HOMEOWNERS MULTIPLE PERIL INSURANCE UNDERWRITING SNAPSHOT, 2011 (1)
Net premiums earned ($000) $62,575,078
Components of underwriting As a percent of net
premiums earned
     Incurred losses 80.8%
     Loss adjustment expenses 11.2
     Total loss and loss adjustment expenses 92.0%
     Commissions and brokerage expenses incurred 12.7
     Other underwriting expenses incurred 17.7
     Total underwriting expenses incurred 122.4%
     Dividends to policyholders  0.4
     Investment gains on funds attributable to
     insurance transactions and other income
2.9
Combined ratio after dividends  122.3
Overall operating ratio (2) 119.4

(1) After reinsurance transactions.
(2) Combined ratio after dividends, minus investment gains on funds attributable to insurance transactions and other income. Calculated by the Insurance Information Institute, based on SNL Financial data.

Source: SNL Financial LC.