BERKSHIRE HATHAWAY INC
For the period ended Sep 30, 2025. Filed Nov 3, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 3, 2025
BRK-A$856,612.00-0.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-04.
0000950170-25-101578
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-03.
0001193125-25-261548
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 153 previous paragraphs and 159 current paragraphs.
68 unchanged; 77 reworded; 14 added; 7 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 19 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
Premiums written increased 3.9% in the third quarter and were relatively unchanged in the first nine months of 2025 compared to 2024. Premiums written increased in each period at MedPro (primarily student health business), BHHC and NICO Primary (primarily commercial automobile business), BH Direct and USLI. The year-to-date increase was offset by declines in written premiums at GUARD (34.6%), RSUI and BHSI. The decline at GUARD was primarily due to policy-in-force and volume reductions across multiple product categories by continuing efforts to exit certain unprofitable lines and tightened underwriting standards that began in 2023.
Current report
Losses incurred from significant catastrophe events in the first nine months of 2025 were approximately $305 million, attributable to the Southern California wildfires in the first quarter. Significant catastrophe losses in the first nine months of 2024 were approximately $80 million, which derived from Hurricane Helene in the third quarter.
Current report
Premiums written declined $263 million (4.8%) in the third quarter and $1.1 billion (6.4%) in the first nine months of 2025 compared to 2024, primarily attributable to volume reductions in property business. Premiums earned decreased 5.1% in the third quarter and 5.9% in the first nine months of 2025 compared to 2024.
Current report
Insurance—Investment Income
Current report
BHE
Current report
Marmon’s pre-tax earnings increased 19.7% in the third quarter and 7.5% in the first nine months of 2025 compared to 2024. The comparative increase in earnings in the third quarter of 2025 was driven by the Rail & Leasing, Transportation Products, Retail Solutions and Plumbing & Refrigeration groups. The Rail & Leasing group’s earnings increase reflected higher lease rates, gains from asset sales and improved operational efficiencies in the repair operations. The third quarter earnings increase in the Transportation Products and Retail Solutions groups were primarily attributable to higher revenues, whereas the earnings increase in the Plumbing & Refrigeration group reflected higher volumes and copper spreads. Operating results among the twelve business groups for the first nine months of 2025 were mixed compared to 2024. The Plumbing & Refrigeration, Transportation Products, Water Technologies, Retail Solutions, Rail & Leasing, Industrial Products and Specialty groups contributed meaningful increases in earnings, due to a combination of higher revenue, copper spreads and operating margins. These increases were partially offset by declines in the Electrical and Metal Services groups. Earnings in the first nine months of 2025 also included income from the reduction and settlement of liabilities in connection with a prior business acquisition.
Current report
Consumer products group revenues declined $237 million (6.2%) in the third quarter and $442 million (4.0%) in the first nine months of 2025 compared to 2024. The revenue declines in 2025 were primarily due to Fruit of the Loom, Jazwares and Duracell, largely attributable to lower sales volumes. These declines were partially offset by revenue increases at Brooks Sports, Forest River and Richline, attributable to combinations of higher volumes, changes in sales mix and/or higher prices from higher materials and input costs.
Current report
Pre-tax earnings of our consumer products group were relatively unchanged in the third quarter and declined $105 million (8.0%) in the first nine months of 2025 compared to 2024. In the third quarter of 2025, Duracell determined certain of its battery product components manufactured in the U.S. were eligible for the refundable advanced manufacturing production income tax credits beginning in the 2023 tax year. Duracell recorded the eligible credits for the 2023, 2024 and first nine months of 2025 periods in the third quarter of 2025. Under U.S. GAAP, these credits are reflected in pre-tax earnings, not as income tax expense. Before the impact of these credits, pre-tax earnings of the consumer products group declined significantly in the third quarter and in the first nine months of 2025 compared to 2024. These declines were primarily attributable to lower earnings from Jazwares, Forest River, Duracell, and Fruit of the Loom, generally reflecting lower gross margins and higher selling, general and administrative expenses, as percentages of revenues and were partially offset by higher earnings from Brooks Sports, attributable to a combination of increased sales and gross margins.
Current report
McLane
Current report
Pilot
Current report
Other
Current report
Financial Condition
Current report
In October 2025, Berkshire agreed to acquire the Occidental Petroleum Corporation’s chemicals business for $9.7 billion, subject to customary purchase price adjustments. The acquisition is subject to regulatory approvals and customary closing conditions and expected to close in the fourth quarter of 2025.
Current report
Critical Accounting Estimates
Removed paragraphs (7)
Previous report
Premiums written declined 2.3% in the second quarter and 1.9% in the first six months of 2025 compared to 2024. The declines were primarily due to reductions at GUARD (36% year-to-date) and, to a lesser degree, at BHSI and RSUI, partially offset by higher volumes at NICO Primary, BHHC and BH Direct. GUARD’s premium declines reflected volume reductions across multiple product categories due to management’s decision to exit certain unprofitable lines and tightened overall underwriting standards beginning in 2024. The increases at NICO Primary and BHHC were primarily attributable to commercial auto and property business, while the increases at BH Direct reflected growth across several lines of business and product categories.
Previous report
Premiums written declined $525 million (9.5%) in the second quarter and $845 million (7.0%) in the first six months of 2025 compared to 2024, primarily attributable to less property business being written. Premiums earned decreased 8.9% in the second quarter and 6.3% in the first six months of 2025 compared to 2024.
Previous report
Marmon’s pre-tax earnings increased 6.9% in the second quarter and 2.3% in the first six months of 2025 compared to 2024, primarily due to reductions of liabilities accrued in connection with a prior business acquisition. Otherwise, operating results among the twelve business groups were mixed in each period. Earnings increases were generated in the Water Technologies, Plumbing & Refrigeration and Transportation Products groups, primarily attributable to a combination of increased volumes, business mix changes and cost management initiatives. Lower earnings were generated by the Electrical group due to lower margins in the building wire business and low demand in the utilities market. Additionally, earnings declined in the Metal Services group due to lower revenues. Rail & Leasing group earnings declined as increased maintenance costs on tank cars requiring regulatory inspection and maintenance procedures and reduced gains from asset sales more than offset the impact of the increases in revenues.
