NAIC2017年财产保险业绩报告（13页）.pdf

1、 2018 National Association of Insurance Commissioners 1 U.S. Property and Casualty Insurance Industry | 2017 Full Year Results U.S. Property NM = Not Material *In 2008, Other Liability Includes Occurrence and Claims-Made 2018 National Association of Insurance Commissioners 8 U.S. Property and Casual

2、ty Insurance Industry | 2017 Full Year Results Investment Operations Investment returns were $68.8 billion, 26.7% higher YoY compared to $54.3 billion in 2016. The improvement was primarily associated with a 126.8% YoY increase in realized capital gains to $19.8 billion, primarily due to gains on un

3、affiliated common stocks. Net investment income increased 7.5% YoY to $48.9 billion with the ma- jority derived from unaffiliated bonds. The industry av- erage investment yield improved slightly in 2017 to 3.08%, following a steady decline over the past 11 years. Net Income Ultimately, the investmen

4、t returns offset the deteriora- tion in underwriting performance resulting in a net profit of $38.7 billion, a 9.7% deterioration compared to prior years profit of $42.9 billion. Return on revenuea measure of net income to net premiums earned, net investment income earned, and realized capital gains

5、 (losses)was slightly lower at 6.3% versus 7.3% for the prior year and has declined for four consecutive years due, in large part, to deteriorating underwriting results. Capital and Surplus Policyholders surplus (adjusted for affiliated invest- ments) increased 7.0% to another new high of $785.6 bil

6、lion at December 31, 2017. The increase was primari- ly attributable to net income and unrealized capital gains of $40.3 billion that were offset, in part, by divi- dends to stockholders of $34.6 billion and a $22.8 bil- lion decrease in the net deferred tax assets related to the recent tax act. Ret