Hannover Re S.E. on Wednesday reported net income of €233.0 million ($320.8 million) for the first quarter of 2014, up 0.8% from the comparable period a year ago.
The Hanover, Germany-based reinsurer said it remained on track to report net income of €850 million ($1.18 billion) for the full year.
Gross written premium fell by 5.3% to €3.6 billion ($4.96 billion) for the first quarter of 2014 compared with the first quarter of 2013, the company said.
Investment income for the first quarter of 2014 was €361.2 million, Hannover Re said, an 8.3% increase from the first three months of 2013.
The company posted a combined ratio of 94.4% for the first quarter of 2014, compared with 94.0% in the first quarter of 2013.
In a statement, Hannover Re said nonlife reinsurance “continues to be fiercely competitive; this was evident in the treaty renewals as at Jan. 1, 2014” and further at the April 1 renewals in Japan, Korea, Australia and New Zealand and for some U.S property catastrophe business.
Rates for catastrophe business in Japan, which had risen following the 2011 Tohoku earthquake, fell slightly at April 1, Hannover Re said, while rates for per-risk coverages in Japan remained broadly stable and some rate increases were seen on Japanese casualty business.
The company said it had set aside reserves of €30.6 million ($42.5 million) for claims from the loss of Malaysia Airlines flight 370.