Previous report
Consumer products group revenues declined $189 million (5.1%) in the second quarter and $205 million (2.8%) in the first six months of 2025 compared to 2024. Revenues at most of our businesses declined in 2025 compared to 2024. Year-to-date revenues declined at Fruit of the Loom (11.7%), Garan (10.1%) and Jazwares (38.5%), primarily attributable to lower volumes, including the impacts of business restructurings and uncertainties arising from international trade policies and tariffs, which produced delays in orders and shipments, particularly in the second quarter. Forest River revenues declined 4.8% in the second quarter and were relatively unchanged in the first six months of 2025 versus 2024, reflecting lower volumes and changes in business mix. Brooks Sports revenues increased 18.4% in the second quarter and 16.8% in the first six months of 2025 compared to 2024, primarily due to increased unit sales and changes in business mix.
Previous report
Pre-tax earnings of our consumer products group declined $5 million (1.3%) in the second quarter and $110 million (14.9%) in the first six months of 2025 compared to 2024. The earnings decline in the first six months of 2025 was primarily attributable to lower earnings from Jazwares, Forest River, Duracell and Garan, due to generally lower sales volumes and gross sales margins and higher selling, general and administrative expenses as percentages of revenues. These declines were partially offset by higher earnings from Brooks Sports and Fruit of the Loom, attributable to a combination of increased gross margins at each business, as well as lower selling, general and administrative expenses at Fruit of the Loom.
Previous report
McLane Company
Previous report
Pilot Travel Centers
Reworded paragraphs (77)
Previous wording
Our periodic operating results may be affected in future periods by the impacts of ongoing macroeconomic and geopolitical conflicts and events, as well as changes in industry or company-specific factors or events. The pace of changes in these events, including tensions from developing international trade policies and tariffs, accelerated through the first six months of 2025. Considerable uncertainty remains as to the ultimate outcome of these events. We are currently unable to reliably predict the ultimate impact on our businesses, whether through changes in the availability of products, supply chain costs and efficiency, and customer demand for our products and services. It is reasonably possible there could be adverse consequences on most, if not all, of our operating businesses, as well as on our investments in equity securities, which could significantly affect our future results.
Current wording
Our periodic operating results may be affected in future periods by the impacts of ongoing macroeconomic and geopolitical conflicts and events, as well as changes in industry or company-specific factors or events. These events, including tensions from developing international trade policies and tariffs, accelerated through the first nine months of 2025. Considerable uncertainty remains as to the ultimate outcome of these events. We are currently unable to reliably predict the ultimate impact on our businesses, whether through changes in the availability of products, supply chain costs and efficiency, and customer demand for our products and services. It is reasonably possible there could be adverse consequences on our operating businesses, as well as on our investments in equity securities, which could significantly affect our future results.
Previous wording
Insurance underwriting after-tax earnings decreased $271 million in the second quarter and $1.5 billion in the first six months of 2025 compared to 2024. Underwriting results in the first six months of 2025 included after-tax losses of approximately $850 million from the Southern California wildfires, which occurred in the first quarter. After-tax earnings from insurance investment income increased $47 million (1.4%) in the second quarter and $342 million (5.8%) in the first six months of 2025 compared to 2024, attributable to higher average short-term investment balances, partially offset by lower interest rates and dividend income, as well as the impact of capital distributions to Berkshire in the fourth quarter of 2024. The subsequent investment income earned on such distributions is included in other earnings in the above table.
Current wording
After-tax insurance underwriting earnings increased $1.6 billion in the third quarter and $86 million in the first nine months of 2025 compared to the same periods in 2024. The comparative earnings increase in the third quarter was primarily attributable to lower incurred losses from current year significant catastrophe events and from prior accident years’ claims, as well as the impact of accruals in the third quarter of 2024 in connection with a bankruptcy settlement. Underwriting results in the first nine months of 2025 included after-tax losses of approximately $850 million from the Southern California wildfires, which occurred in the first quarter. After-tax earnings from insurance investment income declined $483 million (13.2%) in the third quarter and $141 million (1.5%) in the first nine months of 2025 compared to 2024, primarily attributable to lower interest rates, as well as the impact of capital distributions to Berkshire in the fourth quarter of 2024. The subsequent investment income earned on such distributions is included in “other” earnings in the above table.
Previous wording
After-tax earnings of BNSF increased $239 million (19.5%) in the second quarter and $310 million (13.1%) in the first six months of 2025 compared to 2024, primarily from improved operating efficiencies and productivity and from lower effective income tax rates. After-tax earnings of BHE increased $47 million (7.2%) in the second quarter and $427 million (31.1%) in the first six months of 2025 compared to 2024. The earnings increases reflected higher earnings from the U.S. utilities and lower earnings attributable to noncontrolling interests and reduced losses from the real estate brokerage businesses, primarily due to the impact of litigation settlement charges in the first quarter of 2024, partially offset by lower earnings from the natural gas pipelines and other energy businesses.
Current wording
After-tax earnings of BNSF increased $66 million (4.8%) in the third quarter and $376 million (10.0%) in the first nine months of 2025 compared to 2024, primarily from core pricing gains, improved operating efficiencies and lower effective income tax rates. After-tax earnings of BHE declined $140 million (8.6%) in the third quarter and increased $287 million (9.6%) in the first nine months of 2025 compared to 2024. The earnings in the third quarter of 2025 were lower in the U.S. utilities, natural gas pipelines and other energy businesses, partially offset by lower earnings attributable to noncontrolling interests. Earnings in the first nine months of 2025 included lower wildfire-related and real estate brokerage litigation accruals compared to 2024.
Previous wording
After-tax earnings from our manufacturing, service and retailing businesses increased $221 million (6.5%) in the second quarter and $193 million (3.0%) in the first six months of 2025 compared to 2024. Results in 2025 among our numerous operations were mixed.
Current wording
After-tax earnings from our manufacturing, service and retailing businesses increased $274 million (8.2%) in the third quarter and $467 million (4.8%) in the first nine months of 2025 compared to 2024. Results among our numerous operations were mixed.
Previous wording
Investment gains (losses) derive from our investments in equity securities and can include significant unrealized gains and losses from changes in market prices and foreign currency exchange rates applicable to certain of our investments. We believe that investment gains and losses, whether realized from dispositions or unrealized from changes in market prices, are generally meaningless in understanding our reported periodic results or evaluating the economic performance of our operating businesses. These gains and losses have caused and will continue to cause significant volatility in our periodic earnings.
