Zurich Financial Services has delivered a mixed set of first-quarter results, with foreign exchange fluctuations and challenging investment conditions dragging down otherwise respectable figures.

In general insurance, Zurich posted a 3% rise in net income to $US1.4 billion ($1.5 billion), while its business operating profit was up 1% to $US1.8 billion ($1.9 billion).

But the global insurer’s 10% lift in gross written premium (GWP) to $US11.2 billion was reduced to 2% when converted into local currency.

Zurich’s combined ratio rose slightly by 1.3 percentage points to 94.6%.

In life, Zurich’s GWP was up 3% to $US5.4 billion ($5.7 billion) but down 5% in local currency. Its business operating profit was up 6% to $US337 million ($353 million).

Zurich’s net investments were down 8% to $US2.2 billion ($2.23 billion), or 15% in local currency.

The Zurich group doesn’t provide figures on the performance of individual country businesses like Zurich Australia.