For the first time since 2007, the U.S. property/casualty industry has been profitable through June 30. Overall, the industry posted a calendar-year combined ratio of 96.5 at midyear, representing a 4.5-point improvement from the 101.0 reported through the first half?of 2012.

A.M. Best attributes the first-six-month underwriting profit to a combination of continued improvements in the pricing environment, a boost to exposures from the slowly improving economy and underwriting actions taken to insulate balance sheets against further impact from the challenging investment environment.

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