Very very very true... reading the financials, particularly the reserving & liabilities can be fudged, altered and tweaked based on a set of assumptions management consider to get the best result. Actuarial & Accounting allows for this - so reading the numbers over decades is a must.
AIG is the prime example. [Was] the largest insurer in the world - but made up of so many variables that senior management had no idea of how toxic the foundations were let alone small shareholders who upon an annual trying to dissect the information... those keen on the industry, take a read of Fallen Giant - a book on Hank Greenberg and the build up of AIG. Extraordinary insight into the building of an empire far beyond P&C Insurance.
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