Mr. Conor Faughnan:

It is not that they were unwise. There are regulatory rules around what one does with investment income. If an insurance company takes €500 or €1,000 off me for a premium, it has to reserve that and must invest it prudently, so it cannot go and play the stock market with it. The return on those investments has diminished very significantly, as did the rate of return on all sorts of investments, a bit like with the discount rate, so Government bonds and so on-----