COMPONENTS OF THE COMBINED RATIO, PROPERTY/CASUALTY INSURANCE, 1999-2008
Year Loss ratio (1) Expense ratio (2) Combined ratio  Dividends to policyholders (3) Combined ratio after dividends (4)
1999 78.5 27.9 106.4 1.2 107.6
2000 81.0 27.5 108.5 1.4 109.9
2001 88.1 26.6 114.7 0.8 115.5
2002 81.0 25.4 106.4 0.6 107.0
2003 74.7 24.9 99.6 0.5 100.1
2004 72.8 25.3 98.1 0.4 98.5
2005 74.5 25.7 100.2 0.5 100.7
2006 65.2 26.4 91.6 0.8 92.4
2007 68.0 27.1 95.1 0.6 95.7
2008 77.5 27.5 105.0 0.5 105.5

(1) Losses and loss adjustment expenses incurred as a percent of net premiums earned.
(2) Expenses incurred (before federal income taxes) as a percent of net premiums written.
(3) Dividends to policyholders as a percent of net premiums earned.
(4) Based on insurers' expense exhibit and are not strictly comparable with similar data shown elsewhere.

Source: National Association of Insurance Commissioners (NAIC) Annual Statement Database, via Highline Data, LLC. Copyrighted information. No portion of this work may be copied or redistributed without the express written permission of Highline Data, LLC.