Underwriting. Results 31, Components IMPLIED ANY AND

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1 Calendar-Accident Year Underwriting Results Using Data Valued as of December 31, 2013 Table of Contents Introduction to Calendar-Accident Year Underwriting Results Types of Data and Dataa Elements Contained in the Calendar-Accident Year Underwriting Results Development Methodology Calendar-Accident Year Underwriting Resultss Based on Experiencee Valued as of December 31, 2013 Components of Expense Ratio for Calendar-Accident Year 2013 NCCI S "CALENDAR-ACCIDENT YEAR UNDERWRITING RESULTS" IS PROVIDED "AS IS". NCCI MAKES NO REPRESEN NTATIONS OR WARRANTIES OF ANY KIND RELATING TO THIS PRODUCT, INCLUDING ANY EXPRESS, STATUTORY OR IMPLIED WARRANTIES INCLUDING THE IMPLIED WARRANTY OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. ADDITIONALLY, NCCI DOES NOT ASSUME ANY RESPONSIBILITY FOR YOUR USE OF, AND FOR ANY AND ALL RESULTS DERIVED OR OBTAINED THROUGH THE USE OF "CALENDAR-ACCIDENT YEAR UNDERWRITING RESULTS". NO EMPLOYEE OR AGENT OF NCCI OR ITS AFFILIATES ARE AUTHORIZED TO MAKE ANY WARRANTIES OF ANY KIND REGARDING "CALENDAR-ACCIDENT YEAR UNDERWR ITING RESULTS". ANY AND ALL RESULTS, CONCLUSIONS, ANALYSIS OR DECISIONS DEVELOPE ED OR DERIVED FROM, ON ACCOUNT OF, OR THROUGH YOUR USE OF "CALENDAR-ACCIDENT YEAR UNDERWRITING RESULTS" ARE YOURS AND NCCI DOES NOT ENDORSE,, APPROVE OR OTHERWISE ACQUIESCE IN YOUR ACTIONS, RESULTS, ANALYSIS, OR DECISIONS, NOR SHALL NCCI HAVE ANY LIABILITY THERETO.

2 Introduction to Calendar-Accident Year Underwriting Results Workers compensation premiums are meant to provide funds to meet two expenditures: benefit costs and operating expenses of the benefitt system. Underwriting results are a measuree of the adequacy of premium funds to cover these expenditures. NCCI expresses the underwriting result as a ratio to net premium. The ratio is the difference between unity and the sum of the loss, expense, and dividend ratios to net premium. It represents the portion of the net premiumm that is left after benefit costs and operating expenses are paid. Negative underwritin g ratios indicate that the premiumm collected was not adequate to pay benefits (losses) and expenses. By definition, underwriting results do not reflect investment income. Underwriting results can be measured on a policy year, calendar year, or calendar- Underwriting Results and Policy Year Underwriting Results. This data excludes underground coal mine, F-classification, large deductible, national defense project, and accident year basis. Financial Call data is used in Calendar-Accident Year excess business. NCCI develops the losses reported by carriers to an estimated ultimate basis. Standard earned premiums at company level are provided, although these premiums are not used in the underwriting results. NCCI produces reports for the policy year and calendar-accident year methods as described below. Policy year experience reflects policies with an effective date occurring in that year from January 1 to December 31. This type of reporting requires that all premium and loss activity, whether payment or reserve adjustment, be applied to the policy year to which the policy effective date corresponds. Thee policy year experience ( ) for the latest 19 reports is contained in Policy Year Underwriting Resultss valued as of December 31, The policy year results provide the most exact matching of premium and losses, but the latest policy year is older than the latest accident year. Calendar-accident year experience reflects premium transactions occurring in that year along with loss experience for claims with accident dates beginning January 1 and ending December 31 of that year. The mostt recent five years ( ) are contained in Calendar-Accident Year Underwriting Results valued as of December 31, Calendar-accident year provides more recent results, but the premiums are not as perfectly matched to lossess since audits and retrospective rating adjustments on prior-year policies are reported in the year that they are made.

