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Highline Data Analysis Shows Year-over-Year P&C Industry Net Income Down 67.7%, Life Industry Net Unrealized Capital Losses Totaled $51.7 billion in 2008

CAMBRIDGE, Mass., March 5 /PRNewswire/ -- The nation's top 100 property and casualty insurers closed 2008 with net income levels not seen in more than seven years, while the top 100 life insurers suffered unprecedented unrealized capital losses, according to Highline Data.

The Highline Data 2008 Top 100 Performance Monitor revealed a 67.7 percent year-over-year drop in net income in 2008 across the industry's top property and casualty insurers, from $48.8 billion to $15.8 billion. The last time top property and casualty insurers reported annual net income drops of this magnitude was in 2001, when losses from the September 11 attacks and multiple hurricanes occurred.

The Performance Monitor also revealed a stunning decline in unrealized capital gains/(losses) among the top 100 life insurers, from a gain in 2007 of $1.4 billion to a loss of $51.7 billion as of December 31, 2008. This precipitous year-over-year decline in the life industry was driven by sharp drops in stock values. Capital paid-in, however, held the surplus decline to 4.7%.

The 2008 Top 100 Performance Monitor was made possible by Highline Data's unprecedented 48-hour delivery of key financial data from the annual statutory financial statements of all of the top 100 property and casualty insurers, ranked by net premiums written, and of 98 of the top 100 life insurers, ranked by total net admitted assets (two companies received filing extensions). Highline Data was once again the first company to deliver annual insurance industry statutory financial data to the market with this year's expedited delivery of 2008 data.

Additional results of the Performance Monitor reveal other troubling signs for the insurance industry going into 2009, including declines in surplus of 11.3% for Property and Casualty insurers and 4.7% for Life insurers. Property and Casualty companies also experienced an increase in the Combined Ratio from 94% in 2007 to 102% in 2008. Life companies reported a Return on Equity of -0.3% in 2008, which was a decline from 12.8% in 2007.

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    Property & Casualty Insurance         Life Insurance
               Industry                      Industry

                  Year-over-Year                        Year-over-Year
                      Change                               Change
    Net Income        -67.7%     General Account Assets       3.2%
    Assets             -4.9%     Separate Account Assets    -28.1%
    Surplus           -11.3%     Surplus                     -4.7%
    Net Premiums
     Earned            -0.3%     Net Premiums                 2.4%
    Net Losses         13.4%     Net Investment Income       -4.3%
    LAE                -1.5%     Net Gain from Operations   -74.9%
    Combined Ratio    102.3%*    Net Unrealized
                                  Capital Losses   -$51.7 billion*

    *Refers to the 2008 figure, not a year-over-year percent change.

About Summit Business Media

Highline Data is a division of Summit Business Media. Summit Business Media strives to provide the highest-quality information for those in the insurance, financial, and professional services markets. Our information includes industry news, analysis, senior management perspectives, editorial opinion, market and consumer trends, regulatory and compliance, financial performance data, and how-to. Information is delivered via weekly, biweekly, and monthly print magazines; via electronic newsletters, daily blogs, and up-to-the-minute news websites; through live events, including trade shows, conferences, and classroom and web seminars; via book and electronic reference materials; and via financial, employee benefits, and marketing databases. Summit Business Media employs more than 400 people in 17 offices throughout the United States.

SOURCE Highline Data
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