Munich Re’s property and casualty reinsurance business made a net income of €1.19 billion ($2.1 billion) in the second quarter, up from €771 million ($1.38 billion) a year earlier.

Major loss expenditure from natural catastrophes totalled €20 million ($35 million), down from €539 million ($964 million), and the combined operating ratio improved to 61% from 73.7%.

Overall group net income grew to €2.09 billion ($3.73 billion) from €1.6 billion ($2.8 billion).

Munich Re says the business is on track to meet its full-year net income guidance of €6 billion ($10.7 billion).

“All lines of business contributed to the quarterly result,” board of management chair Joachim Wenning said.

“As the outcomes of the July renewals show, we continue to enjoy an attractive market environment. Our task now is to continue capitalising on it through stringent discipline.”