US insurer Liberty Mutual has joined its peers in reporting a solid first-quarter result as market conditions stabilised following the disasters of 2011.

Its catastrophe losses for the three months ended March 31were down 45% on the comparable period of 2011, falling from $US588 million ($562 million) to $US321 million ($307 million).

It posted net profit of $US459 million ($438 million) for the quarter, up 26% on the corresponding period last year.

Net written premium for the quarter was $US8 billion ($7.6 billion), representing an increase of 6.5% on the corresponding period, while its combined operating ratio decreased 1.5 points to 100.9%.

President and CEO David Long says the result reflects “an accelerating commercial lines price trend, excellent non-catastrophe personal lines results and fewer international catastrophes”.

He described the company’s start to the year as “encouraging” with its international business growing 12% in the quarter.