The U.S. property-casualty insurance industry's net income after taxes dipped 5.5 percent in the first quarter compared to the same period last year, according to Insurance Services Office and the Property Casualty Insurers Association of America (PCI).

The industry reported $15.8 billion income in the quarter compared with $16.7 last year and $17.7 billion in the same 2005 period.

Robert Hartwig, president of the Insurance Information Institute, said the 12.9 percent rate of return in the quarter showed the industry is past the profitability peak of 15.5 percent reached in the same 2006 period.

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