In his remarks, Mr. Buffett adds more details on the insurance operations, saying that in the first four months of the year--not the first three--Geico has added about 700,000 new policyholders, which he says may be a record. It's about double last year's figure.
"Several of our major competitors...intentionally cut back on new business because new business carries with it a significant loss in the first year," Mr. Buffett says. "That's made to order for us, so we just put our foot to the floor.
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And he flags another "important event," the increase in Berkshire's insurance float by $14 billion in the first quarter.
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(END) Dow Jones Newswires
May 06, 2017 10:52 ET (14:52 GMT)