section defines and reconciles measures presented in this release that are not based on U.S. Generally Accepted Accounting Principles. company's safe harbor statement. Insurance Operations Highlights 12% growth in first-quarter net written premiums, reflecting price increases and premium growth initiatives. $220 million first-quarter 2021 property casualty new business written premiums, up 2%. Agencies appointed since the beginning of 2020 contributed $11 million or 5% of total new business written premiums. $10 million first-quarter 2021 life insurance subsidiary net income, up $23 million from the first quarter of 2020, and 9% growth in first-quarter 2021 term life insurance earned premiums. Investment and Balance Sheet Highlights 5% or $9 million increase in first-quarter 2021 pretax investment income, including a 9% increase for stock portfolio dividends and a 5% increase for bond interest income.