3 For Policy Year and Calendar-Accident Year Underwriting Results, in general, each state s losses are developed using a methodology consistent with the state s latest rate filing review. Because different methods are being used, an enclosed Development Methodology exhibit shows which methods are usedd to develop each state s losses. Since the underwriting resultss have not been adjusted to reflect recent rate, loss cost, trend or benefit changes, this informationn by itself does not necessarily indicate future potential results in a state. An insurer is not equired to use this information. The ultimate loss ratios are estimates that change each year as more claims are closed and reserve estimates are updated. Recommendations regarding ultimate historical losss ratios, as well as prospective loss ratios, are not made in this report. For questions related to this report, please contact Tom Sheppard at

4 Types of Data and Data Elements Contained in the Calendar-Accident Year Underwriti ng Results The Calendar-Accident Year Underwriting Results contains 38 states where NCCI collects financial data. Data for Arizona, Colorado, Hawaii, Idaho, Kentucky, Louisiana, Missouri, New Mexico, Oklahoma, Oregon, Rhode Island, Texas, and Utah includes the state fund. Data for the remaining states is for private carriers only. The components of Calendar-Accident Year Underwriting Results are defined below: Standard Earned Company Premium (Column 1) ) From the Calendar-Accident Year Call for Compensation Experience by state, standard earned premium epresents premium reported at the level of rates that the company actually charged the insured prior to the applicationn of adjustments such as retrospective rating plan adjustments, schedule rating, and premium discounts. Net Earned Premium (Column 2) From the Calendar-Accident Year Call for Compensation Experience by state, net (direct) earned premium is reported at company ratee level after the application of adjustments such as retrospective rating plan adjustments, schedule rating, and premiumm discounts. The net earned premium is the final amount paid by the insured. It is important to clarify that the net earned premium iss direct, that is, prior to reinsurance cessionss and assumptions. Indemnity and Medical Losses (Columns 3 and 4) From the Calendar-Accident Year Call for Compensation Experience by state, indemnity and medical lossess have been separately developed to an ultimate basiss using the methodology outlined in the enclosed Developmentt Methodology exhibit. The two methodologies included are paid, and paid plus case: Paid losses are losses that have been paid on given claims. Case reserves are estimates of the remaining amount required to settle particular claims based on the knowledge of those claims at a particular date. Case reserves, when added to the payments on open claims, doo not necessarily reflect the ultimate settlement amount since case reserves are based on knowledge at a particular point in time. The pattern by which losses ( paid, or paid plus case) for an accident period mature from an early reporting to the ultimate cost is referred to as loss development. Expense Ratio (Column 7) Direct defense and cost containment expense (or allocated loss adjustment expense), commission and brokerage expense, and taxes aree calculated by state using data

5 derived from Statutory Page 14 data of the Annual Statement. Adjusting and other expenses (or unallocated losss adjustment expense) ), general expense, and other acquisition expensee are derived from the Insurancee Expense Exhibit using private carrier countrywide data and state-specif fic state fund data. The expense ratio contains a provision for assessments in the tax component of the expense ratio. Therefore, no loss-based assessment adjustment has been applied to the losses. The presentation of the expense ratio (for Calendar-Accident Year 2013) with the five separatee components is shown following the underwriting results. The five components are: Direct Defensee and Cost Containment Expenses Includes defense, litigation, and medical cost containment expenses. Adjusting and Other Expenses Reflects the remaining costs associated with the settlement of claims, such as fees of claim adjusters. Commission and Brokerage Expenses Reflects fees paid by the insurer to agents and brokers who epresent the insured inn placing orders for coverage. Taxes, Licenses, and Fees Represents the insurer s legal obligation to pay premium taxes and various miscellaneous taxess and assessments that vary by state. Taxes are generally levied as percentages s of premium, and assessments can be levied as percentages of premium or losses. General and Other Expenses Reflects costs to the insurer of running internal operations (e.g., rent, salaries), general activitiess (e.g., administration, payroll, audits, boards and bureaus funding, and inspections) and other acquisition costss (e.g., advertising and premium collection expenses). Dividend Ratio (Column 8) The dividend ratio reflects dividends as a percentage of earned premium based on individual state information from Statutory Page 14 data of the Annual Statement for Calendar Years 2009 through 2013.

