AXIS Capital Holdings Limited
Historical and Realigned Segment Results
For the years ended December 31, 2017, 2016, and 2015
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| | | AXIS Capital Holdings Limited | | | |
| | | 92 Pitts Bay Road | | | |
| | | Pembroke HM 08 Bermuda | | | |
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| | | Contact Information: | | | |
| | | Linda Ventresca | | | |
| | | Investor Relations | | | |
| | | 441 405 2727 | | | |
| | | investorrelations@axiscapital.com | | | |
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| | | Website Information: | | | |
| | | www.axiscapital.com | | | |
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| | This report is for informational purposes only. It should be read in conjunction with the documents that we file with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934. |
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AXIS Capital Holdings Limited
FINANCIAL SUPPLEMENT TABLE OF CONTENTS
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| I. Segment Data - Quarterly and Year | | |
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AXIS Capital Holdings Limited
BASIS OF PRESENTATION
AXIS Capital Holdings Limited's ("AXIS Capital" or the "Company") underwriting operations are organized around its global underwriting platforms, AXIS Insurance and AXIS Re. The Company has determined that it has two reportable segments; Insurance and Reinsurance.
On January 23, 2018, AXIS Capital announced plans to realign its Accident & Health business by integrating this business and its operations into the Company's Insurance and Reinsurance operations. Through this realignment, the Company's Accident & Health business is expected to benefit from the greater scale and market presence of the Company's Property and Casualty insurance and reinsurance businesses and operations.
The realignment of the Company's Accident & Health business into the Company's Insurance and Reinsurance segments took place in the first quarter of 2018. Financial results relating to this business were previously included wholly in the results of the Insurance segment of the Company. As a result of the realignment, effective January 1, 2018 Accident & Health results are included in the results of both the Insurance and Reinsurance segments of the Company. The results are inclusive of underwriting-related general and administrative expenses attributable to the Company’s Accident & Health business.
This supplemental financial information presents under the caption "- Historical" audited historical financial information for each of the Company's Insurance and Reinsurance segments for the years ended December 31, 2017, 2016 and 2015 and unaudited historical financial information for the quarterly periods therein and under the caption "- Realigned" unaudited historical financial information reflecting the realignment of the Company's Accident & Health business for the years ended December 31, 2017, 2016 and 2015 and the quarterly periods therein.
DEFINITIONS AND PRESENTATION
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| • | All financial information contained herein is unaudited, except for the underwriting results of the reportable segments under the caption "- Historical" for the years ended December 31, 2017, 2016 and 2015. |
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| • | Amounts may not reconcile exactly due to rounding differences. |
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| • | Unless otherwise noted, all data is in thousands, except for ratio information. |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
This presentation contains "forward-looking statements" within the meaning of the federal securities laws. All statements, other than statements of historical facts included in this presentation, including statements regarding our estimates, beliefs, expectations, intentions, strategies or projections, are “forward-looking statements”. In some cases, these statements can be identified by the use of forward-looking words such as “may,” “should,” “could,” “anticipate,” “estimate,” “expect,” “plan,” “believe,” “predict,” “potential,” “intend” or similar expressions. Our expectations are not guarantees and are based on currently available competitive, financial and economic data along with our operating plans. Forward-looking statements contained in this presentation may include, but are not limited to, information regarding our estimates of losses related to catastrophes and other large losses, measurements of potential losses in the fair market value of our investment portfolio, our expectations regarding pricing and other market conditions, our growth prospects, and valuations of the potential impact of movements in interest rates, equity securities' prices, credit spreads and foreign currency rates.
Forward-looking statements only reflect our expectations and are not guarantees of performance. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements. We believe that these factors include, but are not limited to, the following:
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| • | the cyclical nature of the re(insurance) business leading to periods with excess underwriting capacity and unfavorable premium rates, |
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| • | the occurrence and magnitude of natural and man-made disasters, |
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| • | losses from war, terrorism and political unrest or other unanticipated losses, |
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| • | actual claims exceeding our loss reserves, |
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| • | general economic, capital and credit market conditions, |
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| • | the failure of any of the loss limitation methods we employ, |
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| • | the effects of emerging claims, coverage and regulatory issues, including uncertainty related to coverage definitions, limits, terms and conditions, |
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| • | our inability to purchase reinsurance or collect amounts due to us, |
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| • | the breach by third parties in our program business of their obligations to us, |
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| • | difficulties with technology and/or data security, |
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| • | the failure of our policyholders and intermediaries to pay premiums, |
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| • | the failure of our cedants to adequately evaluate risks, |
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| • | inability to obtain additional capital on favorable terms, or at all, |
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| • | the loss of one or more key executives, |
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| • | a decline in our ratings with rating agencies, |
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| • | loss of business provided to us by our major brokers and credit risk due to our reliance on brokers, |
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| • | changes in accounting policies or practices, |
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| • | the use of industry catastrophe models and changes to these models, |
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| • | changes in governmental regulations and potential government intervention in our industry, |
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| • | failure to comply with certain laws and regulations relating to sanctions and foreign corrupt practices, |
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| • | changes in the political environment of certain countries in which we operate or underwrite business including the United Kingdom's expected withdrawal from the European Union, |
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| • | fluctuations in interest rates, credit spreads, equity securities' prices and/or currency values, |
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| • | the failure to successfully integrate acquired businesses or realize the expected synergies resulting from such acquisitions, |
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| • | changes in tax laws, and |
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| • | the other factors set forth in our most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission ("SEC"), as such factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC's website at www.sec.gov. |
We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
AXIS Capital Holdings Limited
BASIS OF PRESENTATION
BUSINESS DESCRIPTIONS
INSURANCE SEGMENT
Our insurance segment offers specialty insurance products to a variety of niche markets on a worldwide basis. The following lines of business are included in our insurance segment:
Property: provides physical loss or damage, business interruption and machinery breakdown cover for virtually all types of property, including commercial buildings, residential premises, construction projects and onshore energy installations. This line of business includes both primary and excess risks, some of which are catastrophe-exposed.
Marine: provides cover for traditional marine classes, including offshore energy, cargo, liability, recreational marine, fine art, specie, hull and war. Offshore energy coverage includes physical damage, business interruption, operators extra expense and liability cover for all aspects of offshore upstream energy, from exploration and construction through the operation and distribution phases.
