Berkshire Hathaway failed to meet Wall Street’s expectations again, reporting a second straight quarterly earnings drop.

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.