天美传媒

PROPERTY/CASUALTY INSURANCE INDUSTRY UNDERWRITING EXPENSES, 2014 (1)

Expense	Percent of premiums
LOSSES AND RELATED EXPENSES (2)
Loss and loss adjustment expense (LAE) ratio	69.0%
Incurred losses	57.2
Defense and cost containment expenses incurred	4.4
Adjusting and other expenses incurred	7.4
UNDERWRITING EXPENSES (3)
Expense ratio	27.7%
Net commissions and brokerage expenses incurred	10.7
Taxes, licenses and fees	2.5
Other acquisition and field supervision expenses incurred	7.6
General expenses incurred	6.9
DIVIDENDS TO POLICYHOLDERS (2)	0.6%
COMBINED RATIO AFTER DIVIDENDS (4)	97.2%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($493.3 billion in 2014). (3) As a percent of net premium written ($502.6 billion in 2014). (4) Sum of loss and LAE, expense and dividends ratios. Source: SNL Financial LC.