Hannover Re has reported net income of €725 million ($1.14 billion) for the nine months to September 30, up 32% on the corresponding period last year.

The reinsurer says treaty renewals in property and casualty at June 1 and July 1, including in Australia and New Zealand, “saw sustained intense competition”.

However, significant rate increases were obtained under programs suffering losses in the previous year.

CEO Ulrich Wallin says the third quarter was dominated by large losses from typhoons in Japan and hurricanes in the US.

“However, the resulting strains for Hannover Re were in line with our expectations,” he said.

“For this reason, and thanks to the good income from our investments, we are well on track to achieve our profit target for [this year].”

The combined operating ratio for the nine-month period improved to 96.8% from 104.4%.