Net income declined 70.7% to $8.1 billion.
The U.S. property/casualty (P/C) industry saw an $8.2 billion net underwriting loss in the first quarter of 2023, compared with a $3.4 billion gain in the same prior-year period, according to preliminary financial results. This financial review is detailed in a new Best’s Special Report, First Look: Three-Month 2023 US Property/Casualty Financial Results, and the data is derived from companies’ three-month 2023 interim statutory statements that were received as of May 30, representing an estimated 98% of the total P/C industry’s net premiums written.
According to the report, the combined ratio for
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