Swiss Re has reported a “robust” profit of $US786 million ($876.2 million) for the second quarter, despite high levels of natural catastrophes.

The figure is up from $US83 million ($92.52 million) in the corresponding period last year, when the sale of Admin Re US resulted in a $US1 billion ($1.11 million) loss.

“Our company has delivered another robust performance,” Group CEO Michel Liès said.

“This comes against the backdrop of high claims, especially those caused by the devastating floods in Europe and Canada.”

July is a significant month for reinsurance renewals in Australia, New Zealand and the Americas. Swiss Re’s renewal premium volume grew 12%.

The combined ratio was 100.1%, compared with 85.7% in the second quarter last year.

Property and casualty reinsurance net income dropped to $US468 million ($521.7 million) from $US717 million ($799.28 million), mainly because of natural catastrophes and lower investment yields.

Rates in the sector are adequate but under strong pressure from growing market capacity, the company says.

Life and health reinsurance net income was $US141 million ($157.18 million), down from $US248 million ($276.46 million) on lower investment results and reserve strengthening in Australia.

Swiss Re, which celebrates its 150th anniversary this month, says it will now look to achieve growth in markets such as China, Brazil, India, Indonesia and Mexico.

Targets beyond 2016 are “currently in development” but will reflect management thinking on trends such as the rise in big data.