The Omaha, Nebraska-based company said Saturday that savings — largely held by Berkshire in short-term Treasuries — reached its highest level since the third quarter of 2021.

The Group reported an operating profit of $10.76 billion, a year-on-year jump, as it benefited from the impact of higher interest rates on cash reserves.

Although Berkshire's acquisition machine has intensified in recent years, the company is still struggling to find several big deals that have boosted Warren Buffett's fame in the past years, leaving him with more money than he can quickly distribute and deploy.

After a downturn during the coronavirus pandemic, Buffett has since bought shares in Occidental Petroleum and struck an $11.6 billion deal to buy Alleghany Corp. Buffett also relied heavily on share buybacks amid a dearth of attractive alternatives, saying the measures benefit shareholders. The dryness in the deals did not dampen investor enthusiasm for the company.

The company's class B shares reached a record high in September as investors sought a variety of its business as a hedge against deteriorating economic conditions. Although stocks trimmed some of those gains, the stock is still up about 14 percent for the full year.

The company also invested $1.1 billion on share buybacks in this period, bringing the total for the first nine months of the year to about $7 billion.

The company operates and invests in all sectors of the U.S. economy, and owns companies including Geico, BNSF, Diry Queen and See's Candies, meaning investors view the company as a front on broader economic health.

Berkshire said its insurers made a profit of $2.42 billion, versus a loss in the same period a year earlier, when the insurance industry was hit by disasters.

The company's Geico unit, which suffered from non-profitability throughout 2022, also reported profits compared to the same period last year, cutting advertising expenses by 54 percent year-to-date. However, profits from BNSF, rail operations, fell 15 percent amid lower freight volumes and higher non-fuel operating costs.

Berkshire reported stronger operating profit despite Buffett's warning at its annual meeting in Omaha in May that profits in the majority of its operating units could fall this year, as an "incredible period" for the U.S. economy draws to a close.

However, the Fed's strong pace of rate hikes has helped the company reap a greater return on the cash it stores primarily in short-term US Treasuries.