A net loss on underwriting results and poor investment results contributed to a 49.3 percent decline in net income for the U.S. property-casualty insurance sector in the first quarter of 2008, two insurance groups said.
The drop-off compared to the same period in 2007 was reported by Insurance Services Office in Jersey City, N.J., and the Property Casualty Insurers Association of America (PCI), Des Plaines, Ill.
ISO and PCI reported U.S. p-c net income at $8.2 billion for the quarter, down from $16.2 billion in 2007. Contributing to the results, the industry experienced a $600 million net loss on underwriting results, compared to $8.3 billion in net gains in the first quarter of 2007. Investment gains also declined 18 percent, or $2.8 billion, to $12.2 billion, ISO and PCI said.
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