Allianz net profit grew 23.6% to €1.9 billion ($2.6 billion) in the third quarter due to a benign period for natural catastrophes and strong performance in the asset management business.

Property and casualty operating earnings jumped 44.6% to €1.5 billion ($2.1 billion), with catastrophe losses returning to a normal level following last year’s string of high-cost events.

The combined operating ratio improved to 93.1% from 96.1% thanks to a better underlying claims development and a lower expense ratio.

“The combined operating ratio is in line with our renewal agenda target of 94% and we are pleased with the overall development of the segment,” CFO Giulio Terzariol said.

GWP grew about 4% to €12 billion ($16.6 billion), supported by volume and price growth.

Life and health operating profit fell slightly to €1.1 billion ($1.5 billion) in the quarter, while asset management earnings increased 10.6%, with both Allianz Global Investors and Pimco receiving strong net inflows.

“Especially in challenging times, customers are looking for a financially solid partner for their insurance and investment needs,” CEO Oliver Bate said.

The company is “very confident” of reaching its targets for the full year, he says.

The nine-month net profit grew 7.2% to €5.8 billion ($8 billion), while operating earnings of €8.7 billion ($12 billion) represent 79% of the full-year target midpoint.