Allied World Assurance Company Holdings, AG consolidated results year ended 31 December ● $m Category 2006 2007 2008 2009 2010 Gross written premium 1,659.03 1,505.51 1,445.58 1,696.35 1,758.40 Net written premium 1,306.60 1,153.11 1,107.23 1,321.13 1,392.46 Increased NWP % 6.9 (11.7) (4.0) 19.3 5.4 Retention % 78.8 76.6 76.6 77.9 79.2 Net earned premium 1,252.01 1,159.94 1,116.91 1,316.89 1,359.55 Claims incurred 739.13 682.34 641.12 604.06 707.88 Claims incurred % NEP 59.0 58.8 57.4 45.9 52.1 Operating expenses 247.56 260.60 298.42 397.44 446.05 Operating expenses % NWP 18.9 22.6 27.0 30.1 32.0 Underwriting result 265.31 217.00 178.11 316.90 206.53 Underwriting result % NWP 20.3 18.8 16.1 24.0 14.8 Combined ratio % 78.8 81.3 84.1 76.1 84.9 Life GWP - - - - - Life NWP - - - - - Life result - - - - - Net investment income 244.36 297.93 308.78 300.68 244.14 Net realised gains/(losses) (28.68) (7.62) (272.85) 76.78 285.44 Pre-tax result 447.83 470.29 176.00 643.53 691.95 Pre-tax % NWP 34.3 40.8 15.9 48.7 49.7 Net result 442.84 469.18 183.64 606.89 665.01 Shareholders' funds 2,220.08 2,239.84 2,416.86 3,213.30 3,075.82 Solvency margin % 169.9 194.2 218.3 243.2 220.9 Unearned premium reserve 813.80 811.08 930.36 928.62 962.20 Outstanding claims reserve 2,947.89 3,237.01 3,688.51 3,841.78 3,951.60 Total technical provisions 3,761.69 4,048.09 4,618.87 4,770.40 4,913.80 Technical reserves as % NWP 287.9 351.1 417.2 361.1 352.9 Overall coverage as % NWP 457.8 545.3 635.4 604.3 573.8