Zurich says it performed strongly in the first quarter, fuelled in part by its property and casualty division.

P&C insurance revenue grew 12% to $US10.25 billion ($15.35 billion) compared with a year earlier on a like-for-like basis, which represents the change in local currencies and considers factors such as adjustments for acquisitions and disposals.

The division’s gross written premium rose 9% to $US12.62 billion ($18.89 billion). Commercial rates improved across all regions, with an average of 5%, while retail had similar increases.

“In P&C, the group has seen growth in both the commercial and retail businesses,” Zurich said. “Insurance revenue grew 8% in commercial and 10% in retail.”

Asia-Pacific GWP grew 12% to $US916 million ($1.37 billion) and insurance revenue gained 11% to $US860 million ($1.29 billion).

Zurich says the Asia-Pacific’s result – including Australia – was driven by higher retail motor business sales and, to a lesser extent, a favourable commercial performance across the region.

The group’s life business continued to grow top-line and new business. Short-term insurance contracts, predominantly related to the Latin America protection business, generated $US680 million ($1.01 billion) of insurance revenue in the quarter ending in March, up 11% on a like-for-like basis.

In Asia-Pacific, new business premium grew 29% to $US717 million ($1.07 billion) on a like-for-like basis, benefiting from continued growth of protection sales in Japan and corporate business in Australia.