Personal, commercial and reinsurance segments of the P&C industry posted underwriting profits in the first nine months of 2013, resulting in a pretax operating income of $43.5 billion for the industry as a whole, up 35.3 percent from the same period in 2012, according to A.M. Best. The rating agency said the improvement in underwriting results has more than offset the decline in net investment income. Substantially higher realized capital gains further boosted net income up nearly 54.9 percent from a year earlier. Overall, the industry’s combined ratio of 96.5 has improved 3.7 points from the prior-year period.
Personal lines segment posted an after-tax net income of $12.9 billion up 42.8 percent through the first nine months of 2013 compared to the first nine months of 2012. Increased net income resulted primarily from improvement in the industry’s underwriting performance, which produced increased pretax operating income of $13.4 billion. The segment’s reported combined ratio is 97.8 at Sept. 30, 2013, a 2.6-point improvement from the combined ratio of 100.4 reported at third-quarter end 2012.
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