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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.

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