General Insurance Financial Overview
Non-GAAP Reconciliations-
Accident Year Loss Ratio,
as adjusted, and Accident
Year Combined Ratio, as
adjusted
General Insurance
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Twelve Months
Quarterly
Ended
December 31,
General Insurance - North America
Quarterly
Twelve Months
Ended
December 31,
Loss ratio
2Q18 4Q20 4Q21
65.7 70.2 61.8
2020
2021
4Q20 4Q21
2020
2021
Loss ratio
88.9 70.3
84.6
74.0
71.0
64.2
Catastrophe losses and reinstatement premiums
Prior year development, net of reinsurance and prior
year premiums
(2.3)
(9.0)
(2.9)
(10.3)
(5.4)
0.8 (0.9) 0.3
Catastrophe losses and reinstatement premiums
Prior year development, net of reinsurance and
prior year premiums
(18.0) (5.6)
(16.7)
(9.5)
(2.2)
0.3
1.2
1.2
0.1
0.6
Adjustments for ceded premium under reinsurance
contracts and other
Adjustments for ceded premium under
1.2
reinsurance contracts and other
(0.1)
Accident year loss ratio, as adjusted
Acquisition ratio
General operating expense ratio
Expense ratio
Combined ratio
65.4
60.3 59.2
60.8
59.4
Accident year loss ratio, as adjusted
68.7
65.0
69.0
65.7
Acquisition ratio
15.6 15.5
16.7
16.1
21.1
19.8 19.2
20.4
19.6
General operating expense ratio
10.4
9.2
11.3
10.3
14.5
12.8 11.4
12.9
12.0
Expense ratio
26.0 24.7
28.0
26.4
35.6 32.6 30.6
33.3
31.6
Combined ratio
114.9 95.0
112.6
100.4
101.3 102.8
92.4
Accident year combined ratio, as adjusted
101.0 92.9 89.8
104.3
94.1
95.8
Accident year combined ratio, as adjusted
94.7 89.7
97.0
92.1
91.0
Twelve Months
Twelve Months
General Insurance - North America -
Commercial Lines
Quarterly
Ended
December 31,
General Insurance - North America -
Ended
Personal Insurance
Quarterly
December 31,
Loss ratio
Catastrophe losses and reinstatement premiums
Prior year development, net of reinsurance and prior
year premiums
(5.9)
2Q18 4Q20 4Q21
84.2 89.3 72.2
(17.4) (5.8)
2020
2021
4Q20 4Q21
2020
2021
85.4
79.4
Loss ratio
86.0 58.5
80.9
41.1
(16.7)
(9.7)
1.2
(1.4)
(0.1)
2.2
(3.0)
Adjustments for ceded premium under
Catastrophe losses and reinstatement premiums
Prior year development, net of reinsurance and
prior year premiums
(22.6)
(4.0)
(16.9) (9.0)
(8.0) 2.9
(4.0) 27.7
reinsurance contracts and other
4.9
Accident year loss ratio, as adjusted
55.4 57.4
60.0
59.8
Accident year loss ratio, as adjusted
84.4 70.5 66.3
70.9
66.7
Acquisition ratio
27.1 22.2
28.1
22.0
Acquisition ratio
12.2 14.0 14.4
14.3
15.2
General operating expense ratio
20.1 15.3
15.7
17.8
General operating expense ratio
Expense ratio
Combined ratio
12.7
9.1
8.2
10.3
9.1
Expense ratio
47.2 37.5
43.8
39.8
24.9 23.1 22.6
24.6
24.3
Combined ratio
133.2 96.0
124.7
80.9
Accident year combined ratio, as adjusted
109.3
109.1 112.4 94.8
93.6 88.9
110.0
95.5
103.7
91.0
Accident year combined ratio, as adjusted
102.6 94.9
103.8
99.6
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