Berkshire Hathaway Q1 2026: Insurance drives stable growth
Berkshire Hathaway reported first quarter 2026 results with insurance operations continuing to anchor performance, supported by premium growth and disciplined underwriting.
Insurance premiums earned reached $22 billion, up slightly from $21.8 billion a year earlier, reflecting steady expansion across the group’s insurance businesses.
On the liability side, Berkshire’s insurance balance sheet remains sizable:
- Unpaid losses and loss adjustment expenses: $121.6 billion
- Unearned premiums: $32.8 billion
- Life, annuity, and health policyholder liabilities: $17.5 billion
These figures highlight the scale of Berkshire’s float, which continues to serve as a core funding advantage.
Underwriting remained profitable. Insurance losses and loss adjustment expenses totaled $14.2 billion, down from $14.6 billion last year, while underwriting expenses rose modestly to $4.5 billion.
The quarter did not include major catastrophe losses, in contrast to the prior year, which included $1.1 billion in wildfire-related losses, contributing to improved underwriting results.
Prior-year reserve development was favorable, with $499 million in releases, indicating continued conservatism in loss reserving.
In reinsurance, liabilities tied to retroactive contracts declined to $30.4 billion, reflecting ongoing runoff of legacy exposures.
Life and health operations remained stable, with policyholder liabilities at $17.5 billion, driven primarily by annuities and traditional life products.