OLDWICK, N.J.--(BUSINESS WIRE)--Improved underwriting results and higher net investment income combined to produce a 12.9% increase in pre-tax operating income for the U.S. property/casualty industry in the first quarter of 2015 over the prior-year first quarter. Higher realized capital gains and lower income taxes contributed to a USD 5.3 billion increase in the industry’s net income, to USD 18.2 billion for the quarter. However, surplus was flat, with the improvement in net income offset by u