Global insurer Zurich has reported third-quarter operating profit of $US1.5 billion ($1.65 billion), up 138% over the same quarter last year.

Zurich also reported $US909 million ($995 million) net profit, an increase of 490% on the same quarter last year. Both figures represent the fourth consecutive quarter-on-quarter improvement since the third quarter last year.

General insurance gross written premium and fees fell 10% to $US26.3 billion ($28.8 billion) over three quarters this year, down from $US29.2 billion ($32 billion) over the same period last year.

The general insurance combined ratio improved to 96.9% from 98.7%.

Zurich’s nine-month performance included operating profit of $US4.1 billion ($4.5 billion), down 3% from $US4.2 billion ($4.6 billion) previously.

But the $US2.2 billion ($2.4 billion) net income represented a decrease of 24%.

“In this period of ongoing economic uncertainty, our focus remains on maintaining our strong balance sheet, driving operational excellence and delivering sustained profitable growth,” CEO James Schiro said.

“By effectively balancing these levers, we have generated excellent quarterly results and ensured that Zurich is well positioned for the future under any economic scenario.”