Munich Re has increased first-quarter net profit to €827 million ($1.32 billion) from €557 million ($888 million).

Losses from major events fell from €403 million ($643 million) in the corresponding period last year to €62 million ($99 million) – about 1.4% of net earned premium and below a projection of 12%.

Storm Friederike in Europe was the largest loss event, at about €25 million ($39 million).

Man-made major losses declined to €112 million ($177 million) from €247 million ($394 million).

“The first quarter was mainly influenced by low major losses in property and casualty reinsurance,” CEO Jorg Schneider said. “We can be very satisfied with the start to the year.”

Group gross written premium (GWP) grew 1.6% to €13.13 billion ($21 billion), but net earned premium fell 5% to €11.25 billion ($17.9 billion).

The property and casualty reinsurance arm recorded a 73.5% rise in profit to €591 million ($942 million), and GWP grew 16.6% to €5.32 billion ($8.48 billion).

The combined operating ratio improved to 88.6% from 97.1%.

Munich Re has retained its profit guidance of €2.1-€2.5 billion ($3.3-$4 billion) for the year.