Berkshire Hathaway 2014 Annual Report Download - page 87

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Notes to Consolidated Financial Statements (Continued)
(23) 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
2014 2013 2012 2014 2013 2012
Premiums Written:
Direct .............................................. $27,541 $24,292 $20,796 $ 879 $ 931 $ 554
Assumed ........................................... 9,889 7,339 9,668 5,030 5,437 5,391
Ceded .............................................. (839) (720) (572) (67) (69) (110)
$36,591 $30,911 $29,892 $5,842 $6,299 $5,835
Premiums Earned:
Direct .............................................. $26,389 $23,267 $20,204 $ 879 $ 931 $ 554
Assumed ........................................... 9,872 7,928 9,142 5,030 5,425 5,356
Ceded .............................................. (850) (797) (600) (67) (70) (111)
$35,411 $30,398 $28,746 $5,842 $6,286 $5,799
(24) 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
2014
Revenues ............................................................. $45,453 $49,762 $51,199 $48,259
Net earnings attributable to Berkshire shareholders * .......................... 4,705 6,395 4,617 4,155
Net earnings attributable to Berkshire shareholders per equivalent Class A common
share .............................................................. 2,862 3,889 2,811 2,529
2013
Revenues ............................................................. $43,867 $44,693 $46,541 $47,049
Net earnings attributable to Berkshire shareholders * .......................... 4,892 4,541 5,053 4,990
Net earnings attributable to Berkshire shareholders per equivalent Class A common
share .............................................................. 2,977 2,763 3,074 3,035
*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 – 2014 ................................ $ 1,172 $ 2,064 $ (107) $ 192
Investment and derivative gains/losses – 2013 ................................ 1,110 622 1,391 1,214
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