Table of Contents
First Quarter 2003 Earnings Review April 17, 2003
Forward Looking Statements
Agenda
First Quarter Financial Highlights
Analysis of First Quarter Results
Solid Underwriting Performance
GAAP Combined Ratio at Attractive Levels
Components of GAAP Combined Ratio
Top Line Momentum Continues
Net Written Premiums Increased in All Categories
Pricing Environment Remains Favorable
Achieving Profitable Growth
Prior Year Reserve Development in 1Q 2003 (1)
Gulf: Residual Value Business Description
Manheim Used Vehicle Value Index
Gulf: Residual Value Business Description
Gulf: Distribution of Expirations
Investment Income
Average Invested Assets Continue to Increase
Reinsurance Recoverables
Recent Financing Activity
Capitalization
2003 Full Year Guidance and Major Assumptions
Disclosure
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