Hannover Re recorded net income of €1.15 billion ($1.69 billion) last year, up 16.7% on 2014.

The result represents a fourth consecutive record year for the German reinsurer, and CEO Ulrich Wallin says it provides a strong platform for achieving future financial goals.

“A strong underwriting result in property and casualty reinsurance and sharply higher net profit in life and health reinsurance – combined with a substantial rise in investment income – are the cornerstones of our outstanding group net income,” he said.

Gross written premium grew 18.8% to €17.1 billion ($25.17 billion) and net investment income gained 13.1% to €1.7 billion ($2.5 billion).

Net income in property and casualty increased 10.3% to €914.7 million ($1.35 billion), with “moderate” large losses recorded.

The largest single loss stemmed from the port explosions at Tianjin in China, resulting in a €111.1 million ($163.56 million) bill for Hannover Re.

The combined operating ratio improved slightly to 94.4% from 94.7%.

In Australia and New Zealand the company achieved “vigorous growth”, despite an unusual frequency of natural catastrophes.

“Given the Hannover Re Group is the third-largest provider of reinsurance protection in the Australian market, our results were initially adversely affected by these events,” the company says.

“As the financial year drew to a close, however, the overall result posted by the Australian permanent establishment proved to be encouragingly positive.

“This was facilitated by the high retentions carried by local ceding companies, the selective underwriting policy practised by our underwriters and a favourable run-off result.”

Life and health net income soared 41.3% to €289.6 million ($426.34 million), with growth driven primarily by Asian markets and longevity business.