The property and casualty industry posted its first half-year underwriting profit since 2007 and saw net income and pretax operating income increase by 65 percent and 40 percent respectively compared to 2012's first half, a new report states.
According to an A.M. Best six-month financial review, the industry benefitted from lower catastrophe losses, stabilizing investment income, improvements in the pricing environment and a boost in exposures as the economy recovers.
Policyholder surplus reached a record level at $627 billion, representing a 7.4 percent increase over 2012's first half, says A.M. Best. "Favorable net income and a $20 billion shift in the industry's unrealized capital gain position, to a $17.5 billion unrealized gain from a $2.5 billion unrealized loss for the same period in 2012, were the primary drivers of the increase," states the report.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
