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Feb 25 (Reuters) - Warren Buffett says American business, and thus a basket of stocks, is virtually certain to be worth far more in years ahead. In his letter to Berkshire Hathaway Inc shareholders:
* Buffett says share repurchases are not 'un-american,' even though Berkshire has not done any repurchases recently.
* Buffett says insurance float has risen to more than $100 billion because of huge policy it recently underwrote.
* Buffett, referring to insurance executive Ajit Jain, says "if there were ever to be another ajit and you could swap me for him, don't hesitate."
* Buffett says investing deputies Todd Combs and Ted Weschler now each manage more than $10 billion.
* Preferred stock into common stock if Bank of America Corp annual dividend rises above $0.44 per share before 2021 from current $0.30 per share.
* Buffett says if Bank of America dividend remains below 44 cents, it is 'highly probable' that Berkshire will exercise warrants in bank immediately before they expire