German global insurer Allianz improved its net income by 21% to €1.92 billion ($3.11 billion) for the third quarter, despite a difficult catastrophe period that affected its property and casualty results.

The operating profit for Allianz's general insurance arm was down 14% to €1.5 billion ($2.4 billion), while its combined operating ratio blew out to 94.1%, despite a 2.5% increase in gross written premiums to €10.4 billion ($16.8 billion).

The company attributed the general insurance profit decline to a difficult natural catastrophe season marked by flooding in the UK and storms elsewhere.