Berkshire Hathaway's cash reserves surged to a historic high of $397 billion in the first quarter under the leadership of its new Chief Executive Officer, Greg Abel. The conglomerate reported in its quarterly regulatory filing that its cash holdings increased significantly this quarter after a slight decline at the end of last year. During this period, the company was a net seller of equities, reducing its stock portfolio by $8.1 billion. By the end of the quarter, Berkshire's net cash position stood at approximately $380 billion.

Abel, who took over from legendary investor Warren Buffett earlier this year, also resumed the company's stock repurchase program, returning capital to shareholders after a hiatus of over a year. In the quarter, Berkshire spent $234.2 million buying back its own shares.

The results highlight Abel's gradual imprint on Berkshire's management, though there are indications that some investors remain cautious about the new CEO. The trillion-dollar plus conglomerate, which had long outperformed the broader market, has seen its stock price lag significantly behind the overall market since Buffett announced his retirement and handed over control to Abel a year ago.

Abel has previously stated that both he and Buffett believe the company's intrinsic value is higher than its current market capitalization, leading to the decision to restart buybacks. As of Friday's close, Berkshire's stock was down 5.9% for the year.

The Omaha, Nebraska-based company said in a statement on Saturday that its operating profit for the three months ending March 31 reached $11.35 billion, an increase of nearly 18% compared to the same period last year.

Earnings from its insurance underwriting business soared to $1.7 billion, a rise of approximately 29% year-over-year; the insurance segment had been pressured in the prior year by losses related to wildfires in Los Angeles.

According to anonymous sources, Abel decided to reduce stakes in equities previously managed by the company's former head of stock investments, Todd Combs. JPMorgan announced in December that it had hired Combs for a comprehensive investment advisory role.