(AOF) – The investment company led by Warren Buffett Berkshire Hathaway posted net profit of $35.9 billion in the second quarter of 2023. A year ago at the same time, the group suffered a loss of 43.6 billion dollars. In the first half, the company posted a net profit of 71.4 billion dollars against a loss of 38 billion dollars in the first half of 2022. In this second quarter, its operating profit was 10 billion dollars against 9 .4 billion a year ago.
The group’s good quarterly performance is due in particular to the good results achieved by its insurance activities.
Additionally, approximately $1.4 billion was used to repurchase Berkshire shares during this second quarter of 2023, bringing the half-year total to $5.8 billion.
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A strong development momentum for French life insurance
The growth of life insurance continues over the months. Over the first four months of the year, contributions reached 53.7 billion euros, a level not seen for more than ten years. At 10.5 billion euros, net inflows also returned to their highest level since 2011 over a similar period. In the end, at the end of April 2022, outstanding life insurance contracts reached 1.847 billion euros, up 1.1% over one year. These good performances are partly linked to the growing success of the PER (Retirement Savings Plan). Since the start of 2022, PERs marketed by an insurer have posted 592,000 additional policyholders and 9.3 billion euros in payments. At the end of April 2022, 3.2 million policyholders held a PER, which represented an outstanding amount of 39 billion euros. Without taking transfers into account, 87% of new holders of a PER (at the end of December 2021) had taken it out with an insurer.