Zurich Insurance Group’s net profit for the three months to March 31 plunged 28% to $US875 million ($1.19 billion).

However, CFO George Quinn remains upbeat, insisting performance improvement measures in the general insurance business are “taking effect”.

“Even adjusting for a benign catastrophe claims environment, there has been an underlying improvement and we expect to see this trend continue throughout the year,” Mr Quinn said.

General insurance reported an operating profit of $US542 million ($735.5 million) for the quarter, down 23% on the corresponding period last year.

The combined operating ratio of 97.7% was “significantly better” than the 103.6% recorded for full-year 2015.

Global life operating profit for the quarter was relatively flat at $US317 million ($430 million).

In the Asia-Pacific life business operating profit increased 61% on favourable claims experience in Australia and strong protection growth in Japan.