Solid competitive position based on strong and excellent positions in a number of business segments Significant product and geographic diversity through a combination of insurance and noninsurance operations Excellent consolidated profitability Low industry and country risk, albeit with varying degrees of volatility, cyclicality, regulatory risk, and correlation among the various business segments Modest financial risk profile expected to remain relatively stable over the next two years Exceptional liquidity supported by large cash balances No dividend payments to shareholders and little to no share repurchases Significant appetite for acquisitions Our assessment of BRK's business risk profile (BRP) as strong and financial risk profile (FRP) as modest leads to an initial dual ratings anchor of 'a+/a'; we choose the higher to reflect
