Increases in catastrophe losses, higher combined ratios and declining investment income caused a 26.6 percent decline in net income from 2015.
Private U.S. property/casualty insurers saw their net income after taxes fall to $13.3 billion in first-quarter 2016 from $18.1 billion in first-quarter 2015, a 26.6 percent decline, and their annualized quarterly yield on investments drop to 2.9 percent, the lowest this century, from 3.1 percent a year earlier, according to ISO, a Verisk Analytics (NASDAQ:VRSK) business, and the Property Casualty Insurers Association of America (PCI).
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