Berkshire Hathaway's (BRK.A / BRK.B) cash pile has grown to a record $334 billion U.S. as the holding company of Warren Buffett continues to sell stocks.

On Saturday, Berkshire Hathaway reported its fourth-quarter 2024 financial results that showed a big increase in its operating businesses, driven largely by its insurance unit.

However, what really grabbed the attention of journalists and investors was the company's cash pile that has swelled as Buffett continues to sell the company's equity holdings.

Berkshire Hathaway ended 2024 with $334.20 billion U.S. in cash, up from $325.20 billion U.S. at the end of the third quarter.

Throughout 2024, Berkshire sold down its two biggest stock holdings in Apple (AAPL) and Bank of America (BAC) yet didn't redeploy the capital raised in any meaningful way.

While media have speculated that Buffett sees the current stock market as expensive and overvalued, some shareholders have grown frustrated with the increasing cash horde and have called on Buffett to, at a minimum, pay a cash dividend, something Berkshire has never done.

In his annual letter, Buffett said he is struggling to find his next big investment target and defended the large cash holding.

“Despite what some commentators currently view as an extraordinary cash position at Berkshire, the great majority of your money remains in equities. That preference won't change,” wrote Buffett in the letter.

Still, investment gains slowed sharply in the fourth quarter of last year to $5.17 billion U.S. from $29.09 billion U.S. in the year-earlier period even as the current bull market raged on.

In terms of earnings, Berkshire Hathaway reported that its operating profit - which includes earnings from the company's wholly owned businesses -rose 71% to $14.53 billion U.S. during the final three months of 2024.

The operating profit surge was led by a 302% gain in insurance underwriting from the year-earlier period to $3.41 billion U.S.

Berkshire warned that the wildfires in California will lead to an estimated pre-tax loss of about $1.30 billion U.S. for its insurance business moving forward.

Berkshire's total earnings for the quarter came in at $19.69 billion U.S., a 47% decrease from the year-earlier period of $37.57 billion U.S.

For all of last year, the company's bottom line came in at $89 billion U.S., down 7.5% from $96.22 billion U.S. in 2023.

Berkshire Hathaway's more affordable Class B stock has gained 17% over the past year to trade at $478.74 U.S. per share.

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