General Insurance Financial Overview
General Insurance: North
America NPW growth of 12%
and a 5.0 point improvement
in AYCR, as adjusted
($M)
4Q20
4Q21
Net premiums written
North America Net Premiums Written ($M)
$2,361
Commercial Lines
1,992
$2,642
2,208
Personal Insurance
Total NPW
369
434
+12%
$2,642
Net premiums earned
$2,603
$3,009
Commercial Lines
$2,361
$369
Personal Insurance
$434
+18%
2,289
2,585
Personal Insurance
314
424
Underwriting income (loss)
($389)
$152
Commercial Lines
Personal Insurance
$1,992
(285)
Commercial Lines
+11%
$2,208
135
(104)
17
($477)
($166)
NA Commercial Lines NPW grew 11% from 4Q20 reflecting
strong incremental rate improvement, higher renewal
retentions and high levels of new business production
NA Personal Insurance NPW grew 18% from 4Q20 reflecting a
rebound in travel activity and lower reinsurance cessions
NA Commercial Lines AYCR, as adjusted, improved 4.7 points
to 88.9% reflecting improved business mix along with strong
incremental earned rate improvement in excess of loss trend,
focused risk selection and improved terms and conditions
NA Personal Insurance AYCR, as adjusted, improved 7.7
points to 94.9% reflecting changes in business mix and a
rebound in travel activity generating operating leverage to
support expenses
CATS of $166M primarily related to tornadoes in the Southern
United States and wildfires vs. $477M in 4Q20
Note: Impact of CATS, pre-tax
Total
Calendar Year Combined Ratio
114.9%
4Q20
4Q21
■Commercial Lines Personal Insurance
North America Combined Ratios
Commercial Lines
Calendar Year Combined Ratio
112.4%
94.8%
Personal Insurance
Calendar Year Combined Ratio
133.2%
96.0%
95.0%
94.7%
AYCR, as adjusted improved
-5.0 points
93.6%
-4.7 points
AYCR, as adjusted improved
102.6%
-7.7 points
AYCR, as adjusted improved
94.9%
20.1%
88.9%
15.3%
Favorable PYD of $29M with favorable PYD of $16M in
Commercial Lines and favorable PYD of $13M in Personal
89.7%
9.1%
10.4%
8.2%
9.2%
14.0%
14.4%
27.1%
22.2%
15.6%
15.5%
Insurance
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68.7%
65.0%
70.5%
66.3%
55.4%
57.4%
4Q20
4Q21
4Q20
4Q21
4Q20
4Q21
■AYLR, As Adj Acq. Ratio GOE Ratio
12View entire presentation