But combined ratio worsens leading to net losses
US property and casualty insurers saw their first overall rise in net premiums for 13 quarters, but it is still losing money, according to figures from the Property Casualty Insurers Association of America.
Net income after taxes rose to $16.5bn in first-half 2010 from $6bn in first-half 2009. It was up from $7.2bn to $7.6bn for the quarter.
Insurers’ net worth measured according to Statutory Accounting Principles — rose $19.1bn, or 3.7%, to $530.5bn at 30 June 2010, from $511.4bn at year-end 2009.
Net losses on underwriting grew to $5.1bn for six-months 2010 from $2.1bn for six-months 2009. For the quarter a profit of $0.4bn became a loss of $3.3bn.
The combined ratio deteriorated to 101.7% for six-months 2010 from 100.8% for six-months 2009. For the quarter it worsened from 99.5% to 102.3%.
Quarterly figures
- Net written premiums 107,571 (106,181)
- Net earned premiums 104,410 (105,660)
- Statutory underwriting gains/losses -3,027 (751)
- Net underwriting gains/losses -3,283 (408)
- Pretax operating income 8,915 (12,819)
- Net income after taxes 7,638 (7,187)
- Combined ratio, post-dividends (%) 102.3 (99.5)
Half-year figures
- Net written premiums 212,464 (212,516)
- Net earned premiums 207,145 (211,155)
- Statutory underwriting gains/losses -4,294 (-1,456)
- Net underwriting gains/losses -5,062 (-2,130)
- Pretax operating income 19,155 (22,395)
- Net income after taxes 16,531 (5,964)
- Combined ratio, post-dividends (%) 101.7 (100.8)
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