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First-quarter net income for the industry fell to $13.3 billion from $18.1 billion a year earlier, a decline of 27%. (Photo: iStock)

(Bloomberg) – U.S. property-casualty insurers’ quarterly investment income dropped to the lowest since 2004 as falling bond yields pressured the industry.

The figure fell to $10.9 billion in the three months ended March 31 from $11.7 billion a year earlier, according to a report Thursday from the Property Casualty Insurers Association of America and ISO, a unit of Verisk Analytics Inc.

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