Terrorism: provides cover for physical damage and business interruption of an insured following an act of terrorism and includes kidnap and ransom and crisis management insurance.
Aviation: provides hull and liability as well as specific war cover primarily for passenger airlines but also for cargo operations, general aviation operations, airports, aviation authorities, security firms and product manufacturers.
Credit and Political Risk: provides credit and political risk insurance products for banks, commodity traders, corporations and multilateral and export credit agencies. Cover is provided for a range of risks including sovereign default, credit default, political violence, currency inconvertibility and non-transfer, expropriation, aircraft non-repossession and contract frustration due to political events.
Professional Lines: provides directors’ and officers’ liability, errors and omissions liability, employment practices liability, fiduciary liability, crime, professional indemnity, cyber and privacy insurance, medical malpractice and other financial insurance related covers for commercial enterprises, financial institutions and not-for-profit organizations. This business is predominantly written on a claims-made basis.
Liability: primarily targets primary and low/mid-level excess and umbrella commercial liability risks in the U.S. wholesale markets in addition to primary and excess of loss employers, public and products liability predominately in the UK. Target industry sectors include construction, manufacturing, transportation and trucking and other services.
Accident and Health: includes accidental death, travel insurance and specialty health products for employer and affinity groups.
Discontinued Lines: includes lines of business that Novae exited or placed into run-off in the fourth quarter of 2016 and in the first quarter of 2017. Discontinued lines include Financial Institutions, Professional Indemnity, International Liability, International Direct Property.
AXIS Capital Holdings Limited
BASIS OF PRESENTATION
BUSINESS DESCRIPTIONS (CONTINUED)
REINSURANCE SEGMENT
Our reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis. The following lines of business are included in our reinsurance segment:
Catastrophe: provides protection for most catastrophic losses that are covered in the underlying insurance policies written by our cedants. The exposure in the underlying policies is principally property-related but other exposures including workers compensation and personal accident are also covered. The principal perils in this portfolio include hurricane and windstorm, earthquake, flood, tornado, hail and fire. In some instances, terrorism may be a covered peril or the only peril. This business is principally written on an excess of loss basis.
Property: provides protection for property damage and related losses resulting from natural and man-made perils that are covered in the underlying personal and commercial lines insurance policies written by our cedants. The predominant exposure is to property damage but other risks, including business interruption and other non-property losses, may also be covered when arising from a covered peril. The most significant perils in this portfolio include windstorm, tornado and earthquake, but other perils such as freeze, riots, flood, industrial explosions, fire, hail and a number of other loss events are also included. This business is assumed on both a proportional and excess of loss basis.
Professional Lines: provides cover for directors’ and officers’ liability, employment practices liability, medical malpractice, professional indemnity, environmental liability and miscellaneous errors and omissions insurance risks. The underlying business is predominantly written on a claims-made basis. This business is written on both a proportional and excess of loss basis.
Credit and Surety: provides reinsurance of trade credit insurance products and includes both proportional and excess of loss structures. The underlying insurance indemnifies sellers of goods and services in the event of a payment default by the buyer of those goods and services. Credit insurance cover is provided to mortgage guaranty insurers and government sponsored entities. Cover for losses arising from a broad array of surety bonds issued by insurers to satisfy regulatory demands or contract obligations in a variety of jurisdictions around the world is also offered.
Motor: provides cover to insurers for motor liability and property damage losses arising out of any one occurrence. A loss occurrence can involve one or many claimants where the ceding insurer aggregates the claims from the occurrence. Traditional proportional and non-proportional reinsurance as well as structured solutions are offered.
Liability: provides cover to insurers of standard casualty business, excess and surplus casualty business and specialty casualty programs. The primary focus of the underlying business is general liability, although workers' compensation and auto liability covers are also written.
Agriculture: provides protection for risks associated with the production of food and fiber on a global basis for primary insurance companies writing multi-peril crop insurance, crop hail, and named peril covers, as well as custom risk transfer mechanisms for agricultural dependent industries with exposures to crop yield and/or price deviations. This business is provided on both a proportional and aggregate stop loss reinsurance basis.
Engineering: provides protection for all types of construction risks and risks associated with erection, testing and commissioning of machinery and plants during the construction stage. This line of business also includes cover for losses arising from operational failures of machinery, plant and equipment and electronic equipment as well as business interruption.
Marine and Other: includes marine, aviation and personal accident reinsurance.
Accident and Health: includes specialty health, accidental death, travel, life and disability reinsurance products which are offered on both a quota share and catastrophic or per life excess of events loss basis.
Discontinued Lines: includes lines of business that Novae exited or placed into run-off in the fourth quarter of 2016 and in the first quarter of 2017. Discontinued lines include Motor Reinsurance, General Liability Reinsurance, International Facultative Property.
