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HOMEOWNERS INSURANCE INDUSTRY UNDERWRITING EXPENSES, 2012 (1)
Expense Percent of premiums
LOSSES AND RELATED EXPENSES (2)  
Loss and loss adjustment expense (LAE) ratio 72.8%
    Incurred losses 62.6
    Defense and cost containment expenses incurred 1.7
    Adjusting and other expenses incurred 8.5
OPERATING EXPENSES (3)  
Expense ratio 29.7%
    Net commissions and brokerage expenses incurred 12.6
    Taxes, licenses and fees 2.7
    Other acquisition and field supervision expenses incurred 9.1
    General expenses incurred 5.3
DIVIDENDS TO POLICYHOLDERS (2) 0.5%
COMBINED RATIO AFTER DIVIDENDS (4) 103.0%

(1) After reinsurance transactions.
(2) As a percent of net premiums earned ($65.7 billion in 2012).
(3) As of percent of net premiums written ($67.8 billion in 2012).
(4) Sum of loss and LAE, expense and dividends ratios.

Source: SNL Financial LC.