JKL Insurance Company Reported the Following Information on Its Accounting

Multiple Choice

JKL Insurance Company reported the following information on its accounting statements last year:
Premiums Written $90,000,000
Loss Adjustment Expenses $5,000,000
Underwriting Expenses $30,000,000
Premiums Earned $100,000,000
Incurred Losses $70,000,000
What was JKL's expense ratio last year?

A) 5.0 percent
B) 30.0 percent
C) 33.3 percent
D) 50.0 percent