AXIS Capital Holdings Limited
INSURANCE SEGMENT DATA - HISTORICAL
QUARTERLY AND YEAR |
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| | | Q4 2017 | | Q3 2017 | | Q2 2017 | | Q1 2017 | | FY 2017 | |
| UNDERWRITING REVENUES | | | | | | | | | | | |
| Gross premiums written | | $ | 893,442 |
| | $ | 744,366 |
| | $ | 796,023 |
| | $ | 694,006 |
| | $ | 3,127,837 |
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| Net premiums written | | 554,705 |
| | 500,022 |
| | 527,678 |
| | 505,329 |
| | 2,087,734 |
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| Gross premiums earned | | 1,001,548 |
| | 723,648 |
| | 716,176 |
| | 679,105 |
| | 3,120,477 |
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| Ceded premiums expensed | | (343,455 | ) | | (227,644 | ) | | (222,340 | ) | | (220,675 | ) | | (1,014,114 | ) | |
| Net premiums earned | | 658,093 |
| | 496,004 |
| | 493,836 |
| | 458,430 |
| | 2,106,363 |
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| Other insurance related income | | 2,381 |
| | 526 |
| | 508 |
| | 42 |
| | 3,458 |
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| Total underwriting revenues | | 660,474 |
| | 496,530 |
| | 494,344 |
| | 458,472 |
| | 2,109,821 |
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| UNDERWRITING EXPENSES | | | | | | | | | | | |
| Net losses and loss expenses | | 419,536 |
| | 628,865 |
| | 325,728 |
| | 286,903 |
| | 1,661,032 |
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| Acquisition costs | | 109,084 |
| | 74,231 |
| | 81,276 |
| | 68,157 |
| | 332,749 |
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| General and administrative expenses | | 90,704 |
| | 75,038 |
| | 87,822 |
| | 90,448 |
| | 344,012 |
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| Total underwriting expenses | | 619,324 |
| | 778,134 |
| | 494,826 |
| | 445,508 |
| | 2,337,793 |
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| UNDERWRITING INCOME (LOSS) | | $ | 41,150 |
| | $ | (281,604 | ) | | $ | (482 | ) | | $ | 12,964 |
| | $ | (227,972 | ) | |
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| KEY RATIOS | | | | | | | | | | | |
| Current accident year loss ratio | | 66.5 | % | | 127.3 | % | | 69.9 | % | | 64.5 | % | | 81.2 | % | |
| Prior period reserve development | | (2.7 | %) | | (0.5 | %) | | (3.9 | %) | | (1.9 | %) | | (2.3 | %) | |
| Net loss and loss expense ratio | | 63.8 | % | | 126.8 | % | | 66.0 | % | | 62.6 | % | | 78.9 | % | |
| Acquisition cost ratio | | 16.6 | % | | 15.0 | % | | 16.5 | % | | 14.9 | % | | 15.8 | % | |
| General and administrative expense ratio | | 13.7 | % | | 15.1 | % | | 17.7 | % | | 19.7 | % | | 16.3 | % | |
| Combined ratio | | 94.1 | % | | 156.9 | % | | 100.2 | % | | 97.2 | % | | 111.0 | % | |
AXIS Capital Holdings Limited
INSURANCE SEGMENT DATA - HISTORICAL
QUARTERLY AND YEAR
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| | | Q4 2016 | | Q3 2016 | | Q2 2016 | | Q1 2016 | | FY 2016 | |
| UNDERWRITING REVENUES | | | | | | | | | | | |
| Gross premiums written | | $ | 607,446 |
| | $ | 675,430 |
| | $ | 784,017 |
| | $ | 653,349 |
| | $ | 2,720,242 |
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| Net premiums written | | 374,068 |
| | 433,131 |
| | 526,764 |
| | 473,163 |
| | 1,807,125 |
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| Gross premiums earned | | 680,000 |
| | 668,820 |
| | 656,107 |
| | 635,665 |
| | 2,640,592 |
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| Ceded premiums expensed | | (225,328 | ) | | (224,129 | ) | | (216,828 | ) | | (196,987 | ) | | (863,271 | ) | |
| Net premiums earned | | 454,672 |
| | 444,691 |
| | 439,279 |
| | 438,678 |
| | 1,777,321 |
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| Other insurance related income | | 146 |
| | 39 |
| | (234 | ) | | 137 |
| | 89 |
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| Total underwriting revenues | | 454,818 |
| | 444,730 |
| | 439,045 |
| | 438,815 |
| | 1,777,410 |
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| UNDERWRITING EXPENSES | | | | | | | | | | | |
| Net losses and loss expenses | | 288,161 |
| | 273,226 |
| | 306,141 |
| | 274,405 |
| | 1,141,933 |
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| Acquisition costs | | 66,138 |
| | 61,755 |
| | 61,829 |
| | 61,398 |
| | 251,120 |
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| General and administrative expenses | | 94,205 |
| | 84,588 |
| | 82,487 |
| | 85,576 |
| | 346,857 |
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| Total underwriting expenses | | 448,504 |
| | 419,569 |
| | 450,457 |
| | 421,379 |
| | 1,739,910 |
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| UNDERWRITING INCOME (LOSS) | | $ | 6,314 |
| | $ | 25,161 |
| | $ | (11,412 | ) | | $ | 17,436 |
| | $ | 37,500 |
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| KEY RATIOS | | | | | | | | | | | |
