Berkshire Hathaway Posts a Drop in Earnings in Buffett’s Last Year

In his first report as C.E.O., Gregory Abel, stuck to a straight commentary rather than Warren Buffett’s folksy tone. The lower earnings were largely driven by declines in the insurance business.Gregory E. Abel, right, the new chief executive of Berkshire Hathaway, with a Berkshire shareholder at the conglomerate’s annual meeting last year.