Berkshire Hathaway Inc.’s cash pile soared to its highest level ever and operating earnings jumped in Greg Abel’s first quarter as chief executive officer.

After a slight decrease late last year, the firm’s cash hoard jumped to $397 billion in the first quarter as it offloaded a net $8.1 billion of equity holdings in the period, the Omaha, Nebraska-based conglomerate said in a statement Saturday. Operating earnings, meanwhile, got a boost from an improvement in underwriting results in its vast insurance businesses.