P/C insurers posted $33.5B profit in ’12

The ISO/PCI results are out:

  • Net income after taxes grew to $33.5 billion in 2012 from $19.5 billion in 2011.
  • Return on average policyholders’ surplus climbed to 5.9 percent from 3.5 percent. That’s still below the industry’s long-term average.
  • The combined ratio improved to 103.2 percent for 2012 from 108.1 percent for 2011. (Just like I said.)  Sandy forced the industry to post a 110.4 in Q4, up from 103.3 in 2011.
  • Policyholders’ surplus grew $33.1 billion to a record $586.9 billion at year-end 2012 from $553.8 billion at year-end 2011 as a result of insurers’ $33.5 billion in net income after taxes.
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