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MAJOR PROPERTY/CASUALTY INSURERS' FIRST-QUARTER 1997 RESULTS

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Ranked by change in net income. All amounts in thousands of dollars.

Corporate Property/casualty operations

Percent Net Percent Pretax Percent Pretax Percent Percent

Net increase Consolidated Combined1 Combined1 premiums increase underwriting increase investment increase Policyholders increase

Rank income (decline) revenues ratio ratio written (decrease) income (loss) (decline) income (decrease) surplus (decrease)

1997 1997 1996-1997 1997 1997 1996 1997 1996-1997 1997 1996-1997 1997 1996-1997 1997 1996-19971 Ohio Casualty Corp. 32,715 822.1 359,536 105.62 117.12 307,7622 0.3

(14,445) 72.6 42,409 (4.3) 971,712 6.2

2 TIG Holdings 36,400 218.2 428,600 102.7 111.3 388,500 (3.8)

(8,900) 78.7 77,600 2.7 987,000 4.9

3 Travelers P/C Corp. 273,100 178.7 2,431,300 101.72 109.92

2,113,3002 120.3 (117,000)2 0.9 499,7002 156.1 5,552,000 116.8

4 ITT Hartford Group Inc. 204,000 112.5 3,118,000 101.3 107.6

1,947,000 7.2 (39,000) 72.7 210,000 8.2 4,785,000 35.0

5 Berkshire Hathaway Group 211,200 64.2 1,199,900 92.8 97.7

1,376,700 13.5 70,600 216.6 216,900 41.8 N/A N/A

6 Royal & SunAlliance USA2 79,000 46.3 N/A 102.1 120.2

334,000 (17.1) N/A N/A N/A N/A 2,300,000 N/A

7 Old Republic Int'l 65,241 30.4 461,862 98.7 100.2 209,9222 1.8

(1,495)2 76.0 49,0172 2.3 1,427,044 4.9

8 Chubb Corp. 192,100 26.9 1,576,900 96.3 101.3 1,421,800

26.1 40,900 328.5 171,600 9.0 2,530,000 8.4

9 Reliance Ins. Co. and subs. 28,386 26.1 781,945 101.1 101.9

507,328 6.7 (7,059) 30.1 66,326 4.7 1,141,415 (2.9)

10 Fremont General Corp. 21,093 21.2 140,724 91.2 99.5

121,733 (6.1) 10,122 1,642.2 26,027 (7.2) 426,161 30.7

11 CIGNA Corp. 260,000 18.7 4,645,000 100.4 104.9 803,000 (3.8)

(3,000) 92.5 94,000 (5.1) 2,000,000 0.5

12 American International Group 780,935 16.3 7,188,998 96.3 96.8

3,313,944 6.0 118,784 33.5 451,071 10.1 N/A N/A

13 American States Fin'l Corp. 54,027 15.2 501,904 100.8 108.3

422,840 4.2 (2,521) 91.8 57,102 (4.4) 1,599,334 (0.5)

14 General Re/Cologne Re Group 243,800 3.0 2,061,200 101.0 100.3

1,262,900 4.4 (14,200) (373.3) 292,400 9.6 5,597,500 16.3

15 SAFECO Corp. 111,525 0.7 1,030,191 98.7 99.6 583,115 5.6

7,290 248.0 70,400 (1.0) 2,232,300 15.7

16 The St. Paul Cos. Inc. 124,549 (3.3) 1,557,203 107.82 106.32

1,029,220 10.1 (51,053) (21.4) 218,269 15.5 2,986,003 13.6

17 Hartford Steam Boiler 15,900 (6.5) 145,500 90.0 91.0

117,100 9.5 12,000 30.4 8,000 291,400 3.2

18 Sentry Insurance Cos.2 17,254 (9.1) 387,341 109.6 109.0

292,204 (0.7) (28,896) (14.1) 50,161 0.6 1,310,549 11.3

19 USF&G Corp. 45,000 (20.8) 844,900 104.52 106.32 643,6002 (1.1)

(30,800) 23.2 112,200 3.3 1,421,400 2.5

20 Argonaut Insurance Co. 21,646 (31.2) 55,231 106.4 106.1

30,658 (29.2) (440) 79.2 18,529 (18.4) 527,790 (15.7)

21 CNA Financial Corp. 178,000 (45.9) 4,130,000 111.6 107.9

2,670,000 (352,000) (38.0) 428,000 (8.6) N/A N/A

Nationwide Mutual Ins. Co.2 N/A N/A N/A 103.1 111.8

2,037,907 1.5 (68,631) 71.8 233,972 4.9 N/A N/A

Kemper Insurance Cos. N/A N/A 979,348 106.5 109.3 944,050 (1.7)

(90,680) 20.9 110,993 (2.5) 1,924,828 (0.7)

Liberty Mutual Ins. Co.2 N/A N/A N/A 109.7 117.2

1,464,113 7.2 (156,465) 33.7 259,669 1.3 5,752,796 20.7Cumulative 2,995,871 21.9 34,025,583 102.2 105.7

24,342,696 9.6 (726,889) 44.0 3,764,345 13.9

45,764,232 19.7

1 After dividends 2 Statutory N/A-Company did not provide data