Current wording
Investment gains (losses) can include significant unrealized gains and losses from changes in market prices of our investments in equity securities and in foreign currency exchange rates applicable to certain of our investments. We believe that investment gains and losses, whether realized from dispositions or unrealized from changes in market prices and exchange rates, are generally meaningless in understanding our reported periodic results or evaluating our periodic economic performance. These gains and losses have caused and will continue to cause significant volatility in our periodic earnings.
Previous wording
After-tax other earnings include corporate investment income not allocated to operating businesses, earnings from equity method investments and foreign currency exchange rate gains and losses related to non-U.S. Dollar denominated debt. Other earnings declined $721 million in the second quarter and $1.76 billion in the first six months of 2025, reflecting foreign currency exchange rate losses in the second quarter and first six months of 2025 versus gains in 2024, partially offset by increased corporate investment income. After-tax foreign currency exchange rate losses were $877 million in the second quarter and $1.6 billion in the first six months of 2025 compared to gains of $446 million and $1.0 billion in the corresponding 2024 periods. After-tax corporate investment income increased $1.1 billion in the first six months of 2025 compared to 2024, primarily attributable to the impact of increased investments derived from subsidiary capital distributions to Berkshire.
Current wording
After-tax other earnings include corporate investment income not allocated to operating businesses, earnings from equity method investments (excluding the other-than-temporary impairment loss recognized in the second quarter of 2025 on Berkshire’s investment in Kraft Heinz) and foreign currency exchange rate gains and losses related to Berkshire and BHFC non-U.S. Dollar denominated debt. After-tax corporate investment income increased $533 million in the third quarter and $1.6 billion in the first nine months of 2025 compared to 2024, primarily attributable to the impact of increased investments derived from subsidiary capital distributions to Berkshire. Foreign currency exchange rate changes on the non-U.S. Dollar denominated debt produced after-tax gains of $331 million in the third quarter and after-tax losses of $1.3 billion in the first nine months of 2025 compared to after-tax losses of $1.1 billion in the third quarter and $98 million in the first nine months of 2024.
Previous wording
Our periodic underwriting earnings may be subject to considerable volatility from the timing and magnitude of significant property catastrophe loss events. Further, we generally do not retrocede the risks we assume. We currently consider consolidated pre-tax losses exceeding $150 million from an event occurring in the current year to be significant. We incurred significant losses in 2025 from the Southern California wildfires in the first quarter, while we experienced no significant catastrophe events in the first six months of 2024. Changes in estimates for unpaid losses and loss adjustment expenses, including amounts established for occurrences in prior years, and foreign currency transaction gains and losses arising from the remeasurement of non-U.S. Dollar denominated assets and liabilities can also significantly affect our periodic underwriting results.
Current wording
Our periodic underwriting earnings may be subject to considerable volatility from the timing and magnitude of significant property catastrophe loss events. We currently consider consolidated pre-tax losses exceeding $150 million from an event occurring in the current year to be significant. We incurred significant losses from the Southern California wildfires in the first quarter of 2025 and from Hurricane Helene in the third quarter of 2024. Changes in estimates for unpaid losses and loss adjustment expenses, including amounts established for occurrences in prior years, and foreign currency transaction gains and losses arising from the remeasurement of non-U.S. Dollar denominated assets and liabilities can also significantly affect our periodic underwriting results.
Previous wording
Premiums written increased $545 million (5.2%) in the second quarter and $1.3 billion (5.9%) in the first six months of 2025 compared to 2024, reflecting an increase in policies-in-force and higher average premiums per policy. Premiums earned increased $595 million (5.7%) in the second quarter and $1.1 billion (5.4%) in the first six months of 2025 compared to 2024.
Current wording
Premiums written increased $563 million (5.0%) in the third quarter and $1.8 billion (5.6%) in the first nine months of 2025 compared to 2024, reflecting an increase in policies-in-force. Premiums earned increased $565 million (5.3%) in the third quarter and $1.7 billion (5.3%) in the first nine months of 2025 compared to 2024.
Previous wording
Losses and loss adjustment expenses increased $190 million (2.5%) in the second quarter and $200 million (1.3%) in the first six months of 2025 compared to 2024. GEICO’s loss ratio (losses and loss adjustment expenses to premiums earned) was 71.8% in the second quarter and 70.4% in the first six months of 2025, decreases of 2.3 percentage points and 2.9 percentage points, respectively, compared to 2024. The loss ratio declines reflected the impact of higher average earned premiums per auto policy and lower claims frequencies, partially offset by increases in average claims severities and less favorable development of prior accident years’ claims estimates.
Current wording
Losses and loss adjustment expenses increased $413 million (5.4%) in the third quarter and $613 million (2.7%) in the first nine months of 2025 compared to 2024. GEICO’s loss ratio (losses and loss adjustment expenses to premiums earned) was 71.5% in the third quarter and 70.8% in the first nine months of 2025, an increase of 0.1 percentage points and a decrease of 1.8 percentage points, respectively, compared to the corresponding periods in 2024. The loss ratio decline in the first nine months reflected higher average earned premiums per policy, lower claims frequencies, lower catastrophe losses and more favorable development of prior accident years’ claims estimates, partially offset by increases in average claims severities. Losses and loss adjustment expenses from Hurricane Helene were approximately $260 million in the third quarter and first nine months of 2024.
Previous wording
Private passenger automobile claims frequencies declined in the first six months of 2025 versus 2024 for property damage and collision coverages (six to nine percent range), with bodily injury coverage frequency down slightly. Average claims severities in the first six months of 2025 increased for both collision (one to three percent range) and bodily injury (eight to ten percent range) coverages compared to 2024. Losses and loss adjustment expenses included reductions in the ultimate loss estimates for prior accident years’ claims of $135 million in the first six months of 2025 compared to $205 million in 2024.
Current wording
Private passenger automobile claims frequencies declined in the first nine months of 2025 versus 2024 for property damage and collision coverages (two to five percent range), with bodily injury coverage frequency increasing (two to five percent range). Average claims severities in the first nine months of 2025 increased for property damage and collision coverages (two to four percent range) and increased for bodily injury coverage (eleven to thirteen percent range) compared to 2024. Losses and loss adjustment expenses included reductions in the ultimate loss estimates for prior accident years’ claims of $495 million in the first nine months of 2025 compared to $339 million in 2024.
