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Portugal: Insurance industry's earnings up 29% in 2013


Pedro Seixas Vale, president of the Portuguese Insurance Association, said Portugal's insurance industry registered a 29% year-on-year increase in combined net income to €692 million ($951.1 million) in 2013, The Portugal News reported.

The country's nonlife insurance segment experienced "a strong contraction" in its 2013 results because of the €100 million ($137.4 million) payout for damage caused by the January 2013 storms and imbalances in the work insurance sector, Mr. Vale said.

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