| Current accident year loss ratio | | 66.2 | % | | 66.1 | % | | 74.3 | % | | 63.1 | % | | 67.4 | % | |
| Prior period reserve development | | (2.8 | %) | | (4.7 | %) | | (4.6 | %) | | (0.5 | %) | | (3.1 | %) | |
| Net loss and loss expense ratio | | 63.4 | % | | 61.4 | % | | 69.7 | % | | 62.6 | % | | 64.3 | % | |
| Acquisition cost ratio | | 14.5 | % | | 13.9 | % | | 14.1 | % | | 14.0 | % | | 14.1 | % | |
| General and administrative expense ratio | | 20.7 | % | | 19.1 | % | | 18.7 | % | | 19.5 | % | | 19.5 | % | |
| Combined ratio | | 98.6 | % | | 94.4 | % | | 102.5 | % | | 96.1 | % | | 97.9 | % | |
AXIS Capital Holdings Limited
INSURANCE SEGMENT DATA - HISTORICAL
QUARTERLY AND YEAR
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| | | Q4 2015 | | Q3 2015 | | Q2 2015 | | Q1 2015 | | FY 2015 | |
| UNDERWRITING REVENUES | | | | | | | | | | | |
| Gross premiums written | | $ | 612,527 |
| | $ | 606,704 |
| | $ | 761,126 |
| | $ | 602,724 |
| | $ | 2,583,081 |
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| Net premiums written | | 407,236 |
| | 381,118 |
| | 534,263 |
| | 436,740 |
| | 1,759,359 |
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| Gross premiums earned | | 652,349 |
| | 647,024 |
| | 649,053 |
| | 638,348 |
| | 2,586,774 |
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| Ceded premiums expensed | | (198,498 | ) | | (202,474 | ) | | (196,731 | ) | | (190,881 | ) | | (788,583 | ) | |
| Net premiums earned | | 453,851 |
| | 444,550 |
| | 452,322 |
| | 447,467 |
| | 1,798,191 |
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| Other insurance related income | | 225 |
| | 542 |
| | 269 |
| | — |
| | 1,036 |
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| Total underwriting revenues | | 454,076 |
| | 445,092 |
| | 452,591 |
| | 447,467 |
| | 1,799,227 |
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| UNDERWRITING EXPENSES | | | | | | | | | | | |
| Net losses and loss expenses | | 288,348 |
| | 283,272 |
| | 297,534 |
| | 285,773 |
| | 1,154,928 |
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| Acquisition costs | | 60,716 |
| | 69,118 |
| | 66,920 |
| | 64,455 |
| | 261,208 |
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| General and administrative expenses | | 79,734 |
| | 85,814 |
| | 88,420 |
| | 87,689 |
| | 341,658 |
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| Total underwriting expenses | | 428,798 |
| | 438,204 |
| | 452,874 |
| | 437,917 |
| | 1,757,794 |
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| UNDERWRITING INCOME (LOSS) | | $ | 25,278 |
| | $ | 6,888 |
| | $ | (283 | ) | | $ | 9,550 |
| | $ | 41,433 |
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| KEY RATIOS | | | | | | | | | | | |
| Current accident year loss ratio | | 64.0 | % | | 64.3 | % | | 69.2 | % | | 64.6 | % | | 65.5 | % | |
| Prior period reserve development | | (0.5 | %) | | (0.6 | %) | | (3.4 | %) | | (0.7 | %) | | (1.3 | %) | |
| Net loss and loss expense ratio | | 63.5 | % | | 63.7 | % | | 65.8 | % | | 63.9 | % | | 64.2 | % | |
| Acquisition cost ratio | | 13.4 | % | | 15.5 | % | | 14.8 | % | | 14.4 | % | | 14.5 | % | |
| General and administrative expense ratio | | 17.6 | % | | 19.4 | % | | 19.5 | % | | 19.6 | % | | 19.1 | % | |
| Combined ratio | | 94.5 | % | | 98.6 | % | | 100.1 | % | | 97.9 | % | | 97.8 | % | |
AXIS Capital Holdings Limited
INSURANCE SEGMENT DATA - REALIGNED
QUARTERLY AND YEAR
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| | | Q4 2017 | | Q3 2017 | | Q2 2017 | | Q1 2017 | | FY 2017 | |
| UNDERWRITING REVENUES | | | | | | | | | | | |
| Gross premiums written | | $ | 854,311 |
| | $ | 651,144 |
| | $ | 764,202 |
| | $ | 545,261 |
| | $ | 2,814,919 |
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| Net premiums written | | 515,826 |
| | 407,054 |
| | 496,109 |
| | 356,836 |
| | 1,775,825 |
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| Gross premiums earned | | 929,346 |
| | 648,148 |
| | 639,612 |
| | 612,372 |
| | 2,829,478 |
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| Ceded premiums expensed | | (343,186 | ) | | (227,373 | ) | | (222,072 | ) | | (220,408 | ) | | (1,013,040 | ) | |
| Net premiums earned | | 586,159 |
| | 420,775 |
| | 417,541 |
| | 391,963 |
| | 1,816,438 |
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| Other insurance related income | | 2,091 |
| | 302 |
| | 508 |
| | 42 |
| | 2,944 |
| |
| Total underwriting revenues | | 588,250 |
| | 421,077 |
| | 418,049 |
| | 392,006 |
| | 1,819,382 |
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| | | | | | | | | | | | |
| UNDERWRITING EXPENSES | | | | | | | | | | | |
| Net losses and loss expenses | | 372,190 |
| | 576,688 |
| | 275,464 |
| | 241,085 |
| | 1,465,427 |
| |
| Acquisition costs | | 92,293 |
| | 61,541 |
| | 62,391 |
| | 54,004 |
| | 270,229 |
| |
| General and administrative expenses | | 85,979 |
| | 71,008 |
| | 83,126 |