Previous wording
Underwriting expenses increased $370 million (39.9%) in the second quarter and $633 million (34.8%) in the first six months of 2025 compared to 2024. GEICO’s expense ratio (underwriting expense to premiums earned) was 11.3% in the first six months of 2025, an increase of 2.5 percentage points compared to 2024. The increases were attributable to increased policy acquisition related expenses. The earnings from GEICO’s insurance agency (third-party commissions, net of operating expenses) are included as a reduction of underwriting expenses.
Current wording
Underwriting expenses increased $412 million (39.9%) in the third quarter and $1.0 billion (36.6%) in the first nine months of 2025 compared to 2024. GEICO’s expense ratio (underwriting expense to premiums earned) was 11.8% in the first nine months of 2025, an increase of 2.7 percentage points compared to 2024. The increases were attributable to increased policy acquisition-related expenses. The earnings from GEICO’s insurance agency (third-party commissions, net of operating expenses) are included as a reduction of underwriting expenses.
Previous wording
BH Primary consists of several independently managed underwriting operations that provide a variety of primarily commercial insurance solutions, including healthcare professional liability, workers’ compensation, automobile, general liability, property and specialty coverages for small, medium and large clients. BH Primary’s insurers include Berkshire Hathaway Specialty Insurance (“BHSI”), RSUI Group and CapSpecialty (“RSUI and CapSpecialty”), Berkshire Hathaway Homestate Companies (“BHHC”), MedPro Group, GUARD Group (“GUARD”), National Indemnity Company (“NICO Primary”), Berkshire Hathaway Direct (“BH Direct”) and U.S. Liability Insurance Companies (“USLI”).
Current wording
BH Primary consists of several independently managed underwriting operations that provide a variety of primarily commercial insurance solutions, including healthcare professional liability, workers’ compensation, automobile, general liability, property and specialty coverages for small, medium and large clients. These operations include Berkshire Hathaway Specialty Insurance (“BHSI”), RSUI Group (“RSUI”), CapSpecialty, Berkshire Hathaway Homestate Companies (“BHHC”), MedPro Group (“MedPro”), GUARD Group (“GUARD”), National Indemnity Company (“NICO Primary”), Berkshire Hathaway Direct (“BH Direct”) and U.S. Liability Insurance Companies (“USLI”).
Previous wording
Losses and loss adjustment expenses increased $100 million (3.2%) in the second quarter and $740 million (12.5%) in the first six months of 2025 compared to 2024. The loss ratio increased 1.9 percentage points in the second quarter and 7.6 percentage points in the first six months of 2025 compared to 2024. Losses incurred from the Southern California wildfires were approximately $300 million in the first six months of 2025. Losses incurred in 2025 also included increases in estimated ultimate losses for prior accident years’ claims of $401 million in the first six months, attributable to higher ultimate loss estimates in liability coverages, partly offset by lower ultimate loss estimates in property coverages. In the first six months of 2024, incurred loss estimates for prior accident years’ claims were reduced by $228 million. Casualty claim costs continue to be negatively impacted by unfavorable social inflation trends, including the impacts of jury awards and litigation costs.
Current wording
Losses and loss adjustment expenses declined $1.2 billion (30.1%) in the third quarter and $484 million (4.9%) in the first nine months of 2025 compared to 2024, and the loss ratio declined 26.5 percentage points in the third quarter and 3.9 percentage points in the first nine months of 2025 compared to 2024. The comparative decline in the third quarter was primarily due to a reduction in ultimate loss estimates for prior accident years’ claims of $190 million in 2025 compared to an increase in ultimate loss estimates of $789 million in 2024. Prior accident years’ ultimate loss estimates increased $211 million in the first nine months of 2025 compared to $561 million in 2024. A significant portion of the year-to-date increases in 2024 and 2025 related to GUARD. Otherwise, the development of estimated ultimate claim liabilities for prior accident years in the first nine months of 2024 reflected lower-than-expected property, medical professional liability and workers’ compensation losses. Claim costs for liability coverages continue to be negatively impacted by unfavorable social inflation trends, including the impacts of jury awards and litigation costs.
Previous wording
Underwriting expenses increased $137 million (10.7%) in the second quarter and $163 million (6.5%) in the first six months of 2025 compared to 2024. The expense ratio increased 2.8 percentage points in the second quarter and 1.6 percentage points in the first six months of 2025 compared to 2024. The increases were primarily due to increases at GUARD and business mix changes.
Current wording
Underwriting expenses increased $55 million (4.2%) in the third quarter and $218 million (5.7%) in the first nine months of 2025 compared to 2024. The expense ratio increased 1.1 percentage points in the third quarter and 1.4 percentage points in the first nine months of 2025 compared to 2024, which were primarily due to the impact of volume reductions at GUARD and business mix changes.
Previous wording
The Berkshire Hathaway Reinsurance Group offers excess-of-loss and quota-share reinsurance coverages on property and casualty risks to insurers and reinsurers worldwide through the NICO, General Re and TransRe Groups. We also write life and health reinsurance coverages through the General Re Group and Berkshire Hathaway Life Insurance Company of Nebraska. A summary of BHRG’s pre-tax underwriting results follows (in millions).
Current wording
The Berkshire Hathaway Reinsurance Group (“BHRG”) offers excess-of-loss and quota-share reinsurance coverages on property and casualty risks to insurers and reinsurers worldwide through the NICO, General Re and TransRe Groups. We also write life and health reinsurance coverages through the General Re Group and Berkshire Hathaway Life Insurance Company of Nebraska. A summary of BHRG’s pre-tax underwriting results follows (in millions).
Previous wording
Losses and loss adjustment expenses declined $370 million (11.8%) in the second quarter and increased $236 million (3.9%) in the first six months of 2025 compared to 2024. The loss ratio decreased 1.8 percentage points in the second quarter and increased 6.0 percentage points in the first six months of 2025 compared to 2024. Losses incurred from the Southern California wildfires were approximately $760 million in the first six months of 2025. In the first six months, estimated ultimate liabilities for losses occurring in prior accident years were reduced $506 million in 2025 and $734 million in 2024, mostly attributable to lower-than-expected property losses.
