American Re Corporation announces record earnings for 2003 driven by strong underwriting performance and robust investment income. The Company reported an accident year combined ratio of 94.5% for its core business units, compared to 101.6% in 2002. Strong operating performance in 2003 resulted in GAAP pre-tax income of $503.1 million. Included in income was an important additional pre-tax provision for losses from prior accident years of $368 million, resulting in a GAAP combined ratio of 102.6%. Despite the charge, the statutory surplus of the Company's reinsurance and insurance subsidiaries...
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