Hannover Re Group has achieved a “satisfactory” net income of €157.2 million ($222 million) for the first quarter, despite significant natural catastrophe losses.

The company recorded €264.4 million ($374 million) in major losses during the period, up from the €98.8 million ($140 million) recorded in the first quarter of last year. Of this, €185.1 million ($262 million) came from the earthquake in Chile.

As a result, operating profit for the quarter dipped to €245 million ($346 million), down from the €307 million ($434 million) recorded in the first quarter of last year.

Elsewhere, Hannover recorded a 41% increase in net investment income from the prior corresponding quarter to €279.5 million ($395 million), with return on investment slightly higher than expected at 3.6%.

Gross written premium also increased 7.1% quarter on quarter, up to €2.9 billion ($4.1 billion) from €2.7 billion ($3.8 billion) last year. Net premium earned rose 9.5% to €2.3 billion ($3.25 billion).

“Although the burden of major losses in this quarter was higher than our expected level, the achieved result puts in place a good platform for attaining our 2010 profit target – namely a return on equity of at least 15% after tax,” Hannover Re CEO Ulrich Wallin said.