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Net income in the third quarter for Berkshire Hathaway (BRK-A) grew by a strong 64%, as figures came in from the conglomerate run by Warren Buffett.

For the quarter, net income increased to $4.55 billion, or $2,942 a share ... for class A shares. Last year, net income was $2.77 billion for the same quarter, or $1,797 a share.

Underwriting profits in the overall insurance units of the company had strong gains, as they reached $486 million last quarter, almost half of last years' entire gains, which ended at $917 million for the year.

One of the larger factors in the performance of the quarter was the divesting PetroChina shares, which gave a huge gain for the company.

Operating income for the quarter was down a little over last year, coming in at $2.56 billion, or $1,655 a share. Last year during the same period operating income had reached $2.6 billion, or $1,684 a share, according to the company. That's a drop of about 1 percent.

Even so, it still beat analysts expectations of $1,509 a share concerning operating income.

Revenue for the quarter came to $29.94 billion, up by 18 percent over the $25.36 billion for the third quarter last year. The company also said it has $47.08 billion cash on hand, up a little from the end of the second quarter, where it was at $46.95 billion.

For the rest of the year, a number of their insurance areas will be under pressure, and won't perform as strongly as usual, including underwriting catastrophe risk insurance, which will continue to drop from pricing competition.