| OPERATING RESULTS FOR 2011 and 2010 |
($ Millions)
|
| FIRST HALF |
2011 |
2010 |
|
|
|
|
|
NET WRITTEN PREMIUMS
|
218,792
|
213,332
|
|
PERCENT CHANGE (%)
|
2.6
|
0.4
|
|
NET EARNED PREMIUMS
|
212,491
|
207,980
|
|
PERCENT CHANGE (%)
|
2.2
|
(1.5)
|
|
INCURRED LOSSES & LOSS ADJUSTMENT EXPENSES
|
174,154
|
152,503
|
|
PERCENT CHANGE (%)
|
14.2
|
(0.9)
|
|
STATUTORY UNDERWRITING GAINS (LOSSES)
|
(23,288)
|
(4,321)
|
|
POLICYHOLDERS’ DIVIDENDS
|
810
|
777
|
|
NET UNDERWRITING GAINS (LOSSES)
|
(24,098)
|
(5,098)
|
|
PRETAX OPERATING INCOME
|
1,280
|
19,320
|
|
NET INVESTMENT INCOME EARNED
|
24,819
|
23,744
|
|
NET REALIZED CAPITAL GAINS (LOSSES)
|
3,605
|
2,297
|
|
NET INVESTMENT GAINS
|
28,424
|
26,041
|
|
NET INCOME (LOSS) AFTER TAXES
|
4,758
|
16,778
|
|
PERCENT CHANGE (%)
|
(71.6)
|
181.3
|
|
SURPLUS (CONSOLIDATED)
|
559,058
|
532,811
|
|
LOSS & LOSS ADJUSTMENT EXPENSE RESERVES
|
574,977
|
559,189
|
|
COMBINED RATIO, POST-DIVIDENDS (%)
|
110.5
|
101.7
|
|
|
|
|
|
SECOND QUARTER
|
2011
|
2010
|
|
|
|
|
|
NET WRITTEN PREMIUMS
|
109,746
|
108,010
|
|
PERCENT CHANGE (%)
|
1.6
|
1.7
|
|
NET EARNED PREMIUMS
|
107,259
|
104,831
|
|
PERCENT CHANGE (%)
|
2.3
|
(0.8)
|
|
INCURRED LOSSES & LOSS ADJUSTMENT EXPENSES
|
95,404
|
77,655
|
|
PERCENT CHANGE (%)
|
22.9
|
3.3
|
|
STATUTORY UNDERWRITING GAINS (LOSSES)
|
(19,262)
|
(3,044)
|
|
POLICYHOLDERS’ DIVIDENDS
|
348
|
259
|
|
NET UNDERWRITING GAINS (LOSSES)
|
(19,610)
|
(3,303)
|
|
PRETAX OPERATING INCOME
|
(7,347)
|
8,990
|
|
NET INVESTMENT INCOME EARNED
|
12,222
|
12,067
|
|
NET REALIZED CAPITAL GAINS (LOSSES)
|
2,617
|
1,284
|
|
NET INVESTMENT GAINS
|
14,839
|
13,350
|
|
NET INCOME (LOSS) AFTER TAXES
|
(3,065)
|
7,759
|
|
PERCENT CHANGE (%)
|
NM*
|
8.0
|
|
SURPLUS (CONSOLIDATED)
|
559,058
|
532,811
|
|
LOSS & LOSS ADJUSTMENT EXPENSE RESERVES
|
574,977
|
559,189
|
|
COMBINED RATIO, POST-DIVIDENDS (%)
|
117.6
|
102.3
|
|
|