Improved Underwriting Drives P&Cs Strong Financial Performance
The 35.3-percent increase in the industry’s nine-month pretax operating income reflects the improvement in underwriting results across all segments, according to A.M. Best.
INN Breaking News, December 31, 2013
Personal, commercial and reinsurance segments of the P&C industry posted underwriting profits in the first nine months of 2013, resulting in a pretax operating income of $43.5 billion for the industry as a whole, up 35.3 percent from the same period in 2012, according to A.M. Best. The rating agency said the improvement in underwriting results has more than offset the decline in net investment income. Substantially higher realized capital gains further boosted net income up nearly 54.9 percent from a year earlier. Overall, the industry’s combined ratio of 96.5 has improved 3.7 points from the prior-year period.
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