UPDATE 1-Swiss Re Q1 net profit down 30 pct on year but beats expectations

* No update on potential SoftBank investment

* Earned more in first quarter than all last year

* Pricing pressure continues (Adds details and background)

FRANKFURT, May 4 (Reuters) - Swiss Re on Friday posted a better-than-expected net profit in the first quarter, although it was still down from a year ago amid continuing pressure on reinsurance prices.

Net profit was $457 million, down 30 percent from $656 million a year earlier. But it was above expectations of $447 million forecast by analysts in a Reuters poll.

It gave no update on talks with Japan's SoftBank. The technology investor is in talks to buy a stake in Swiss Re that is unlikely to exceed 10 percent, the reinsurer has said.

The world's second-biggest reinsurer earned more in the first quarter than it did all of last year, when it took a severe hit from a spate of natural disaster's in North America that cost insurers across the industry a record.

"We delivered a solid set of results across the board in the first quarter of 2018, as we maintained our underwriting discipline while expanding in an improving, yet still challenging, re/insurance pricing environment," Chief Executive Christian Mumenthaler said.

Gross written premiums were up 13.1 percent in the quarter, at $11.5 billion, better than the $10.6 billion expected by analysts and above $10.2 billion a year ago. (Reporting by Tom Sims and Angelika Gruber; Editing by Michael Shields)