Buffet successor: India-born Ajit Jain among contenders

Warren Buffett-led Berkshire Hathaway dropped one of the biggest hints about a possible successor to the billionaire investor, describing India-born Ajit Jain and Greg Abel as "world-leading" performers who are "better" business executives than the octogenarian.

In his much-anticipated annual letter to shareholders, Buffet praised Jain, who manages the Berkshire Reinsurance Group, for the way he has grown the business over the years. While Buffet stopped short of naming his successor, company Vice Chairman Charles Munger named Jain and Abel, who heads Berkshire’s energy business, while talking about possible successors to Buffett.

"But, under this Buffett-soon-leaves assumption, his successors would not be 'of only moderate ability'. For instance, Ajit Jain and Greg Abel are proven performers who would probably be under-described as 'world-class'. In some important ways, each is a better business executive than Buffett," Munger said in his letter to the shareholders.