Financial Statements
Statutory Combined Ratio
Our 2004 calendar year combined ratio has continued to improve this past year by 15.2% and stands at 108.9%.The Claims Department’s ongoing efforts to exert intelligent control over the litigation process have had a positive impact, as reflected in the loss and Loss Adjustment Expenses (LAE) ratio of 92.9%, a 13% improvement over year-end 2003.
Improvement in the underwriting expense ratio from 17.8% to 16% was the result of an overall company achievement in implementing more stringent expense control.