The insurance companies of US investment company Berkshire Hathaway are returning to profit after a difficult couple of years, says billionaire Warren Buffett, who last week announced a 58% increase in profit for Berkshire Hathaway’s third quarter.

Berkshire Hathaway made a total $2.5 billion in the period to September 30, compared with $1.5 billion in the same period last year. Revenue was $25.4 billion.

Mr Buffett said there were no major catastrophes in the third quarter and Berkshire’s insurance companies – which include major reinsurer General Re – recorded underwriting income of $360 million, compared with a loss of $90.7 million in the same period last year.

Berkshire’s pre-tax underwriting profit was $560.9 million in the third quarter and $1.5 billion for the first nine months of the year.