Reinsurers Munich Re and Hannover Re have revealed big first-quarter results, with Munich Re’s profit rising by 41.7% from last year and Hannover Re profit by 38.6%.

Munich Re reported a net profit of €979 million ($1.65 billion) for the first quarter, and operating profit rose 29.4% to €1471 million ($2.5 billion). The insurer says the result was a consequence of strict profit orientation and a prudent underwriting policy.

Hannover Re is on its way to meeting its 2006 target, as operating profit for the business climbed 38.6% to €214.3 million ($360.5 million). Market conditions for property and casualty reinsurance were favorable for the company and provided the big increase.

Net income for Hannover Re grew 7.6% to €105.7 million ($177.8 million).