Berkshire Hathaway saw a surge in operating income and cash reserves, hitting a record $382 billion. Warren Buffett will step down as CEO by year-end. Operating earnings rose by 34%, hitting $13.5 billion. Insurance underwriting income jumped to $2.37 billion from $750 million. Cash and short-term investments soared by 17%.

The increase in cash reserves is attributed to strong operating income and no share buybacks. Berkshire likely sold stocks, possibly reducing its Apple investment. The company will disclose its stock transactions on Nov. 14. Berkshire Hathaway releases earnings over weekends to allow time for market digestion.

Greg Abel will take over as CEO from Warren Buffett. Investors await the next quarterly report. The Motley Fool Stock Advisor team identified 10 top stocks for investment, excluding Berkshire Hathaway. Stock Advisor boasts a total average return of 1,072%, outperforming the S&P 500. The latest top 10 list is available with Stock Advisor.

Read more at Yahoo Finance: Berkshire’s Cash Reaches $382 Billion