Berkshire Hathaway reports USD 3 billion losses from 3Q cat events

Berkshire Hathaway's operating earnings in the third quarter and first nine months of 2017 are net of pre-tax underwriting losses of approximately USD 3 billion (USD 1.95 billion after-tax) attributable to three major hurricanes (Harvey, Irma and Maria) and an earthquake in Mexico, the company reported in a press release.

Operating earnings in 2017 are also net of after-tax foreign currency exchange rate losses of USD 252 million in the third quarter and USD 847 million in the first nine months related to the revaluation of certain liabilities of BERKSHIRE and its U.S. based subsidiaries denominated in currencies other than the U.S. dollar. In 2016, operating earnings included after-tax foreign currency exchange rate losses of USD 2 million in the third quarter and gains of USD162 million in the first nine months.

At September 30, 2017, Berkshire Hathaway's book value increased by 8.9% since yearend 2016 to USD 187,435 per Class A equivalent share. Insurance float (the net liabilities we assume under insurance contracts) at September 30, 2017 was approximately USD 113 billion, an increase of approximately USD 22 billion since yearend 2016.

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