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PRIVATE PASSENGER AUTO INSURANCE INDUSTRY UNDERWRITING EXPENSES, 2013 (1)

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Expense	Percent of premiums
LOSSES AND RELATED EXPENSES (2)
Loss and loss adjustment expense (LAE) ratio	76.1%
Incurred losses	63.5
Defense and cost containment expenses incurred	2.8
Adjusting and other expenses incurred	9.8
OPERATING EXPENSES (3)
Expense ratio	25.0%
Net commissions and brokerage expenses incurred	8.2
Taxes, licenses and fees	2.3
Other acquisition and field supervision expenses incurred	8.8
General expenses incurred	5.8
DIVIDENDS TO POLICYHOLDERS (2)	0.6%
COMBINED RATIO AFTER DIVIDENDS (4)	101.7%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($172.5 billion in 2013). (3) As a percent of net premiums written ($174.9 billion in 2013). (4) Sum of loss and LAE, expense and dividends ratios. Source: SNL Financial LC.