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Financial Guaranty Insurance, 2014-2023

($000)
Year Net premiums
written (1)		 Annual percent
change		 Combined
ratio (2)		 Annual point
change (3)
2014 $488,482 -31.2% 91.3 94.7 pts.
2015 418,792 -14.3 99.0 7.8
2016 364,531 -13.0 177.6 78.6
2017 420,844 15.4 318.7 141.1
2018 364,313 -13.4 130.5 -188.3
2019 391,160 7.4 181.6 51.1
2020 448,456 14.6 246.2 64.6
2021 372,543 -16.9 47.0 -199.2
2022 332,216 -10.8 105.1 58.1
2023 291,859 -12.1 275.9 170.8

(1) After reinsurance transactions, excludes state funds.                 
(2) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.                 
(3) Calculated from unrounded data.  

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Financial Guaranty Insurance, 2013-2022 (1)

($000)
Year Net premiums
written (2)		 Annual percent
change		 Combined
ratio (3)		 Annual point
change (4)
2013 $710,480 2.6% -3.4 -184.9 pts
2014 488,482 -31.2 91.3 94.7
2015 418,792 -14.3 99.0 7.8
2016 364,531 -13.0 177.6 78.6
2017 420,844 15.4 318.7 141.1
2018 364,313 -13.4 130.5 -188.3
2019 391,160 7.4 181.6 51.1
2020 448,456 14.6 246.2 64.6
2021 372,543 -16.9 47.0 -199.2
2022 332,216 -10.8 105.1 58.1

(1) Based on Insurance Expense Exhibit (IEE) data.  Financial Guaranty Insurance Co. did not file an IEE in 2012. Several companies in 2013 reduced loss reserves as a result of strains from the financial crisis, creating a negative combined ratio.                
(2) After reinsurance transactions, excludes state funds.                
(3) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.                
(4) Calculated from unrounded numbers.                
                
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Financial Guaranty Insurance, 2012-2021 (1)

($000)
Year Net premiums
written (2)		 Annual percent
change		 Combined
ratio (3)		 Annual point
change (4)
2012 $692,541 -28.5% 181.6 -37.4 pts.
2013 710,480 2.6 -3.4 -184.9
2014 488,482 -31.2 91.3 94.7
2015 418,792 -14.3 99.0 7.8
2016 364,531 -13.0 177.6 78.6
2017 420,844 15.4 318.7 141.1
2018 364,313 -13.4 130.5 -188.3
2019 391,160 7.4 181.6 51.1
2020 448,456 14.6 246.2 64.6
2021 372,543 -16.9 47.0 -199.2

(1) Based on Insurance Expense Exhibit (IEE) data.  Financial Guaranty Insurance Co. did not file an IEE in 2012. Several companies in 2013 reduced loss reserves as a result of strains from the financial crisis, creating a negative combined ratio.                
(2) After reinsurance transactions, excludes state funds.                
(3) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.                
(4) Calculated from unrounded numbers.                
                
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Financial Guaranty Insurance, 2011-2020 (1)

($000)
Year Net premiums
written (2)		 Annual percent
change		 Combined
ratio (3)		 Annual point
change (4)
2011 $968,898 -29.4% 219.0 -9.4 pts.
2012 692,541 -28.5 181.6 -37.4
2013 710,480 2.6 -3.4 -184.9
2014 488,482 -31.2 91.3 94.7
2015 418,792 -14.3 99.0 7.8
2016 364,531 -13.0 177.6 78.6
2017 420,844 15.4 318.7 141.1
2018 364,313 -13.4 130.5 -188.3
2019 391,160 7.4 181.6 51.1
2020 448,456 14.6 246.2 64.6

(1) Based on Insurance Expense Exhibit (IEE) data. Financial Guaranty Insurance Co. did not file an IEE in 2012. Several companies in 2013 reduced loss reserves as a result of strains from the financial crisis, creating a negative combined ratio.
(2) After reinsurance transactions, excludes state funds.
(3) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(4) Calculated from unrounded numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute

Financial Guaranty Insurance, 2010-2019 (1)

($000)
Year Net premiums written (2) Annual percent change Combined ratio (3) Annual point change (4)
2010 $1,371,908 -23.5% 228.4 127.8 pts.
2011 968,898 -29.4 219.0 -9.4
2012 692,541 -28.5 181.6 -37.4
2013 710,480 2.6 -3.4 -184.9
2014 488,482 -31.2 91.3 94.7
2015 418,792 -14.3 99.0 7.8
2016 364,531 -13.0 177.6 78.6
2017 420,844 15.4 318.7 141.1
2018 364,313 -13.4 130.5 -188.3
2019 391,160 7.4 181.6 51.1

(1) Based on Insurance Expense Exhibit (IEE) data. Financial Guaranty Insurance Co. did not file an IEE in 2012. Several companies in 2013 reduced loss reserves as a result of strains from the financial crisis, creating a negative combined ratio.
(2) After reinsurance transactions, excludes state funds.
(3) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(4) Calculated from unrounded numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Financial Guaranty Insurance, 2009-2018 (1)

($000)
Year Net premiums written (2) Annual percent change Combined ratio (3) Annual point change (4)
2009 $1,793,410 -43.5% 100.6 -320.7 pts.
2010 1,371,908 -23.5 228.4 127.8
2011 968,898 -29.4 219.0 -9.4
2012 692,541 -28.5 181.6 -37.4
2013 710,480 2.6 -3.4 -184.9
2014 488,482 -31.2 91.3 94.7
2015 418,792 -14.3 99.0 7.8
2016 364,531 -13.0 177.6 78.6
2017 420,844 15.4 318.7 141.1
2018 364,313 -13.4 130.5 -188.3

