HDI Global parent company Talanx has posted an 11.6% dip in profit to €222 million ($343.93 million) for its first quarter compared to the same period last year.

If a “special item” of about €19 million ($29.44 million) from last year’s first-quarter result is removed, the comparative results remain stable.

Gross written premium in the quarter fell 4.7% to €9 billion ($13.93 billion), due in part to the foregoing of single premiums in the German life insurance business as well as currency effects.

Chairman Herbert Haas says the results reflect a good start to 2016.

“We are being disciplined in implementing our strategic programs. Initial successes are already evident, giving us confidence,” he said.

“After the first quarter, we are well on course to achieve a group net income of around €750 million ($1/07 billion) in the current year, as forecast.”

The combined ratio improved slightly by 0.2 percentage points to 96.3%, and net investment income rose slightly by 2.6% to €1 billion ($1.56 billion).