FM Global posts net income of $1.02B in 2013

FM Global's net income for 2013 rose 31.9% over that of 2012 to $1.02 billion, the Johnston, R.I.-based mutual insurer said Tuesday.

Net premium written increased 3.4% to $3.81 billion. Revenue declined 1.1% to $4.02 billion while investment income rose 7.3% to $415.4 million. The company had a 2013 combined ratio of 77.7% compared to 85.7% in 2012.

“These results reinforce the quality of our mutual business model, our balance sheet strength, and the trusted partnerships we have formed with our clients,” said FM Global Chairman and CEO Shivan S. Subramaniam in a statement.

FM Global also said clients would collectively receive an estimated $435 million in membership credit when renewing policies between June 30, 2013, and June 29, 2014. Including this credit, clients will have received nearly $2.1 billion in total premium reduction since 2001, the company said in its statement.