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Operating income was
Net written premiums for the fourth quarter declined 2% to
The fourth quarter combined loss and expense ratio was 111.2% in 2012 and 89.9% in 2011. The impact of catastrophes on the combined ratio was 29.7 percentage points in the fourth quarter of 2012. The impact of catastrophes in the fourth quarter of 2011 was 0.4 points. Excluding the impact of catastrophes, the fourth quarter combined ratio was 81.5% in 2012 and 89.5% in 2011.
The expense ratio for the fourth quarter was 30.9% in 2012 and 30.6% in 2011.
Property and casualty investment income after taxes for the fourth quarter declined 6% to
Net income for the fourth quarter of 2012 included net realized investment gains of
During the fourth quarter of 2012,
Average diluted shares outstanding for the fourth quarter were 266.8 million in 2012 and 282.2 million in 2011.
Book value per share was
"Although Storm Sandy had a severe impact on