Warren Buffett's Berkshire Hathaway on Saturday said operating profit set a record in the fourth quarter and for the third straight calendar year, bolstered by improved underwriting and higher investment income in its insurance businesses.

Results: The leading multinational conglomerate’s fourth-quarter operating profit set a record, rising 71 per cent to $14.53 billion, or about $1,010 per Class A share, from $8.48 billion in the year-ago period.

Warren Buffett's latest letter to Berkshire Hathaway shareholders offered reflections on mistakes at the company, its growing cash pile, and outlined a slightly revamped annual meeting set for May.