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FM Global's 2014 net income down 6.2% from prior year

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FM Global's 2014 net income down 6.2% from prior year

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.

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