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HOMEOWNERS INSURANCE INDUSTRY UNDERWRITING EXPENSES, 2014 (1)

Expense	Percent of premiums
LOSSES AND RELATED EXPENSES (2)
Loss and loss adjustment expense (LAE) ratio	62.1%
Incurred losses	53.0
Defense and cost containment expenses incurred	1.6
Adjusting and other expenses incurred	7.4
OPERATING EXPENSES (3)
Expense ratio	29.0%
Net commissions and brokerage expenses incurred	12.7
Taxes, licenses and fees	2.6
Other acquisition and field supervision expenses incurred	8.5
General expenses incurred	5.2
DIVIDENDS TO POLICYHOLDERS (2)	0.5%
COMBINED RATIO AFTER DIVIDENDS (4)	91.6%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($75.3 billion in 2014). (3) As a percent of net premiums written ($77.9 billion in 2014). (4) Sum of loss and LAE, expense and dividends ratios. Source: SNL Financial LC.