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PROPERTY/CASUALTY INSURANCE INDUSTRY UNDERWRITING EXPENSES, 2013 (1)

Expense	Percent of premiums
LOSSES AND RELATED EXPENSES (2)
Loss and loss adjustment expense (LAE) ratio	67.4%
Incurred losses	55.5
Defense and cost containment expenses incurred	4.6
Adjusting and other expenses incurred	7.3
UNDERWRITING EXPENSES (3)
Expense ratio	28.3%
Net commissions and brokerage expenses incurred	10.5
Taxes, licenses and fees	2.6
Other acquisition and field supervision expenses incurred	8.0
General expenses incurred	7.2
DIVIDENDS TO POLICYHOLDERS (2)	0.6%
COMBINED RATIO AFTER DIVIDENDS (4)	96.3%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($471.6 billion in 2013). (3) As of percent of net premiums written ($481.2 billion in 2013). (4) Sum of loss and LAE, expense and dividends ratios. Source: SNL Financial LC.