NU Online News Service, March 29, 2004, 4:49 p.m. EST – U.S. life and health insurers are reporting strong profits for the first 9 months of 2003.[@@]
The insurers’ total profits increased to $18.1 billion during that period, up from $3.3 billion during the first 9 months of 2002, according to Weiss Ratings Inc., Jupiter, Fla.
The stock market rebound helped. Although life and health insurers lost $4.2 billion on investments sold or written off during the first 3 quarters of 2003, that was down from $9.6 billion in investment losses “realized” during the comparable period in 2002.
Some life and health insurers improved results by rearranging their operations so that they could cut reserves, Weiss says.