Munich Re has banked a third-quarter net profit of €651 million ($1.06 billion) as the global reinsurer continues to bounce back from the global economic downturn.

Munich Re’s reinsurance combined ratio bounced back to 93.4%, compared with 101.2% in the third quarter of last year when the company recorded a marginal €2 million ($3.3 million) profit.

The primary insurance combined ratio deteriorated to 93.3% from 88.6% as operating income slipped 6% to €226 million ($369 million).

Profit for the first nine months increased 27% to €1.79 billion ($2.9 billion) against €1.4 billion ($2.3 billion) during the same period last year.

Overall gross written premium climbed 10% to €31 billion ($51 billion) at the three-quarter mark.

“In the financial crisis, we showed our dependability, thereby building a strong platform,” CFO Jorg Schneider said. “From this base, we will be able to exploit all the market opportunities in primary insurance and reinsurance.”