GEICO (Government Employees Insurance Company) is one of the largest auto insurance providers in the United States. Founded in 1936, it has grown to become a significant player in the insurance industry under the ownership of Berkshire Hathaway.
As of 2023, GEICO’s financial position remains strong. The company reported admitted assets of $71.4 billion and a policyholders’ surplus of $50.2 billion. The company has demonstrated a significant turnaround in profitability, with its underwriting profit improving from a loss of $1.9 billion in 2022 to a profit of $3.6 billion in 2023.
While Ajit Jain, Director and Vice Chairman of Insurance Operations at Berkshire Hathaway, described GEICO as still “playing catchup” when it comes to investing in cutting-edge technologies at Berkshire’s annual meeting earlier this year, he also noted that the company aims to bridge all its gaps in data analytics by 2025. Regarding investments in AI, GEICO has been adopting these technologies to …