Hannover Re says it remains on track to deliver its revised annual profit target of €1 billion ($1.47 billion), despite a 2.4% dip in first-quarter profit to €264.8 million ($389.88 million).

The reinsurer’s gross written premium grew 6.6% compared with the corresponding quarter last year, while the combined operating ratio deteriorated to 95.6% from 94.7%.

CEO Ulrich Wallin attributes the “pleasing” quarter to good underwriting results in property and casualty, with life and health performing as expected and strong investment income.

Net investment income grew 7.3% to €392.9 million ($580.98 million).

The company’s assets grew to €42 billion ($61.83 billion) from €41.8 billion ($61.56 billion).