The property and casualty industry posted its first half-year underwriting profit since 2007 and saw net income and pretax operating income increase by 65 percent and 40 percent respectively compared to 2012's first half, a new report states.
According to an A.M. Best six-month financial review, the industry benefitted from lower catastrophe losses, stabilizing investment income, improvements in the pricing environment and a boost in exposures as the economy recovers.
Policyholder surplus reached a record level at $627 billion, representing a 7.4 percent increase over 2012's first half, says A.M. Best. "Favorable net income and a $20 billion shift in the industry's unrealized capital gain position, to a $17.5 billion unrealized gain from a $2.5 billion unrealized loss for the same period in 2012, were the primary drivers of the increase," states the report.
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