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Peer Comparison for Leading U.S. Non-Life Insurers, Based on Bottom-Line and Investment Return May 2013

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Peer Comparison for Leading U.S. Non-Life Insurers, Based on Bottom-Line and Investment Return Loss Ratio & Expense Ratio – 2012

EBIT Margin (%) 30%

120% 100% 80%

21.0%

28.2%

74.6%

65.7%

31.7%

28.4%

26.4%

73.5%

69.1%

32.2%

60% 40%

20% 11.1%

10%

20%

63.6%

64.9%

0%

5.5%

4.8%

4.2%

0% Progressive

Ace Limited

Chubb

Loss Ratio

Hartford Financial Services

Allstate Corporation

Travelers

-10% 2009

2010 Allstate

Expense Ratio

Return on Average Equity (%) 7%

20%

6%

Progressive

10% 5.2%

Hartford

6.0% 4.5%

5%

11.9% 5.8%

2012

Peer comparison – Investment Yield (2012)

30%

0%

2011

4%

4.5%

4.0%

3.9%

3.9%

3%

4.2%

2% -10% 2009 Allstate Travelers

2010

2011 Progressive Ace

2012 Hartford Chubb

1% 0% Hartford

Ace

Progressive Travelers

Allstate

Chubb

Source: Research Databases, Company filings,, Earnings Call report, Annual Report, Company Website, Bloomberg

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Report Concludes Here

Š 2013 Sutherland Global Services Inc., All rights reserved. Privileged and confidential information of Sutherland Global Services Inc.

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Peer comparison for leading u s non life insurers, based on bottom line and investment return