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That's for the corporation as a whole and counts the net of investment profits and insurance losses. If you open their earnings release, you can see combined ra
by bkberry352 2y ago
That's for the corporation as a whole and counts the net of investment profits and insurance losses. If you open their earnings release, you can see combined ratios over 100%, indicating that the total cost of operating the insurance is negative, but this is offset by investment profits (as the original commenter mentioned - they make money off the float).