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You are missing something very important here - IBNR.
Incurred
But
Not
Reported
That's going to be 10-15% of their expenses and it's a number that may or may not ever be realized.
Insurance company balance sheets are notoriously tricky to read. I submit that, unless you're an accountant with a strong insurance background or an accuary, that you aren't going to make sense of them, at least for this discussion.
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