FM Global's 2014 net income fell 6.2% from that of a year earlier to $956.4 million, the mutual insurer reported Friday.
Net earned premiums increased 2% to $3.6 billion while policyholder surplus rose 9.5% to $10.6 billion. The commercial property insurer posted a 79.4% combined ratio in 2014, compared to 77.7% in 2013.
“The financial numbers speak to the strength of our business model as a mutual insurer and to our balance sheet, long-term trusted client partnerships and our employees' single-minded commitment to our policyholder-owners,” said FM Global President and CEO Thomas A. Lawson in a statement announcing the results.
The statement also noted that the insurer had previously announced that it would provide a membership credit of about $465 million to eligible policyholders renewing between June 30, 2014 and June 29, 2015.
FM Global has released a new Resilience Index that ranks 130 countries in terms of their susceptibility to supply chain disruptions and provides companies an online tool to assist in making supply chain decisions.