Warren Buffett：Berkshire 2011 Letter, Excerpt 4

• Our insurance operations continued their delivery of costless capital that funds a myriad of other opportunities. This business produces “float” – money that doesn’t belong to us, but that we get to invest for Berkshire’s benefit. And if we pay out less in losses and expenses than we receive in premiums, we additionally earn an underwriting profit, meaning the float costs us less than nothing. Though we are sure to have underwriting losses from time to time, we’ve now had nine consecutive years of underwriting profits, totaling about $17 billion. Over the same nine years our float increased from $41 billion to its current record of $70 billion. Insurance has been good to us.

Source： https://www.berkshirehathaway.com/letters/2011ltr.pdf
Locator：2011 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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