Berkshire Hathaway's (NYSE:BRK.B) shares saw an intra-day gain of more than 1% today following the announcement of a record operating income for 2023.

The company reported its highest-ever operating profit of $37.4 billion for the year 2023, with a notable 28% increase in income for the fourth quarter, reaching $8.48 billion.

Key contributors to this achievement included Berkshire's auto insurance subsidiary Geico, which reported net underwriting earnings of $5.43 billion for the year. Additionally, the rise in borrowing costs significantly benefited the insurance division, generating $6.1 billion in interest income, surpassing the $5.5 billion earned from stock dividends.

During Q4 Berkshire acted as a net seller of stocks, with Buffett indicating challenges in identifying deals at appealing prices. Consequently, Berkshire's cash reserves expanded to an unprecedented $167.6 billion.