Berkshire Hathaway profit falls as insurance underwriting declines

Berkshire Hathaway Inc on Saturday said its quarterly operating profit fell, as the conglomerate run by billionaire Warren Buffett reported less income from insurance underwriting. Second-quarter operating profit declined 11% to $6.14 billion from $6.89 billion a year earlier.

Berkshire also said quarterly net income rose 17%, reflecting larger gains from investments than a year earlier. Net income rose to $14.07 billion, or $8,608 per Class A share, from $12.01 billion, or $7,301 per Class A share, a year earlier.