P&C investments, catastrophe impact
On the investment side, earned net investment income increased 5.9%, which, together with the underwriting gain, drove a 51.9% rise in pretax operating income to $102.4 billion. However, net realized capital gains fell sharply, declining 80%, largely due to a combined $60.5 billion drop at three Berkshire Hathaway companies, which weighed on reported net income.