Not sure I agree with the article. 1) Making a loss doesn't prevent you from paying a dividend. Dividends aren't paid from the current year's profit, but from

Not sure I agree with the article. 1) Making a loss doesn't prevent you from paying a dividend. Dividends aren't paid from the current year's profit, but from retained earnings, i.e. from accumulated profits since the creation of the company. It is frequent for companies to maintain their dividend policy through cycles. 2) The insurer doesn't have to make a loss overall to make a claim that the rates charged on some specific part of their portfolio do not cover expected losses on that portfolio, since circumstances have changed. In theory insurance rates must be sufficient to cover expected losses, and I am pretty sure financial regulations require insurers to do so (prudential rules/solvency, though I do not work for an insurance company so not an expert). So it is one thing to call the insurers claims bullshit, and maybe it is. But 1) they paid a dividend or 2) the company did not make a loss for the year, aren't valid arguments.