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Reinsurers' profit down in first quarter

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Net income for the first quarter of 2016 fell 7.5% to $2.54 billion among the group of 17 U.S. reinsurers the Reinsurance Association of America surveys, the RAA said Wednesday.

The group wrote $10.2 billion of net premiums during the three months ended March 31, up 5.2% over the same period last year, the Washington-based association said in a statement.

The combined ratio for the group slipped to 92.9% from 90.5% a year ago due to a 68.0% loss ratio and a 24.9% expense ratio, the RAA said.

Policyholders’ surplus was $129.6 billion compared with $131.8 billion a year ago.

Investment income for the group dropped 9.8% to $1.86 billion.

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