Momentum Short-term Insurance Financial Indicators* F2015-Q4 F2016-Q2 F2015-Q4 F2016-Q2 35.3% 31.6% Management 102.2% 82.7% expense ratio Loss ratio Acquisition cost ratio F2015-Q4 F2016-Q2 20.3% 20.1% *compares quarterly movements of F2015-Q4 to F2016-Q2