Rate rises and fewer catastrophes helped Allianz lift profit by 87% to €4.2 billion ($5.1 billion) for the nine months to September 30, with strong performances from the property/casualty and life businesses.

The previous year’s result was reduced by €1 billion ($1.2 billion) in losses related to financial assets, and Allianz has upgraded its forecast for the full year, saying it expects the profit to top €9 billion ($11 billion) instead of the previously declared €8.2 billion ($10 billion).

Gross written premium from property/casualty for the nine months rose 4.6% to €36.9 billion ($45 billion) while the division’s operating profit rose 12% to €3.46 billion ($4.2 billion).

The combined ratio improved to 96.6% from 97.9%.

The third-quarter profit report says conditions in property/casualty improved slowly in many countries.

“Premium growth was mainly driven by rate increases, for example in Germany and Australia, supported by relatively robust economic growth in emerging markets.”

Allianz says its Australian operations benefitted from increases in property and commercial motor rates in the third quarter.

Australia property/casualty contributed gross written premium of €2.3 billion ($2.8 billion) for the nine months, up 23%, and achieved a combined ratio of 96.5%.

The group says global premium growth will be slow, with “fairly robust growth” in emerging markets outpacing that in developing markets.