Berkshire Hathaway reported a surge in operating earnings for both the fourth quarter and full year of 2023, driven by its insurance business. The company's cash on hand reached a record $167.6 billion. Geico reported a profitable year, while BNSF faced earnings decline. Insurance underwriting soared by 430% in the fourth quarter, boosting earnings. Berkshire emphasizes that quarterly investment gains or losses may not fully represent its operating businesses' economic performance.