6 Development Methodology STATE METHOD Alabamaa Weighted Average: 25% Paidd and 75% Paid + Case to a 19th Alaska Paid + Case to a 19th Arizona Paid to a 19 th Arkansas Paid + Case to a 19 th Colorado Paid + Case to a 19 th Connecticut District of Columbia Paid + Case to a 19th Florida Georgia Hawaii Idaho Paid to a 19 th Illinois Indiana Iowa Kansas Kentucky Louisiana Paid to a 19th Maine Paid to a 19th Maryland Mississippi Missouri Montanaa Paid to a 19th Nebraska Nevada Paid to a 12th New Hampshire New Mexico North Carolina Oklahoma for private carriers, Paid to a 19th for the state fund Oregon Paid to a 19 th Rhode Island Paid to a 19 th South Carolina Averagee of Paid and Paid + Case to a 19 South Dakota Paid + Case to a 19th Tennessee Paid + Case to a 19th Texas Averagee of Paid and Paid + Case to a 14th Utah Paid to a 19th Vermont Virginia Paid + Case to a 19th West Virginia Averagee of Paid and Paid + Case to a 10th

7 Development factors are based on a subset or combination of the data valued as of 12/31/2008, 12/31/ /2009, 12/31/2010, 12/ /31/2011, 12/31/2012,, and 12/31/2013. To be as consistent as possible with NCCI s filing process, each state s losses are developed using a methodology consistent with the state s latest rate review. In general, these calculations assume that a two- orr three-year average of link ratios as well as a particular 19th-to-ultimate loss development methodology is appropriate. Other assumptions may be made regarding loss development. Methodology Key For the purposes of this document, the developmen nt methodology refers to the basis of losses which are then developed to ultimate. Paid to a 19th Paid losses are used as the experience base from 1st through 19th. The paid losses are then developed to an ultimate report. Paid + Case to a 19th The sum of paid losses and case reserves is used as the experience base from 1st through 19th report. The sum of paid losses and case reservess is then developed to ultimate. Paid to an Nth and Paid + Case to 19th Paid losses are used as the experience base from 1st through Nth report. The paid losses are then developed to an ultimate report. The sum of paid lossess and case reserves are used as the experience base from (N+1)th through 19th. The sum of paid losses and case reserves is then developed to ultimate. Please note that some states use variations of the development methods described above.

8 Alabama Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 282,333, ,280,752 40,927, ,742, ,669, (2nd Report) 287,223, ,949,128 43,872, ,379, ,252, (3rd Report) 305,909, ,470,572 53,269, ,667, ,937, (4th Report) 297,888, ,849,143 51,765, ,009, ,774, (5th Report) 293,251, ,446,145 48,651, ,085, ,737, Alaska Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 291,363, ,621,395 34,978, ,091, ,070, (2nd Report) 287,049, ,666,002 38,842, ,160, ,003, (3rd Report) 275,859, ,913,273 39,014, ,876, ,891, (4th Report) 264,602, ,929,779 40,229, ,706, ,935, (5th Report) 293,016, ,480,547 37,155,551 87,079, ,235, Arizona Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 731,886, ,948, ,049, ,630, ,680, (2nd Report) 648,444, ,294, ,561, ,067, ,628, (3rd Report) 582,595, ,767, ,979, ,018, ,998, (4th Report) 578,863, ,450, ,374, ,660, ,035, (5th Report) 686,336, ,971, ,028, ,572, ,600, Arkansas Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 238,504, ,808,225 38,181,182 80,402, ,583, (2nd Report) 239,930, ,898,471 40,331,950 77,678, ,009, (3rd Report) 231,398, ,876,577 39,855,414 71,634, ,490, (4th Report) 217,793, ,074,079 38,433,901 73,396, ,830, (5th Report) 243,247, ,688,870 36,437,042 62,598,849 99,035,

