Company: BRK-A
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000950170-25-025210
Chunk: 210

Company: BERKSHIRE HATHAWAY INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 210
---
 $429 million (7.4%) and the expense ratio increased 1.5 percentage points in 2024 compared to 2023. In 2024, NICO recorded a pre-tax charge in underwriting expenses of $490 million in connection with a settlement agreement reached concerning certain non-insurance affiliates that filed voluntary petitions under Chapter 11 of the bankruptcy code in the United States Bankruptcy Court for the District of New Jersey in 2023. See Note 27 to the accompanying Consolidated Financial Statements. Underwriting expenses also included pre-tax foreign currency exchange gains from the remeasurement of certain non-U.S. Dollar denominated liabilities of $121 million in 2024 and losses of $189 million in 2023. Before these items, underwriting expenses increased $249 million (4.5%) in 2024 compared to 2023. 

2023 versus 2022

Premiums written in 2023 increased 31.8% over 2022, reflecting the impact of the TransRe Group acquisition ($4.3 billion), net increases in new property business and higher rates. Losses and loss adjustment expenses increased $2.1 billion in 2023 versus 2022. The increase in 2023 reflected the TransRe Group acquisition ($2.6 billion), as well as a comparative reduction in losses from significant catastrophe events of $1.1 billion. Estimated ultimate liabilities for prior accident years were reduced $1.4 billion in 2023 and $1.6 billion in 2022. 

Underwriting expenses increased $2.5 billion in 2023 versus 2022, reflecting the impact of the TransRe Group acquisition. The expense ratio increased 6.0 percentage points compared to 2022. Underwriting expenses also included pre-tax foreign currency exchange losses of $189 million in 2023 compared to gains of $371 million in 2022. 

Life/health 

A summary of our life/health reinsurance underwriting results follows (dollars in millions).

    2024

    2023

    2022

    Amount

    %

    Amount

    %

    Amount

    %

    Premiums written
    $
    5,007

    $
    5,093

    $
    5,185

    Premiums earned
    $
    4,998

    100.0

    $
    5,072

    100.0

    $
    5,224