Despite the growth in net income during the first quarter of 2018, industry surplus decline slightly from the end of 2017 to $734.1 billion Despite the growth in net income during the first quarter of 2018, industry surplus declined slightly from the end of 2017 to $734.1 billion. (Photo: A.M. Best)

The U.S. property & casualty industry posted a combined ratio of 94.8 in first-quarter 2018, the lowest three-month combined ratio of the last five years, according to a new Best's Special Report, titled, "First Look—1Q2018 U.S. Property/Casualty Financial Results." The combined ratio improved 4.9 points from the prior year.

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