Allianz is on course for its forecast full-year operating profit of €10.5 billion ($15.07 billion) after turning in a strong third quarter thanks to “contributions from all business segments”.

Net profit surged 36.5% to €1.9 billion ($2.73 billion) in the three months to September 30, while operating profit grew 18.2% to €2.9 billion ($4.16 billion) and revenue gained 0.5% to €27.7 billion ($39.74 billion).

“Efforts to develop our business in a very difficult environment are paying off,” the German insurer’s CFO Dieter Wemmer said.

“We’re seeing sustainable profitable growth in many businesses.”

The property and casualty arm’s gross written premium was flat at €11.5 billion ($16.5 billion), but operating profit grew 4.3% to €1.41 billion ($2.02 billion) and the combined operating ratio strengthened to 93.5% from 94.1%.

“The underwriting result benefitted from a benign natural catastrophe environment and lower large losses,” Allianz said.

The group’s overall net profit in the nine months to September 30 was 1.1% lower at €5.1 billion ($7.32 billion), and operating profit fell 1.7% to €8 billion ($11.48 billion).