Fewer large losses and strong investment income helped specialty lines insurer HDI Global increase net profit by 8% to €152 million ($248 million) in the first quarter.

CEO Edgar Puls describes the market as “demanding” and says currency movements, particularly from the US dollar, worked against HDI, a subsidiary of Germany’s Talanx.

“Our profitability remains robust, supported by a strong insurance service result, solid investment income and a favourable large loss experience,” he said.

The combined operating ratio improved to 91% from 91.1% a year earlier.

Insurance revenue fell marginally to €2.5 billion ($4 billion) and the insurance service result was €224 million ($365.5 million), down 2%.

Large loss payments of €58 million ($94.7 million) cost about half the previous corresponding period’s €105 million ($173 million).