US general insurers’ net profits have been overwhelmed by investment losses, according to a Fitch Ratings report.

It says the deterioration in economic conditions and investment markets last year far outweighed the more traditional competitive pressures.

The report, which evaluates the full-year performance of 49 insurers, shows flat or reduced premiums as well as poorer underwriting results due to weaker pricing and significantly higher catastrophe-related losses.

Investment losses saw most insurers report unfavorable returns or net losses.