| |
Average |
+25%
Profit |
+25%
Growth |
| Revenues (% by Source) |
| Commercial
Lines |
51.9% |
49.3% |
53.6% |
| Bonds |
3.0% |
5.6% |
3.0% |
| Personal
Lines |
22.2% |
22.1% |
18.3% |
| VAS
– P&C |
1.2% |
4.4% |
0.5% |
| Contingent/Bonus |
8.5% |
9.2% |
7.1% |
| Group
Medical |
8.5% |
5.0% |
10.5% |
| All Other Group L&H |
1.7% |
1.0% |
1.5% |
| Individual L&H |
1.7% |
2.5% |
2.9% |
| Bonus/Overrides |
0.3% |
0.4% |
0.7% |
| Investments |
0.5% |
0.3% |
0.5% |
| Miscellaneous |
0.2% |
0.1% |
0.3% |
 Total
Revenues |
100.0% |
100.0% |
100.0% |
| Brokerage
Commission Expense |
1.1% |
0.3% |
0.0% |
| Net
Revenues |
98.9% |
99.7% |
100.0% |
| Expenses (as % of Net Revenues) |
| Compensation |
62.6% |
57.8% |
59.0% |
| Selling |
4.1% |
3.1% |
3.7% |
| Operating |
15.3% |
13.9% |
13.8% |
| Administrative |
2.4% |
0.7% |
3.9% |
| Total
Expenses |
84.4% |
75.5% |
80.3% |
|
| |
Average |
+25%
Profit |
+25%
Growth |
| Profit/Loss (as % of Net Revenues) |
| Pre-Tax
Profit |
15.6% |
24.5% |
19.7% |
| Pro
Forma Pre-Tax Profit1 |
20.0% |
32.5% |
20.3% |
| Operating
Pre-Tax Profit2 |
6.0% |
14.5% |
10.3% |
| EBITDA3 |
18.6% |
25.6% |
24.6% |
| Pro
Forma EBITDA4 |
23.0% |
33.6% |
25.2% |
Definitions:
- Pro
Forma Pre-tax Profit is Pre-tax Profit if discretionary
expenses are eliminated and all owners compensated
as employees
- Operating Pre-tax Profit is Pre-Tax Profit
excluding income from contingents, bonus and investment
income
- EBITDA is Earnings Before Interest Taxes Depreciation
and Amortization
- Pro Forma EBITDA is EBITDA if discretionary expenses are eliminated (e.g. certain owner's perks/benefits), and one-time or extraordinary revenues are excluded
|
|
