Nice job, Berkshire!

In Q2, GEICO insurance premiums were actually flat to down YOY. Increase in underwriting profit comes from lower losses and expenses. Lower losses were based on lower revised estimates on previously incurred, which is always a tiny bit suspect but one trusts the actuaries to do their job. Low expenses comes from GEICO pulling back on advertising, which also contributed to lower policy sales and PIF. GEICO also took rate, between the rate actions and the more selective sales pipeline they achieved 16% rate. To me, knowing how hard it is to get rate from each state, that is very impressive.

Berkshire Primary and Reinsurance, less of a dive here, but this is actually where insurance segment premiums rose - in both of those subsegments - but underwriting profit fell. Increased premiums suggests pricing power (tight capital in reinsurance right now!) while losses are partly based on prior period sales.

I still say impressive. BRK.B is trading near highs though, so potentially not the best entry point. I do own more BRK than any single stock and generally wish I owned even more. I just prefer to buy on pullbacks rather than highs :) Probably I should be getting 5% Tbills in the interim, like Warren is ...