... compiled full-year GAAP financial results for 48 property/casualty (P/C) (re)insurers that are publicly traded or report GAAP consolidated results. The group's aggregate operating earnings increased by 5.0% versus 2013 to $51.8 billion. However, operating return on equity for the group was essentially flat at 8.5% from 8.6% in 2013 as growth in shareholders' equity slightly outpaced operating earnings. Twenty-five of the 48 companies in the group reported a double-digit operating ROE in 2014. Operating results were particularly strong among the reinsurers and personal lines writers. Strong Underwriting Results Persist: The calendar-year combined ratio for the aggregate group remained flat in 2014 relative to the prior year, but the group maintained a strong underwriting gain. The combined ratio rose by less than 0.1 percentage points to 93.4%. Only six companies had a 2014 combined ratio above 100%. The 2014 accident-year loss ratio (excluding...
