P-C Industry Bottom Line Profits Soar

NU Online News Service, April 14, 3:03 p.m. EDT?A sharp decline in underwriting losses with premium growth nearly hitting double-digits sent property-casualty insurers' net income soaring to $29.9 billion last year?almost 10 times the $3 billion recorded in 2002, while boosting statutory surplus by 21.6 percent, two insurance industry groups reported.

P-cs net income for 2003′s fourth quarter hit $8.8 billion, reversing a $2 billion after tax net loss for the comparable 2002 period, according to statistics compiled by the Insurance Services Office Inc. and the Property Casualty Insurers Association of America.

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