Reported 4 months ago
Berkshire Hathaway's auto insurer Geico has significantly reduced its workforce from about 50,000 to roughly 20,000 as part of a turnaround strategy to improve its competitive position. Following these job cuts, Geico reported a 13% increase in pretax underwriting earnings, amounting to $2.2 billion, and gained new clients after a period of market share loss. Vice Chair Ajit Jain highlighted the importance of technological advancements and artificial intelligence for Geico's continued success.
Source: YAHOO