| | 85,256 |
| | 325,368 |
| |
| Total underwriting expenses | | 550,462 |
| | 709,238 |
| | 420,980 |
| | 380,345 |
| | 2,061,025 |
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| UNDERWRITING INCOME (LOSS) | | $ | 37,788 |
| | $ | (288,160 | ) | | $ | (2,931 | ) | | $ | 11,661 |
| | $ | (241,643 | ) | |
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| KEY RATIOS | | | | | | | | | | | |
| Current accident year loss ratio | | 67.7 | % | | 138.9 | % | | 70.7 | % | | 63.5 | % | | 84.0 | % | |
| Prior period reserve development | | (4.2 | %) | | (1.8 | %) | | (4.7 | %) | | (2.0 | %) | | (3.3 | %) | |
| Net loss and loss expense ratio | | 63.5 | % | | 137.1 | % | | 66.0 | % | | 61.5 | % | | 80.7 | % | |
| Acquisition cost ratio | | 15.7 | % | | 14.6 | % | | 14.9 | % | | 13.8 | % | | 14.9 | % | |
| General and administrative expense ratio | | 14.7 | % | | 16.9 | % | | 19.9 | % | | 21.8 | % | | 17.9 | % | |
| Combined ratio | | 93.9 | % | | 168.6 | % | | 100.8 | % | | 97.0 | % | | 113.5 | % | |
AXIS Capital Holdings Limited
INSURANCE SEGMENT DATA - REALIGNED
QUARTERLY AND YEAR
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| | | | | | | | | | | | | | | | | | | | | |
| | | Q4 2016 | | Q3 2016 | | Q2 2016 | | Q1 2016 | | FY 2016 | |
| UNDERWRITING REVENUES | | | | | | | | | | | |
| Gross premiums written | | $ | 596,374 |
| | $ | 572,388 |
| | $ | 745,097 |
| | $ | 518,617 |
| | $ | 2,432,475 |
| |
| Net premiums written | | 362,997 |
| | 330,089 |
| | 487,844 |
| | 338,629 |
| | 1,519,559 |
| |
| | | | | | | | | | | | |
| Gross premiums earned | | 617,165 |
| | 602,391 |
| | 593,843 |
| | 584,065 |
| | 2,397,464 |
| |
| Ceded premiums expensed | | (225,311 | ) | | (224,112 | ) | | (216,803 | ) | | (196,956 | ) | | (863,182 | ) | |
| Net premiums earned | | 391,855 |
| | 378,278 |
| | 377,040 |
| | 387,109 |
| | 1,534,282 |
| |
| Other insurance related income | | 146 |
| | 39 |
| | (234 | ) | | 137 |
| | 89 |
| |
| Total underwriting revenues | | 392,001 |
| | 378,318 |
| | 376,806 |
| | 387,246 |
| | 1,534,371 |
| |
| | | | | | | | | | | | |
| UNDERWRITING EXPENSES | | | | | | | | | | | |
| Net losses and loss expenses | | 242,733 |
| | 228,394 |
| | 264,600 |
| | 242,044 |
| | 977,771 |
| |
| Acquisition costs | | 54,766 |
| | 49,536 |
| | 51,278 |
| | 51,040 |
| | 206,619 |
| |
| General and administrative expenses | | 88,749 |
| | 80,005 |
| | 78,121 |
| | 80,476 |
| | 327,351 |
| |
| Total underwriting expenses | | 386,248 |
| | 357,935 |
| | 393,998 |
| | 373,560 |
| | 1,511,742 |
| |
| | | | | | | | | | | | |
| UNDERWRITING INCOME (LOSS) | | $ | 5,753 |
| | $ | 20,383 |
| | $ | (17,192 | ) | | $ | 13,686 |
| | $ | 22,630 |
| |
| | | | | | | | | | | | |
| KEY RATIOS | | | | | | | | | | | |
| Current accident year loss ratio | | 65.6 | % | | 65.1 | % | | 74.7 | % | | 62.4 | % | | 66.9 | % | |
| Prior period reserve development | | (3.7 | %) | | (4.7 | %) | | (4.5 | %) | | 0.1 | % | | (3.2 | %) | |
| Net loss and loss expense ratio | | 61.9 | % | | 60.4 | % | | 70.2 | % | | 62.5 | % | | 63.7 | % | |
| Acquisition cost ratio | | 14.0 | % | | 13.1 | % | | 13.6 | % | | 13.2 | % | | 13.5 | % | |
| General and administrative expense ratio | | 22.6 | % | | 21.1 | % | | 20.7 | % | | 20.8 | % | | 21.3 | % | |
| Combined ratio | | 98.6 | % | | 94.6 | % | | 104.5 | % | | 96.5 | % | | 98.5 | % | |
AXIS Capital Holdings Limited
INSURANCE SEGMENT DATA - REALIGNED
QUARTERLY AND YEAR
|
| | | | | | | | | | | | | | | | | | | | | |
| | | Q4 2015 | | Q3 2015 | | Q2 2015 | | Q1 2015 | | FY 2015 | |
| UNDERWRITING REVENUES | | | | | | | | | | | |
| Gross premiums written | | $ | 585,341 |
| | $ | 535,462 |
| | $ | 741,855 |
| | $ | 505,547 |
| | $ | 2,368,204 |
| |
| Net premiums written | | 380,052 |
| | 309,905 |
| | 514,995 |
| | 339,567 |
| | 1,544,518 |
| |
| | | | | | | | | | | | |
| Gross premiums earned | | 606,329 |
| | 602,134 |
| | 615,127 |
| | 606,163 |
| | 2,429,753 |
| |
| Ceded premiums expensed | | (198,489 | ) | | (202,465 | ) | | (196,721 | ) | | (190,870 | ) | | (788,545 | ) | |
| Net premiums earned | | 407,840 |
| | 399,669 |
| | 418,406 |
| | 415,293 |
| | 1,641,208 |
| |
| Other insurance related income | | 238 |
| | 530 |
| | 269 |
| | — |
| | 1,036 |
| |
| Total underwriting revenues | | 408,078 |
| | 400,199 |
| | 418,675 |
| | 415,293 |
| | 1,642,244 |
| |
| | | | | | | | | | | | |
| UNDERWRITING EXPENSES | | | | | | | | | | | |
| Net losses and loss expenses | | 260,889 |
| | 256,241 |
| | 275,976 |
| | 266,729 |
| | 1,059,835 |
| |
| Acquisition costs | | 50,311 |
| | 58,177 |
| | 60,800 |
| | 56,840 |
| | 226,128 |
| |
| General and administrative expenses | | 75,539 |
| | 81,153 |
| | 83,905 |
| | 82,411 |
| | 323,008 |
| |
| Total underwriting expenses | | 386,739 |
| | 395,570 |
| | 420,681 |
| | 405,980 |
| | 1,608,971 |
| |
| | | | | | | | | | | | |
| UNDERWRITING INCOME (LOSS) | | $ | 21,338 |
