Hannover Re has reported net income of €254.1 million ($386.56 million) for the three months to September 30, up 1.2% on the corresponding period last year.

Gross written premium (GWP) was up 19.8% to €4.36 billion ($6.63 billion), while the combined operating ratio remained at 95.8% and net investment income increased 2.9% to €426 million ($648.06 million).

For the first nine months, net income was up 13% to €786 million ($1.2 billion) and GWP gained 20.9% to €12.95 billion ($19.7 billion).

“This result is all the more pleasing for us given the general climate in reinsurance business and the low interest rate environment continue to prove challenging,” CEO Ulrich Wallin said.

“We are confident of achieving our ambitious profit target of about €950 million ($1.45 billion) for the full financial year.”

Property and casualty reinsurance continues to be “fiercely competitive”, the German reinsurer says, with prices under pressure from excess capacity and a lack of market-changing large losses.

However, a trend towards “some easing of the premium erosion” is being observed in some lines and markets.