Berkshire Hathaway Q3 Earnings Boosted by Reinsurance Strength, UBS Says

MT Newswires Live02:46

Berkshire Hathaway's (BRK.A) reinsurance underwritings in Q3 are responsible for the increase in earnings per share estimates, UBS Securities said in an earnings preview emailed Monday.

However, increase in its catastrophe loss estimates for Q4 primarily due to Hurricane Milton, resulted in overall 2024 EPS projection reduction.

UBS said the company's reinsurance and primary insurance operations are benefiting from favorable market conditions, contributing to strong premium growth and profitability.

"With GEICO's profitability restored sooner than expected, we expect sequential policies in force growth to be positive," the firm added.

Berkshire's common equity portfolio appreciated by 7% in Q3, driven primarily by gains in Apple (AAPL), American Express (AXP), and Coca-Cola (KO), according to the preview.

UBS raised its price target for BRK.A shares to $806,724 and BRK.B shares to 538 from $759,000 and $506, respectively, with a buy rating.

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