Profit at US tycoon Warren Buffett's firm Berkshire Hathaway surged 67 per cent in the second quarter as its insurance business made a strong turnaround.
Operating profit for the quarter rose to $6.9bn (£5.3bn) from $4.1bn for the same period last year.
Net income nearly tripled, rising to $12bn from $4.3bn, ending June with $111.1bn in cash and equivalents.
The insurance underwriting arm turned around a $22m loss in the second quarter of 2017 to make $943m.
Read more: Warren Buffett's Berkshire Hathaway just made a record annual profit
Its railroad, utilities and energy business also made $1.9bn from $1.5bn last year.
Berkshire Hathaway added that it ended June with a $47.2bn stake in newly $1 trillion valued tech goliath Apple.
The firm owns around a five per cent stake in the company, and in May, Buffett said he had so much confidence in the stock that he would purchase "100 per cent" of its shares if he could.
The company also holds stakes in 90 companies including Coca Cola, IBM, Wells Fargo and American Express.
Read more: Warren Buffett's praise for Apple sends shares through the roof
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