The Hong Kong general insurance industry recorded a 13% rise in gross written premium (GWP) to $HK12.4 billion ($1.65 billion) in the first quarter.

However, underwriting profit fell 23% to $HK657 million ($87.36 million), according to the Office of the Commissioner of Insurance.

The office has not explained the changes, which show GWP for all direct business of $HK9.5 billion ($1.26 billion), up 12% on the corresponding period last year.

Underwriting profit from direct business grew 6% to $HK673 million ($89.49 million), with strong increases in profit from accident and health and motor vehicle business.

Inward reinsurance GWP grew 16% to $HK2.9 billion ($385.61 million); it recorded an underwriting loss of $HK15 million ($2 million), down from a $HK219 million ($29.12 million) profit in the first quarter of last year.