Berkshire Hathaway reported a 43% decline in net underwriting earnings across its insurance and reinsurance operations to $1.352 billion for the third quarter of 2026, while earnings for the first nine months fell 16% to $4.8 billion. Meanwhile, premium volumes in its P&C reinsurance business continued to benefit from the whole account deal with Tokio Marine.
Berkshire Hathaway reported pre-tax underwriting earnings across its re/insurance businesses of $1.683 billion for Q3’26 and $6.128 billion for 9M’26, compared to $3.163 billion and $7.419 billion, respectively, in 2025.
GEICO recorded lower underwriting earnings for both periods, whereas the primary insurance business and the global reinsurance business saw declines in the quarter but higher year-on-year underwriting earnings for the nine month period.
The Berkshire Hathaway Reinsurance Group delivered pre-tax underwriting earnings of $582 million for Q3’26 and $1.868 billion for 9M’26, compared to $884 million in Q3’25 and $1.227 billion in 9M’25.
The reinsurer’s property and casualty business generated underwriting income of $779 million in Q3’26 and $2.554 billion in 9M’26, compared to $1.065 billion and $2.178 billion, respectively, in 2025.
P&C reinsurance losses and loss adjustment expenses (LAE) increased 6.4% year-on-year to $173 million for Q3, but declined 9.4% to $854 million for 9M, as the loss ratio increased 5.1 percentage points in the quarter but came down by 3.5 percentage points in the nine month period.
Supporting the strong underwriting performance over the first nine months of the year, the P&C reinsurance business recorded no losses from significant catastrophe event occurrences in the period, compared with $760 million in 2025 from the California wildfires.
Further, Berkshire explains that changes in prior accident years’ ultimate loss estimates reduced losses and LAE by $1.2 billion in the first nine months of 2026, compared to $898 million in 2025. The reductions in each period were primarily attributable to lower-than-expected property losses, partially offset by increases in casualty loss estimates.
The segment’s combined ratio increased to 84.5% in Q3’26 from 79.4% a year earlier, and for the first nine months of 2026 strengthened to 82.9% from 86% in 2025.
As in the second quarter, P&C reinsurance top-line was boosted in the third quarter and first nine months of 2026 from the deal with Tokio Marine, under which NICO assumes on a quota share basis a portion of the non-life premiums written and related losses and expenses of the Japanese insurer on risks attaching over a 10-year term.
Premiums written to-date through September 30th, 2026 under the agreement with Tokio Marine were approximately $700 million, reflecting Berkshire’s current estimates. Excluding these premiums, Berkshire notes that “premium volumes in 2026 were constrained by increased price competition in U.S. property markets.”
Nevertheless, P&C reinsurance premiums written increased to $5.544 billion in Q3’26 from $5.183 billion in Q3’25, and for 9M’26 rose to $16.762 billion from $16.34 billion a year earlier. Berkshire attributes the increases to new policies in the second and third quarters of 2026, including the Tokio Marine whole account reinsurance agreement.
P&C reinsurance premiums earned amounted to $5.018 billion in Q3’26 and $14.959 billion in 9M’26, compared to $5.173 billion and $15.516 billion, respectively, in 2025.
Turning to the life and health reinsurance business, pre-tax underwriting earnings increased to $80 million in Q3’26 from $50 million in Q3’25, and rose to $3.931 billion in 9M’26 from $3.711 billion in 9M’25. Berkshire attributes the stronger underwriting results to lower mortality, partially offset by higher underwriting expenses, including foreign currency transaction losses.
L&H reinsurance premiums written increased slightly to $1.389 billion for Q3’26 and to $4.186 billion for 9M’26, as premiums earned increased to $1.39 billion and $4.188 billion, respectively, driven by favorable foreign currency translation effects and increased premiums in U.S. and international markets.
Berkshire Hathaway Primary Group delivered pre-tax underwriting earnings of $119 million in Q3’26 and $868 million in 9M’26, compared to $506 million in Q3’25 and $425 million in 9M’25.
Premiums written decreased 7.9% to $4.855 billion for the quarter and decreased 4% to $13.941 billion for the first nine months of the year, reflecting declines across several primary group business units, and lower volumes in property, student health, and commercial package policy business.
Lastly, Berkshire Hathaway’s float has increased by $2.1 billion from the end of December 2025 to $178.5 billion at the end of September 2026.
