USLICO Corp., a newly created $1 billion holding company, yesterday reported a 194 percent increase in third-quarter profits compared to those of its predecessor, United Services Life Insurance Cos.

United Service's shareholders voted in April to form the holding company to compete more strongly in the financial services market. USLICO owns United Services, its seven life insurance subsidiaries and its financial services subsidiary, United Services Equities, Inc.

USLICO reported third-quarter profits of $15.3 million ($2.46 per share), compared with $5.2 million (83 cents) in the same period of 1983.

Total third-quarter income was $60.6 million, compared to $38.3 million the year before.

For the first nine months of the 1984, net income rose 78 percent to $24.9 million ($4) from $14 million ($2.25) a year ago.

Total income for the first nine months was $141.6 million, compared with $117.7 million in 1983.

Under the old corporate structure, United Services Equities, the financial services subsidiary was regulated as part of a life insurance company and was therefore subject to varying state regulation, said Leslie P. Schultz, the chairman, president and chief executive officer of USLICO.

The new holding company will be regulated by the Securities and Exchange Commission, enabling United Services Equities to compete more effectively, said Schultz, who served as president and chief executive officer of United Services Life. United Service Equities is an investment adviser and owns USLICO Securities, a broker-dealer.