Warren Buffett's company reported less than half as much profit in the second quarter as it took a $3.76 billion writedown on the value of its stake in Kraft Heinz as that iconic food producer considers largely undoing the merger that Berkshire Hathaway helped bankroll.

Berkshire marked down its carrying value of the Kraft Heinz stake to US$8.4 billion at the end of June. Read more at straitstimes.com. Read more at straitstimes.com.

Berkshire said the 12 per cent quarterly decline in insurance underwriting profit stemmed primarily from reinsurance businesses and some smaller insurance businesses. Geico, its best-known insurance business, saw pre-tax underwriting profit rise 2 per cent, as a 5 per cent increase in premiums offset a smaller rise in accident losses.