Premium income is only one part of the equation for an insce company's profitability.
A substantial port of their income is derived from investment income. Flat/declining equity markets mean they take a big hit to their bottom line.
Witness the latest reports by AMP, QBE and SUN.
It was in fact this investment income problem that I predicted back in March would seriously detract from the bottom line of SUN post GIO.
Remember that Hell?
fergyl has the best record on H/C, page-6
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