
2013-Morning Session-BRK Annual Shareholders Meeting
Berkshire Hathaway Annual Shareholder Meetings (since 1994)
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GEICO's Insurance Earnings - What's New?
We had a disagreement with Swiss Re about a life reinsurance contract. And that was settled in the first quarter, and we showed a gain of 255 million pre-tax from settling this disagreement. But interestingly, Swiss Re showed a gains of 100 million also from settling the disagreement. Both report higher earnings when we settle it. It's magnificent what accounting can do. A policy has a mathematical value to us of at least $1,500.
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