Low claims for major catastrophe losses helped Munich Re to increase quarterly operating profits but the world’s largest reinsurer warned that low investment yields could reduce its returns in coming years.

After third-quarter net income of €644m ($958m) – reversing a loss of €3m in the same quarter of 2008 – Munich Re said it was likely to achieve between €2.2bn and €2.5bn of profit for the full year, at least €700m better than in 2008 when the financial crisis hit the group’s investments.