German reinsurer Hannover Re staged a strong turnaround in the third quarter, booking a net profit of €159 million ($256 million) this year, compared with a net loss of €395 million ($636 million) for the same period last year.

Gross written premium improved 23% to €2.4 billion ($3.9 billion), with the recently acquired ING life reinsurance portfolio making a strong contribution.

Hannover Re says improved demand for reinsurance as a capital management tool had a positive effect, as did higher investment income and relatively low catastrophe losses.