Key financial data

2013
US$m
2012
US$m
2011
US$m
Gross premiums written 5,309 4,972 4,513
Net premiums written 4,052 3,834 3,835
Net premiums earned 3,948 3,604 3,835
Investment and other income 109 151 261
Total revenues 4,057 3,755 3,873
Net income before taxation 432 339 71
Net income to common stockholders 392 305 38
Return on equity1 13.4% 11.3% 1.3%
Return on net tangible assets2 17.0% 14.6% 1.7%
Total assets 14,594 14,041 12,959
Stockholders' equity 3,783 3,512 3,298
Loss ratio3 52.3% 56.0% 70.0%
Expense ratio4 33.3% 34.0% 32.6%
Combined ratio5 85.6% 90.0% 102.6%

  1. Calculated as net income/(loss) available to common stockholders divided by opening stockholders' equity (excluding preferred shares) adjusted for capital issued during year
  2. 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)
  3. Calculated as losses and loss expenses divided by net premiums earned
  4. 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
  5. Total of loss ratio plus expense ratio