US reinsurer profits increased more than 40% last year, according to Reinsurance Association of America underwriting results.

The 18 reinsurers covered by the figures – including QBE North America, Swiss Re and Munich Re – posted net income for the year of $US26.95 billion ($29.59 billion), compared with $US19.12 billion ($20.99 billion) in 2012.

Investment income increased marginally to $US21.17 billion ($23.24 billion), while gross written premium fell 3.8% to $US106.82 billion ($117.28 billion).

The combined ratio was 84.93%, compared with 93.78% in 2012.