Allianz Group increased profit by 6.3% in the third quarter, raising the company’s expectations for the full year.

Net income attributable to shareholders was €1.45 billion ($2.06 billion), up from €1.36 billion ($1.94 billion) in the corresponding period last year.

The figure for the first nine months was €4.74 billion ($6.75 billion), up 18.9%.

Allianz CEO Michael Diekmann says the “positive development” means he expects “operating profit for the full year to be slightly above €9.7 billion ($13.81 billion), the upper end of our previously stated target range”.

Total third-quarter revenue was €25.1 billion ($35.73 billion), down 0.2%. For the nine months it was €84 billion ($119.59 billion), a rise of 4.4%.

Gross written premium in the property and casualty segment was down 6.5% to €10.7 billion ($15.23 billion), mainly due to the reduction of US crop business.

The combined ratio improved to 94.8% from 96.2%, despite natural catastrophes including storms in Germany and Ireland adding 4.3 percentage points.

“This is the second quarter in a row that saw major natural catastrophes,” CFO Dieter Wemmer said. “And yet, we were able to increase profits.”