Still, Seifert reminded clients that "the demise or incapability of Warren Buffett would be a negative for Berkshire shares".
The change raised Berkshire's net income for 2017 to $44.9 billion, or $18.22 per Class B share, from $24.1 billion, or $9.76 per Class B share, in 2016.
H.J. Heinz Co, backed by Buffett's Berkshire Hathaway Inc and Brazil's private equity firm 3G Capital, acquired Kraft Foods Group in 2015 to create one of the biggest food and beverage companies in the world.
It's worth noting that despite the insurance losses, Berkshire Hathaway made $3.7 billion in dividends from its stock holdings alone past year, with even higher unrealized gains from market appreciation.
On Friday, Berkshire's Class A shares closed at $304,020.01, having risen above $300,000 a share for the first time ever in December on expectations that Trump's U.S. tax overhaul would pass into law.
Berkshire Hathaway Chairman and CEO Warren Buffett released his annual letter to shareholders Saturday morning.
Buffett and Charlie Munger's aversion to using leverage may have "dampened" their returns over the last 53 years, but the long-term focused investors don't seem all that bothered by it.
At the end of his letter Buffett again reiterated that Berkshire will be in good hands after his eventual departure: "You and I are lucky to have Ajit and Greg working for us", Buffett wrote.
Buffett bemoans the acquisition frenzy on Wall Street that's been fueled by extraordinarily cheap debt, making it hard to find possible acquisitions at a "sensible purchase price".
Buffett also noted how long interest rates red into the stock market gains.
He says he was turned off by high asking prices for businesses he considered buying. "Indeed, price seemed nearly irrelevant to an army of optimistic purchasers".
Behring also said the board looks forward to continuing its partnership with Buffett's Berkshire Hathaway.
Kraft's shares were down 1.4 percent in extended trading on Friday. The company is the largest property-and-casualty insurer in the country measured by float, with $114.5 billion.
Berkshire manages its insurance business conservatively, so usually it avoids losses and instead turns a decent underwriting profit each year.