Swiss Re more than doubled its profit to $US1.3 billion ($1.25 million) for the third quarter, due to premium growth and fewer catastrophe losses.

The result compared with $US618 million ($595 million) in the previous corresponding period.

The company says the property and casualty division made a strong underwriting result, with a combined ratio of 80.8%, and an 18% rise in premiums.

The operating profit fell 7% to $US1 billion ($960 million) after the group had to increase reserves because of the February Christchurch earthquake, hurricanes and typhoons. 

Swiss Re says the increase in premium income was mostly due to successful renewals in 2011 and new business written following the large natural catastrophes in the first quarter.

“Swiss Re was able to increase volume and prices mainly as a result of higher demand for natural catastrophe cover in Australia, New Zealand and the US,” it said.

The group says the reinsurance market has started to turn and it expects further improvements in the next six to 18 months.

The life and health division profit was $US145 million ($139 million), up 22%, boosted by gains from model adjustments and reduced morbidity. The division also reported increases in premiums and growth in business from Asia.