Swiss Re has reported a 19% rise in first-quarter net income to $US1.5 billion ($2.07 billion) and a 30% increase in underwriting profit to $US1.65 billion ($2.28 billion).

Group CFO Anders Malmstrom says the property and casualty divisions “continued to benefit from high-quality business written in recent years.

“We also took a prudent approach to managing current geopolitical volatility, including setting aside additional reserves for potential inflationary impacts of the ongoing Middle East conflict.”

Swiss Re says disciplined underwriting and low major natural catastrophe costs contributed to a 43% rise in P&C reinsurance net income to $US754 million ($1.04 billion) and a 38% jump in underwriting profit to $US795 million ($1.1 billion).

Large natural catastrophe claims totalled $US133 million ($183 million) in the first quarter, driven by Storm Kristin, which hit Portugal in January. Large man-made losses for the period were $US41 million ($56.65 million).

“Our first-quarter performance shows strong earnings generation, reflecting the strategic actions taken in recent years to reinforce our businesses,” group CEO Andreas Berger said.

“In a more challenging market environment, we are focused on active cycle management in our P&C businesses, as well as underwriting discipline and efficiency across the group.”