Despite an extremely competitive marketplace, we maintained a strong client base and exceeded our new business sales targets. On top of this very positive outcome, we issued our eighth membership credit to our policyholders. All in all, it was a tremendously successful year.
Our combined ratio of 85.3 percent was exemplary for the third consecutive year, and the combination of strong underwriting performance and investment results increased our surplus by 3.8 percent to US$11 billion.
Thomas A. Lawson
President and Chief Executive Officer