A giant rebound in investment income helped property/casualty insurers post a dramatic improvement in overall financial performance, new data from the Property Casualty Insurers Association of America (PCI) indicates.
Investment gains grew $13.3 billion to $25.8 billion in first-half 2010, up from $12.5 billion in first-half 2009. As a result, net income after taxes for the sector rose to $16.5 billion in first-half 2010 from $6 billion in first-half 2009. Moreover, insurers’ overall profitability as measured by their annualized rate of return on average policyholders’ surplus increased to 6.3% from 2.6%.
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