Investment declines and deteriorating accident-year underwriting results dropped U.S. property-casualty insurers’ profits at the half-year mark, but negative impacts were partially offset by favorable prior years’ loss reserve development, a rating firm said.

New York-based Fitch Ratings reported a number of insurers also experienced equity declines in the period, largely as a result of significant unrealized investment losses following equity market declines and widening credit spreads that caused unfavorable mark-to-market adjustments in insurers’ and reinsurers’ investment portfolios.

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