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100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
120% 100% 80% 60% 40% 20% 0%
Q4:2013 Q1:2014
Q2:2014 Q3:2014 Retained premium
Q4:2014
Q1:2015 Q2:2015 Q3:2015 Reinsurance premium
Q4:2015
Premiums retained have decreased from 52% to 39% over the 12-month period ending 31 December 2015, with a commensurate increase in reinsurance premiums.
6. Combined ratio analysis
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5. Retained premium and ceded premium
Q4:2013 Q1:2014 Loss ratio
Q2:2014 Q3:2014 Expense ratio
Q4:2014
Q1:2015 Q2:2015 Q3:2015 Combined ratio
Q4:2015
The combined ratio has generally been below 100%, i.e. premium income has been greater than claims plus expenses.
