JERSEY CITY, N.J.--The U.S. property/casualty insurance industry's net income after taxes reached a record $23.52 billion during the first six months of this year, according to data released Monday by the Insurance Services Office Inc. and the Property Casualty Insurers Assn. of America.

The industry's income, up more than 60% from the $14.5 billion registered during the first six months of 2003, reflected both positive underwriting and improved investment results. The results helped drive the property/casualty insurance industry's surplus up 6.8% to $370.43 billion as of June 30, 2004, compared with $347.0 billion at the end of last year.

Net written premium for the first half of the year grew 4.6%, to $212.12 billion from $202.83 billion a year earlier. Insurers experienced an underwriting gain of $9.03 billion during the first half, compared with an underwriting loss of $2.71 billion a year earlier. Insurers' combined ratio after dividends improved to 94.4% during the first six months of this year from 99.8% during the same period last year.