The US P&C industry's RoE more than doubled in 9M18 compared to the prior year, to 8.3% (annualized), the best performance since the same period in 2015. Aggregate net income surged to USD 48.8 billion, from USD 20.5 billion in 9M17. Aided by a more average cat loss burden, premium growth outpaced loss and expense growth. Additionally, net investment gains were up by around USD 2.3 billion yoy, and a large transaction that led to a USD 5.6 billion loss reported in "other income" last year was not repeated. Meanwhile, surplus growth was more moderate, as the boost from net income was partly offset by a more than a 50% jump in statutory dividends. Looking ahead, the solid 9M performance will likely be at least somewhat dented by 4Q19 results, including an impact from both record 4Q cat losses and a challenging investment landscape.