Allianz has reported a strong start to the year, with first-quarter global property and casualty gains supported by rate rises in markets including Australia.

“In our property-casualty business, solid top-line growth and bottom-line increase reflect the balance of growth and underwriting discipline,” CEO Oliver Bate said.

A breakdown of the Munich-based company’s operating entities shows Australian renewal rates increased 11.8%, while internal business volume growth reached 14.2%. Retail motor and non-motor as well as mid-corporate lifted the top line.

Australian operating profit rose 19.3% to €65 million ($106 million). The combined operating ratio was 95.8%, with positive drivers partly offset by natural catastrophes.

Globally, P&C operating profit increased 10.4% to €2.1 billion ($3.4 billion), supported by rising business volumes and a 7.4% increase in renewal rates. The investment result was also higher.

CFO Claire-Marie Coste-Lepoutre told a briefing that rate changes have been stronger in markets such as the UK and Australia given inflationary effects in those markets.

In other divisions, global life and health reported sales momentum in the US and Italy, while the company benefited from increased assets under management and higher performance fees.

Overall, Allianz operating profit rose 6.8% to €4 billion ($6.5 billion) and net income attributable to shareholders increased to €2.5 billion ($4.1 billion) from €2 billion ($3.3 billion) a year earlier.

Allianz maintained a full-year operating profit target of €14.8 billion ($24.1 billion), plus or minus €1 billion ($1.6 billion).