April 29 (Reuters) - Insurer Arch Capital Group posted a 57.4% rise in first-quarter profit on Monday, driven by strong underwriting and higher investment income.

Firming hopes of a soft landing for the economy, rising wages, and a resilient labor market have renewed individuals' and businesses' spending on insurance policies.

Arch's net premiums written jumped 19.3% to $4.09 billion in the quarter.

Meanwhile, the U.S. Federal Reserve's rate hikes to curb inflation, along with a broader equity market rally amid hopes of a soft landing for the economy, have boosted insurers' investment income.

The company's net investment income jumped to $327 million in the quarter from $199 million a year earlier.

Arch reported a combined ratio of 78.8%, compared with 80.6% last year. A ratio below 100% indicates the insurer earned more in premiums than it paid out in claims.

Pembroke, Bermuda-based Arch provides insurance, reinsurance and mortgage insurance globally though its wholly-owned subsidiaries.

Net income available to Arch common shareholders rose to $1.11 billion, or $2.92 per share, in the three months ended March 31, from $705 million, or $1.87 per share, a year earlier.

Arch's shares have gained 22.9% this year compared with a 17.7% jump in the S&P 500 Property & Casualty Insurance Index . (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Tasim Zahid)