I think that we are on the same page here Finny. I get that investments cover the bases for the insurers and don't really have an issue with that.
I think that you are missing the point on the combined ratio though; that measure is the cost of the claims plus expenses as a percentage of the premiums paid. When that ratio is under 100 (and in some cases WELL under 100) that means that they are making money without investing in anything.
ING sold the P&C business in Canada because the parent company was having other difficulties. That is a profitable business and has huge market share here. When you're having money troubles though, you sell what is easy to sell.
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