General Insurance Financial Overview
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General Insurance: Strong
International Commercial
Lines NPW growth of 17%
along with 3.4 points of
Commercial Lines AYCR, as
adjusted improvement
International Commercial Lines NPW grew 17% (13% on a
constant dollar basis) compared to FY'20, reflecting strong
rate improvement, higher renewal retentions and strong new
business production
International Personal Insurance NPW decreased 3% (4%
on a constant dollar basis) compared to FY'20, reflecting
underwriting actions taken to improve our portfolio mix and
to maintain rate adequacy, partially offset by a rebound in
travel activity
International Commercial Lines AYCR, as adjusted,
improved 3.4 points primarily from expense discipline
supported by enhanced risk selection and changes in
business mix
International Personal Insurance AYCR, as adjusted,
improved 0.1 points due expense discipline, offset by lower
COVID-19 frequency related benefits in FY'21, as compared to
FY'20
($M)
Net premiums written
International Net Premiums Written ($M)
Total NPW
+7%
+5% (Ex. FX)
$14,157
FY'20
FY'21
$13,175
$14,157
Commercial Lines
6,874
8,030
$13,175
Personal Insurance
6,301
6,127
Net premiums earned
$13,360
$14,068
$6,301
Commercial Lines
6,927
7,746
Personal Insurance
6,433
6,322
Underwriting income
$277
$1,102
(27)
549
$6,874
304
553
($691)
($310)
Commercial Lines
Personal Insurance
Note: Impact of CATS, pre-tax
Commercial Lines
+17%
+13% (Ex. FX)
$6,127
$8,030
FY'20
FY'21
■Commercial Lines Personal Insurance
International Combined Ratios
Total
Calendar Year Combined Ratio
97.9%
92.1%
Commercial Lines
Calendar Year Combined Ratio
100.4%
92.8%
Personal Insurance
Calendar Year Combined Ratio
95.3%
91.2%
AYCR, as adjusted improved
-2.0 points
91.9%
14.2%
89.9%
90.1%
-3.4 points
AYCR, as adjusted improved
93.9%
93.8%
86.7%
14.8%
14.3%
13.3%
13.8%
12.5%
■
CATS of $310M primarily related to Europe/UK floods,
Hurricane Ida, South Africa civil unrest, Japan Winter Weather
and NA Winter Storms vs. $691M in FY'20
23.2%
22.2%
19.8%
18.7%
26.8%
26.5%
Favorable PYD of $7M with $227M favorable PYD in Personal
Insurance offset by $220M unfavorable PYD in Commercial
Lines
54.5%
54.4%
56.5%
55.5%
52.3%
53.0%
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FY'20
FY'21
FY'20
FY'21
FY'20
FY'21
23
■AYLR, As Adj Acq. Ratio GOE RatioView entire presentation