Current wording
Losses and loss adjustment expenses declined $597 million (18.2%) in the third quarter and $361 million (3.8%) in the first nine months of 2025 compared to 2024. The loss ratio decreased 8.3 percentage points in the third quarter and increased 1.2 percentage points in the first nine months of 2025 compared to 2024. Losses incurred from significant catastrophe events were approximately $760 million in the first nine months of 2025, attributable to the Southern California wildfires in the first quarter, and were approximately $380 million in the first nine months of 2024 from Hurricane Helene in the third quarter. Additionally, losses and loss adjustment expenses in the first nine months of 2025 were reduced $898 million compared to $1.2 billion in 2024 from reductions of estimated ultimate claim liabilities for prior accident years’ claims. The reductions were mostly attributable to lower-than-expected property losses.
Previous wording
Underwriting expenses decreased $153 million (10.5%) in the second quarter and $19 million (0.7%) in the first six months of 2025 compared to 2024. The expense ratio decreased 0.5 percentage points in the second quarter and increased 1.6 percentage points in the first six months of 2025 compared to 2024. Underwriting expenses included foreign currency exchange losses from the remeasurement of certain non-U.S. Dollar denominated liabilities of $58 million in the second quarter and $200 million in the first six months of 2025 and gains of $25 million in the second quarter and $51 million in the first six months of 2024. Otherwise, underwriting expenses in 2025 declined 15.9% in the second quarter and 9.2% in the first six months from 2024, primarily attributable to lower premiums earned and business mix changes.
Current wording
Underwriting expenses decreased $587 million (29.2%) in the third quarter and $606 million (12.4%) in the first nine months of 2025 compared to 2024. The expense ratio decreased 9.3 percentage points in the third quarter and 1.9 percentage points in the first nine months of 2025 compared to 2024. Underwriting expenses included foreign currency exchange losses from the remeasurement of certain non-U.S. Dollar denominated liabilities of $29 million in the third quarter and $229 million in the first nine months of 2025 and $171 million in the third quarter and $120 million in the first nine months of 2024. Additionally, underwriting expenses in the third quarter and first nine months of 2024 included a $490 million charge in connection with a settlement agreement reached concerning certain non-insurance affiliates that filed voluntary petitions under Chapter 11 of the bankruptcy code in the United States Bankruptcy Court for the District of New Jersey in 2023. See Note 22 to the accompanying Consolidated Financial Statements. Otherwise, underwriting expenses in 2025 increased 3.3% in the third quarter and declined 5.2% in the first nine months from 2024.
Previous wording
Premiums earned increased $126 million (10.3%) in the second quarter and $137 million (5.6%) in the first six months of 2025, primarily due to increases in non-U.S. markets. Pre-tax underwriting earnings in 2025 declined $21 million in the second quarter and $59 million in the first six months compared to 2024. The year-to-date decline reflected the impact of U.S. life contract commutation gains of approximately $50 million in 2024.
Current wording
Premiums earned increased $79 million (6.5%) in the third quarter and $216 million (5.9%) in the first nine months of 2025, primarily due to increases in non-U.S. markets. Pre-tax underwriting earnings in 2025 declined $48 million in the third quarter and $107 million in the first nine months compared to 2024, primarily due to lower earnings from U.S. life business, which included contract commutation gains of $50 million in the first nine months of 2024.
Previous wording
We have not written any significant retroactive reinsurance contracts in recent years. Pre-tax underwriting results derive from changes in the ultimate claim liability estimates and changes in the related deferred charge assets, as well as from foreign currency exchange gains and losses attributable to non-U.S. Dollar denominated reinsurance contracts. Changes in foreign currency exchange rates produced losses of $88 million in the second quarter and $128 million in the first six months of 2025 compared to losses of $26 million in the second quarter and gains of $19 million in the first six months of 2024. Pre-tax underwriting losses before foreign currency exchange gains/losses were $349 million in the first six months of 2025 compared to $327 million in 2024.
Current wording
We have not written any significant retroactive reinsurance contracts in recent years. Pre-tax underwriting results derive from changes in the ultimate claim liability estimates and in the related deferred charge assets, as well as from foreign currency exchange gains and losses attributable to non-U.S. Dollar denominated reinsurance contracts. Changes in foreign currency exchange rates produced pre-tax losses of $110 million in the first nine months of 2025 compared to $75 million in the corresponding 2024 period. Pre-tax underwriting losses before foreign currency exchange losses were $508 million in the first nine months of 2025 and $498 million in 2024.
Previous wording
Unpaid losses and loss adjustment expenses for retroactive reinsurance contracts declined $710 million in the first six months of 2025 to $31.7 billion at June 30, 2025, primarily due to loss payments, partially offset by foreign currency effects. Deferred charge assets on retroactive reinsurance contracts declined $323 million in the first six months of 2025 to $8.5 billion at June 30, 2025. Deferred charge balances will be charged to earnings over the expected remaining claims settlement periods.
Current wording
The liability for unpaid losses and loss adjustment expenses for retroactive reinsurance contracts declined $1.1 billion in the first nine months of 2025 to $31.3 billion at September 30, 2025, primarily due to loss payments. Deferred charge assets on retroactive reinsurance contracts declined $499 million in the first nine months of 2025 to $8.3 billion at September 30, 2025, which will be charged to earnings over the expected remaining claims settlement periods.
Previous wording
Pre-tax underwriting losses from periodic payment annuity contracts in each period included the accretion of discounted liabilities, including liabilities for contracts without life contingencies, as well as foreign currency exchange gains and losses on non-U.S. Dollar denominated contracts. Changes in foreign currency exchange rates produced losses of $87 million in the second quarter and $136 million in the first six months of 2025 compared to losses of $13 million in the second quarter and $15 million in the first six months of 2024. Pre-tax underwriting losses before foreign currency effects were $276 million in the first six months of 2025 compared to $299 million in 2024. Periodic payment annuity liabilities were $14.4 billion at June 30, 2025, which included liabilities of $4.0 billion for contracts without life contingencies, as well as the effects of discount rate changes recorded in accumulated other comprehensive income.
Current wording
Premium rates for new periodic payment annuity business continue to be at unacceptable levels. We have not written any new business since 2022. Pre-tax underwriting losses from periodic payment annuity contracts in each period included the accretion of discounted liabilities, including liabilities for contracts without life contingencies, as well as foreign currency exchange gains and losses on non-U.S. Dollar denominated contracts. Changes in foreign currency exchange rates produced pre-tax losses of $110 million in the first nine months of 2025 compared to $96 million in 2024. Pre-tax underwriting losses before foreign currency effects were $428 million in the first nine months of 2025 compared to $447 million in 2024, primarily attributable to recurring discounted liability accretion. Periodic payment annuity liabilities were $14.6 billion at September 30, 2025, which included liabilities of $4.0 billion for contracts without life contingencies, as well as the effects of discount rate changes recorded in accumulated other comprehensive income.
