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 $80,000,000 Incurred Losses $70,000,000.

What was JKL's loss ratio last year?

a 70.0 percent

b 75.0 percent

c 83.3 percent

d 93.8 percent