Liberty Mutual has reported a $US282 million ($398 million) third-quarter profit, up from a loss of $US665 million ($938.6 million) in the corresponding period last year thanks to fewer natural catastrophes.

The combined operating ratio improved 17.7 points to 99.5% while net written premium gained 3.4% to $US10.2 billion ($14.4 billion) after strong growth from international operations.

“Our business platform continues to develop and diversify across geographies and products,” Chairman and CEO David Long said.

For the nine-month period, net profit was $US1.9 billion ($2.7 billion), up from a loss of $US188 million ($265 million).

The Boston insurer’s net written premium increased 6.3% to $US29.7 billion ($41.9 billion) and the combined operating ratio improved 8.5 points to 98.8%.