The U.S. property-casualty insurance industry's net income after taxes fell 9.3 percent in first-half 2006 as investment results deteriorated, insurance organizations reported today.
According to Insurance Services Office in Jersey City, N.J., and the Property Casualty Insurers Association of America (PCI), the industry posted net income of $28.3 billion compared with $31.2 billion in the first half of last year.
Reflecting the decline in net income after taxes, the industry's annualized rate of return on average surplus (net worth) fell to 13 percent in first-half 2006 from 15.6 percent in first-half 2005.
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