XL Catlin has reported a slight dip in first-quarter net income, but is confident results in coming quarters will benefit from price rises.

The Bermuda-based group, which Axa has acquired for $US15.3 billion ($20.32 billion), achieved rate rises of 3.3% and 4.3% for its insurance and reinsurance portfolios respectively.

Net income for the March quarter declined 0.1% to $US152.65 million ($202.7 million), but operating income grew 57.5% to $US214.36 million ($284.6 million).

Gross written premium increased 6.6% to $US4.93 billion ($6.54 billion) and the combined operating ratio worsened to 95.3% from 94.3% in the corresponding period last year.

“With respect to pricing, we are pleased to have achieved broad rate increases throughout our insurance and reinsurance portfolio, which will earn into our results over the rest of the year,” CEO Mike McGavick said.

First-quarter net investment income increased to $US218.48 million ($290.12 million) from $US200.53 million ($266.28 million).

Mr McGavick expects the takeover by Axa to provide “substantial opportunity to continue realising the potential of what we have built”.