The Importance of Earnings in the Insurance Business

There is an added element to the gain in intrinsic value that goes well beyond the reported earnings for the year. Whether you want to call that extra amount or owner earnings or not is another question. No, we have after some unpleasant early experience, we have tried to avoid places where there was a lot of compulsory reinvestment just in order to stand still. But there are businesses out there that are still like that. It says that we don't have any.