Key financial data

	2012 US$m	2011 US$m	2010 US$m
Gross premiums written	4,972	4,513	4,069
Net premiums written	3,834	3,835	3,318
Net premiums earned	3,604	3,612	3,219

Investment and other income	151	261	205
Total revenues	3,755	3,873	3,414

Income before taxation	339	71	406
Net income to common stockholders	305	38	337
Return on equity¹	11.3%	1.3%	12.5%
Return on net tangible assets²	14.6%	1.7%	16.3%

Total assets	14,041	12,959	12,082
Stockholders' equity	3,512	3,298	3,448

Loss ratio³	56.0%	70.0%	57.5%
Expense ratio⁴	34.0%	32.6%	32.3%
Combined ratio⁵	90.0%	102.6%	89.8%

Calculated as net income/(loss) available to common stockholders divided by opening stockholders' equity (excluding preferred shares) adjusted for capital issued during year
Calculated as net income/(loss) available to common stockholders divided by net tangible assets (opening stockholders' equity excluding preferred shares adjusted for capital issued during the year less intangible assets and associated deferred tax)
Calculated as losses and loss expenses divided by net premiums earned
Calculated as the total of policy acquisition costs, most administrative expenses and other expenses divided by net premiums earned; financing expenses and restructuring costs, profit-related bonus, employee share option schemes and certain Group corporate costs are not included in the calculation
Total of loss ratio plus expense ratio

Quick Finder