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PRIVATE PASSENGER AUTO INSURANCE INDUSTRY UNDERWRITING EXPENSES, 2012 (1)

Expense	Percent of premiums
LOSSES AND RELATED EXPENSES (2)
Loss and loss adjustment expense (LAE) ratio	76.7%
Incurred losses	64.1
Defense and cost containment expenses incurred	2.8
Adjusting and other expenses incurred	9.9
OPERATING EXPENSES (3)
Expense ratio	24.8%
Net commissions and brokerage expenses incurred	8.3
Taxes, licenses and fees	2.3
Other acquisition and field supervision expenses incurred	8.6
General expenses incurred	5.6
DIVIDENDS TO POLICYHOLDERS (2)	0.5%
COMBINED RATIO AFTER DIVIDENDS (4)	102.0%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($165.8 billion in 2012). (3) As of percent of net premiums written ($167.8 billion in 2012). (4) Sum of loss and LAE, expense and dividends ratios. Source: SNL Financial LC.