Company: BRK-A
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000950170-25-025210
Chunk: 213

Company: BERKSHIRE HATHAWAY INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 213
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 are affected by changes in securities markets, interest rates and foreign currency exchange rates. These contracts have been in run-off for many years.

Insurance—Investment Income 

A summary of net investment income attributable to our insurance operations follows (dollars in millions).

    Percentage change

    2024

    2023

    2022
     
    2024 vs 2023
     
    2023 vs 2022

    Interest and other investment income
    $
    11,550

    $
    6,081

    $
    1,685

    89.9
    %
    *

    Dividend income
     
    5,198

    5,500

    6,039

    (5.5
    )
     
    (8.9
    )

    Pre-tax net investment income
     
    16,748

    11,581

    7,724

    44.6

    49.9

    Income taxes and noncontrolling interests
     
    3,078

    2,014

    1,240

    Net investment income
    $
    13,670

    $
    9,567

    $
    6,484

    Effective income tax rate
     
    18.4
    %

    17.4
    %

    16.0
    %

——————

* Not meaningful. 

Interest and other investment income increased $5.5 billion in 2024 compared to 2023, which increased $4.4 billion compared to 2022. The increase in 2024 was primarily attributable to increases in U.S. Treasury Bill and short-term investment balances. The increase in 2023 over 2022 was due to increased short-term investment balances and higher interest rates, as well as the impact of income earned from Alleghany’s insurance subsidiary assets acquired in October 2022. We continue to believe that maintaining ample liquidity is paramount and we insist on safety over yield with respect to short-term investments.

K-39

Management’s Discussion and Analysis 

Insurance—Investment Income 

Dividend income declined $302 million (5.5%) in 2024 compared to 2023, which declined $539 million (8.9%) compared to 2022. The decreases reflected the impact of net reductions in our equity security holdings, partially offset by higher