Berkshire Hathaway 1998 Annual Report Download - page 21

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20
BERKSHIRE HATHAWAY INC.
Selected Financial Data for the Past Five Years
(dollars in millions, except per share data)
1998 1997 1996 1995 1994
Revenues:
Insurance premiums earned ................ $ 5,481 $ 4,761 $ 4,118 $ 957 $ 923
Sales and service revenues ................. 4,675 3,615 3,095 2,756 2,352
Interest, dividend and other investment income 1,049 916 778 629 519
Income from finance and financial products
businesses ........................... 212 32 25 27 25
Realized investment gain ................
(1) 2,415 1,106 2,484 194 91
(2) (3)
Total revenues .......................... $13,832 $10,430 $10,500 $ 4,563 $3,910
Earnings:
Before realized investment gain ............ $ 1,277 $ 1,197 $ 884 $670 $492
Realized investment gain ................
(1) 1,553 704 1,605 125 61
(2) (3)
Net earnings ........................... $ 2,830 $ 1,901 $ 2,489 $795 $553
Earnings per share:
Before realized investment gain ............ $ 1,021 $ 971 $ 733 $565 $417
Realized investment gain ................
(1) 1,241 571 1,332 105 52
(2) (3)
Net earnings ........................... $ 2,262 $ 1,542 $ 2,065 $670 $469
Year-end data :
(4)
Total assets ............................ $122,237 $56,111 $43,409 $28,711 $20,610
Borrowings under investment agreements
and other debt ......................
(5) 2,385 2,267 1,944 1,062 811
Shareholders’ equity ..................... 57,403 31,455 23,427 16,739 11,651
Class A equivalent common shares
outstanding, in thousands ............... 1,519 1,234 1,232 1,194 1,178
Shareholders’ equity per outstanding
Class A equivalent share ................ $ 37,801 $25,488 $19,011 $14,025 $ 9,893
__________________
The amount of realized investment gain/loss for any given period has no predictive value, and variations in amount
(1)
from period to period have no practical analytical value, particularly in view of the unrealized appreciation now
existing in Berkshire's consolidated investment portfolio.
In November 1997, Travelers Group Inc. completed its acquisition of Salomon Inc. A pre-tax realized gain of $678
(2)
million ($427 million after-tax) is included in 1997's results.
In March 1996, The Walt Disney Company completed its acquisition of Capital Cities/ABC, Inc. A pre-tax realized
(3)
gain related to this transaction of $2.2 billion ($1.4 billion after-tax) is included in 1996's results.
Year-end data for 1998 includes General Re Corporation acquired by Berkshire on December 21, 1998.
(4)
Excludes borrowings of finance businesses.
(5)