Swiss Re has achieved net income of $US1.3 billion ($1.73 billion) in the first nine months of 2021, driven by a strong rebound in property and casualty (P&C) despite significant large-loss events, particularly in the third quarter.

The P&C division’s combined ratio improved to 97.5%, from 110.3% in the first nine months of last year, on net income of $US1.5 billion ($1.99 billion), after a loss of $US201 million ($267.65 million) in the prior year period.

Excluding losses related to COVID, Swiss Re’s net income jumped 38% year on year to $US2.3 billion ($3.06 billion).

“We continue to reap the benefits of our strategic underwriting actions and see opportunities across all businesses to deploy capital at attractive returns,” Group CEO Christian Mumenthaler said.

“This gives us confidence for the remainder of the year and into 2022, with all our businesses well positioned to continue their strong performance.”

Net premiums earned and fee income rose 6% to $US32 billion ($42.6 billion), with all businesses reporting increases.

Large natural catastrophe losses came in higher than expected at $US1.7 billion ($2.26 billion) due to Hurricane Ida in the US and the July flooding in Europe, as well as the impacts of storm Uri.

Life and Health (L&H) incurred significantly higher COVID-19-related claims of $US1.2 billion ($1.6 billion) in the first nine months of 2021 while Corporate Solutions had a “very strong” combined ratio of 91.1%.