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erkshire Hathaway on Saturday reported a big rise in operating earnings in the fourth quarter, thanks to huge gains in its insurance business, while its cash pile expanded to record levels. The Omaha-based conglomerate posted operating earnings — which refers to profits from businesses across insurance, railroads and utilities — of $8.481 billion in the quarter ending December. That’s 28% above the $6.625 billion from the year-ago period. For the full year 2023, that brought operating earnings up to $37.350 billion, up 17% from $30.853 billion in the prior year. Berkshire also held $167.6 billion in cash in the fourth quarter, a record level that surpasses the $157.2 billion the conglomerate held in the prior quarter. Berkshire Class A shares have rallied roughly 16% this year. Geico, the auto insurer considered Buffett’s “favorite child,” reported a profitable year, with net underwriting earnings of $5.428 billion in 2023. The improved earnings was driven by premium rate increases and lower claims last year. Meanwhile, Burlington Northern Santa Fe (BNSF) reported full-year net earnings of $5.087 billion last year, a 14% drop from $5.946 billion in the prior year. Insurance underwriting surged to $848 million in the fourth quarter, spiking 430% from $160 million from the year-ago period, driving operating earnings for the conglomerate.