The U.S. property/casualty insurance industry's net income after taxes rose to a record $23.5 billion in first-half 2004 from $14.5 billion in first-half 2003, as both underwriting and investment results improved.
Reflecting the industry's income and unrealized capital gains on investments, its surplus, or statutory net worth, increased 6.8 percent to $370.4 billion at June 30 from $347 billion at year-end 2003, according to ISO and the Property Casualty Insurers Association of America (PCI).
The industry's income in first-half 2004 surpassed its income during any other six-month period, bo...
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