Allianz Australia made a first-quarter operating profit of €49 million ($79.23 million), down 15.2% from the corresponding period last year.

Natural catastrophes were behind a 1.9-percentage-point deterioration in the Australian combined operating ratio to 98.4%, although this was partly offset by lower weather-related losses, Allianz says. Revenue fell 7.9% to €688 million ($1.11 billion).

The German parent’s property and casualty arm made an overall operating profit of €1.46 billion ($2.36 billion) in the March quarter, up 14.2%. A better underwriting result was driven by strong premium growth, fewer natural catastrophe losses and an improved expense ratio.

The combined operating ratio improved 1.1 points to 93.7%. Group net income grew 1.6% to €1.97 billion ($3.19 billion).

CEO Oliver Bate says the group is on track to meet its full-year target of an €11.5 billion ($18.6 billion) operating profit, plus or minus €500 million ($808.66 million).