insurance company earnings are comprised of 2 main components:

results from insurance activity (technical result) &
investment returns.

If an insurance company paid out all of its premium income each year in costs (administration) and claims, it should still make a profit (in theory) because it earns from investing the premiums in the interim.

The technical result is the result from insurance activities before investment income.

"ERGO Insurance Group AG - Recent Press Releases
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The good result was mainly driven by the excellent technical performance. ... The investment result also contributed to the good result with an amount of "