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  "documentTitle": "Houlihan Lokey | Investment Banking Pitch Book | 42 slides",
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  "presentationDate": "2022-12-01 00:00:00",
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  "notes": "Includes a detailed disclaimer regarding historical financial data and adjustments.",
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      "text": "Combined ratios are projected to revert gradually to below 90% as loss ratios approach a normalized level following unusual frequency and severity of claims in 2021 and a build-up of reserves in subsequent years, as well as declining expense ratios due to increased operating leverage.",
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      "text": "Projected 2022-2027 Adj. Net Income CAGR of ~18% driven by (i) underwriting income CAGR (~21%), (ii) investment income CAGR (~19%) as yields are assumed to peak in 2023 and (iii) other revenue CAGR (~6%).",
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