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Reinsurer profit up in second quarter

Reinsurer profit up in second quarter

Second-quarter net income rose 8.8% to $6.45 billion among the group of 18 U.S. reinsurers the Reinsurance Association of America surveys, the RAA said Monday.

Net premiums written declined 32.2% to $19.3 billion as National Indemnity Co., a unit of Berkshire Hathaway Inc., saw a decline of over $9 billion due to a one-off transaction last year in its Geico unit that inflated figures, the RAA said in a statement.

Net investment income for the group increase 5.3% to $4.31 billion for the second quarter.

Meanwhile, the group's combined ratio for the second quarter was 92.4%, nearly the same as the group figure of 92.3% for the second quarter of 2014.

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