Previous wording
Our variable annuity guarantee reinsurance contracts produced pre-tax losses of $3 million in the first six months of 2025 compared to earnings of $105 million in 2024. Earnings are affected by changes in securities markets, interest rates and foreign currency exchange rates. These contracts have been in run-off for many years.
Current wording
Our variable annuity guarantee reinsurance contracts produced pre-tax earnings of $33 million in the first nine months of 2025 compared to $30 million in 2024. Earnings are affected by changes in securities markets, interest rates and foreign currency exchange rates. These contracts have been in run-off for many years.
Previous wording
Interest and other investment income decreased $75 million (2.9%) in the second quarter and increased $513 million (11.3%) in the first six months of 2025 compared to 2024. The decrease in the second quarter was primarily attributable to the impact of dividends paid by insurance subsidiaries to Berkshire in the fourth quarter of 2024 and lower interest rates. The subsequent income earned on the cash and investments distributed to Berkshire are included in other earnings shown on pages 31 and 45. The increase in the first six months reflected higher average investment balances. We continue to believe that maintaining ample liquidity is paramount and we insist on safety over yield with respect to short-term investments.
Current wording
Interest and other investment income declined $876 million (25.0%) in the third quarter and $363 million (4.5%) in the first nine months of 2025 compared to 2024. The decrease in the third quarter was primarily attributable to lower short-term interest rates and the impact of capital distributions from insurance subsidiaries to Berkshire in the fourth quarter of 2024. The income earned on the cash and investments distributed to Berkshire is included in other earnings shown on pages 34 and 49. We continue to believe that maintaining ample liquidity is paramount and insist on safety over yield with respect to short-term investments.
Previous wording
Dividend income was relatively unchanged in the second quarter and declined $169 million (6.3%) in the first six months of 2025 compared to 2024. The year-to-date decline was primarily due to the impact of net dispositions of equity securities, partially offset by higher dividend rates on certain of our holdings. Dividend income also varies from period to period due to changes in the investment portfolio and the frequency and timing of dividends from certain investees.
Current wording
Dividend income was relatively unchanged in the third quarter and decreased $171 million (4.5%) in the first nine months of 2025 compared to 2024. The year-to-date decline was primarily due to changes within the equity securities portfolio, partially offset by higher dividend rates on certain of our holdings. Dividend income also varies from period to period due to changes in the investment portfolio and the frequency and timing of dividends from certain investees.
Previous wording
Invested assets of our insurance businesses derive from shareholder capital and net liabilities assumed under insurance contracts or “float.” The major components of float are unpaid losses and loss adjustment expenses, including liabilities under retroactive reinsurance contracts, life, annuity and health benefit liabilities, unearned premiums and certain other liabilities, which are reduced by insurance premiums receivable, reinsurance receivables, deferred charges assumed under retroactive reinsurance contracts and deferred policy acquisition costs. The effect of discount rate changes on long-duration insurance contracts, recorded in accumulated other comprehensive income, are excluded from float, as such amounts are not included in earnings in the Consolidated Statements of Earnings.
Current wording
Invested assets of our insurance businesses derive from shareholder capital and net liabilities assumed under insurance contracts or “float.” The major components of float are unpaid losses and loss adjustment expenses, including liabilities under retroactive reinsurance contracts, life, annuity and health benefit liabilities, unearned premiums and certain other liabilities, which are reduced by insurance premiums receivable, reinsurance receivables, deferred charges assumed under retroactive reinsurance contracts and deferred policy acquisition costs. The effect of discount rate changes on long-duration insurance contracts, recorded in accumulated other comprehensive income, is excluded from float, as such amounts are not included in earnings in the Consolidated Statements of Earnings.
Previous wording
Float was approximately $174 billion at June 30, 2025 and $171 billion at December 31, 2024. The cost of float is measured as the ratio of pre-tax underwriting earnings to float balances. Our combined insurance operations generated pre-tax underwriting gains in the first six months of 2025 and 2024. Therefore, the average cost of float was negative in each period.
Current wording
Float was approximately $176 billion at September 30, 2025 and $171 billion at December 31, 2024. The cost of float is measured as the ratio of pre-tax underwriting earnings to average float balances. Our combined insurance operations generated pre-tax underwriting gains in the first nine months of 2025 and 2024. Therefore, the cost of float was negative in each period.
Previous wording
U.S. government obligations are rated AA+ or Aa1 by the major rating agencies. Approximately 93% of our foreign government investments were rated AA or higher by at least one of the major rating agencies. Foreign government securities are issued or unconditionally guaranteed by national or provincial government entities.
Current wording
U.S. government obligations are rated AA+ or Aa1 by the major rating agencies. Approximately 95% of our foreign government investments were rated AA or higher by at least one of the major rating agencies. Foreign government securities are issued or unconditionally guaranteed by national or provincial government entities.
Previous wording
Railroad operating revenues increased slightly in both the second quarter and the first six months of 2025 compared to 2024. Car/unit volumes increased 1.4% and 2.7% in the second quarter and the first six months of 2025, respectively, compared to the same periods in 2024. Average revenue per car/unit declined 1.4% in the second quarter and 2.6% in the first six months of 2025 versus 2024, resulting from lower fuel surcharge revenue and unfavorable business mix, partially offset by core pricing gains. Pre-tax earnings increased 11.5% in the second quarter and 8.6% in the first six months of 2025 compared to 2024, attributable to lower operating expenses.
Current wording
Railroad operating revenues increased slightly in the third quarter and first nine months of 2025 compared to 2024. Car/unit volumes increased 0.8% in the third quarter and 2.1% in the first nine months of 2025 compared to the same periods in 2024. Average revenue per car/unit increased 0.8% in the third quarter and declined 1.4% in the first nine months of 2025 versus 2024, generally attributable to lower fuel surcharge revenue and unfavorable business mix, partially offset by core pricing gains. Pre-tax earnings increased 3.6% in the third quarter and 6.8% in the first nine months of 2025 compared to 2024.
