Warren Buffett：Berkshire Hathaway 1998 Letter, Additional Excerpt 2

The table that follows shows the float generated by Berkshire's insurance operations since we entered the business 32 years ago. The data are for every fifth year and also the last, which includes General Re's huge float. For the table we have calculated our float -- which we generate in large amounts relative to our premium volume -- by adding net loss reserves, loss adjustment reserves, funds held under reinsurance assumed and unearned premium reserves, and then subtracting agents balances, prepaid acquisition costs, prepaid taxes and deferred charges applicable to assumed reinsurance. (Got that?)

Source： https://www.berkshirehathaway.com/letters/1998htm.html
Locator：1998 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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