Business Services Industry
Property-Casualty Insurance Profits Rose Sharply in 2003.
Knight Ridder/Tribune Business News, April, 2004
The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Apr. 15--U.S. property-casualty insurers posted $29.9 billion in net profits in 2003 -- nearly 10 times the $3 billion in 2002 -- as they raised prices and raked in gains on the sale of investments.
Last year's net income included $6.9 billion of realized capital gains, compared with $1.2 billion of capital losses in 2002, according to figures released Wednesday by the Insurance Services Office Inc. and Property Casualty Insurers Association of America.
Investment income -- such as interest on bonds and dividends on stocks in their portfolio -- rose 3.9 percent to $38.7 billion.
Net written premiums rose 9.8 percent to $405.9 billion last year, slowing from a 14.3...
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