Previous wording
Operating revenues from consumer products were $2.0 billion in the second quarter and $4.0 billion in the first six months of 2025, decreases of 7.1% and 2.1%, respectively, from 2024. The revenue decreases were attributable to lower average revenue per car/unit, partially offset by slightly higher volumes in the second quarter and 4.5% higher volumes in the first six months of 2025 compared to 2024. The volume increases were primarily due to higher intermodal shipments from higher West Coast imports and an increase in automotive vehicle volume.
Current wording
Operating revenues from consumer products were $2.1 billion in the third quarter of 2025, unchanged from 2024, and $6.1 billion in the first nine months, a decrease of 1.4% from 2024. The revenues in 2025 reflected lower average revenue per car/unit, substantially offset by slightly higher volumes. Volumes increased 2.2% in the third quarter and 3.7% in the first nine months of 2025 compared to 2024. The volume increases were primarily due to higher intermodal shipments resulting from higher West Coast imports and an increase in automotive vehicle volumes.
Previous wording
Operating revenues from industrial products were $1.3 billion in the second quarter and $2.5 billion in the first six months of 2025, decreases of 0.8% and 2.0%, respectively, from 2024. The revenue declines were attributable to reductions in volumes of 3.6% in the second quarter and 4.7% in the first six months of 2025 compared to 2024, partially offset by higher average revenue per car/unit. The volume declines were primarily due to lower construction and petroleum products shipments.
Current wording
Operating revenues from industrial products were $1.3 billion in the third quarter of 2025, essentially unchanged from 2024, and $3.8 billion in the first nine months of 2025, a decrease of 1.4% from 2024. Revenues in 2025 reflected lower volumes of 1.9% for the third quarter and 3.8% year-to-date, partially offset by higher average revenue per car/unit. The volume declines were primarily due to lower demand for construction products and lower petroleum products shipments.
Previous wording
Operating revenues from agricultural and energy products were $1.6 billion in the second quarter and $3.2 billion in the first six months of 2025, increases of 3.5% and 2.2%, respectively, compared to 2024. The revenue increases were attributable to higher average revenue per car/unit and slightly higher volumes in both periods. The volume increases were primarily due to slightly higher grain exports, partially offset by lower domestic grain, feed and renewable fuel volumes.
Current wording
Operating revenues from agricultural and energy products were $1.6 billion in the third quarter and $4.8 billion in the first nine months of 2025, increases of 6.3% and 3.5%, respectively, compared to 2024. The revenue increases were attributable to higher average revenue per car/unit and slightly higher volumes. The volume increases were primarily due to slightly higher grain exports, partially offset by lower domestic grain and feed shipments.
Previous wording
Operating revenues from coal were $716 million in the second quarter and $1.5 billion in the first six months of 2025, increases of 17.8% and 5.6%, respectively, from 2024. The second quarter revenue increase was attributable to higher volumes of 13.7% and higher average revenue per car/unit. The revenue increase in the first six months of 2025 was primarily due to higher volumes of 7.3%, partially offset by lower average revenue per car/unit. The volume increases were primarily attributable to the competitive effects of higher natural gas prices.
Current wording
Operating revenues from coal were $795 million in the third quarter of 2025, unchanged from 2024, and $2.2 billion in the first nine months of 2025, an increase of 3.6% from 2024. Revenues in the third quarter of 2025 reflected higher average revenue per car/unit, which was offset by reduced volumes of 2.1% compared to 2024. The revenue increase in the first nine months of 2025 was primarily due to a 3.8% increase in volumes, partially offset by lower average revenue per car/unit. The volume increase in the first nine months of 2025 was primarily due to the competitive effects of higher natural gas prices, while the volume decline in the third quarter was primarily due to mine production challenges.
Previous wording
Railroad operating expenses declined $184 million (4.7%) in the second quarter and $250 million (3.2%) in the first six months of 2025 compared to 2024. Compensation and benefits expenses increased $51 million (3.9%) in the second quarter and $26 million (1.0%) in the first six months of 2025 compared to 2024. The increases were primarily due to wage inflation, partially offset by improved employee productivity. Fuel expenses declined $124 million (15.1%) in the second quarter and $208 million (12.4%) in the first six months of 2025 compared to 2024, reflecting lower average fuel prices, partially offset by higher volumes. Other railroad operating expenses declined $111 million (6.3%) in the second quarter and $68 million (2.0%) in the first six months of 2025 compared to 2024. The declines were primarily due to litigation accruals in the second quarter of 2024 and ongoing cost management efforts.
Current wording
Railroad operating expenses were $3.8 billion in the third quarter of 2025, essentially unchanged from 2024, and $11.4 billion in the first nine months of 2025, a decrease of $237 million (2.0%) compared to 2024. Fuel expenses declined $27 million (3.4%) in the third quarter and $235 million (9.5%) in the first nine months of 2025 compared to 2024, attributable to lower average fuel prices and improved fuel efficiency. Compensation and benefits expenses in the third quarter and first nine months of 2025 were relatively unchanged compared to 2024, reflecting wage inflation, offset by improved employee productivity. Other railroad operating expenses increased $48 million (3.0%) in the third quarter and decreased $21 million (0.4%) in the first nine months of 2025 compared to 2024. The changes in other railroad operating expenses included increases in purchased services and depreciation and amortization expenses, lower other expenses due to ongoing cost management efforts, as well as the impact of litigation accruals in the first nine months of 2024.
Previous wording
Income tax expense declined $52 million (13.2%) in the second quarter and $39 million (5.1%) in the first six months of 2025 compared to 2024, primarily due to lower deferred state income tax expenses arising from reductions in enacted rates during the second quarter of 2025.
Current wording
Income tax expense was unchanged in the third quarter of 2025 and declined $39 million (3.2%) in the first nine months of 2025 compared to 2024. The effective income tax rate in the third quarter and first nine months of 2025 declined versus the same periods in 2024, primarily due to lower state income tax expenses arising from the impact of reductions in enacted rates during the second quarter of 2025.
Previous wording
BHE’s income tax benefit and net earnings include significant production tax credits primarily from wind-powered electricity generation. On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted, introducing substantial revisions to federal energy-related tax policy. Among its provisions, the OBBBA accelerates the phase-out of clean electricity production and investment tax credits and establishes new sourcing requirements applicable to facilities commencing construction after December 31, 2025.
