By Auzinea Bacon, CNN

(CNN) — Warren Buffett’s Berkshire Hathaway on Saturday reported operating earnings for the second quarter fell 3.79% from the same time last year.

It’s the company’s first earnings report since Buffett, 94, announced his plans to step down as chief executive at the end of the year and named Greg Abel, the vice chairman of non-insurance operations of Berkshire, as his successor.

Berkshire reported $20.8 billion in operating earnings for the first six months of the year, an 8.8% decrease from the same time last year. Earnings for the second quarter totaled $11.16 billion, a drop from $11.6 billion a year earlier.

Net income in the second quarter fell to roughly $12.37 billion, down 59% from the second quarter last year.

Berkshire’s insurance underwriting busi

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