HDI Global’s combined operating ratio hit 90.5% in the first nine months of the year, improving from 92.7% a year earlier.

Insurance revenue rose 11% to €7.3 billion ($12.05 billion) and the insurance service result increased to €692 million ($1.14 billion) from €481 million ($793.65 million), lifted by a better frequency loss ratio.

Operating profit rose to €479 million ($790.35 million) from €293 million ($483.45 million).

“All our branches worldwide have contributed to this strong result. It shows that our approach of working locally with our clients and broker partners is highly appreciated,” chairman Edgar Puls said.

Large loss payments of €313 million ($516.45 million) were up from €267 million ($440.55 million) a year earlier.

“We are all currently paying the price for climate change. This was again clear in the past quarter,” Mr Puls said.