| | $ | 4,628 |
| | $ | (2,007 | ) | | $ | 9,313 |
| | $ | 33,273 |
| |
| | | | | | | | | | | | |
| KEY RATIOS | | | | | | | | | | | |
| Current accident year loss ratio | | 64.5 | % | | 64.9 | % | | 70.0 | % | | 64.8 | % | | 66.1 | % | |
| Prior period reserve development | | (0.5 | %) | | (0.8 | %) | | (4.0 | %) | | (0.6 | %) | | (1.5 | %) | |
| Net loss and loss expense ratio | | 64.0 | % | | 64.1 | % | | 66.0 | % | | 64.2 | % | | 64.6 | % | |
| Acquisition cost ratio | | 12.3 | % | | 14.6 | % | | 14.5 | % | | 13.7 | % | | 13.8 | % | |
| General and administrative expense ratio | | 18.5 | % | | 20.3 | % | | 20.1 | % | | 19.8 | % | | 19.7 | % | |
| Combined ratio | | 94.8 | % | | 99.0 | % | | 100.5 | % | | 97.8 | % | | 98.1 | % | |
AXIS Capital Holdings Limited
REINSURANCE SEGMENT DATA - HISTORICAL
QUARTERLY AND YEAR
|
| | | | | | | | | | | | | | | | | | | | | |
| | | Q4 2017 | | Q3 2017 | | Q2 2017 | | Q1 2017 | | FY 2017 | |
| UNDERWRITING REVENUES | | | | | | | | | | | |
| Gross premiums written | | $ | 203,059 |
| | $ | 441,208 |
| | $ | 566,304 |
| | $ | 1,217,865 |
| | $ | 2,428,436 |
| |
| Net premiums written | | 174,719 |
| | 332,721 |
| | 428,339 |
| | 1,003,630 |
| | 1,939,409 |
| |
| | | | | | | | | | | | |
| Gross premiums earned | | 698,334 |
| | 646,387 |
| | 584,472 |
| | 566,564 |
| | 2,495,757 |
| |
| Ceded premiums expensed | | (144,932 | ) | | (125,260 | ) | | (96,877 | ) | | (86,291 | ) | | (453,360 | ) | |
| Net premiums earned | | 553,402 |
| | 521,127 |
| | 487,595 |
| | 480,273 |
| | 2,042,397 |
| |
| Other insurance related income (losses) | | 799 |
| | (3,723 | ) | | 2,052 |
| | (3,825 | ) | | (4,698 | ) | |
| Total underwriting revenues | | 554,201 |
| | 517,404 |
| | 489,647 |
| | 476,448 |
| | 2,037,699 |
| |
| | | | | | | | | | | | |
| UNDERWRITING EXPENSES | | | | | | | | | | | |
| Net losses and loss expenses | | 420,596 |
| | 606,502 |
| | 279,604 |
| | 320,039 |
| | 1,626,740 |
| |
| Acquisition costs | | 125,629 |
| | 120,493 |
| | 123,085 |
| | 121,635 |
| | 490,842 |
| |
| General and administrative expenses | | 22,996 |
| | 21,658 |
| | 29,464 |
| | 31,353 |
| | 105,471 |
| |
| Total underwriting expenses | | 569,221 |
| | 748,653 |
| | 432,153 |
| | 473,027 |
| | 2,223,053 |
| |
| | | | | | | | | | | | |
| UNDERWRITING INCOME (LOSS) | | $ | (15,020 | ) | | $ | (231,249 | ) | | $ | 57,494 |
| | $ | 3,421 |
| | $ | (185,354 | ) | |
| | | | | | | | | | | | |
| KEY RATIOS | | | | | | | | | | | |
| Current accident year loss ratio | | 82.9 | % | | 125.0 | % | | 67.9 | % | | 70.0 | % | | 87.0 | % | |
| Prior period reserve development | | (6.9 | %) | | (8.6 | %) | | (10.6 | %) | | (3.4 | %) | | (7.4 | %) | |
| Net loss and loss expense ratio | | 76.0 | % | | 116.4 | % | | 57.3 | % | | 66.6 | % | | 79.6 | % | |
| Acquisition cost ratio | | 22.7 | % | | 23.1 | % | | 25.2 | % | | 25.3 | % | | 24.0 | % | |
| General and administrative expense ratio | | 4.2 | % | | 4.2 | % | | 6.1 | % | | 6.6 | % | | 5.2 | % | |
| Combined ratio | | 102.9 | % | | 143.7 | % | | 88.6 | % | | 98.5 | % | | 108.8 | % | |
AXIS Capital Holdings Limited
REINSURANCE SEGMENT DATA - HISTORICAL
QUARTERLY AND YEAR
|
| | | | | | | | | | | | | | | | | | | | | |
| | | Q4 2016 | | Q3 2016 | | Q2 2016 | | Q1 2016 | | FY 2016 | |
| UNDERWRITING REVENUES | | | | | | | | | | | |
| Gross premiums written | | $ | 123,204 |
| | $ | 284,532 |
| | $ | 536,417 |
| | $ | 1,305,812 |
| | $ | 2,249,966 |
| |
| Net premiums written | | 90,319 |
| | 162,300 |
| | 480,586 |
| | 1,212,643 |
| | 1,945,849 |
| |
| | | | | | | | | | | | |
| Gross premiums earned | | 533,623 |
| | 546,006 |
| | 541,615 |
| | 500,557 |
| | 2,121,802 |
| |
| Ceded premiums expensed | | (66,416 | ) | | (56,282 | ) | | (33,904 | ) | | (36,895 | ) | | (193,498 | ) | |
| Net premiums earned | | 467,207 |
| | 489,724 |
| | 507,711 |
| | 463,662 |
| | 1,928,304 |
| |
| Other insurance related income (losses) | | 2,226 |
| | 5,905 |
| | (658 | ) | | (340 | ) | | 7,133 |
| |
| Total underwriting revenues | | 469,433 |
| | 495,629 |
| | 507,053 |
| | 463,322 |
| | 1,935,437 |
| |
| | | | | | | | | | | | |
| UNDERWRITING EXPENSES | | | | | | | | | | | |
| Net losses and loss expenses | | 252,451 |
| | 259,102 |
| | 326,153 |
| | 224,557 |
| | 1,062,264 |
| |
| Acquisition costs | | 121,167 |
| | 128,055 |
| | 127,296 |
| | 119,237 |
| | 495,756 |
| |
| General and administrative expenses | | 35,864 |
| | 29,635 |
| | 32,332 |
| | 38,013 |
| | 135,844 |
| |
| Total underwriting expenses | | 409,482 |
| | 416,792 |
| | 485,781 |
| | 381,807 |
| | 1,693,864 |
| |
| | | | | | | | | | | | |
| UNDERWRITING INCOME (LOSS) | | $ | 59,951 |
| | $ | 78,837 |
| | $ | 21,272 |
| | $ | 81,515 |
| | $ | 241,573 |
| |
| | | | | | | | | | | | |
| KEY RATIOS | | | | | | | | | | | |
| Current accident year loss ratio | | 65.9 | % | | 64.2 | % | | 75.6 | % | | 63.1 | % | | 67.4 | % | |
