HDI Global’s parent Talanx has posted a 28.9% rise in half-year net income, despite a spate of natural disaster losses including from the huge wildfire in Canada.

Overall net income was €401 million ($584.8 million) for the six months to June 30, up from €311 million ($453.5 million) in the corresponding period last year.

“On balance, we are broadly satisfied with the way our business has performed during the first half… and we are optimistic about achieving our annual targets”, Chairman Herbert Haas said. “Natural disasters, large losses and sustained currency effects have also had a detrimental impact on Talanx.

Gross written premium fell 2.4% to €16.43 billion ($24 billion) but operating profit grew 4.8% to €1.06 billion ($1.55 billion).

The combined operating ratio for property and casualty and non-life reinsurance deteriorated to 96.8% from 96.4%.

Large losses cost Talanx €495 million ($721.7 million) in the first half. While this figure remains within the allocated loss budget of €506 million ($737.7 million), it is sharply higher than last year’s €363 million ($529.2 million).

The Canadian wildfire caused the biggest loss, at €132 million ($192.4 million), followed by €57 million ($83.1 million) from the Ecuador earthquake.

Net investment income was down 3.7% to €1.96 billion ($2.9 billion).