Berkshire Hathaway Chairman Warren Buffett attends the Berkshire Hathaway Inc annual shareholders' meeting in Omaha, Nebraska, on May 3, 2024. Scott Morgan/Reuters

Berkshire Hathaway on Saturday reported a 34% increase in quarterly operating profit, helped by improved underwriting in its insurance operations, in its last financial report before Warren Buffett bows out as chief executive.

Buffett’s conglomerate also signaled it remained cautious about markets and valuations, ending September with a record $381.7 billion of cash and equivalents and repurchasing none of its own stock.

Third-quarter operating profit rose to $13.49 billion, or about $9,376 per Class A share, from $10.09 billion a year earlier.

Net income, including gains and losses from Berkshire’s common stock investment

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