Berkshire Hathaway's operating earnings increase 12% in the first quarter, cash hoard tops $130 billion
Earnings for Warren Buffett's Berkshire Hathaway jumped in the first quarter, thanks in part to a rebound in the conglomerate's insurance business.

Operating earnings, which encompass profits from the conglomerate's fully-owned businesses, totaled $8.065 billion in the first quarter. That's up 12.6% from $7.16 billion a year prior.

Profit from insurance underwriting came in at $911 million, up sharply from $167 million a year prior. Insurance investment income also jumped 68% to $1.969 billion from $1.170 billion.

Geico saw a big turnaround in the quarter, returning to a big underwriting profit of $703 million. The auto insurer suffered a $1.9 billion pretax underwriting loss last year as it lost market share to competitor Progressive. Ajit Jain, Berkshire's vice chairman of insurance operations, previously said the biggest culprit for Geico's underperformance was telematics.

The company's railroad business, BNSF, along with its energy company saw year-over-year earnings declines. Operations classified under "other controlled businesses" and "non-controlled businesses" had slight increases from the year-earlier period.