Net losses on underwriting growth to $4.5 billion in first-quarter 2011 from $1.8 billion in first-quarter 2010 contributed to the declines in private U.S. P&C insurers’ net income after taxes and overall rate of return, according to a joint announcement by ISO  , the Insurance Information Institute (I.I.I.) and the Property Casualty Insurers Association of America (PCI).

Net income dropped to $7.8 billion in first-quarter 2011 from $8.9 billion in first-quarter 2010, with insurers’ annualized rate of return on average policyholders’ surplus decreasing to 5.6% from 6.8%.

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