Hannover Re has reported net profit of €303 million ($433.4 million) for the three months to September 30, up 19.6% on the corresponding period last year, driven by strong results in reinsurance and solid investment income.

Gross written premium (GWP) was down 4.3% to €4.17 billion ($5.96 billion), while the combined operating ratio improved to 94.4% from 95.8%.

Investment income fell 5.7% to €401.6 million ($574.47 million).

For the first nine months, net profit was €790 million ($1.13 billion), up 0.5%, and GWP was €12.45 billion ($17.8 billion), down 3.8%. The combined operating ratio for the nine months improved half a percentage point to 95%, fuelled by a strong underwriting result.

A major financial fallout from the Brexit decision did not materialise, with the third quarter “well below loss expectancy”, leaving €430 million ($614.85 million) in the loss budget for the rest of the year.

CEO Ulrich Wallin says the results “lived up to our expectations. We are very well on track to achieve our profit target of at least €950 million ($1.37 billion) for the full financial year.”