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HOMEOWNERS INSURANCE INDUSTRY UNDERWRITING EXPENSES, 2013 (1)

Expense	Percent of premiums
LOSSES AND RELATED EXPENSES (2)
Loss and loss adjustment expense (LAE) ratio	59.6%
Incurred losses	50.5
Defense and cost containment expenses incurred	1.5
Adjusting and other expenses incurred	7.6
OPERATING EXPENSES (3)
Expense ratio	29.5%
Net commissions and brokerage expenses incurred	12.6
Taxes, licenses and fees	2.7
Other acquisition and field supervision expenses incurred	9.0
General expenses incurred	5.2
DIVIDENDS TO POLICYHOLDERS (2)	0.5%
COMBINED RATIO AFTER DIVIDENDS (4)	89.6%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($70.3 billion in 2013). (3) As a percent of net premiums written ($72.8 billion in 2013). (4) Sum of loss and LAE, expense and dividends ratios. Source: SNL Financial LC.