WASHINGTON—U.S. property/casualty reinsurers reported a 96.4% combined ratio for the first quarter of 2003, compared with 101.8% reported by a similar group for the comparable period a year ago, according to the Reinsurance Assn. of America.

The 96.4% combined ratio reported by the 29 reinsurers that participated in the Washington-based RAA’s survey reflects a 71.3% loss ratio and a 25.1% expense ratio.

Net premiums written by the 29 reinsurers totaled $8.53 billion for the first quarter, up 27.6% compared with the comparable group in the year-earlier period.

The 26 reinsurers in the survey that reported profits and surplus data posted $1.23 billion in first-quarter net income and $42.24 billion in policyholder surplus. Last year, the entire comparable group reported profits of $555.9 million and policyholder surplus of $23.69 billion.