Talanx Group, which includes Hannover Re and HDI Global, has raised its earnings forecast for this year to more than €1.9 billion ($3.1 billion) following a strong nine-month result.

The German company’s net income rose 24% to €1.592 billion ($2.6 billion) for the year to September 30. Previously it had expected a full-year result of more than €1.7 billion ($2.8 billion).

Floods in eastern Europe represented the largest single loss incurred, while other major events included Hurricane Helene in the US and floods in southern Germany. 

“The rise in large losses in the third quarter, which was due to the large number of natural disasters, is in line with our expectations and our budget,” chairman Torsten Leue said. “This means we still have a cushion for the rest of the year and are upbeat about the future.”

Nine-month insurance revenue grew 12% to €36 billion ($58.7 million) and the combined operating ratio improved to 91.2% from 93.5%. The net insurance financial and investment result before currency effects was slightly lower at €956 million ($1.56 billion).

The company reported positive results from its reinsurance and primary insurance operations and benefited from the ongoing integration of the former Liberty companies in Latin America.

Other major events affecting the reinsurance arm included the Dubai floods, while about €100 million ($163 million) is estimated for potential claims relating to the Baltimore bridge collapse in the first quarter.

Talanx is forecasting net group income next year of more than €2.1 billion ($3.4 billion). It will announce new medium-term targets next month.