| |
Average |
+25%
Profit |
+25%
Growth |
| Revenues
(% by Source) |
| Commercial
Lines |
52.5% |
53.4% |
53.9% |
| Bonds |
2.0% |
2.4% |
1.4% |
| Personal
Lines |
12.6% |
18.2% |
11.8% |
| VAS
– P&C |
0.5% |
0.2% |
0.5% |
| Contingent/Bonus |
9.8% |
12.5% |
9.6% |
| Group
Life & Health |
16.4% |
8.4% |
17.3% |
| Individual
Life & Health |
1.4% |
1.1% |
1.5% |
| VAS
– L&H |
1.0% |
0.0% |
0.5% |
| Bonus/Overrides |
1.3% |
0.4% |
1.8% |
| Investments |
1.8% |
2.2% |
1.3% |
| Miscellaneous |
0.6% |
1.3% |
0.4% |
 Total
Revenues |
100.0% |
100.0% |
100.0% |
| Brokerage
Commission Expense |
1.3% |
1.0% |
2.2% |
| Net
Revenues |
98.7% |
99.0% |
97.8% |
| Expenses
(as % of Net Revenues) |
| Compensation |
65.4% |
58.3% |
62.0% |
| Selling |
3.0% |
2.4% |
2.9% |
| Operating |
13.3% |
11.1% |
12.7% |
| Administrative |
2.2% |
0.8% |
4.0% |
| Total
Expenses |
83.8% |
72.7% |
81.6% |
|
| |
Average |
+25%
Profit |
+25%
Growth |
| Profitability
Summary |
| Pre-Tax
Profit |
16.2% |
27.3% |
18.4% |
| Pro
Forma Pre-Tax Profit |
22.7% |
38.0% |
23.4% |
| Operating
Pre-Tax Profit |
3.2% |
12.1% |
5.5% |
| EBITDA |
19.2% |
28.8% |
23.1% |
| Pro
Forma EBITDA |
25.0% |
38.4% |
25.7% |
Definitions:
- Pro
Forma Pre-tax Profit is Pre-tax Profit if discretionary
expenses are eliminated and all owners compensated
as employees
- Operating Pre-tax Profit is Pre-Tax Profit
excluding income from contingents, bonus and investment
income
- EBITDA is Earnings Before Interest
Taxes Depreciation
and Amortization
- Pro Forma EBITA is EBITA if discretionary expenses are eliminated (e.g. certain owner's perks/benefits), and one-time or extraordinary revenues are excluded
|
|