Current wording
BHE’s income tax benefit and net earnings include significant production tax credits primarily from wind-powered electricity generation. On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted, introducing substantial revisions to energy-related U.S. Federal tax policy. Among its provisions, the OBBBA accelerates the phase-out of clean electricity production and investment tax credits and establishes new sourcing requirements applicable to facilities commencing construction after December 31, 2025.
Previous wording
The U.S. utilities operate independently in several states, including Utah, Oregon, Wyoming and other Western states (PacifiCorp), Iowa and Illinois (MEC) and Nevada (NV Energy). Net earnings increased $167 million (62.5%) in the second quarter and $219 million (34.1%) in the first six months of 2025 compared to 2024. Pre-tax Wildfire loss accruals, net of expected insurance recoveries, at PacifiCorp were $251 million in the second quarter of 2024. See Note 22 to the accompanying Consolidated Financial Statements for additional information on the Wildfires. Otherwise, net earnings of the U.S. utilities in the second quarter and the first six months of 2025 reflected comparative increases in electric utility margin, partially offset by an increase in energy operating expenses and lower other income.
Current wording
The U.S. utilities operate independently in several states, including Utah, Oregon, Wyoming and other Western states (PacifiCorp), Iowa and Illinois (MEC) and Nevada (NV Energy). Net earnings decreased $76 million (8.2%) in the third quarter and increased $143 million (9.1%) in the first nine months of 2025 compared to 2024. Pre-tax Wildfire loss accruals, net of expected insurance recoveries, at PacifiCorp were $100 million in the third quarter and first nine months of 2025 and were $251 million in the first nine months of 2024. See Note 22 to the accompanying Consolidated Financial Statements for additional information on the Wildfires. Otherwise, net earnings of the U.S. utilities in the third quarter and the first nine months of 2025 reflected comparative increases in electric utility margin, substantially offset by an increase in energy operating expenses and lower other income and income tax benefits.
Previous wording
The U.S. utilities’ electric utility margin was $2.1 billion in the second quarter and $4.0 billion in the first six months of 2025, increases of $205 million (10.8%) and $430 million (11.9%), respectively, compared to 2024. The increases reflected higher retail customer rates in certain territories, higher retail customer volumes and higher wholesale prices and volumes, partially offset by higher energy costs. Retail customer volumes increased 3.3% overall (up 9.0% at MEC, 2.0% at PacifiCorp and 0.3% at NV Energy) in the first six months of 2025 compared to 2024, primarily due to higher customer usage, an increase in the average number of customers and an overall favorable impact of weather. The increase in energy operating expenses was primarily due to higher depreciation and amortization expense, insurance expenses and general and plant maintenance costs.
Current wording
The U.S. utilities’ electric utility margin was $2.6 billion in the third quarter and $6.6 billion in the first nine months of 2025, increases of $163 million (6.8%) and $593 million (9.9%), respectively, compared to 2024. The increases reflected higher retail customer rates in certain territories, higher retail customer volumes and higher wholesale prices and volumes, partially offset by higher energy cost of sales. Retail customer volumes increased 2.7% overall (up 9.8% at MEC, 2.0% at PacifiCorp and down 1.8% at NV Energy) in the first nine months of 2025 compared to 2024, primarily due to higher customer usage and an increase in the average number of customers, partially offset by an overall unfavorable impact of weather. The increase in energy operating expenses was primarily due to higher depreciation and amortization expense, insurance expenses and general and plant maintenance costs.
Previous wording
Net earnings of natural gas pipelines declined $51 million in the second quarter and $62 million in the first six months of 2025 compared to 2024. The decreases in earnings reflected higher interest expense, largely due to debt issued in January 2025 and debt refinancings in the fourth quarter of 2024 at higher interest rates, decreased margin on gas sales and lower other income, partially offset by higher transportation and storage revenues.
Current wording
Net earnings of natural gas pipelines declined $41 million in the third quarter and $103 million in the first nine months of 2025 compared to 2024. The decreases in earnings reflected higher interest expense, largely due to debt issued in January 2025 and debt refinancings in the fourth quarter of 2024 at higher interest rates, an increase in operating expenses, decreased margin on gas sales and lower other income, partially offset by higher transportation and storage revenues.
Previous wording
Net earnings of other energy businesses decreased $76 million in the second quarter and $11 million in the first six months of 2025 compared to 2024. The decreases were primarily due to lower earnings at Northern Powergrid, from lower distribution revenue in the second quarter of 2025 due to lower tariffs from inflation adjustments and deferred income tax charges related to the March 2025 enactment of a change in the Energy Profits Levy income tax in the United Kingdom, partially offset by favorable income tax expense from higher utilization of tax losses from upstream gas exploration and production activities.
Current wording
Net earnings of other energy businesses decreased $99 million in the third quarter and $110 million in the first nine months of 2025 compared to 2024. The decreases were primarily due to lower earnings at Northern Powergrid, from lower distribution revenues due to lower tariffs from inflation adjustments beginning in the second quarter of 2025, deferred income tax charges related to the March 2025 enactment of a change in the United Kingdom’s Energy Profits Levy income tax and higher operating expenses at the distribution businesses, partially offset by favorable income tax expense from higher utilization of tax losses from upstream gas exploration and production activities.
Previous wording
Net earnings of real estate brokerage increased by $2 million in the second quarter and $146 million in the first six months of 2025 compared to 2024, primarily attributable to charges in 2024 with respect to the ongoing real estate industry litigation matters. In April 2024, HomeServices agreed to terms with the plaintiffs to settle all claims asserted against HomeServices and certain of its subsidiaries and effectuated a nationwide class settlement. See Note 22 to the accompanying Consolidated Financial Statements. The real estate brokerage business continues to be negatively impacted by the limited availability of homes for sale and high home prices.
Current wording
Net earnings of real estate brokerage increased by $13 million in the third quarter and $159 million in the first nine months of 2025 compared to 2024, primarily attributable to charges in 2024 with respect to the ongoing real estate industry litigation matters. In April 2024, HomeServices agreed to terms with the plaintiffs to settle all claims asserted against HomeServices and certain of its subsidiaries and effectuated a nationwide class settlement. See Note 22 to the accompanying Consolidated Financial Statements. The real estate brokerage business continues to be negatively impacted by the limited availability of homes for sale and high home prices.
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Previous report — wording carried elsewhere
Premium rates for new periodic payment annuity business continue to be at unacceptable levels. We have not written any new business since 2022.