed out growing insurance risks from higher losses brought on by convective storms and the possibility of a big catastrophic catastrophe.

Greg Abel stays in position to replace Warren Buffett (Trades, Portfolio). On May 3, Omaha will host the annual shareholder meeting with a revamped agenda featuring a book sale commemorating Berkshire Hathaway's 60-year legacy.

In accordance with the 25% return of the S&P 500, Berkshire shares climbed 25.5% in 2024. Compared to the S&P 500, Berkshire's stock has had a compounded annual return of 19.9% since 1965, compared to 10.4%.