In addition to that many of the largest insurance companies are also “mutual”. So they’re owned by the policy holders and any profits they accrue are distributed across the insurance pool.
Does that just mean that less capital is required to back the pool -- or is it a statement about morality?
Neither. Because of the nature of the business, it's far easier to run an insurance company when you take a 5-10 year outlook as opposed to the quarterly cycle that public companies deal with.