Swiss Re says it has maintained discipline as margins face pressure from the competitive pricing environment in property and casualty lines.

Its P&C reinsurance business recorded a 6% drop in net income to $US2.16 billion ($3.11 billion) in the nine months to September.

Underwriting profit also fell by 6% from a year earlier to $US2.74 billion ($3.95 billion).

Large losses across natural catastrophes and man-made disasters totalled $US941 million ($1.36 billion), including $US624 million ($900 million) in the September quarter.

Natural catastrophes cost $US640 million ($923 million), primarily driven by an earthquake in Colombia in August and Storm Kristin, which hit Portugal in January.

Group net income gained 3% to $US4.17 billion ($6.01 billion) and underwriting profit was 7% higher at $US5.13 billion ($7.4 billion).

Swiss Re Corporate Solutions, the commercial insurance unit, lifted net income by 3% to $US714 million ($1.03 billion) and underwriting profit by 4% to $US863 million ($1.25 billion).

“Our strong current earnings reflect disciplined underwriting and portfolio management, while lower margins on new business reflect the competitive P&C pricing environment we are seeing today,” group CFO Anders Malmstrom said.