US commercial property insurer FM Global has reported a net profit of $US956.4 million ($1.2 billion) for last year, down 6.2% on 2013.

The drop is partly attributed to the strong US dollar.

The mutual insurer will provide a membership credit of $US465 million ($595 million) to eligible policyholders.

By the end of June, FM Global will have provided almost $US2.5 billion ($3.2 billion) in total membership credits since 2001.

The group had a client retention rate of 95% last year.

Net premium earned increased 2% to $US3.6 billion ($4.6 billion) and the policyholder surplus gained 9.5% to $US10.6 billion ($13.6 billion).

The combined operating ratio was 79.4%, compared with 77.7% in 2013.

CEO Thomas Lawson says the results reflect “the strength of our business model as a mutual insurer”, and he has praised “our long-term trusted client partnerships and our employees’ single-minded commitment to our policyholder-owners”.