Munich Re has reported a healthy profit of $915 million compared with a net loss of $743 million for the corresponding quarter last year.

Chairman Nikolaus von Bomhard says the company has made a good start to the year. “Our reinsurance business is continuing to go well, primary insurance has returned to the profit zone, and the investment result is back to normal. Our hard work is bearing fruit.”

Combined ratios of 96.3% in property-casualty insurance show an improved performance. Gross premiums fell by 4.3% to $17.8 billion.