Hannover Re’s net profit grew 20.1% to €279.7 million ($398.12 million) in the first quarter of this year.

The company says it is “confident of achieving its profit guidance in the order of €875 million ($1.24 billion) for the full… year”.

Gross written premium grew 21.4% to €4.4 billion ($6.26 billion) in the three months to March 31. At constant exchange rates it would have risen 10.3%.

Growth in property and casualty reinsurance was assisted by the strong US dollar and business opportunities with attractive, large-volume treaties.

The combined operating ratio deteriorated to 95.7% from 94.4%. Group net premium gained 17.8% to €3.4 billion ($4.83 billion).

CEO Ulrich Wallin says the net profit gains “can be attributed in particular to the outstanding contribution from life and health reinsurance and another satisfactory underwriting result in property and casualty reinsurance”.

Hannover Re’s life and health division reported net profit of €127.5 million ($181.44 million), up 193% on the corresponding period last year.

The company says steps to improve profitability in the Australian disability business and the US mortality business are having an effect.

Major losses for the quarter included the Germanwings airliner crash in March, windstorm Niklas in central Europe the same month and winter storms in the US.

Total net loss expenditure was €62 million ($88.21 million), more than double the corresponding period last year but below the projected quarterly budget.