Page 69 - Annual Report 2016 EN
P. 69
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6. Combined ratio The combined ratio was generally below 100%, reflecting positive
underwriting results.
120%
100%
80%
Percent Percent 60%
40%
20%
0%
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
Loss ratio Expense ratio Combined ratio
