Allstate 2011 Annual Report Download - page 108

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expense ratio. The difference between 100% and the combined ratio represents underwriting income as a
percentage of premiums earned, or underwriting margin.
We have also calculated the following impacts of specific items on the GAAP operating ratios because of the
volatility of these items between fiscal periods.
• Effect of catastrophe losses on combined ratio – the percentage of catastrophe losses included in claims and
claims expense to premiums earned. This ratio includes prior year reserve reestimates of catastrophe losses.
• Effect of prior year reserve reestimates on combined ratio – the percentage of prior year reserve reestimates
included in claims and claims expense to premiums earned. This ratio includes prior year reserve reestimates of
catastrophe losses.
• Effect of restructuring and related charges on combined ratio – the percentage of restructuring and related charges
to premiums earned.
• Effect of Discontinued Lines and Coverages on combined ratio – the ratio of claims and claims expense and other
costs and expenses in the Discontinued Lines and Coverages segment to Property-Liability premiums earned. The
sum of the effect of Discontinued Lines and Coverages on the combined ratio and the Allstate Protection combined
ratio is equal to the Property-Liability combined ratio.
28
MD&A