Using selected data from client information, scrubbed to maintain confidentiality, SAA will provide an overview of key investment metrics, some of which are unavailable in public databases…and soon to be available on SAA’s revised web site.

1. Peer Analysis Perspectives As of 12/31/2012
March 20th, 2013

2. Peer Analysis Overview
SAA P&C & Health Client Portfolios
23 Clients (20 Primary / 3 Reinsurers)
28 Portfolios
$10.4B In Assets
$9.2B Core Fixed Income
$1.2B Risk Assets
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3. RISK ASSET ALLOCATION
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4. Risk Asset Allocation Review
Typical Risk Assets
1.U.S. Equities
2.International Equities
3.High Yield Fixed Income
Other Risk Assets
1.Convertible Bonds
2.Emerging Market Debt
3.REITs
4.Gold & Commodities
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5. AS % OF TOTAL PORTFOLIO
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6. Risk Asset Allocation - % of Portfolio
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Max 35.11%
Median 10.07%
Average 11.76%
Reinsuer
Health
P&C

7. Risk Asset Allocation - % of Portfolio, By Portfolio Size
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Max 35.11%
Median 10.07%
Average 11.76%

8. Risk Asset Composition
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9. AS % OF SURPLUS
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10. Risk Asset Allocation - % of Surplus
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Max 67.6%
Median 17.9%
Average 22.4%

11. Risk Asset Allocation - % of Surplus, By Portfolio Size
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Max 67.6%
Median 17.9%
Average 22.4%

12. Risk Asset Allocation
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U.S. Equity %Intl. Equity %HY %Other % Max100.0%31.6%62.6%74.4% Median68.4%12.5%0.0%0.0% Average60.6%12.7%10.2%4.4%

13. CORE FIXED INCOME ALLOCATION REVIEW
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14. Fixed Income Portfolio Duration & Portfolio Size
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Duration (Yrs)
Max 5.88
Median 3.81
Average 4.00

15. Fixed Income Portfolio Book Yield & Portfolio Size
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Book Yield (%)
Max 4.49
Median 3.01
Average 2.98

16. Fixed Income Portfolio Book Yield & Duration
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Duration (Yrs) Book Yield (%)
Max 5.88 4.49
Median 3.81 3.01
Average 4.00 2.98

17. Risk Asset Allocation By Fixed Income Portfolio Duration
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Duration (Yrs) RA % of Surplus
Max 5.88 67.6%
Median 3.81 17.9%
Average 4.00 22.4%

18. PERFORMANCE REVIEW
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19. Fixed Income Performance – 2012
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20. Fixed Income Performance – 3 Years Ending 12/31/2012
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21. Risk Assets Performance – 3 Years Ending 12/31/2012
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22. Risk Assets Performance – 2012
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23. Total Portfolio Performance - 3 Years Ending 12/31/2012
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24. Total Portfolio Performance - 2012
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25. Fixed Income Investment Management Fees
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The Quest for Prudent Yield
Increase Non-Treasury Allocation
Duration Extension
Emerging Market Debt
High Yield Corporates/Bank Loans
REITs
High Dividend Equity
Inverse ETFs & Hedging Thoughts
Risk Asset Allocation to Surplus Ratio
Active vs. Passive Management of Risk Assets
Global Portfolio Positioning

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InsurerCIO.com
Purpose
Curate the Latest Investment News & Resources Relevant to Insurers
Customize the News You Receive
Compile your own Charts & Utilize our Peer Analysis Database
Timeline
Site Development Began: July 2011
Beta Test: May – August 2012
Soft Open: September 2012
Official Launch: November 14, 2012
Week of February 17: Hit 1,000 Unique, Weekly Visitors
User Trend: # of Unique Visitors Doubles Every 6 Weeks

29. DISCUSSION & QUESTIONS
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