NU Online News Service, May 9, 3:56 p.m. EDT--Berkshire Hathaway Inc. reported higher earnings for its insurance business, but the company's total profit for the first quarter still deteriorated, falling 12 percent to $1.36 billion.
The Omaha, Neb.-based holding company, led by Warren Buffett, saw its overall first quarter income slip from $1.55 billion one year ago. In the latest quarter, Berkshire suffered some $307 million in investment losses from foreign currency trading.
On the positive side, Berkshire saw its underwriting income grow to $319 million, up from $192 million last year. (On a pre-tax basis, it improved to $492 million from $296 million.) Investment income from insurance units also rose, to $554 million from $455 million.
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