| |
Average |
+25%
Profit |
+25%
Growth |
| Revenues
(% by Source) |
| Commercial
Lines |
56.0% |
47.7% |
63.7% |
| Bonds |
3.4% |
2.0% |
4.6% |
| Personal
Lines |
10.9% |
23.5% |
6.7% |
| VAS
– P&C |
1.4% |
0.1% |
1.5% |
| Contingent/Bonus |
7.1% |
8.6% |
6.2% |
| Group
Life & Health |
15.8% |
13.4% |
11.9% |
| Individual
Life & Health |
0.8% |
0.8% |
0.9% |
| VAS
– L&H |
0.5% |
0.0% |
0.2% |
| Bonus/Overrides |
0.5% |
0.4% |
0.5% |
| Investments |
2.5% |
2.7% |
3.2% |
| Miscellaneous |
1.0% |
0.9% |
0.6% |
 Total
Revenues |
100.0% |
100.0% |
100.0% |
| Brokerage
Commission Expense |
3.8% |
2.3% |
4.8% |
| Net
Revenues |
96.2% |
97.7% |
95.2% |
| Expenses
(as % of Net Revenues) |
| Compensation |
63.3% |
56.4% |
62.5% |
| Selling |
4.3% |
3.6% |
4.2% |
| Operating |
14.3% |
13.2% |
12.5% |
| Administrative |
2.7% |
1.0% |
1.7% |
| Total
Expenses |
84.7% |
74.2% |
80.9% |
|
| |
Average |
+25%
Profit |
+25%
Growth |
| Profitability
Summary |
| Pre-Tax
Profit |
15.3% |
25.8% |
19.1% |
| Pro
Forma Pre-Tax Profit |
17.5% |
27.3% |
20.9% |
| Operating
Pre-Tax Profit |
4.9% |
13.9% |
8.8% |
| EBITDA |
19.3% |
28.0% |
22.1% |
| Pro
Forma EBITDA |
21.5% |
29.5% |
23.8% |
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
|
|
