In years when the industry's annualgain in revenues (premiums) pokes along at 4% or 5%, underwriting losses are sure to mount.
当同业平均保费收入年成长只在4%或5%徘徊，则当年承保损失一定会上升。
2
But coming out of the 1990s, the best calendar decade in history with a 17.6% average annualgain, stocks simply had gotten too expensive.
90年代是史上表现最好的十年，平均每年增长17.6%。
3
Most of the remaining six percentage points will go for income tax any time you wish to convert your twenty percentage points of nominal annualgain into cash.