That’s up from the $5.1B of stock the conglomerate bought in Q2.
Q3 operating earnings of $5.48B vs. $5.51B in Q2 and $8.07B in the year-ago quarter.
The only major business segment to see a Y/Y increase in operating earnings was railroad, utilities and energy, while insurance underwriting posted a loss vs. a year-ago profit. (updated at 8:18 AM).
Losses and costs associated with COVID-19 negatively hurt its commercial insurance and reinsurance underwriting results; furthermore, future judicial rulings and regulatory and legislative actions relating to insurance coverage and claims may affect future results.
“Our underwriting results for the remainder of 2020 and the first quarter of 2021 for certain business may be adversely affected from lower premiums attributable to credits granted to policyholders and where premiums are a function of the insured’s payroll,” the company said in its 10-Q.
Operating earnings by segment:
- Insurance underwriting: loss of $213M vs. earnings of $440M a year ago.
- Insurance – investment income: $1.02B vs. $1.48B a year ago.
- Railroad, utilities and energy: $2.74B vs. $2.64B a year ago.
- Other businesses: $2.35B vs. $2.46B a year ago;
- Other: loss of $412M vs. earnings of $1.05B a year ago.