Warren Buffett's Berkshire Hathaway Inc on Saturday reported its highest-ever annual operating profit, even as foreign currency losses and rising interest rates contributed to lower earnings in the fourth quarter.
Berkshire shareholders "trust us to treat their money as we do our own," Buffett said in his letter. "And that is a promise we can make."
Buffett considers net results misleading because they include gains and losses on investments that Berkshire hasn't sold.Operating results included about $1.2 billion of currency losses and a sixth straight underwriting loss at the car insurer Geico, which has boosted premiums after struggling with accident claims and properly pricing policies to reflect risk.
In addition, profit at the BNSF railroad fell 13% as the Federal Reserve's rate-hike campaign began slowing the nation's economy, and shipping volumes of consumer, industrial and agricultural products as well as coal all declined. That purchase helped boost insurance "float," which reflects premiums collected up front before claims are paid and help fund growth, 12% last year to $164.1 billion.
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