(1) Based on Insurance Expense Exhibit (IEE) data. Financial Guaranty Insurance Co. did not file an IEE in 2012. Several companies in 2013 reduced loss reserves as a result of strains from the financial crisis, creating a negative combined ratio.
(2) After reinsurance transactions, excludes state funds.
(3) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(4) Calculated from unrounded numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Financial Guaranty Insurance, 2008-2017 (1)

($000)
Year Net premiums written (2) Annual percent change Combined ratio (3) Annual point change (4)
2008 $3,171,560 4.4% 421.4 268.9 pts.
2009 1,793,410 -43.5 100.6 -320.7
2010 1,371,908 -23.5 228.4 127.8
2011 968,898 -29.4 219.0 -9.4
2012 692,541 -28.5 181.6 -37.4
2013 710,480 2.6 -3.4 -184.9
2014 488,482 -31.2 91.3 94.7
2015 418,792 -14.3 99.0 7.8
2016 364,531 -13.0 177.6 78.6
2017 420,844 15.4 318.7 141.1

(1) Based on Insurance Expense Exhibit (IEE) data. Financial Guaranty Insurance Co. did not file an IEE in 2012. Several companies in 2013 reduced loss reserves as a result of strains from the financial crisis, creating a negative combined ratio.
(2) After reinsurance transactions, excludes state funds.
(3) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(4) Calculated from unrounded data.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Financial Guaranty Insurance, 2007-2016 (1)

($000)
Year Net premiums written (2) Annual percent change Combined ratio (3) Annual point change (4)
2007 $3,038,889 40.5% 152.4 104.8 pts.
2008 3,171,560 4.4 421.4 268.9
2009 1,793,410 -43.5 100.6 -320.7
2010 1,371,908 -23.5 228.4 127.8
2011 968,898 -29.4 219.0 -9.4
2012 692,541 -28.5 181.6 -37.4
2013 710,480 2.6 -3.4 -184.9
2014 488,482 -31.2 91.3 94.7
2015 418,792 -14.3 99.0 7.8
2016 364,531 -13.0 177.6 78.6

(1) Based on Insurance Expense Exhibit (IEE) data. Financial Guaranty Insurance Co. did not file an IEE in 2012. Several companies in 2013 reduced loss reserves as a result of strains from the financial crisis, creating a negative combined ratio.
(2) After reinsurance transactions, excludes state funds.
(3) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(4) Calculated from unrounded numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Financial Guaranty Insurance, 2006-2015 (1)

($000)
Year Net premiums written (2) Annual percent change Combined ratio (3) Annual point change (4)
2006 $2,163,324 7.4% 47.7 17.8 pts.
2007 3,038,889 40.5 152.4 104.8
2008 3,171,560 4.4 421.4 268.9
2009 1,793,410 -43.5 100.6 -320.7
2010 1,371,908 -23.5 228.4 127.8
2011 968,898 -29.4 219.0 -9.4
2012 692,541 -28.5 181.6 -37.4
2013 710,480 2.6 -3.4 -184.9
2014 488,482 -31.2 91.3 94.7
2015 418,792 -14.3 99.0 7.8

(1) Based on Insurance Expense Exhibit (IEE) data. Ambac did not file an IEE in 2006; Financial Guaranty Insurance Co. did not file an IEE in 2012. Several companies in 2013 reduced loss reserves as a result of strains from the financial crisis, creating a negative combined ratio.
(2) After reinsurance transactions, excludes state funds.
(3) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(4) Calculated from unrounded numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

FINANCIAL GUARANTY INSURANCE, 2005-2014 (1)

($000)
Year Net premiums written (2) Annual percent change Combined ratio (3) Annual point change (4)
2005 $2,014,467 -5.6% 29.8 -14.5 pts.
2006 2,163,324 7.4 47.7 17.8
2007 3,038,889 40.5 152.4 104.8
2008 3,171,560 4.4 421.4 268.9
2009 1,793,410 -43.5 100.6 -320.7
2010 1,371,908 -23.5 228.4 127.8
2011 968,898 -29.4 219.0 -9.4
2012 692,541 -28.5 181.6 -37.4
2013 710,480 2.6 -3.4 -184.9
2014 488,482 -31.2 91.3 94.7

(1) Based on Insurance Expense Exhibit (IEE) data. Ambac did not file an IEE from 2005 to 2006; Financial Guaranty Insurance Co. did not file an IEE in 2012. Several companies in 2013 reduced loss reserves as a result of strains from the financial crisis, creating a negative combined ratio.
(2) After reinsurance transactions, excludes state funds.
(3) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(4) Calculated from unrounded numbers.

Source: SNL Financial LC.

FINANCIAL GUARANTY INSURANCE, 2004-2013 (1)

($000)
Year Net premiums written (2) Annual percent change Combined ratio (3) Annual point change (4)
2004 $2,133,599 -14.9% 44.3 14.9 pts.
2005 2,014,467 -5.6 29.8 -14.5
2006 2,163,324 7.4 47.7 17.8
2007 3,038,889 40.5 152.4 104.8
2008 3,171,560 4.4 421.4 268.9
2009 1,793,410 -43.5 100.6 -320.7
2010 1,371,908 -23.5 228.4 127.8
2011 968,898 -29.4 219.0 -9.4
2012 692,541 -28.5 181.6 -37.4
2013 710,480 2.6 -3.4 -184.9

(1) Based on insurance expense exhibit (IEE) data. Ambac did not file an IEE from 2004 to 2006; Financial Guaranty Insurance Co. did not file an IEE in 2012. Several companies in 2013 reduced loss reserves as a result of strains from the financial crisis, creating a negative combined ratio.
(2) After reinsurance transactions, excludes state funds.
(3) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(4) Calculated from unrounded data.

Source: SNL Financial LC.