Berkshire Meeting: Warren Buffet Talks Insurance

FeaturesDow Jones Newswires

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.

Continue Reading Below

And he flags another "important event," the increase in Berkshire's insurance float by $14 billion in the first quarter.

Click here to see the full live coverage of Warren Buffett at Berkshire Hathaway's annual meeting:

http://www.wsj.com/livecoverage/berkshire-hathaway-2017-annual-meeting-analysis

Write to Erik Holm at erik.holm@wsj.com

(END) Dow Jones Newswires

May 06, 2017 10:52 ET (14:52 GMT)