Zurich’s net income fell 32% to $US637 million ($593 million) for the first quarter, with natural catastrophes and the slow economic recovery in the US and Europe affecting profits.

The group incurred aggregate losses of $US517 million ($482 million) from the disasters in Japan, New Zealand and Australia.

General insurance gross written premium and policy fees rose 1% to $US10 billion ($9.3 billion) and the general insurance combined ratio was 103.6% compared with 99% for the corresponding period last year.

The global life insurance operating profit rose 3% to $US362 million ($337 million).

CEO Martin Senn says in a quarter marked by catastrophes, Zurich delivered a solid underlying operating performance.

Allianz expects to report a first-quarter operating profit of around €1.7 billion ($2.3 billion), close to the first quarter of 2010, CEO Michael Diekmann says.

In a market update he says natural catastrophes will total around €750 million ($1 billion), including €320 million ($429 million) from the Japanese tsunami. Lower investment returns will also reduce income.

“Although we spent almost €200 million ($268 million) more on natural catastrophes than in the same quarter of the previous year, we were able to keep our operating profit close to the previous year’s level,” he says.

The group’s total revenue will be nearly €30 billion ($40.2 billion), compared with €30.6 billion ($41 billion).

Ace Insurance reported a 66% fall in net income to $US259 million ($241 million) for the quarter, which CEO and Chairman Evan Greenberg described as a good quarter overshadowed by significant catastrophe losses.

The catastrophe losses were $US443 million ($412 million), while Ace’s gross written premium fell 3% to $US4.6 billion ($4.3 billion). Its combined ratio was 105%.

Liberty Mutual reported net income of $US362 million ($337 million), up 14.9%, after catastrophe losses of $US586 million ($546 million).

Premiums earned rose by 1% to $7 billion ($6.5 billion) while net written premium rose 5% to $US7.5 billion ($7 billion). The group’s combined ratio rose 0.3 points to 102.5%.

XL Group made a loss of $US227 million ($212 million) compared with a $US127.9 million profit ($119.2 million) with CEO Mike McGavick saying the result demonstrated resilience in the face of global catastrophic events.

The group reported losses of $US242 million ($225 million) from the Japan tsunami, $US66.9 million ($62 million) from the Australian floods and $US75.3 million ($70 million) from the Christchurch earthquake.

Gross written premium was $US2.09 billion ($1.95 billion), up 9%, and the property and casualty combined ratio was 125.8% compared with 100.5% last year.