Zurich’s net profit grew 4% to $US4.03 billion ($4.49 billion) last year, as fewer catastrophes lifted earnings in its general insurance business.

The company took a $US318 million ($355 million) restructuring and accounting charge in the fourth quarter, mainly relating to a review of its Russian retail business.

“Much of our business performs very well and we are taking action to address areas where we need to improve,” CEO Martin Senn said.

General insurance operating profit increased 35% to $US2.86 billion ($3.19 billion), reflecting lower catastrophe losses and charges taken in Germany in 2012.

Gross written premium and policy fees gained 2% to $US36.44 billion ($40.63 billion), while the combined operating ratio improved to 95.5% from 98.4%.

An improving market environment supported rate rises in the North American commercial business, while premium growth was also strong in the global corporate division, including Europe.

“We continue to see good momentum on rates and expect to see improvements in our underlying margins in our 2014 results,” interim CFO Vibhu Sharma said.

The global life operating profit fell 6% to $US1.27 billion ($1.49 billion), while the net investment result fell 18% to $US7.4 billion ($8.25 billion).