This week General Casualty Insurance Companies released its year-end 2002 financial results in an annual report sent to 10,000 agents and 1,650 employees. The company reported favorable underwriting results despite challenging conditions in the U.S. insurance market last year.
General Casualty reported a statutory combined ratio of 102.6, a full 14-point improvement over 2001, when unprecedented storm losses and increased workers' compensation costs hurt the company's historical record of strong performance.
"We are pleased to have returned to our traditional position of significantly outperforming the property and casualty industry," said John Pollock, president and CEO. He said insurance industry analysts expect the U.S. industry overall to report a 108.2 combined ratio, as projected in December by Conning Research and Consulting, Inc.
General Casualty also reported direct written premiums of $991 million.
While the company performed well on the underwriting side, investment results were significantly hurt by the lagging stock market that has affected all investors. General Casualty's investment income of $54 million was offset by realized capital losses of $47 million. Pollock said some changes were made this year to reposition the company's investment portfolio and mitigate future volatility.
For more information please contact Anne M. Smith.