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JERSEY CITY, N.J.--The U.S. property/casualty insurance industry's net after-tax income for the first half of this year dropped 9.3% to $28.3 billion compared to the same period of 2005, according to an analysis released Monday by the Insurance Services Office Inc. and the Property Casualty Insurers Assn. of America.
Declining investment results coupled with increased taxes played key roles in the decline in income, according to the analysis, which was based on the reports of insurers representing 96% of the nation's private property/casualty business.
But insurers also registered an underwriting profit of $15.1 billion during the first six months of this year, compared with $12.8 billion during the same period a year earlier. The industry's combined ratio also improved a full percentage point to 92% during the first half of this year compared to the first half of last year.
The industry's consolidated surplus stood at $445.5 billion on June 30, an increase of 4.6% from the $425.8 billion at year-end 2005.
Net written premiums climbed $6.4 billion to $223.3 billion in first-half 2006 from $216.9 billion in first-half 2005, with written premium growth accelerating to 2.9% in first-half 2006 from 2.2% in first-half 2005.