The U.S. property-casualty insurance industry saw net income increase 4.4 percent in the first nine months of 2007 as underwriting profits and investment returns withstood increasing competition, said A.M. Best Co. rating firm.

Oldwick, N.J.-based Best reported that insurers are on course to report only their third underwriting profit since 1978.

Net income was $49.8 billion, up from $47.7 billion, while underwriting income was $18.6 billion, compared with $23.8 billion for the same period a year ago, Best said.

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