Berkshire Hathaway has reported a third-quarter net operating profit of $US272 million ($354.64 million), down 34.3% as weaker earnings hit two of its insurance arms.

For the nine months to September 30, the insurance operating profit fell to $US822 million ($1.07 billion) compared with $US856 million ($1.12 billion) in the corresponding period last year.

Car insurer Geico’s operating profit fell to $US138 million ($179.93 million) in the third quarter from $US258 million ($336.35 million), and Berkshire Hathaway Reinsurance Group reported a $US19 million ($24.77 million) loss compared with a $US199 million ($259.43 million) gain in the corresponding period last year.

The group’s two other insurance arms – General Re and Berkshire Hathaway Primary Group – performed better during the third quarter.

General Re made an operating profit of $US100 million ($130.33 million), up from a $US2 million ($2.61 million) loss, while the primary group increased its operating profit to $US190 million ($247.69 million) from $US188 million ($245.08 million).

Third-quarter insurance investment income increased to $US850 million ($1.11 billion) from $US840 million ($1.09 billion).

Overall revenue from the insurance businesses increased to $US12.41 billion ($16.18 billion) from $US11.56 billion ($15.07 billion), but pre-tax income fell to $US1.44 billion ($1.88 billion) from $US1.69 billion ($2.2 billion).

Berkshire Hathaway’s third-quarter net income at group level fell to $US7.2 billion ($9.39 billion) from $US9.43 billion ($12.29 billion).