9 Colorado Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 793,107, ,801, ,885, ,641, ,526, (2nd Report) 704,030, ,535, ,717, ,317, ,035, (3rd Report) 633,083, ,024, ,360, ,982, ,343, (4th Report) 613,440, ,206, ,538, ,050, ,588, (5th Report) 741,702, ,058, ,917, ,006, ,923, Connecticut Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 781,622, ,909, ,994, ,771, ,765, (2nd Report) 733,674, ,722, ,831, ,438, ,270, (3rd Report) 682,725, ,701, ,697, ,617, ,315, (4th Report) 614,362, ,900, ,101, ,239, ,341, (5th Report) 644,519, ,171, ,577, ,692, ,269, District of Columbia Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 128,648, ,707,877 49,375,680 28,359,209 77,734, (2nd Report) 125,117, ,435,258 50,799,955 34,190,437 84,990, (3rd Report) 108,053,290 91,724,888 39,102,938 21,651,004 60,753, (4th Report) 104,603, ,331,365 39,050,919 22,517,605 61,568, (5th Report) 107,750, ,875,505 34,313,752 22,609,236 56,922, Florida Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 2,132,280,276 1,988,843, ,702, ,259,592 1,177,961, (2nd Report) 1,904,897,763 1,745,560, ,196, ,671,025 1,156,867, (3rd Report) 1,573,904,806 1,494,111, ,841, ,604,914 1,094,445, (4th Report) 1,486,999,056 1,391,453, ,094, ,936,716 1,051,031, (5th Report) 1,727,719,598 1,607,098, ,162, ,548, ,711,

10 Georgia Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 1,162,584,682 1,042,361, ,765, ,478, ,243, (2nd Report) 1,142,770, ,668, ,870, ,029, ,899, (3rd Report) 1,070,922, ,182, ,219, ,010, ,230, (4th Report) 988,861, ,257, ,034, ,338, ,372, (5th Report) 1,118,892, ,606, ,727, ,007, ,734, Hawaii Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 209,360, ,644,466 62,881,179 53,526, ,407, (2nd Report) 186,980, ,320,380 60,668,377 51,750, ,418, (3rd Report) 179,275, ,508,461 63,284,624 54,883, ,167, (4th Report) 181,480, ,991,285 64,243,361 50,027, ,271, (5th Report) 210,720, ,166,277 63,810,150 49,391, ,201, Idaho Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 330,336, ,993,557 77,348, ,162, ,510, (2nd Report) 304,392, ,614,973 68,503, ,232, ,735, (3rd Report) 288,018, ,481,299 65,597, ,037, ,635, (4th Report) 274,052, ,930,926 66,240, ,889, ,130, (5th Report) 287,156, ,348,315 67,407, ,134, ,541, Illinois Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 2,795,034,745 2,344,823, ,647, ,749,885 1,377,396, (2nd Report) 2,747,197,403 2,209,614, ,032, ,393,376 1,371,425, (3rd Report) 2,759,173,548 2,145,327, ,186, ,551,104 1,524,737, (4th Report) 2,631,331,789 2,008,541, ,907, ,673,782 1,629,581, (5th Report) 2,768,149,605 2,106,017, ,750, ,826,758 1,657,577,

11 Indiana Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 838,665, ,628, ,515, ,088, ,604, (2nd Report) 809,616, ,603, ,578, ,975, ,553, (3rd Report) 737,871, ,138, ,465, ,807, ,272, (4th Report) 669,078, ,553, ,789, ,029, ,818, (5th Report) 675,427, ,944, ,964, ,058, ,023, Iowa Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 707,710, ,224, ,029, ,557, ,587, (2nd Report) 675,254, ,349, ,336, ,627, ,963, (3rd Report) 607,632, ,484, ,937, ,856, ,794, (4th Report) 548,347, ,308, ,689, ,090, ,780, (5th Report) 564,013, ,571, ,750, ,927, ,678, Kansas Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 458,442, ,116,079 89,045, ,862, ,908, (2nd Report) 432,208, ,411,396 80,797, ,095, ,893, (3rd Report) 402,951, ,917,628 95,408, ,703, ,111, (4th Report) 383,486, ,312, ,189, ,468, ,657, (5th Report) 418,570, ,870,998 99,078, ,849, ,928, Kentucky Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 483,039, ,117, ,319, ,263, ,582, (2nd Report) 498,019, ,326, ,835, ,109, ,945, (3rd Report) 532,300, ,228, ,821, ,715, ,536, (4th Report) 543,594, ,548, ,430, ,180, ,611, (5th Report) 558,648, ,515, ,520, ,170, ,690,

