General Insurance Financial Overview
General Insurance:
Successfully built a stable and
profitable underwriting
portfolio between 2018 and
2021
General Insurance Accident Year Combined Ratio, As Adjusted
(1,120) bps
101.0%
99.4% 98.8%
96.1% 96.1% 95.9% 95.8% 95.5% 94.9% 93.3% 92.9% 92.4% 91.1% 90.5% 89.8%
14.5%
14.1% 12.5%
12.5%
21.1%
21.7% 22.4%
21.8%
22.2%
12.6% 12.4% 12.8% 12.8% 13.4%
22.0% 21.4% 21.9% 20.0%
12.8% 12.8% 13.0% 12.1% 11.5% 11.4%
19.8% 19.8% 20.2%
19.1% 19.8% 19.2%
65.4%
63.6% 63.9% 61.8%
61.3%
61.5%
61.6% 60.8% 61.5% 60.7% 60.3% 59.2%
59.9% 59.2% 59.2%
☐
14 consecutive quarters and 1,120 basis points of
cumulative improvement in the General Insurance
AYCR, as adjusted between 2Q18 and 4Q21
■ Confident in updated guidance for sub-90% AYCR, as
adjusted for full year 2022 and reported 89.8% AYCR,
as adjusted in 4Q21 and 91.0% for full year 2021
■ Global Commercial Lines AYCR, as adjusted has
improved 1,820 basis points cumulatively between
2Q18 and 4Q21
■ GAAP Combined Ratio cumulative improvement of
1,560 basis points between 2018 and 2021, driven by
690 basis points reduction in CATS and PYD in
addition to 870 basis points improvement in AYCR,
as adjusted
2Q18 3Q18 4Q18 1Q19
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2Q19
3Q19
4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
General Insurance Combined Ratio
Global Commercial Insurance Accident Year Combined Ratio, As Adjusted
(1,560) bps
(1,820) bps
106.1%
111.4%
100.9%
100.4%
104.3%
10.5%
99.6%
94.8%
14.6%
12%
4.8%
10.3%
95.8%
13.6% 11.8%
14.0%
5.4%
12.6%
12.6%
12.9%
16.2%
12.0%
16.9% 17.9%
98.3% 97.4% 96.1% 94.8% 94.3%
91.8% 91.7% 90.4% 89.3% 88.9% 87.9%
12.4% 11.5% 12.3% 12.4% 12.5% 11.4% 11.2% 11.9% 10.6% 10.1% 10.0%
16.9%
17.6% 17.4% 16.6%
21.7%
18.3% 16.4% 16.1% 16.4%
21.8%
17.7% 16.7% 16.9% 16.0%
20.4%
19.6%
75.3%
70.4% 70.7%
64.0%
65.3% 68.3% 68.5% 67.2% 64.1% 65.4% 64.3% 64.1% 60.8% 62.0% 61.9% 61.9%
61.6%
60.8%
59.4%
-0.1%
-0.6%
-1.2%
2018
2019
2020
2021
2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
■AYLR, As Adj. Acq. Ratio GOE Ratio PYD Ratio ■CAT Ratio
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