For the year, the expense ratio improved 1.2 points on a direct premium earned basis due to business expense management, including a reduction in agent commissions, advertising, and lower executive compensation, as well as primary rate increase impact on the ratio.

Feb 25, 2022 / CFO / receipt, needs a key / Frank Wilcox, CFO | earnings call 2022-02-25 | transcript 142b119c-c6b9-4874-9fb3-ae6724cf991c | chars 4637-4902 | segment 4