HDI-Gerling Industrial Insurance’s parent Talanx has reported third-quarter net income of €177 million ($269.4 million), up 18.8% on the corresponding period last year.

Gross written premium (GWP) was up 11.4% to €7.53 billion ($11.46 billion), while investment income dropped 9.2% to €952 million ($1.45 billion).

The combined operating ratio improved to 98% from 100%.

For the first nine months net income was €488 million ($742.75 million), down 7.9%, while GWP was up 12.1% to €24.36 billion ($37.08 billion).

“Our diversification strategy is paying off,” Chairman Herbert Haas said.

“In spite of considerable large losses and a market environment that is still challenging, Talanx has achieved a satisfactory result in the first nine months. We are therefore confident we shall achieve our expected net income for the entire year.”