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PRIVATE PASSENGER AUTO INSURANCE INDUSTRY UNDERWRITING EXPENSES, 2014 (1)

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Expense	Percent of premiums
LOSSES AND RELATED EXPENSES (2)
Loss and loss adjustment expense (LAE) ratio	77.4%
Incurred losses	65.0
Defense and cost containment expenses incurred	2.8
Adjusting and other expenses incurred	9.6
OPERATING EXPENSES (3)
Expense ratio	24.5%
Net commissions and brokerage expenses incurred	8.9
Taxes, licenses and fees	2.2
Other acquisition and field supervision expenses incurred	8.1
General expenses incurred	5.3
DIVIDENDS TO POLICYHOLDERS (2)	0.5%
COMBINED RATIO AFTER DIVIDENDS (4)	102.4%

(1) After reinsurance transactions. (2) As a percent of net premiums earned ($180.6 billion in 2014). (3) As a percent of net premiums written ($183.4 billion in 2014). (4) Sum of loss and LAE, expense and dividends ratios. Source: SNL Financial LC.