Key financial data

2014
US$m
2013 
US$m
2012 
US$m
Gross premiums written 5,966 5,309 4,972
Net premiums written 4,345 4,052 3,834
Net premiums earned 4,160 3,948 3,604
       
Investment and other income 240 109 151
Total revenues 4,400 4,057 3,755
       
Net income before taxation 488 432 339
Net income to common stockholders 418 392 305
Return on equity1 13.1% 13.4% 11.3%
Return on net tangible assets2 16.3% 17.0% 14.6%
       
Total assets 15.347 14,594 14,041
Stockholders' equity 3,992 3,783 3,512
       
Loss ratio3 52.5% 52.3% 56.0%
Expense ratio4 34.3% 33.3% 34.0%
Combined ratio5 86.8% 85.6% 90.0%

  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 and most administrative 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