FINANCIAL GUARANTY INSURANCE, 2004-2013 (1)

($000)

Year Net premiums written (2) Annual percent change Combined ratio (3) Annual point change (4)
2004 $2,133,599 -14.9% 44.3 14.9 pts.
2005 2,014,467 -5.6 29.8 -14.5
2006 2,163,324 7.4 47.7 17.8
2007 3,038,889 40.5 152.4 104.8
2008 3,171,560 4.4 421.4 268.9
2009 1,793,410 -43.5 100.6 -320.7
2010 1,371,908 -23.5 228.4 127.8
2011 968,898 -29.4 219.0 -9.4
2012 692,541 -28.5 181.6 -37.4
2013 710,480 2.6 -3.4 -184.9
(1) Based on insurance expense exhibit (IEE) data. Ambac did not file an IEE from 2004 to 2006; Financial Guaranty Insurance Co. did not file an IEE in 2012. Several companies in 2013 reduced loss reserves as a result of strains from the financial crisis, creating a negative combined ratio. (2) After reinsurance transactions, excludes state funds. (3) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration. (4) Calculated from unrounded data. Source: SNL Financial LC.