2007 brings mixed results for insurance industry

Life and health insurers had a strong first three quarters of 2007, and property and casualty insurers are continuing to hold on, even as profits are dropping, according to SNL Financial’s statutory insurance data.

The life insurance industry earned $28 billion during the first nine months of 2007, up $3 billion from a year ago, and the health insurance industry’s earnings came in at $9.3 billion, up from $9.1 billion a year ago.

Property and casualty insurance industries earned $48.9 billion during the first three quarters of 2007, down from $49.5 billion from the same year-ago period but still on pace to achieve a net underwriting profit for the third time in the last seven years.

Statutory insurance data consists of detailed financial and operating data filed quarterly for more than 5,000 public and private insurance companies.