The US P&C industry delivered an ROE of 9.1% in 1Q19, the highest since 1Q15. Direct premiums written advanced by a relatively solid 4.2% yoy, albeit slower than last year. The industry's underwriting result remained in the black. The current investment yield ticked up modestly yoy, though the improvement was offset by substantial realized capital losses, resulting in net investment gains being down moderately yoy. All in, aggregate net income improved vs the prior year, to USD 17.7 billion. Meanwhile, industry surplus climbed by 4.6% yoy to USD 796.6 billion, supported by substantial unrealized capital gains and much lower statutory dividends compared to 1Q18.