12 Louisiana Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 763,633, ,883, ,770, ,711, ,482, (2nd Report) 718,153, ,904, ,592, ,542, ,135, (3rd Report) 669,204, ,338, ,780, ,158, ,938, (4th Report) 651,609, ,832, ,183, ,176, ,359, (5th Report) 760,469, ,686, ,921, ,829, ,750, Maine Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 224,510, ,690,636 65,441,484 80,261, ,702, (2nd Report) 230,263, ,468,086 67,971,841 67,687, ,659, (3rd Report) 241,516, ,307,521 65,699,665 66,999, ,699, (4th Report) 234,820, ,904,354 62,468,290 70,625, ,093, (5th Report) 227,857, ,079,984 61,577,498 68,692, ,269, Maryland Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 645,665, ,369, ,379, ,974, ,353, (2nd Report) 620,021, ,278, ,816, ,467, ,283, (3rd Report) 570,446, ,557, ,434, ,147, ,582, (4th Report) 534,863, ,473, ,483, ,333, ,817, (5th Report) 555,849, ,584, ,046, ,948, ,995, Mississippi Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 306,486, ,007,334 66,184, ,711, ,896, (2nd Report) 286,688, ,701,245 68,147, ,519, ,667, (3rd Report) 274,441, ,795,733 72,637, ,866, ,503, (4th Report) 272,506, ,473,891 71,838, ,081, ,919, (5th Report) 310,573, ,113,961 60,160,107 98,548, ,708,

13 Missouri Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 816,120, ,893, ,155, ,338, ,494, (2nd Report) 779,436, ,684, ,761, ,962, ,724, (3rd Report) 757,498, ,435, ,107, ,917, ,024, (4th Report) 746,029, ,558, ,659, ,223, ,882, (5th Report) 848,109, ,067, ,429, ,624, ,053, Montana Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 298,667, ,510,282 63,012, ,763, ,775, (2nd Report) 295,061, ,064,970 59,491, ,704, ,195, (3rd Report) 312,480, ,617,254 60,458, ,721, ,179, (4th Report) 322,454, ,655,171 64,077, ,031, ,108, (5th Report) 340,393, ,063,881 60,436, ,111, ,548, * * Nebraska Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 377,858, ,152,735 69,882, ,547, ,429, (2nd Report) 355,167, ,961,296 72,982, ,965, ,947, (3rd Report) 331,877, ,588,675 68,047, ,480, ,528, (4th Report) 334,026, ,277,341 73,811, ,487, ,298, (5th Report) 353,136, ,000,518 70,278, ,122, ,401, Nevada Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 292,567, ,432,044 79,220,636 99,771, ,991, (2nd Report) 274,917, ,655,235 84,489, ,878, ,368, (3rd Report) 277,370, ,979,308 78,832,306 94,349, ,181, (4th Report) 318,048, ,319,289 81,457,774 91,822, ,280, (5th Report) 357,576, ,533, ,923, ,079, ,003, * Reflects private carrier data only

14 New Hampshire Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 268,769, ,795,120 39,482,634 96,988, ,470, (2nd Report) 260,830, ,114,362 38,574,849 96,504, ,079, (3rd Report) 246,339, ,424,144 40,705, ,758, ,464, (4th Report) 238,303, ,578,555 41,394,064 97,964, ,359, (5th Report) 252,762, ,436,622 40,696,242 96,947, ,643, New Mexico Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 272,834, ,022,845 56,193,358 96,663, ,856, (2nd Report) 251,818, ,078,480 59,538, ,015, ,553, (3rd Report) 232,214, ,643,351 58,077,097 97,375, ,452, (4th Report) 225,899, ,659,887 59,527, ,210, ,737, (5th Report) 253,406, ,776,220 54,380, ,506, ,887, North Carolina Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 1,377,627,232 1,166,774, ,357, ,622, ,980, (2nd Report) 1,324,153,303 1,087,888, ,144, ,360, ,505, (3rd Report) 1,259,082, ,807, ,340, ,765, ,106, (4th Report) 1,161,735, ,165, ,451, ,783, ,234, (5th Report) 1,361,416,392 1,084,806, ,078, ,257, ,336, Oklahoma Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 945,789, ,822, ,711, ,288, ,999, (2nd Report) 912,320, ,569, ,568, ,552, ,121, (3rd Report) 797,069, ,518, ,785, ,232, ,018, (4th Report) 737,997, ,419, ,637, ,760, ,397, (5th Report) 749,729, ,279, ,321, ,562, ,884,

