Berkshire Hathaway profits jump 18%, as Greg Abel leads first shareholder meeting

Berkshire Hathaway reported first-quarter operating earnings of $11.35 billion. This 18% year-over-year increase exceeded analyst expectations.

Insurance underwriting profits grew 29% due to a lack of major catastrophes. The company's cash reserves reached a new record of nearly $397.4 billion.

CEO Greg Abel presided over his first annual shareholder meeting since succeeding Warren Buffett in January. Chairman Warren Buffett endorsed the leadership transition as 100% successful.