XL Group’s first-quarter net income this year rose to $US176.6 million ($174.6 million) after lower natural catastrophe losses.

This compares to a $US227.3 million ($224.8 million) net loss in the first quarter last year due to catastrophe losses and realised investment losses.

Total revenue was $US1.8 billion ($1.78 billion), up 8.5%.

CEO Mike McGavick says the results are “a solid step forward”.

“We are resolved to continue this trend as demand for solutions to complex risks grows and pricing improves,” he said.

Property and casualty operations reported gross written premium of $US2.3 billion ($2.27 billion), up 10.4% due to new business initiatives in North America and improved pricing.

The group’s underwriting profit was $US63 million ($62 million), compared with a $US328 million ($324 million) loss for the corresponding period last year. The combined ratio improved to 95.3% from 125.8%.