Berkshire accelerates buybacks, lowers cash stake as profit tops forecasts
Cash balance falls and Geico weakens
The quarter was the second since Greg Abel became Berkshire's chief executive, succeeding Warren Buffett, who remains chairman.
Berkshire ended June with $364.7 billion of cash, down from a record $380.2 billion three months earlier.
Its policy allows buybacks when the stock price is below intrinsic value, as "conservatively determined" by Abel following consultation with Buffett.
Berkshire's market capitalization is close to 1.5 times book value, or assets minus liabilities.
Geico saw pre-tax underwriting profit fall , as accident claims rose while marketing expenses increased. Overall profit from insurance and reinsurance fell , with lower-than-expected property losses and some insurance business offsetting Geico.
