Alleghany 2021 Full Year Performance Highlights
Investments Are a Significant Part of Our Earnings Power
Other Invested
Assets
3%
Commercial
Mortgage
Loans
2%
Cash &
Short-term
9%
Portfolio Allocation
Equity
Securities
16%
Debt
Securities
70%
Avg. Credit
2.60x
Quality of
Debt
Securities:
AA-
Investment Leverage(1)
2.42x
2.41x
2.36x
2.31x
T
2.49x
2.40x
2.29X
T
5.3%
Total: $22.8 billion
2014 2015 2016 2017 2018 2019 2020 2021
Investment Results Pre-Tax
7.1%
9.3%
2.5%
2.5%
1.0%
2.6%
2.5%
2.8%
3.2%
3.5%
3.5%
2.7%
2.5%
0.1%
2014
2015
2016
2017
Financial statement return on average invested assets
2018
2019
2.8%
2020
2021
Investment book yield
(1) Investment leverage is cash and investments / shareholders' equity.
(2)
Includes net investment income, net realized gains (losses), changes in allowance for credit losses on available for sale securities, change in fair value of equities and change in net unrealized
gains (losses) on debt securities.
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