Berkshire’s Geico Has Cut Thousands Of Jobs In Turnaround Effort
Berkshire Hathaway said its auto insurer Geico has cut tens of thousands of jobs as part of its efforts to turn around a business that's lagged behind peers.
Berkshire's Vice Chair of Insurance Operations Ajit Jain said Geico reduced the insurer's headcount from approximately 50,000 to roughly 20,000, though he didn't specify the time period for the reductions.
Geico, the main contributor to Berkshire's insurance results, posted $2.2 billion of pretax underwriting earnings, a roughly 13% jump from last year's first quarter. The auto insurer added new clients in the period, building on a rebound that began in the second half of 2024 after losing market share to competitors in previous years.
Geico has turned a corner by reducing its workforce and catching up on technology, Jain said, crediting Geico Chief Executive Officer Todd Combs with the progress.
“I do not want to be so arrogant to say ‘mission accomplished,'” Jain said of Geico, noting that it needs to focus on artificial intelligence to stay competitive.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
