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Industry Posts Record Profits

The U.S. property and casualty insurance industry's net income after taxes rose 29.1 percent to a record $30.9 billion in the first half of 2005, from $23.9 billion in first-half 2004.

By staff Writer | Updated on October 25, 2005

The U.S. property and casualty insurance industry’s net income after taxes rose 29.1 percent to a record $30.9 billion in the first half of 2005, from $23.9 billion in first-half 2004, according to Insurance Services Office and the Property Casualty Insurers Association of America. At the same time, the insurers consolidated surplus, or statutory net worth, increased 4.7 percent to $412.5 billion by June 30, from $393.8 billion at the end of 2004.

“Insurers’ underwriting results for first-half 2005 were truly remarkable,” said John J. Kollar, ISO vice president for consulting and research. “At 92.7 percent, the combined ratio for first-half 2005 was the best first-half combined ratio since the start of quarterly records extending back to 1986.”

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