Talanx’s gross written premium (GWP) grew 8.3% to €10.6 billion ($16.8 billion) in the first quarter, with Storm Friederike the major loss event for the period.

The German parent of HDI Global says net profit fell 8.4% to €218 million ($345 million), mainly due to one-off effects from US tax reforms.

Chairman Torsten Leue says the result marks a “good start” to the year and lays the foundations for a full-year result of about €850 million ($1.34 billion).

“Positive international market growth shows our diversification is being implemented successfully outside the domestic market,” he said.

“However, we are also continuing to succeed and increase profitability in the German retail business.”

Friederike, which hit Germany and several other countries, left a group-wide burden of about €59 million ($93 million). The combined operating ratio deteriorated slightly to 97% from 96.3%.

Industrial lines GWP grew 2.2% to €2.01 billion ($3.18 billion), with the Netherlands, Italy and the UK helping to drive the division’s international growth.