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GEICO (Government Employees Insurance Company) is one of the largest auto insurers in the United States and a major Berkshire Hathaway subsidiary. While the company is famous for advertising (“15 minutes could save you 15% or more”), GEICO’s real competitive battle is underwriting: pricing risk correctly, controlling claim costs, and operating efficiently.
Because GEICO doesn’t publish the same consumer metrics you might expect from a tech platform, the most verifiable “health” indicators are underwriting profitability, headcount/operating efficiency, and policy trend commentary disclosed through Berkshire Hathaway reporting and reputable industry analysis.
GEICO by the Numbers
- Pretax underwriting profit: $7.81B (2024; reported)
- Loss & LAE ratio: 71.8% (2024; reported in industry analysis)
- Employees: 28,247 (year-end 2024; reported)
- Workforce change: headcount fell from 38,285 to 30,584 during 2023 after job cuts (reported)
- Berkshire context: insurance underwriting after-tax earnings were $9.0B in 2024 (GEICO improvements cited)
Key GEICO Metrics
| Metric | Value | Year (as reported) | Source |
|---|---|---|---|
| Pretax underwriting profit | $7.81 billion | 2024 | S&P Global Market Intelligence |
| Loss & LAE ratio | 71.8% | 2024 | S&P Global Market Intelligence |
| Employees (year-end) | 28,247 | Year-end 2024 | Carrier Management |
| Job cuts and headcount change | 38,285 → 30,584; 7,700 jobs cut | 2023 | Barron’s |
| Berkshire insurance underwriting (after-tax) | $9.0 billion after-tax earnings | 2024 | Berkshire Hathaway 2024 annual report (PDF) |
What GEICO Sells
- Auto insurance: the core business.
- Other lines: motorcycle, renters, homeowners and more, depending on the product and state.
- Commercial insurance: continued investment and expansion (varies by region).
Why Underwriting Profit Matters More Than “Customers”
In insurance, growth without profitable pricing can destroy value. Underwriting profit shows whether an insurer is collecting enough premium to cover claims and operating costs. That’s why GEICO’s 2024 underwriting results—and the operational changes behind them—are among the most meaningful public indicators of performance.
FAQ
How many employees does GEICO have?
Carrier Management reported GEICO had 28,247 employees at year-end 2024 (based on Berkshire disclosures and analysis).
How profitable was GEICO in 2024?
S&P Global Market Intelligence reported GEICO’s pretax underwriting profit was $7.81 billion in 2024.
Is GEICO owned by Berkshire Hathaway?
Yes. GEICO is a Berkshire Hathaway subsidiary.
