HDI Global’s parent Talanx achieved a 7.2% rise in first-quarter net income to €238 million ($357.77 million), amid a drive to grow its global business.

The German insurer’s gross written premium (GWP) increased 8.4% to €9.75 billion ($14.65 billion), and net earned premium was 6.8% higher at €6.69 billion ($10.08 billion) in the quarter to March 31. Asia and Australia accounted for 9% of all GWP.

“We have begun the year well, with all of our divisions putting in a positive performance,” Chairman Herbert Haas said. “Our high growth abroad shows just how successful our diversification strategy is proving outside our domestic market.”

The combined operating ratio for property and casualty and non-life reinsurance remained at 96.3%.

Cyclone Debbie was the largest loss event in the quarter, with a group-wide burden of €50 million ($75.16 million).

Talanx’s overall major loss burden increased to €153 million ($230.11 million) from €123 million ($184.99 million), but was within its budgeted €243 million ($365.48 million).

Net investment income fell 1.1% to €1.01 billion ($1.52 billion).