... 52% in 1963, 50% in 1964, 48% in 1965–1967, 52.8% in 1968–1969, 49.2% in 1970, 48% in 1971–1978, 46% in 1979–1986, 40% in 1987, 34% in 1988–1992 and 35% in 1993–2001.Market interest on operating ... ratio.Operating Liabilities for a Property and Casualty InsurerProperty and casualty insurers make money from writing insurance policies and from investment assets. In their insurance business, they ... After-tax interest expense (#15 6 (1 À marginal tax rate))plus preferred dividends (#19) minus after-tax interest income(#62 6 (1 À marginal tax rate)) plus minority interest in income (#49) minus...