Alleghany 2021 Full Year Performance Highlights
BVPS Growth Over the Cycles
Book Value Per Share Growth
9.4%
10.0%
9.0%
8.3%
8.0%
7.0%
7.5%
6.5%
6.0%
5.0%
4.0%
1-YR
CAGR
3-YR
CAGR
5-YR
CAGR
10-YR
CAGR
$800
$700
$600
$500
$400
$300
Historical Book Value Per Share
8.3% BVPS CAGR since 1999 (1)
$675.58
$200
$100
$-
1999
2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
2021
ā
Commentary
Book value per share growth (including
dividends) since 1999: 8.3% per year.
Growth driven by a combination of
underwriting and investment returns, and
more recently earnings from Alleghany
Capital, partially offset by financial crisis in
2008, significant catastrophe losses,
particularly since 2016 and the Pandemic (2) in
2020.
Since of end 2016, book value per share plus
dividends has grown at a slower rate (about
6.5%).
Slower rate of growth mostly due to
elevated natural catastrophe and
Pandemic loss activity.
Since 2016, pre-tax losses of almost $3.0
billion from natural catastrophes and
over $400 million related to the
Pandemic, mostly in 2020.
(1) Includes special dividends of $10.00 per share and $15.00 per share paid in 2018 and 2020, respectively, and assumes proceeds are reinvested in Alleghany book value.
(2) The COVID-19 global pandemic is referred to herein as the "Pandemic."
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