Swiss Re has posted a net profit of $US2.2 billion ($2.1 billion) for the third quarter, up from $US1.3 billion ($1.2 billion) in the corresponding period last year, boosted by the sale of its US Admin Re division and a low large loss burden.

The sale of the US arm of Admin Re generated a one-off net profit of $US626 million ($602 million) for the giant reinsurer.

But CEO Michel Lies says the “excellent performance” of the property and casualty reinsurance business shows that the “underlying business continues to perform strongly”.

The P&C reinsurance division reported a net profit of $US1 billion ($961 million), compared to $US731 million ($703 million) for the corresponding period last year, while earned premium increased by 15% to $US3.3 billion ($3.2 billion).

The company says successful renewals in the first half contributed to the strong top-line growth, while reserve releases and “a very benign claims environment” saw the division’s combined operating ratio (COR) come in at 69.3% for the quarter, down from 81.5% for Q3 2011.

At a group level, the company posted revenue from premiums earned and fee income of $US6.6 billion ($6.3 billion), up 11% on last year, and a group COR of 72%, down from 85.3%.

Swiss Re says it is too early to provide an estimate for its exposure to Hurricane Sandy, which hit the US east coast at the end of October, due to the “combined impact of prolonged power outages, disruptions to public transport and damage to other infrastructure”.