| |
Average |
+25%
Profit |
+25%
Growth |
| Revenues
(% by Source) |
| Commercial
Lines |
53.7% |
51.1% |
47.2% |
| Bonds |
3.8% |
4.0% |
5.3% |
| Personal
Lines |
9.9% |
15.6% |
3.5% |
| VAS
– P&C |
1.3% |
0.2% |
0.4% |
| Contingent/Bonus |
7.5% |
6.6% |
7.3% |
| Group
Life & Health |
19.3% |
15.2% |
29.1% |
| Individual
Life & Health |
0.6% |
0.9% |
0.4% |
| VAS
– L&H |
0.8% |
0.0% |
1.7% |
| Bonus/Overrides |
0.9% |
0.7% |
2.0% |
| Investments |
1.5% |
4.0% |
2.7% |
| Miscellaneous |
0.8% |
1.7% |
0.4% |
 Total
Revenues |
100.0% |
100.0% |
100.0% |
| Brokerage
Commission Expense |
2.8% |
1.4% |
1.7% |
| Net
Revenues |
97.2% |
98.6% |
98.3% |
| Expenses
(as % of Net Revenues) |
| Compensation |
64.3% |
56.0% |
64.1% |
| Selling |
4.2% |
3.9% |
4.8% |
| Operating |
14.8% |
15.2% |
16.7% |
| Administrative |
3.0% |
1.4% |
1.4% |
| Total
Expenses |
86.3% |
76.6% |
87.0% |
|
| |
Average |
+25%
Profit |
+25%
Growth |
| Profitability
Summary |
| Pre-Tax
Profit |
13.7% |
23.4% |
13.0% |
| Pro
Forma Pre-Tax Profit |
16.4% |
26.6% |
18.5% |
| Operating
Pre-Tax Profit |
3.5% |
11.9% |
0.7% |
| EBITDA |
17.9% |
26.3% |
15.8% |
| Pro
Forma EBITDA |
20.7% |
29.4% |
21.3% |
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
|
|
