Total Revenue

-0.16% (Q1 2025: $89,725 million vs. Q1 2024: $89,869 million)

Total Revenue remained nearly flat indicating stable core business operations. The minimal decrease suggests that the underlying revenue-generating activities continued at similar levels to last year, with previous period performance establishing a strong baseline despite minor operational fluctuations. " "

Investment Gains (Losses)

Reversal from a gain of $1,876 million to a loss of $6,435 million (over 400% swing)

The dramatic shift in Investment Gains (Losses) is due to significant market volatility affecting equity securities. In Q1 2024, favorable market conditions produced gains, but in Q1 2025, a sharp decline in market prices caused heavy unrealized losses in the portfolio, drastically reversing prior period gains. " "

Earnings Before Income Taxes (EBIT)

Declined approximately 67% (from $15,706 million to $5,148 million)

The steep drop in EBIT is largely attributable to the adverse impact of the large investment losses in Q1 2025, which overshadowed the underlying operating performance. Compared to Q1 2024, where operating earnings and favorable investment gains supported a high EBIT, the negative swing in investment performance significantly eroded pre-tax earnings in Q1 2025. " "

Net Earnings Attributable to BH Shareholders

Fell about 64% (from $12,702 million to $4,603 million)

Net Earnings saw a substantial decline, driven by the combination of steep investment losses and weaker contribution from operating segments. The robust net earnings in Q1 2024 were largely bolstered by investment gains, but Q1 2025’s reversal in investment performance, along with pressures on underwriting and operational results, resulted in markedly lower net earnings. " "

Operating Cash Flows

Increased modestly by ~3% (from $10,566 million to $10,903 million)

Despite lower earnings, Operating Cash Flows improved slightly due to better adjustments in non-cash items such as depreciation and improved working capital management. While the net earnings declined, the operating cash conversion remained resilient, partly reflecting more efficient management of operating assets and liabilities compared to Q1 2024. " "

Total Assets

Increased by approximately 8.7% (from $1,070,035 million to $1,164,532 million)

Total Assets grew notably, driven by increases in short-term investments (e.g. U.S. Treasury Bills) and other asset reassignments, which offset a decline in the book value of equity securities. Compared to Q1 2024, the asset allocation adjustments and reinvestment strategies have bolstered the overall asset base in Q1 2025. " "

Shareholders’ Equity

Increased by around 13.6% (from $651,655 million to $656,742 million)

The rise in Shareholders’ Equity in Q1 2025 is underpinned by retained earnings from net positive results and adjustments in comprehensive income, even though overall net earnings fell compared to the previous period. The modest increase reflects the balancing impact of positive operating cash flows and the absence of share repurchases, compared to consolidation and other adjustments in Q1 2024. " "