General Insurance Financial Overview
General Insurance: North
America NPW growth of 20%
and a 4.9 point improvement
in AYCR, as adjusted
($M)
FY'20
FY'21
Net premiums written
North America Net Premiums Written ($M)
$9,784
$11,733
Commercial Lines
8,635
Total NPW
10,226
Personal Insurance
+20%
1,149
1,507
Net premiums earned
$9,784
$1,149
$11,733
$1,507
Personal Insurance
$10,302
$10,989
+31%
8,516
9,451
1,786
1,538
($1,301)
($47)
$8,635
Commercial Lines
+18%
$10,226
(861)
(342)
(440)
295
Note: Impact of CATS, pre-tax
($1,737)
($1,047)
☐
NA Commercial Lines NPW grew 18% from FY'20 reflecting
strong rate improvement, higher renewal retentions and
strong new business volumes as well as reductions in
reinsurance cessions
NA Personal Insurance NPW grew 31% from FY'20 reflecting
growth in Travel and Warranty business driven by a rebound
in travel activity and consumer spending, as well as lower
reinsurance cessions
NA Commercial Lines AYCR, as adjusted, improved 4.5 points
to 91.0% reflecting changes in business mix along with strong
earned rate improvement in excess of loss trend, focused risk
selection and improved terms and conditions
NA Personal Insurance AYCR, as adjusted, improved 4.2
points to 99.6% reflecting changes in business mix, improved
PCG loss experience and a rebound in travel activity
supporting the expense leverage
Commercial Lines
Personal Insurance
Underwriting loss
Commercial Lines
Personal Insurance
Total
Calendar Year Combined Ratio
FY'20
FY'21
■Commercial Lines Personal Insurance
North America Combined Ratios
Commercial Lines
Calendar Year Combined Ratio
110.0%
Personal Insurance
Calendar Year Combined Ratio
124.7%
80.9%
103.7%
112.6%
100.4%
AYCR, as adjusted improved
-4.9 points
97.0%
95.5%
-4.5 points
AYCR, as adjusted improved
AYCR, as adjusted improved
103.8% -4.2 points 99.6%
15.7%
92.1%
91.0%
17.8%
CATS of $1.0B primarily related to Hurricane Ida and Texas
Winter Storm events vs. $1.7B in FY'20
11.3%
10.3%
10.3%
9.1%
14.3%
28.1%
16.7%
15.2%
22.0%
16.1%
Favorable PYD of $194M with favorable PYD of $429M in
Personal Insurance offset by unfavorable PYD of $235M in
Commercial Lines
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69.0%
70.9%
65.7%
66.7%
60.0%
59.8%
FY'20
FY'21
FY'20
FY'21
FY'20
FY'21
22
■AYLR, As Adj Acq. Ratio GOE RatioView entire presentation