15 Oregon Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 670,104, ,460, ,534, ,396, ,931, (2nd Report) 664,071, ,105, ,685, ,849, ,534, (3rd Report) 643,874, ,278, ,215, ,429, ,645, (4th Report) 565,790, ,956, ,820, ,697, ,517, (5th Report) 652,270, ,089, ,812, ,926, ,738, Rhode Island Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 194,320, ,105,458 73,308,790 37,399, ,708, (2nd Report) 185,865, ,382,797 75,779,045 39,400, ,179, (3rd Report) 172,665, ,545,350 82,917,820 42,450, ,368, (4th Report) 170,829, ,797,066 75,279,095 39,895, ,175, (5th Report) 185,950, ,650,821 82,549,299 42,556, ,105, South Carolina Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 642,257, ,110, ,489, ,121, ,611, (2nd Report) 613,951, ,555, ,547, ,481, ,029, (3rd Report) 594,782, ,076, ,061, ,528, ,589, (4th Report) 563,196, ,475, ,946, ,547, ,493, (5th Report) 643,756, ,938, ,431, ,533, ,964, South Dakota Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 181,766, ,447,165 26,229,219 69,083,320 95,312, (2nd Report) 175,163, ,875,983 20,676,709 57,617,726 78,294, (3rd Report) 163,992, ,421,496 28,156,968 67,794,099 95,951, (4th Report) 149,665, ,110,123 24,063,037 54,130,726 78,193, (5th Report) 150,977, ,159,347 24,668,725 62,495,834 87,164,

16 Tennessee Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 837,828, ,443, ,561, ,579, ,141, (2nd Report) 814,279, ,854, ,231, ,411, ,642, (3rd Report) 735,697, ,930, ,323, ,547, ,871, (4th Report) 701,823, ,587, ,594, ,226, ,821, (5th Report) 751,932, ,641, ,597, ,617, ,215, Texas Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 2,996,870,383 2,214,675, ,604, ,849,017 1,017,453, (2nd Report) 2,747,905,174 2,028,445, ,308, ,008,449 1,006,317, (3rd Report) 2,513,234,633 1,809,090, ,941, ,648, ,589, (4th Report) 2,333,533,148 1,720,871, ,238, ,450, ,689, (5th Report) 2,544,484,010 1,852,068, ,842, ,009, ,851, Utah Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 403,352, ,014,495 55,415, ,856, ,271, (2nd Report) 370,700, ,209,001 57,062, ,932, ,995, (3rd Report) 336,641, ,211,633 55,472, ,878, ,351, (4th Report) 331,856, ,294,855 53,364, ,874, ,238, (5th Report) 382,087, ,681,297 57,971, ,102, ,074, Vermont Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 182,574, ,866,128 49,146,756 58,181, ,328, (2nd Report) 173,397, ,337,581 50,294,496 53,998, ,293, (3rd Report) 158,402, ,395,017 53,943,071 59,961, ,904, (4th Report) 156,976, ,142,042 47,229,321 50,333,700 97,563, (5th Report) 173,807, ,878,781 52,892,836 53,188, ,081,

17 Virginia Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 797,644, ,805, ,775, ,261, ,036, (2nd Report) 759,524, ,845, ,298, ,541, ,840, (3rd Report) 753,069, ,046, ,806, ,965, ,772, (4th Report) 718,857, ,386, ,049, ,427, ,477, (5th Report) 758,296, ,189, ,880, ,403, ,283, West Virginia Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 269,255, ,760,821 56,043,583 73,995, ,038, (2nd Report) 290,980, ,028,259 52,786,326 75,132, ,919, (3rd Report) 305,802, ,738,405 66,646,139 92,591, ,238, (4th Report) 301,703, ,780,220 73,540,496 87,607, ,147, Total Excluding West Virginia Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 25,862,169,723 22,407,112,760 5,699,505,072 8,117,958,114 13,817,463, (2nd Report) 24,540,499,668 20,726,954,431 5,744,742,349 8,092,520,218 13,837,262, (3rd Report) 23,013,577,789 19,160,868,466 5,894,788,426 8,107,598,616 14,002,387, (4th Report) 21,869,610,554 18,280,579,656 5,795,688,835 7,864,301,200 13,659,990, (5th Report) 23,953,969,650 19,891,557,211 5,758,151,921 7,523,623,519 13,281,775, Total Including West Virginia Premium Premium Losses Losses Losses (5)/(2) Ratio Ratio ((6)+(7)+(8)) 2013 (1st Report) 26,131,425,564 22,664,873,581 5,755,548,655 8,191,953,380 13,947,502, (2nd Report) 24,831,480,237 20,996,982,690 5,797,528,675 8,167,652,949 13,965,181, (3rd Report) 23,319,380,249 19,447,606,871 5,961,434,565 8,200,190,477 14,161,625, (4th Report) 22,171,313,861 18,564,359,876 5,869,229,331 7,951,908,248 13,821,137,

