JOHNSTON, R.I.–Factory Mutual Insurance Co. reported profits of $666 million in 2003, a 173.0% increase over 2002.

The Johnston, R.I.-based insurer, which does business as FM Global, reported in-force premiums of $3.9 billion, an 18.8% increase over 2002. FM Global reported a combined ratio of 66.4% last year.

“2003 can only be described as remarkable for FM Global, considering that we were following the best year we had in our history,” said Shivan Subramaniam, FM Global chairman and chief executive officer.

Last October, FM Global announced a $325 million credit to policyholders because of its better-than-expected results over the past few years (BI, Oct. 20, 2003).