Zurich has recorded a first-quarter result reflecting strong operating performance in all segments of its business, despite the $US262 million ($348.4 million) it was slugged by US regulators over its accounting woes.

Zurich recorded net income of $US785 million ($1.043 billion), an increase of 1% on the corresponding period last year. Operating profit was up 31% to $US1.359 billion ($1.8 billion).

“Our first-quarter results continue the trend of consistent financial performance, reflecting the resilience of our diversified portfolio and the sustainability of our ongoing operational improvement efforts,” CEO James Schiro said.

“We even achieved these positive results while making significant progress in settling important regulatory matters in the US.”

Zurich plans to grow over the next few years, but large-scale acquisitions are not part of its strategy. Mr Schiro says organic growth is the order of the day, plus a plan to gain $US1 billion ($1.33 billion) through improved underwriting and risk management.

“I don’t believe acquisitions in and of themselves are a strategy.”