General Insurance Financial Overview
General Insurance: Strong
International Commercial
Lines NPW growth of 15% and
a 2.5 point improvement in
Commercial Lines AYCR, as
adjusted
($M)
Net premiums written
International Commercial Lines NPW grew 15% (16% on a
constant dollar basis) compared to 4Q20, reflecting strong
incremental rate improvement, higher renewal retentions and
strong new business production
International Personal Insurance NPW decreased 9% (5% on
a constant dollar basis) compared to 4Q20, reflecting
underwriting actions taken to improve the portfolio mix and to
maintain rate adequacy, partially offset by growth in Personal
Accident and Health, and Travel due to a rebound in travel
activity
International Commercial Lines AYCR, as adjusted,
improved 2.5 points primarily from expense discipline,
enhanced risk selection, and changes in business mix
4Q20
4Q21
International Net Premiums Written ($M)
$3,204
$3,319
Commercial Lines
1,662
1,915
Personal Insurance
$3,204
Total NPW
1,542
1,404
Net premiums earned
+4%
+6% (Ex. FX)
$3,319
$3,390
$3,544
Commercial Lines
$1,404
$1,542
1,771
2,004
Personal Insurance
1,619
1,540
Underwriting income
$218
$347
Commercial Lines
138
239
$1,662
Personal Insurance
80
108
Commercial Lines
+15%
+16% (Ex. FX)
$1,915
Note: Impact of CATS, pre-tax
($68)
($23)
4Q20
4Q21
■Commercial Lines Personal Insurance
Total
Calendar Year Combined Ratio
93.6%
90.1%
International Combined Ratios
Commercial Lines
Calendar Year Combined Ratio
92.1%
88.1%
Personal Insurance
Calendar Year Combined Ratio
95.0%
93.0%
AYCR, as adjusted improved
-1.8 points
-2.5 points
AYCR, as adjusted improved
94.1%
94.1%
International Personal Insurance AYCR, as adjusted, was
flat; benefiting from lower operating expenses, offset by higher
acquisition costs
91.7%
89.9%
89.2%
86.7%
15.4%
14.5%
14.7%
13.3%
13.9%
12.5%
CATS of $23M primarily related to multi-state tornadoes; vs.
$68M in 4Q20
23.0%
22.3%
19.4%
18.0%
26.9%
27.9%
Favorable PYD of $15M with $16M favorable PYD in Personal
Insurance offset by $1M unfavorable PYD in Commercial Lines
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54.0%
54.3%
55.9%
56.2%
51.8%
51.7%
4Q20
4Q21
4Q20
4Q21
4Q20
4Q21
■AYLR, As Adj Acq. Ratio GOE Ratio
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