Berkshire Hathaway's fourth-quarter profit more than quadrupled as it received a $29 billion boost from the new tax law that easily offset any weakness in the company's businesses.
Berkshire said Saturday it earned $32.6 billion, or $13.19 per Class B share, in the fourth quarter because of the tax law changes. That compares with $6.3 billion, or $2.55 per B share, a year ago.
Most of Berkshire's 90-odd businesses reported improving profits in the quarter, but the company's key insurance units, which include Geico and several major reinsurance companies, reported a $491 million loss on policy underwriting. That compares with $548 million gain the previous year.