Berkshire Hathaway 2012 Annual Report Download - page 66

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Notes to Consolidated Financial Statements (Continued)
(22) Business segment data (Continued)
Premiums written and earned by the property/casualty and life/health insurance businesses are summarized below
(in millions).
Property/Casualty Life/Health
2012 2011 2010 2012 2011 2010
Premiums Written:
Direct .............................................. $20,796 $18,512 $17,128 $ 554 $ 67 $ 3
Assumed ........................................... 9,668 9,867 9,171 5,391 5,133 5,203
Ceded .............................................. (572) (542) (465) (110) (130) (124)
$29,892 $27,837 $25,834 $5,835 $5,070 $5,082
Premiums Earned:
Direct .............................................. $20,204 $18,038 $16,932 $ 554 $ 67 $ 3
Assumed ........................................... 9,142 9,523 9,266 5,356 5,099 5,208
Ceded .............................................. (600) (522) (536) (111) (130) (124)
$28,746 $27,039 $25,662 $5,799 $5,036 $5,087
(23) Quarterly data
A summary of revenues and earnings by quarter for each of the last two years is presented in the following table. This
information is unaudited. Dollars are in millions, except per share amounts.
1st
Quarter
2nd
Quarter
3rd
Quarter
4th
Quarter
2012
Revenues ............................................................. $38,147 $38,546 $41,050 $44,720
Net earnings attributable to Berkshire * ..................................... 3,245 3,108 3,920 4,551
Net earnings attributable to Berkshire per equivalent Class A common share ........ 1,966 1,882 2,373 2,757
2011
Revenues ............................................................. $33,720 $38,274 $33,739 $37,955
Net earnings attributable to Berkshire * ..................................... 1,511 3,417 2,278 3,048
Net earnings attributable to Berkshire per equivalent Class A common share ........ 917 2,072 1,380 1,846
*Includes realized investment gains/losses, other-than-temporary impairment losses on investments and derivative gains/
losses. Derivative gains/losses include significant amounts related to non-cash changes in the fair value of long-term
contracts arising from short-term changes in equity prices, interest rates and foreign currency rates, among other factors.
After-tax investment and derivative gains/losses for the periods presented above are as follows (in millions):
1st
Quarter
2nd
Quarter
3rd
Quarter
4th
Quarter
Investment and derivative gains/losses – 2012 .................................. $580 $(612) $ 521 $1,738
Investment and derivative gains/losses – 2011 .................................. (82) 713 (1,534) 382
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