What drove BRK.A's earnings growth in 2024?

Berkshire Hathaway's earnings growth in 2024 was primarily driven by several key factors within its business segments: 1. **Insurance Underwriting and Investment Income**: Berkshire Hathaway's insurance operations experienced significant growth in underwriting profitability. Favorable underwriting conditions and higher short-term interest rates contributed to improved profitability in the property-casualty markets. Investment income also expanded as the company invested more capital in U.S. Treasuries, leading to a rise in interest income. 2. **Operating Profit Growth**: The company's operating profit reached $47.437 billion for the full year 2024, marking a 27% increase from the previous year. This growth was driven by strong performance in insurance and energy sectors, as well as gains from investments and dividends. 3. **Share Repurchases**: Berkshire Hathaway's strategic share repurchases indicated confidence in its long-term value. Despite short-term fluctuations in investment gains and losses, the company's performance reflected the value of its core operations, particularly in insurance and energy sectors. 4. **Diversification and Portfolio Management**: Berkshire Hathaway's diversified portfolio and the company's ability to navigate market challenges effectively contributed to its financial performance. The company's equity securities and fixed maturity securities holdings remained substantial, reflecting a diversified investment strategy. In summary, Berkshire Hathaway's 2024 earnings growth was driven by robust operating earnings, particularly in insurance and energy sectors, favorable market conditions for underwriting, strategic investments, and effective portfolio management.