个人保险产品线定价及趋势监测

Andrew Andersen * | Equity Analyst+1 (212) 284-8105 | aandersen@jefferies.comSuneet Kamath, CFA * | Equity Analyst(212) 778-8602 | skamath@jefferies.comCharlie Rodgers * | Equity Associate+1 (212) 284-8105 | crodgers@jefferies.comSource: SNL Financial, Jefferies Personal auto pricing monitor: new method reflectiveof rate on total book and new business effective dateExhibit 3 - Trailing 12 months personal auto rate filingsBased on new business effective date (lagging indicator compared to filingsubmission date).-4%1%6%11%16%21%26%Jan-16May-16Sep-16Jan-17May-17Sep-17Jan-18May-18TRVHIGSource: SNL Financial, JefferiesExhibit 5 - Trailing three months personal auto rate filingsBased on new business effective date (lagging indicator compared to filingsubmission date).4.6%1.5%0.6%LMNDALLBrandGEICOIndustrySource: SNL Financial, JefferiesPlease see important disclosure information on pages 8 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Sep-18Jan-19May-19Sep-19Jan-20May-20Sep-20Jan-21May-21Sep-21Jan-22May-22Sep-22Jan-23May-23Sep-23Jan-24May-24Sep-24Jan-25May-25ALL BrandPGRTop 5IndustryExhibit 4 - Two week change in trailing 12 month rateBased on new business effective date (lagging indicator compared to filingsubmission date).0.4%0.1%0.1%ALLBrandPGRGEICOSource: SNL Financial, Jefferies0.6%0.4%0.3%0.2%0.2%0.0%-0.1%StateFarmHIGUSAAROOTTRVPGRExhibit 6 - Trailing 12 months personal auto rate filingsBased on new business effective date (lagging indicator compared to filingsubmission date).8.5%8.3%7.8%LMNDHIGALLBrandSource: SNL Financial, Jefferies Personal auto pricing monitor - old method reflectiveof rate on associated premium for rate filings andfiling submission dateExhibit 7 - Trailing 12 months personal auto rate filingsBased on submitted date.-2%0%2%4%6%8%10%12%14%Jan-16May-16Sep-16Jan-17May-17Sep-17Jan-18May-18TRVHIGSource: SNL Financial, JefferiesExhibit 9 - Trailing three months personal auto rate filingsBased on submitted date.3.0%1.5%0.8%LMNDALLGEICOSource: SNL Financial, JefferiesPremium distribution by state filing regulatory systemPrior approval - regulator approves rate change prior to use (notably CA, PA, NJ)File & use - rate must be filed before use, no approval required (notably FL, TX, OH)Use & file - rates are filed after they are used in market (notably IL, MO, AZ)Flex - rates can be used without notice within certain range (notably SC, KY, KS)Limited flex - similar to Flex but narrower range and more constraints (notably NY, TN)Deregulated - no state review of rates, no filing requirement (WY only)Please see important disclosure information on pages 8 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Sep-18Jan-19May-19Sep-19Jan-20May-20Sep-20Jan-21May-21Sep-21Jan-22May-22Sep-22Jan-23May-23Sep-23Jan-24May-24Sep-24Jan-25May-25ALLPGRTop 5IndustryExhibit 8 - Two week change in trailing 12 months rateBased on submitted date.0.1%0.0%0.0%ALLPGRUSAASource: SNL Financial, Jefferies0.7%0.6%0.0%-0.2%-0.7%-1.1%-5.6%HIGUSAAROOTTRVIndustryPGRStateFarmExhibit 10 - Trailing 12 months personal auto rate filingsBased on submitted date.3.7%3.6%2.3%HIGLMNDALLSource: SNL Financial, Jefferies Exhibit 11 - Auto: DPW state distribution by rate filing regulatory system.34%38%42%38%0%10%20%30%40%50%60%70%80%90%100%P&CIndustryALLPrior ApprovalFile & UseSource: SNL FinancialPlease see important disclosure information on pages 8 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Homeowners pricing monitor - new method reflectiveof rate on total book and new business effective dateExhibit 13 - Trailing 12 months homeowners rate filingsBased on new business effective date (lagging indicator compared to filingsubmission date).0%2%4%6%8%10%12%14%16%18%20%Jan-16May-16Sep-16Jan-17May-17Sep-17Jan-18May-18Sep-18Jan-19May-19Sep-19Jan-20May-20Sep-20Jan-21May-21Sep-21Jan-22May-22Sep-22Jan-23May-23Sep-23Jan-24May-24Sep-24Jan-25May-25TRVALL BrandCBPGRHIGTop 5IndustrySource: SNL Financial, JefferiesExhibit 14 - Two week change in trailing 12 months homeowners rate filingsBased on new business effective date (lagging indicator compared to filingsubmission date).1.6%0.2%0.2%HIGStateFarmTRVSource: SNL Financial, JefferiesExhibit 15 - Trailing six months homeowners rate filingsBased on new business effective date (lagging indicator compared to filingsubmission date).5.9%5.7%4.9%4.3%3.7%3.4%3.0%2.3%1.6%1.4%0.9%StateFarmALLBrandTRVPGRIndustryUSAAHIGHIPOCBLMNDFarmersSource: SNL Financial, JefferiesExhibit 16 - Trailing 12 months homeowners rate filingsBased on new business effective date (lagging indicator compared to filingsubmission date).15.9%11.4%11.2%PGRALLBrandLMNDFarmersSource: SNL Financial, JefferiesPlease see important disclosure information on pages 8 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distrib