1. HOW CAN THE PROPERTY/CASUALTY INDUSTRY MAKE MONEY? 2003 CAS Spring Meeting

2. S:\29131\03EGS\FS\001\SCREENSHOW PC Overview.ppt NYO 1 P/C Insurance Industry Underwriting Results 1975 - 2002 Source: A.M. Best; Slide courtesy of Insurance Information Institute. $ Billions

3. S:\29131\03EGS\FS\001\SCREENSHOW PC Overview.ppt NYO 2 Source: The Geneva Association; Slide courtesy of Insurance Information Institute. 14.6 pts U.S. P/C insurers have missed their cost of capital by an average 6.7 points since 1991 7.9 pts ROE vs. Cost of Capital: U.S. P/C Insurers 1991-2002

4. HOW C AN THE PROPERTY/CASUALTY INDUSTRY MAKE MONEY? 2003 CAS Spring Meeting

5. S:\29131\03EGS\FS\001\SCREENSHOW PC Overview.ppt NYO 4 PANELISTS n Gary Ransom, Fox-Pitt Kelton n Mark Shapiro, McKinsey & Company n Jay Cohen, Merrill Lynch n Len Goldberg, ALEA