Berkshire Hathaway’s insurance business increased fourth-quarter operating profit to $US548 million ($714 million), up from $US306 million ($398.68 million) in the corresponding period of 2015.

The insurance business’ full-year operating profit grew to $US1.37 billion ($1.78 billion) from $US1.16 billion ($1.51 billion). Underwriting profit increased to $US2.13 billion ($2.78 billion) last year from $US1.84 billion ($2.4 billion).

“Berkshire has now operated at an underwriting profit for 14 consecutive years,” Chairman Warren Buffett said. “That record is no accident.

“Berkshire’s attractive insurance economics exist only because we have some terrific managers running disciplined operations that in most cases possess hard-to-replicate business models.

“Disciplined risk evaluation is the daily focus of all of our insurance managers.”

Berkshire Hathaway Reinsurance’s full-year underwriting profit nearly doubled to $US822 million ($1.07 billion), and Gen Re’s increased to $US190 million ($247.57 million) from $US132 million ($172 million).

Auto insurer Geico’s underwriting profit grew by $US2 million ($2.61 million) to $US462 million ($602 million).

Insurance investment income in the fourth quarter fell to $US889 million ($1.16 billion) from $US1.03 billion ($1.34 billion). On a full-year basis it declined to $US3.64 billion ($4.74 billion) from $US3.73 billion ($4.86 billion).