| Prior period reserve development | | (11.9 | %) | | (11.3 | %) | | (11.4 | %) | | (14.7 | %) | | (12.3 | %) | |
| Net loss and loss expense ratio | | 54.0 | % | | 52.9 | % | | 64.2 | % | | 48.4 | % | | 55.1 | % | |
| Acquisition cost ratio | | 25.9 | % | | 26.1 | % | | 25.1 | % | | 25.7 | % | | 25.7 | % | |
| General and administrative expense ratio | | 7.7 | % | | 6.1 | % | | 6.4 | % | | 8.2 | % | | 7.0 | % | |
| Combined ratio | | 87.6 | % | | 85.1 | % | | 95.7 | % | | 82.3 | % | | 87.8 | % | |
AXIS Capital Holdings Limited
REINSURANCE SEGMENT DATA - HISTORICAL
QUARTERLY AND YEAR
|
| | | | | | | | | | | | | | | | | | | | | |
| | | Q4 2015 | | Q3 2015 | | Q2 2015 | | Q1 2015 | | FY 2015 | |
| UNDERWRITING REVENUES | | | | | | | | | | | |
| Gross premiums written | | $ | 187,275 |
| | $ | 329,879 |
| | $ | 427,287 |
| | $ | 1,076,208 |
| | $ | 2,020,649 |
| |
| Net premiums written | | 188,122 |
| | 296,099 |
| | 412,281 |
| | 1,018,806 |
| | 1,915,308 |
| |
| | | | | | | | | | | | |
| Gross premiums earned | | 494,183 |
| | 501,332 |
| | 509,702 |
| | 475,963 |
| | 1,981,180 |
| |
| Ceded premiums expensed | | (26,222 | ) | | (26,541 | ) | | (20,813 | ) | | (19,377 | ) | | (92,953 | ) | |
| Net premiums earned | | 467,961 |
| | 474,791 |
| | 488,889 |
| | 456,586 |
| | 1,888,227 |
| |
| Other insurance related income (losses) | | (15,497 | ) | | 616 |
| | 3,217 |
| | 7,676 |
| | (3,988 | ) | |
| Total underwriting revenues | | 452,464 |
| | 475,407 |
| | 492,106 |
| | 464,262 |
| | 1,884,239 |
| |
| | | | | | | | | | | | |
| UNDERWRITING EXPENSES | | | | | | | | | | | |
| Net losses and loss expenses | | 234,983 |
| | 277,115 |
| | 282,619 |
| | 226,555 |
| | 1,021,272 |
| |
| Acquisition costs | | 119,848 |
| | 113,626 |
| | 116,343 |
| | 107,087 |
| | 456,904 |
| |
| General and administrative expenses | | 34,553 |
| | 35,309 |
| | 36,013 |
| | 39,380 |
| | 145,255 |
| |
| Total underwriting expenses | | 389,384 |
| | 426,050 |
| | 434,975 |
| | 373,022 |
| | 1,623,431 |
| |
| | | | | | | | | | | | |
| UNDERWRITING INCOME (LOSS) | | $ | 63,080 |
| | $ | 49,357 |
| | $ | 57,131 |
| | $ | 91,240 |
| | $ | 260,808 |
| |
| | | | | | | | | | | | |
| KEY RATIOS | | | | | | | | | | | |
| Current accident year loss ratio | | 66.2 | % | | 67.4 | % | | 67.9 | % | | 61.2 | % | | 65.7 | % | |
| Prior period reserve development | | (16.0 | %) | | (9.0 | %) | | (10.1 | %) | | (11.6 | %) | | (11.6 | %) | |
| Net loss and loss expense ratio | | 50.2 | % | | 58.4 | % | | 57.8 | % | | 49.6 | % | | 54.1 | % | |
| Acquisition cost ratio | | 25.6 | % | | 23.9 | % | | 23.8 | % | | 23.5 | % | | 24.2 | % | |
| General and administrative expense ratio | | 7.4 | % | | 7.4 | % | | 7.4 | % | | 8.6 | % | | 7.7 | % | |
| Combined ratio | | 83.2 | % | | 89.7 | % | | 89.0 | % | | 81.7 | % | | 86.0 | % | |
AXIS Capital Holdings Limited
REINSURANCE SEGMENT DATA - REALIGNED
QUARTERLY AND YEAR
|
| | | | | | | | | | | | | | | | | | | | | |
| | | Q4 2017 | | Q3 2017 | | Q2 2017 | | Q1 2017 | | FY 2017 | |
| UNDERWRITING REVENUES | | | | | | | | | | | |
| Gross premiums written | | $ | 242,190 |
| | $ | 534,429 |
| | $ | 598,125 |
| | $ | 1,366,610 |
| | $ | 2,741,355 |
| |
| Net premiums written | | 213,598 |
| | 425,689 |
| | 459,908 |
| | 1,152,123 |
| | 2,251,318 |
| |
| | | | | | | | | | | | |
| Gross premiums earned | | 770,537 |
| | 721,886 |
| | 661,035 |
| | 633,298 |
| | 2,786,756 |
| |
| Ceded premiums expensed | | (145,201 | ) | | (125,530 | ) | | (97,145 | ) | | (86,559 | ) | | (454,435 | ) | |
| Net premiums earned | | 625,336 |
| | 596,356 |
| | 563,890 |
| | 546,739 |
| | 2,332,322 |
| |
| Other insurance related income (losses) | | 1,089 |
| | (3,500 | ) | | 2,052 |
| | (3,825 | ) | | (4,184 | ) | |
| Total underwriting revenues | | 626,425 |
| | 592,857 |
| | 565,942 |
| | 542,914 |
| | 2,328,138 |
| |
| | | | | | | | | | | | |
| UNDERWRITING EXPENSES | | | | | | | | | | | |
| Net losses and loss expenses | | 467,941 |
| | 658,679 |
| | 329,867 |
| | 365,857 |
| | 1,822,345 |
| |
| Acquisition costs | | 142,420 |
| | 133,183 |
| | 141,971 |
| | 135,788 |
| | 553,362 |
| |
| General and administrative expenses | | 27,722 |
| | 25,689 |
| | 34,160 |
| | 36,545 |
| | 124,115 |
| |
| Total underwriting expenses | | 638,083 |
| | 817,550 |
| | 505,998 |
| | 538,190 |
| | 2,499,822 |
| |
| | | | | | | | | | | | |
| UNDERWRITING INCOME (LOSS) | | $ | (11,658 | ) | | $ | (224,694 | ) | | $ | 59,944 |
| | $ | 4,724 |
| | $ | (171,684 | ) | |
| | | | | | | | | | | | |
| KEY RATIOS | | | | | | | | | | | |
| Current accident year loss ratio | | 79.9 | % | | 117.1 | % | | 67.6 | % | | 70.0 | % | | 84.1 | % | |
| Prior period reserve development | | (5.1 | %) | | (6.6 | %) | | (9.1 | %) | | (3.1 | %) | | (6.0 | %) | |
| Net loss and loss expense ratio | | 74.8 | % | | 110.5 | % | | 58.5 | % | | 66.9 | % | | 78.1 | % | |
