Granite Insurance Companys combined ratio 2 years ago was 1.035. A review of that years financial statements

Question:

Granite Insurance Company’s combined ratio 2 years ago was 1.035. A review of that year’s financial statements showed the company paid $4.5 million in income taxes.

Why was the company required to pay income taxes when its underwriting activities produced a loss, as measured by the combined ratio found in question 19?

Question 19

Granite Insurance Company had claims and expenses of $425 million last year. The company’s premium income was $450 million. What was the company’s combined ratio?

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