Net income down 6.2%, premiums up 2% at FM Global

Factory Mutual Insurance Company (FM Global) announced Friday its net income for 2014 dropped 6.2% to $956.4 million, from $1.02 billion in 2013, while net premiums earned increased 2% to $3.6 billion. All figures are in United States dollars.

The Johnston, Rhode Island-based commercial insurer said its combined ratio in 2014 was 79.4%, up 1.7 points from 77.7% in 2013.

FM Global’s operations include its 108,000-square-foot fire technology laboratory (pictured), which is designed to replicate warehouse fires.

FM Global’s affiliates include:

•FM Global Cargo;

•Mutual Boiler Re, which covers boiler and machinery as well as equipment breakdown reinsurance;

•Affiliated FM, which provides commercial property insurance for the mid-market segment;

•FM Approval, which certifies industrial and commercial products; and

•TSB Loss Control consultants, which provides emergency services training.