...Operating Returns Drop Slightly: Fitch Ratings compiled midyear GAAP financial results for 45 property/casualty (P/C) (re)insurers that are publicly traded or report GAAP consolidated results. The group's aggregate operating earnings remain essentially unchanged from the prior midyear at $25.5 billion. Growth in operating earnings was slightly outpaced by shareholders' equity growth, driving a slight decline in operating return on equity to 8.1%. Only one-third of the companies in the group reported a double-digit operating ROE at first-half 2015. Underwriting Results Remain Strong: Underwriting performance remains favorable as the group calendar-year combined ratio equaled the prior-year measure of 94.2%. Only two companies had a first-half 2015 combined ratio above 100%. The aggregate midyear 2015 accident-year loss ratio (excluding catastrophe losses) deteriorated by 0.8 points and will likely rise further as the year progresses. Reserve Development Remains Favorable: Prior-period loss...
