Property and casualty insurance industry first quarter profits continued to slide with net income declining 89.4 percent according to the Highline Data Performance Monitor.
The drop follows a 67.7 percent year-over-year decline in net income the previous quarter, putting the industry down to its lowest level since 2001.
According to Highline, the continued global economic downturn contributed to the industry-wide decline, leaving 70 percent of p-c companies included in the Highline Hundred sustaining decreases in net income. Six companies had losses greater than $100 million year-over-year.
The Performance Monitor also revealed that the life insurance industry's net unrealized capital losses swelled to $13.5 billion from last year's $8 billion loss with nine companies suffering losses greater than $500 million.
The Highline Data Performance Monitor tracks the top 100 companies from the p-c and the life insurance industries along key financial metrics. The Highline Hundred is a composite of the top 100 insurance companies that identifies industry-wide trends.
Highline Data is a division of Summit Business Media, parent company of National Underwriter.
Other data in the Highline analysis finds that total p-c assets for the period were down 1.1 percent, policyholder surplus declined 3.7 percent, net premiums earned were off 1.7 percent, net losses incurred were down 1.4 percent, loss adjustment expense increased 2.8 percent, and net premiums written fell by 8.6 percent.
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