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P-C Industry Sees Profits Skyrocket In 2003

However, concerns raised about rate hike moderation, Wall Street uncertaintyA steep decline in underwriting losses and premium growth that nearly hit double digits sent net income for property-casualty insurers soaring to $29.9 billion last yearalmost 10 times the $3 billion recorded in 2002while boosting statutory surplus by 21.6 percent, two insurance industry groups reported.

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