Swiss Re’s gross written premium (GWP) increased 13.1% to $US11.5 billion ($15.2 billion) in the first quarter, with growth across all segments.

CEO Christian Mumenthaler says the pricing environment is improving “yet still challenging” and the first quarter showed the importance of the group’s diversified business model.

Property and casualty reinsurance GWP gained 4.5%, while life and health jumped 22% and corporate solutions about 29%.

“While the property and casualty market continues to present opportunities, it remains challenging and current price levels remain insufficient for long-term sustainability,” Mr Mumenthaler said.

“However, I am positive on the outlook for our industry because risk pools themselves will continue to grow.”

Net profit declined to $US457 million ($605.9 million) from $US656 million ($869.8 million) a year earlier due to the impact of accounting rule changes. Excluding the impact, earnings increased to $US678 million ($899 million).

“We are satisfied with our first-quarter results in spite of the impact of the new US [generally accepted accounting principles] guidance,” CFO John Dacey said.

“Our reserve strength remains fully intact and our capital position very strong.”

The property and casualty combined operating ratio improved to 92% from 95.6%, while for corporate solutions it deteriorated to 100.2% from 99.6%.

Swiss Re says the corporate solutions result was influenced by business written in previous underwriting years when a soft-market environment prevailed.