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HOMEOWNERS INSURANCE INDUSTRY UNDERWRITING EXPENSES, 2012 (1)

Expense	Percent of premiums
LOSSES AND RELATED EXPENSES (2)
Loss and loss adjustment expense (LAE) ratio	72.8%
Incurred losses	62.6
Defense and cost containment expenses incurred	1.7
Adjusting and other expenses incurred	8.5
OPERATING EXPENSES (3)
Expense ratio	29.7%
Net commissions and brokerage expenses incurred	12.6
Taxes, licenses and fees	2.7
Other acquisition and field supervision expenses incurred	9.1
General expenses incurred	5.3
DIVIDENDS TO POLICYHOLDERS (2)	0.5%
COMBINED RATIO AFTER DIVIDENDS (4)	103.0%

(1) After reinsurance transactions.
(2) As a percent of net premiums earned ($65.7 billion in 2012).
(3) As of percent of net premiums written ($67.8 billion in 2012).
(4) Sum of loss and LAE, expense and dividends ratios.

Source: SNL Financial LC.