Increasing rates and lower catastrophe losses led to a $6 billion favorable swing in net income for personal-lines insurers through the first six months of 2012 compared to the same period the year before, but economic and weather challenges remain for the segment, a recent analysis shows.
In a special report on the property and casualty industry, titled, “Lower Catastrophe Losses and Improving Rate Environment Increase P/C Net Income,” A.M. Best says the personal-lines segment reported after-tax net income of nearly $5.2 billion for 2012’s first half, compared to an after-tax net loss of $800 million for the first six months of 2011.
Personal-lines insurers saw their collective operating income climb to $5.2 billion in the first half of this year from an operating loss of $2.6 billion in 2011, as underwriting losses fell to $2.7 billion compared to $11.1 billion.
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