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According to a report by AM Best, US non-life (P&C) insurers generated an underwriting profit of 35 billion USD in the first nine months of 2025, a sharp increase from the 3.7 billion USD reported at the end of September 2024.
Over the same period, the P&C combined ratio improved by four points to 94%.
Operating profit before tax climbed by 52% to 102.4 billion USD.
The sector’s performance was supported by lower natural disaster losses, particularly during the third quarter of 2025.