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This excerpt taken from the ALL 8-K filed Oct 23, 2008. Underwriting (loss) income is calculated as premiums earned, less
claims and claims expense (“losses”), amortization of DAC, operating costs and
expenses and restructuring and related charges as determined using GAAP.
Management uses this measure in its evaluation of the results of operations to
analyze the profitability of our Property-Liability insurance operations
separately from investment results. It is also an integral component of incentive
compensation. It is useful for investors to evaluate the components of
income separately and in the aggregate when reviewing performance. Net (loss)
income is the most directly comparable GAAP measure. Underwriting (loss) income
should not be considered as a substitute for net (loss) income and does not
reflect the overall profitability of our business. A reconciliation of
Property-Liability underwriting (loss) income to net (loss) income is provided
in the Segment Results table.
56
This excerpt taken from the ALL 8-K filed Oct 20, 2005. Underwriting
(loss) income is calculated as premiums earned, less claims
and claims expense (“losses”), amortization of DAC, operating costs and
expenses and restructuring and related charges as determined using GAAP.
Management uses this measure in its evaluation of results of operations to
analyze the profitability of our Property-Liability insurance operations
separately from investment results. It is also an integral component of
incentive compensation. It is useful for investors to evaluate the
components of income separately and in the aggregate when reviewing
performance. Net (loss) income is the most directly comparable GAAP measure.
Underwriting (loss) income should not be considered as a substitute for net
(loss) income and does not reflect the overall profitability of our
business. A reconciliation of Property-Liability underwriting (loss)
income to net (loss) income is provided in the Segment Results table.
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