AmTrust Financial Services, Inc. - Corporate Solutions

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Appendix B: Financial Information and Non-GAAP Reconciliation 26
Summary Income Statement Nine Months % $ in millions 2008 2009 2010 2011 2012 2012 2013 Change Gross Written Premium $1,110.6 $1,198.9 $1,560.8 $2,150.5 $2,749.3 $1,975.7 $3,058.7 54.8% Net Written Premium 554.9 643.4 827.2 1,276.6 1,648.0 1,235.0 1,900.9 53.9% Net Earned Premium 439.1 573.9 745.7 1,036.9 1,418.9 1,035.5 1,558.4 50.5% Ceding Commission 115.5 113.9 138.3 154.0 197.0 140.7 199.3 41.6% Service and Fee Income 28.0 30.7 62.1 108.7 172.2 118.1 238.6 102.1% Net Investment Income & Realized Gains (4.1) 21.7 56.5 58.3 77.1 53.1 84.5 59.1% Loss and LAE Expense 238.3 327.8 471.5 678.3 922.7 667.4 1,046.9 56.9% Acquisition Cost and Other Underwriting Expense 203.7 244.3 302.8 398.4 543.7 397.5 557.2 40.2% Income before Other Income (Expense), Equity Earnings, interest expense & tax 117.2 145.9 171.8 194.4 237.4 172.2 264.6 53.7% Income gains from Life Settlements - - 11.9 46.9 13.8 5.3 0.10 N/M Equity In Earnings (Loss) of Unconsolidated Subsidiary (1.0) (0.8) 23.2 4.9 9.3 8.7 10.5 20.7% Non-Controlling Interest (loss) 2.9 - (5.1) (20.7) (6.9) (3.1) 1.5 N/M Foreign Currency Gain (Loss) 2.7 2.5 0.7 (2.4) (0.2) (3.0) 2.4 N/M Acquisition Gain on Purchase - - - 5.9 - - 55.8 N/M Net Income attributable to AFSI 82.9 103.2 142.5 170.4 178.0 122.7 220.9 80.0% Operating Earnings (1,2) 126.3 126.6 138.3 179.5 191.6 138.2 182.7 32.2% Operating EPS (2) N/A N/A $1.89 $2.41 $2.52 $1.82 $2.35 29.1% Annualized Operating ROE (2) 32.3% 26.3% 21.5% 22.3% 18.9% 18.8% 20.2% Net Loss Ratio 54.3% 57.1% 63.2% 65.4% 65.0% 64.5% 67.2% Net Expense Ratio 20.1% 22.7% 22.1% 23.6% 24.4% 24.8% 23.0% Net Combined Ratio 74.1% 79.8% 85.3% 89.0% 89.5% 89.2% 90.2% 1 Net operating earnings reflects net income as adjusted by the items detailed in footnote (1) to the Non-GAAP Reconciliation on Slide 29 ² Please see the Non-GAAP reconciliation slide at the end of this presentation for important information about these Non-GAAP measures. 27
Page 1 and 2: AmTrust Financial Services, Inc. (A
Page 3 and 4: History of AmTrust • Founded in 1
Page 5 and 6: Strong Premiums & Earnings Growth $
Page 7 and 8: Growth in Operating Revenues* Risin
Page 9 and 10: Segment Overview Small Commercial B
Page 11 and 12: Geographically Diverse Geographical
Page 13 and 14: Stable Pricing Disciplined, consist
Page 15 and 16: Growing Service and Fee Revenue Att
Page 17 and 18: Value Creation Through Acquisitions
Page 19 and 20: Insco Dico Group • September 18,
Page 21 and 22: Strengthened Capital and Dividends
Page 23: $in millions Small Commercial Busin
Page 28 and 29: Balance Statement Highlights $s in

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