Warren Buffett’s company, Berkshire Hathaway, saw profits improve by 17% due to a mild hurricane season and paper investment gains. Despite a $9.7 billion investment in OxyChem, Berkshire’s cash pile remains at $381.7 billion. Vice Chair Greg Abel is set to succeed Buffett as CEO in January, with Berkshire’s Class A stock closing at $715,740.

In the quarter, Berkshire earned $30.796 billion, or $21,413 per Class A share, up from last year. Operating profit rose to $13.485 billion, driven by a rebound in insurance companies. Analysts predicted operating earnings of $8,573.50 per Class A share. Fewer catastrophic losses from hurricanes and gains on foreign currency debt helped boost profits.

Berkshire’s insurance underwriting profit jumped $1.6 billion to $2.369 billion due to fewer catastrophic losses this year. Its other companies performed well in the quarter, although utility profits declined by nearly 9% to $1.489 billion. Buffett advises investors to focus on operating earnings to gauge performance.

Read more at Yahoo Finance: Berkshire Hathaway’s profits rise 17% as Warren Buffett prepares to step down as CEO