NATGEN’S INCOME MORE THAN DOUBLES ON IMPROVED UNDERWRITING

US property/casualty and accident/health group National General Holdings saw second-quarter net earnings jump to $157.6m from $69.0m as underwriting income more than doubled in both operating segments. Operating income per share rose to $1.36 from 67¢ and beat analysts’ forecast of 76¢. The combined ratio in the property/casualty segment, which accounted for 85% of gross written premiums, improved by 9.2 points to 84.1%, as underwriting income rose to $137.5m from $60.5m. Gross written premiums grew 3.2% to $1.05bn. For the first half of the year, the New York-based group’s net income rose 64% to $250.5m. The combined ratio improved by 4.7 points to 87.3%, as underwriting income rose 65% to $223.9m. NatGen’s acquisition by Allstate, announced in early July, is expected to close in early 2021.