Global insurer Ace Group has reported a 33% rise in first-quarter net profit of $US755 million ($817 million), despite heavy natural catastrophe losses that included the recent storms in Melbourne and Perth.

Net written premium rose 3% in the first quarter to $US3.28 billion ($3.55 billion) compared to the same period last year, while the combined ratio was 92.8%.

Premium growth helped offset the effect of net catastrophe losses which increased to $US149 million ($161 million) against $US34 million ($37 million) previously.

The company’s investment earnings remained flat at $US504 million ($545 million).

Ace Insurance CEO Australia and NZ Damien Sullivan told insuranceNEWS.com.au the local property and casualty business has maintained its focus on underwriting leadership, claims excellence and risk management discipline.

Ace Group CEO Evan Greenberg says global operations remain sound despite a recovering global economy and competitive insurance markets.

“The fundamentals of our company are good and we are well positioned,” he said.