| Property/Casualty Insurance Industry Income Analysis, 2019-2023 |
($ billions)
|
| |
2019 |
2020 |
2021 |
2022 |
2023 |
| Net premiums written |
$639.9 |
$655.8 |
$715.7 |
$778.2 |
$857.8 |
| Percent change |
3.5% |
2.5% |
9.1% |
8.7% |
10.2% |
| Premiums earned |
$627.7 |
$643.0 |
$689.8 |
$748.7 |
$821.5 |
| Losses and loss adjustment expenses incurred |
446.0 |
451.0 |
500.7 |
569.8 |
627.4 |
| Other underwriting expenses |
172.6 |
179.4 |
188.6 |
199.8 |
213.9 |
| Policyholder dividends |
4.9 |
7.7 |
4.6 |
3.3 |
3.6 |
| Net underwriting gain/loss |
7.9 |
12.1 |
-0.4 |
-22.4 |
-20.2 |
| Net investment income |
56.5 |
53.5 |
56.1 |
71.5 |
72.6 |
| Miscellaneous income/loss |
-2.5 |
-1.9 |
0.1 |
-1.5 |
-2.8 |
| Operating income |
60.9 |
59.3 |
54.6 |
47.9 |
49.9 |
| Realized capital gain |
11.0 |
10.7 |
17.5 |
-3.9 |
48.2 |
| Federal income tax |
8.5 |
8.7 |
9.1 |
6.1 |
11.0 |
| Net income after taxes |
63.4 |
61.3 |
63.0 |
37.9 |
87.1 |
Source: NAIC data, sourced from S&P Global Market Intelligence; Insurance Information Institute. |
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