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So far 2014 has been a mixed bag for the P&C industry, according to a new report from ISO and PCI.

Net income for P&C insurers slipped slightly in the first quarter of 2014, dipping to $13.8 billion from $14.3 billion in Q1 2013, due to deteriorating underwriting results, according to a joint report released Thursday by the Property Casualty Insurers Association of America (PCI) and ISO. Overall profitability industry-wide, as measured by return on average surplus, fell to 8.4% in the quarter, compared to 9.6% in the first quarter of 2013 and 10.3% for all of 2014.

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