If inflation behaves, the related interest saving to the Treasury is the effective equivalent of an underwriting profit.

Casualty insurers, in fact, haven't enjoyed an underwriting profit since 1978.

New Zealand improved on its excellent 1992 performance to produce an underwriting profit for the six months up from $5.4m to $6.2m.

New Zealand produced an outstanding performance and an excellent underwriting profit for the full year.

Ireland, on the other hand, again reported an improvement and produced a good underwriting profit for the year.

But it has still to make an underwriting profit on this account.

But competition has trimmed underwriting profits over the years, and the immediate prospects for richer margins are limited.

First Fidelity agreed to pay back $1.8 million in underwriting profits and interest to the municipalities involved.

The combined ratio, a major measure of profitability for insurance companies, indicated underwriting profit improved to 7 percent from 5.2 percent.

Sun Fire around 1800 had an investment income of £30,000 per annum compared with underwriting profits of £12,000.