Executing the strategy set forth to grow selectively and improve underwriting profitability, we produced terrific results and a lot of momentum in 2013. We increased our net income by $914 million to $1.7 billion. We grew net written premium 6.7 percent to $35.2 billion. We drove our combined ratio down five points to 99.8 percent — below 100 for the first time in years — and we built a balance sheet that is stronger today than any time in memory.
We also advanced in our rankings. In 2013, we became the fifth-largest P&C company in the world and the third-largest P&C company domestically. Further, we moved up three positions on the Fortune 100 list to number 81.