Swiss Re has reported a rise in net income for the third quarter, while also repaying a loan to Berkshire Hathaway early.

Net income for the third quarter was $US618 million ($610 million) compared to $US314 million ($310 million) in the corresponding period in 2009.

Stronger operating income of $US1.1 billion ($1 billion) was reported for Swiss Re’s property and causality division. This compared to $US900 million ($890 million) in the same period last year.

The Christchurch earthquake did have an impact on the division, with $US160 million ($158 million) in claims, but the company says overall natural catastrophe claims are running below average.

A significant drop in operating income for the life and health division was reported in the quarter, down $US244 million ($241 million) to $US119 million ($117 million) for the three months ending September.

The company attributed the fall to an accounting gain being recording in the 2009 quarter that wasn’t available for the current reporting period.

Swiss Re CEO Stefan Lippe says the company will continue to focus on writing profitable business while also looking for new sources of income.

“Swiss Re will deploy capital to those lines of business where it expects to achieve an appropriate return,” he said.