| Acquisition cost ratio | | 22.8 | % | | 22.3 | % | | 25.2 | % | | 24.8 | % | | 23.7 | % | |
| General and administrative expense ratio | | 4.4 | % | | 4.3 | % | | 6.1 | % | | 6.7 | % | | 5.3 | % | |
| Combined ratio | | 102.0 | % | | 137.1 | % | | 89.7 | % | | 98.4 | % | | 107.1 | % | |
AXIS Capital Holdings Limited
REINSURANCE SEGMENT DATA - REALIGNED
QUARTERLY AND YEAR
|
| | | | | | | | | | | | | | | | | | | | | |
| | | Q4 2016 | | Q3 2016 | | Q2 2016 | | Q1 2016 | | FY 2016 | |
| UNDERWRITING REVENUES | | | | | | | | | | | |
| Gross premiums written | | $ | 134,276 |
| | $ | 387,575 |
| | $ | 575,337 |
| | $ | 1,440,545 |
| | $ | 2,537,733 |
| |
| Net premiums written | | 101,390 |
| | 265,342 |
| | 519,505 |
| | 1,347,177 |
| | 2,233,415 |
| |
| | | | | | | | | | | | |
| Gross premiums earned | | 596,458 |
| | 612,436 |
| | 603,878 |
| | 552,158 |
| | 2,364,930 |
| |
| Ceded premiums expensed | | (66,433 | ) | | (56,299 | ) | | (33,928 | ) | | (36,926 | ) | | (193,587 | ) | |
| Net premiums earned | | 530,024 |
| | 556,137 |
| | 569,950 |
| | 515,231 |
| | 2,171,343 |
| |
| Other insurance related income (losses) | | 2,226 |
| | 5,905 |
| | (658 | ) | | (340 | ) | | 7,133 |
| |
| Total underwriting revenues | | 532,250 |
| | 562,041 |
| | 569,292 |
| | 514,892 |
| | 2,178,475 |
| |
| | | | | | | | | | | | |
| UNDERWRITING EXPENSES | | | | | | | | | | | |
| Net losses and loss expenses | | 297,880 |
| | 303,935 |
| | 367,694 |
| | 256,918 |
| | 1,226,426 |
| |
| Acquisition costs | | 132,540 |
| | 140,274 |
| | 137,847 |
| | 129,596 |
| | 540,257 |
| |
| General and administrative expenses | | 41,320 |
| | 34,218 |
| | 36,699 |
| | 43,113 |
| | 155,350 |
| |
| Total underwriting expenses | | 471,739 |
| | 478,426 |
| | 542,239 |
| | 429,627 |
| | 1,922,032 |
| |
| | | | | | | | | | | | |
| UNDERWRITING INCOME (LOSS) | | $ | 60,511 |
| | $ | 83,615 |
| | $ | 27,053 |
| | $ | 85,265 |
| | $ | 256,443 |
| |
| | | | | | | | | | | | |
| KEY RATIOS | | | | | | | | | | | |
| Current accident year loss ratio | | 66.4 | % | | 65.1 | % | | 75.1 | % | | 63.6 | % | | 67.7 | % | |
| Prior period reserve development | | (10.2 | %) | | (10.4 | %) | | (10.6 | %) | | (13.7 | %) | | (11.2 | %) | |
| Net loss and loss expense ratio | | 56.2 | % | | 54.7 | % | | 64.5 | % | | 49.9 | % | | 56.5 | % | |
| Acquisition cost ratio | | 25.0 | % | | 25.2 | % | | 24.2 | % | | 25.2 | % | | 24.9 | % | |
| General and administrative expense ratio | | 7.8 | % | | 6.2 | % | | 6.4 | % | | 8.4 | % | | 7.2 | % | |
| Combined ratio | | 89.0 | % | | 86.0 | % | | 95.1 | % | | 83.4 | % | | 88.6 | % | |
AXIS Capital Holdings Limited
REINSURANCE SEGMENT DATA - REALIGNED
QUARTERLY AND YEAR
|
| | | | | | | | | | | | | | | | | | | | | |
| | | Q4 2015 | | Q3 2015 | | Q2 2015 | | Q1 2015 | | FY 2015 | |
| UNDERWRITING REVENUES | | | | | | | | | | | |
| Gross premiums written | | $ | 214,461 |
| | $ | 401,121 |
| | $ | 446,558 |
| | $ | 1,173,386 |
| | $ | 2,235,525 |
| |
| Net premiums written | | 215,306 |
| | 367,312 |
| | 431,550 |
| | 1,115,980 |
| | 2,130,147 |
| |
| | | | | | | | | | | | |
| Gross premiums earned | | 540,202 |
| | 546,221 |
| | 543,628 |
| | 508,148 |
| | 2,138,200 |
| |
| Ceded premiums expensed | | (26,230 | ) | | (26,549 | ) | | (20,823 | ) | | (19,388 | ) | | (92,991 | ) | |
| Net premiums earned | | 513,972 |
| | 519,672 |
| | 522,805 |
| | 488,760 |
| | 2,045,209 |
| |
| Other insurance related income (losses) | | (15,497 | ) | | 675 |
| | 3,205 |
| | 7,629 |
| | (3,989 | ) | |
| Total underwriting revenues | | 498,475 |
| | 520,346 |
| | 526,010 |
| | 496,389 |
| | 2,041,221 |
| |
| | | | | | | | | | | | |
| UNDERWRITING EXPENSES | | | | | | | | | | | |
| Net losses and loss expenses | | 262,442 |
| | 304,146 |
| | 304,176 |
| | 245,599 |
| | 1,116,364 |
| |
| Acquisition costs | | 130,253 |
| | 124,567 |
| | 122,462 |
| | 114,702 |
| | 491,984 |
| |
| General and administrative expenses | | 38,747 |
| | 39,970 |
| | 40,528 |
| | 44,658 |
| | 163,903 |
| |
| Total underwriting expenses | | 431,442 |
| | 468,683 |
| | 467,167 |
| | 404,959 |
| | 1,772,251 |
| |
| | | | | | | | | | | | |
| UNDERWRITING INCOME (LOSS) | | $ | 67,033 |
| | $ | 51,664 |
| | $ | 58,843 |
| | $ | 91,430 |
| | $ | 268,970 |
| |
| | | | | | | | | | | | |
| KEY RATIOS | | | | | | | | | | | |
| Current accident year loss ratio | | 65.7 | % | | 66.6 | % | | 67.3 | % | | 61.2 | % | | 65.3 | % | |
| Prior period reserve development | | (14.6 | %) | | (8.1 | %) | | (9.1 | %) | | (11.0 | %) | | (10.7 | %) | |
| Net loss and loss expense ratio | | 51.1 | % | | 58.5 | % | | 58.2 | % | | 50.2 | % | | 54.6 | % | |
| Acquisition cost ratio | | 25.3 | % | | 24.0 | % | | 23.4 | % | | 23.5 | % | | 24.1 | % | |
| General and administrative expense ratio | | 7.5 | % | | 7.7 | % | | 7.8 | % | | 9.1 | % | | 8.0 | % | |
| Combined ratio | | 83.9 | % | | 90.2 | % | | 89.4 | % | | 82.9 | % | | 86.7 | % | |
