COMPONENTS OF THE COMBINED RATIO, PROPERTY/CASUALTY INSURANCE, 2000-2009
Year Loss
ratio (1)
Expense
ratio (2)
Combined
ratio
Dividend to
policyholders (3)
Combined ratio
after dividends (4)
2000 67.8 27.9 108.7 1.4 110.1
2001 74.8 27.0 115.0 0.8 115.8
2002 68.0 25.7 106.7 0.6 107.3
2003 61.4 25.1 99.6 0.5 100.1
2004 59.8 25.4 98.0 0.4 98.5
2005 61.2 25.8 100.3 0.5 100.7
2006 53.1 26.4 91.6 0.8 92.4
2007 56.1 27.2 95.2 0.6 95.8
2008 65.6 27.5 104.9 0.5 105.4
2009 59.8 28.2 100.5 0.5 101.0

(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: SNL Financial LC.