Greg Abel breaks down Berkshire's most recent quarter during the annual meeting

Summary

Greg Abel presents Berkshire Hathaway's Q1 2026 results, focusing on insurance operations. He highlights strong underwriting profits but notes a softening market due to benign catastrophe conditions and increased competition. GEICO shows improved margins but faces growth challenges compared to Progressive. A strategic partnership with Tokyo Marine is announced.

• Berkshire's insurance underwriting profits are strong with combined ratios in the 87-89% range.
• A benign catastrophe environment (no US hurricane landfall in 19 months) is attracting capital into the industry, softening pricing.
• GEICO's combined ratio improved to 87.3%, but policies in force grew only 2% versus Progressive's 11%.
• GEICO's new CEO Nancy is focused on balancing pricing, customer retention, and growth.
• Berkshire completed a strategic transaction with Tokyo Marine in late March.
• Float has roughly doubled since 2015, continuing to provide low-cost capital.
• Greg Abel emphasizes underwriting profitability and float growth as core insurance objectives.
• The exhibit hall sales were consistent with last year's record, missing the $2 million target.