Global insurer Allianz SE has highlighted a strong earnings performance from its Australian property and casualty business during the third quarter.

Australian revenues rose 20.3% to €920 million ($1.4 billion) supported by consolidation of the Westpac acquisition, while “internal growth” increased 5.8% mainly due to commercial pricing. Year-to-date pricing changes on renewals were up 5.2% with positive momentum.

Operating profit rose 46.3% to €126 million ($198 million) while the combined operating ratio reduced 3.1 percentage points to 88%.

Allianz says the “excellent” Australian combined ratio benefitted from lower large losses, with natural catastrophe losses almost flat, while the expense ratio improved.

The earnings presentation highlighted results from selected regional and country operating entities as well as global lines such as AGCS, Allianz Partners and Euler Hermes.

Allianz Group net profit overall rose 2.3% to €2.1 billion ($3.3 billion) in the September quarter led by its life and health and assets management divisions.

Property and casualty operating profit was little changed at €1.3 billion ($2 billion), with the division’s largest market, Germany, affected by a flooding catastrophe.

The division’s revenues rose 9% to €14.1 billion ($22.1 billion) and the combined operating ratio increased 0.2 percentage points to 94.7%.

“Extreme weather events and rapid macroeconomic shifts highlight the important contribution that insurers and asset managers can make to society,” CEO Oliver Bate “And our solid numbers prove that we can do so with a healthy financial performance.”

Life and health operating profit rose to €1.3 billion ($2 billion) from €1.1 billion ($1.7 billion) while asset management profit surged 30.2% to €882 million ($1.4 billion).

Allianz overall net income for the first nine months increased 38.3% to €6.9 billion, boosted by each of its divisions.

“These results demonstrate the good momentum in all our business segments. Our franchise is in an excellent shape,” CFO Giulio Terzariol said. “I see Allianz as being on track to reach an operating profit at the higher end of our target range.”