18 Components of Expense Ratio for Calendar-Accident Year 2013 (1) (2) (3) (4) (5) (6) Direct Defense General and and Cost Adjusting and Commission Taxes, Other Containment Other and Brokerage Licenses and Acquisition Total Expense Ratio (sum of columns (1) to State Alabama Expense 7.3% Expenses 5.2% Expenses 8.3% Fees 5.3% Expenses 12.4% (5)) 38.5% Alaska 3.8% 5.1% 7.4% 3.3% 12.4% 32.0% Arizona 8.5% 6.4% 6.8% 5.0% 12.4% 39.1% Arkansas 4.9% 4.4% 7.5% 6.7% 12.4% 35.9% Colorado 5.6% 6.7% 10.3% 2.9% 11.6% 37.1% Connecticut 6.3% 6.5% 8.5% 2.8% 12.4% 36.5% District of Columbia 5.2% 5.2% 6.7% 16.5% 12.4% 46.0% Florida 6.3% 4.8% 8.9% 4.4% 12.4% 36.8% Georgia 7.3% 5.4% 8.6% 9.2% 12.4% 42.9% Hawaii 8.8% 6.6% 7.8% 5.6% 13.0% 41.8% Idaho 4.6% 6.2% 6.7% 3.4% 10.0% 30.9% Illinois 6.8% 5.8% 7.9% 1.8% 12.4% 34.7% Indiana 5.0% 6.0% 7.9% 1.8% 12.4% 33.1% Iowa 4.8% 6.3% 7.3% 1.9% 12.4% 32.7% Kansas 5.9% 4.7% 7.8% 3.0% 12.4% 33.8% Kentucky 7.3% 8.0% 8.6% 1.2% 12.1% 37.2% Louisiana 8.6% 5.8% 8.6% 6.7% 11.8% 41.5% Maine 5.7% 6.5% 7.5% 2.9% 12.4% 35.0% Maryland 7.5% 6.7% 7.9% 4.7% 12.4% 39.2% Mississippi 8.6% 4.9% 8.6% 4.0% 12.4% 38.5% Missouri 6.2% 5.1% 7.8% 2.0% 13.8% 34.9% Montana 3.7% 6.5% 6.5% 1.4% 13.4% 31.5% Nebraska 5.1% 5.7% 7.2% 1.8% 12.4% 32.2% Nevada 1.6% 5.1% 9.2% 7.6% 12.4% 35.9% New Hampshire 4.0% 4.6% 9.0% 6.6% 12.4% 36.6% New Mexico 4.9% 7.2% 8.8% 3.8% 12.1% 36.8% North Carolina 5.6% 5.7% 7.8% 2.7% 12.4% 34.2% Oklahoma 7.0% 5.2% 6.6% 5.2% 11.2% 35.2% Oregon 4.2% 11.2% 6.1% 0.7% 12.6% 34.8% Rhode Island 4.2% 9.1% 8.7% 8.7% 14.4% 45.1% South Carolina 7.7% 5.5% 7.6% 3.6% 12.4% 36.8% South Dakota 4.8% 4.5% 7.1% 3.3% 12.4% 32.1% Tennessee 6.8% 5.3% 8.6% 5.3% 12.4% 38.4% Texas 4.5% 3.5% 9.4% 3.6% 10.9% 31.9% Utah 6.1% 5.8% 6.0% 4.5% 14.6% 37.0% Vermont 2.8% 5.0% 8.5% 3.0% 12.4% 31.7% Virginia 5.3% 5.9% 7.9% 2.8% 12.4% 34.3% West Virginia 6.4% 3.7% 8.6% 2.1% 12.4% 33.2%