Our conservative approach to investing allowed
us to preserve capital for future opportunities
us to preserve capital for future opportunities
To Our Shareholders:
Our Scorecard
| 2008 Actual | 2008 Goal | |
|---|---|---|
| Gross Written Premium Growth | -12.0% | 0.0% to 5.0% |
| GAAP Combined Ratio | 92.5% | 96.0%–97.0% |
| E.P.S. | $1.23 | $3.25 to $3.65 |
| Operating E.P.S.* | $4.53 | $3.25 to $3.65 |
| Return on Average Equity (ex FAS 115) | +3.5% | 8.5% to 10.0% |
| Operating Return on Average Equity (ex FAS 115) | +12.8% | 8.5% to 10.0% |
| Growth in GAAP Book Value Per Share | +0.1% | 0.0% to 5.0% |
| *Operating E.P.S. excludes after tax capital losses of $3.30. | ||