| |
Average |
+25%
Profit |
+25%
Growth |
| Revenues
(% by Source) |
| Commercial
Lines |
49.7% |
42.7% |
40.6% |
| Bonds |
1.2% |
0.2% |
0.2% |
| Personal
Lines |
22.1% |
31.1% |
31.1% |
| VAS
– P&C |
1.6% |
5.9% |
0.0% |
| Contingent/Bonus |
8.3% |
8.7% |
8.1% |
| Group
Life & Health |
11.5% |
8.7% |
9.7% |
| Individual
Life & Health |
3.2% |
0.9% |
7.6% |
| VAS
– L&H |
0.1% |
0.0% |
0.3% |
| Bonus/Overrides |
0.2% |
0.2% |
0.2% |
| Investments |
1.7% |
1.5% |
1.8% |
| Miscellaneous |
0.5% |
0.1% |
0.4% |
 Total
Revenues |
100.0% |
100.0% |
100.0% |
| Brokerage
Commission Expense |
1.4% |
0.0% |
0.5% |
| Net
Revenues |
98.6% |
100.0% |
99.5% |
| Expenses
(as % of Net Revenues) |
| Compensation |
63.2% |
60.2% |
63.2% |
| Selling |
3.2% |
2.5% |
3.3% |
| Operating |
12.6% |
10.9% |
13.2% |
| Administrative |
2.9% |
0.9% |
4.0% |
| Total
Expenses |
82.0% |
74.5% |
83.7% |
|
| |
Average |
+25%
Profit |
+25%
Growth |
| Profitability
Summary |
| Pre-Tax
Profit |
18.0% |
25.5% |
16.3% |
| Pro
Forma Pre-Tax Profit |
22.0% |
32.1% |
21.4% |
| Operating
Pre-Tax Profit |
6.5% |
11.1% |
6.2% |
| EBITDA |
20.7% |
26.7% |
18.1% |
| Pro
Forma EBITDA |
24.7% |
33.5% |
23.1% |
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 EBITDA is EBITDA if discretionary expenses are eliminated (e.g. certain owner's perks/benefits), and one-time or extraordinary revenues are excluded
|
|
