Berkshire Hathaway Inc.'s insurance units posted an underwriting gain of $213 million during the first quarter of 2016, down 55.6% from that of the same period a year earlier.

“Our insurance businesses generated lower earnings in the first quarter of 2016 compared to 2015, due primarily to comparatively lower gains from Berkshire Hathaway Reinsurance Group's property and casualty business and lower foreign currency exchange rate gains attributable to certain of its foreign currency denominated liabilities,” said Omaha, Nebraska-based Berkshire Hathaway in a quarterly report filed with the Securities and Exchange Commission on Friday.

Berkshire Hathaway's General Reinsurance Corp. unit posted an underwriting gain of $42 million in the first quarter of the year, compared to a $47 million loss during the corresponding period a year earlier. Property/casualty written premiums dropped 16.1% to $992 million, while those for the reinsurer's life/health business declined 3.5% to $740. Overall, written premiums dropped 11.2% to $1.73 billion.

“Our premium volume declined in both the direct and broker markets worldwide. Insurance industry capacity remains high, and price competition in most property/casualty reinsurance markets persists,” said Berkshire Hathaway. “We continue to decline business when we believe prices are inadequate. However, we remain prepared to write substantially more business when more appropriate prices can be attained relative to the risks assumed.”

Berkshire Hathaway Reinsurance Group posted an underwriting loss of $79 million compared to a gain of $459 million during the same period a year earlier, reflecting losses in the life annuity side of the business.

Written premiums for the unit's property/casualty business rose 17.3% to $1.61 billion.

“These increases were primarily attributable to the quota-share contract with Insurance Australia Group Ltd., which became effective on July 1, 2015, partially offset by lower premiums from property catastrophe and other property/casualty business,” said Berkshire in its SEC filing. “Our premium volume is generally constrained for most property/casualty coverages, and for property catastrophe coverages in particular as rates, in our view, are generally inadequate. However, we have the capacity and desire to write substantially more business when appropriate pricing can be obtained.”

Pretax underwriting gain for the property/casualty operations, however, dropped 69.0% to $126 million.

Berkshire Hathaway Primary Group, which includes National Indemnity Co. and a variety of other insurers, generated pretax underwriting gains of $121 million during the first quarter of the year, down 30.9% from the same period a year earlier. Earned premiums for the group increased 19.1% to $1.44 billion.

Berkshire Hathaway's insurance operations also include personal automobile insurer GEICO.