Munich Re’s third-quarter profit rebounded to €483 million ($664 million) following a loss of €1.44 billion ($1.98 billion) a year earlier, keeping the company on course to meet its full-year target despite recent natural catastrophes.

The reinsurer estimates losses of about €300 million ($413 million) for each of Typhoon Jebi and Hurricane Florence, but says major loss spending for the first nine months was below expectations.

Gross written premium (GWP) increased 4.2% to €12.79 billion ($17.59 billion) in the third quarter.

Reinsurance contributed €309 million ($425 million) to earnings, compared with a loss of €1.47 billion ($2 billion) in the corresponding period last year, when hurricanes Harvey, Irma and Maria caused widespread damage.

The division’s GWP increased 6.2% as significant growth in property and casualty reinsurance more than offset a decline in life and health volumes.

Losses from Hurricane Michael and Typhoon Trami are expected to have a €350 million ($481 million) impact on the current quarter.

The Ergo primary insurance business generated a third-quarter profit of €173 million ($238 million), up from €29 million ($40 million), driven by life and health in Germany.

Munich Re’s nine-month earnings grew to €2.04 billion ($2.81 billion), with the full-year result expected to reach  €2.1-€2.5 billion ($2.9-$3.4 billion).