2014 Annual Report documents year
of profit and productivity
Our 2014 combined ratio of 79.4 percent was exemplary for the second straight year, and the combination of strong underwriting performance and investment results increased our surplus by 9.5 percent to US$10.6 billion. These outstanding results are indicators of the strength of our mutual business model, our balance sheet and the trusted partnerships we have formed with our clients to ensure business resilience.
—Excerpted from the Executive Message delivered in the 2014 Annual Report by
Thomas A. Lawson, President and Chief Executive Officer
Shivan S. Subramaniam, Chairman of the Board