Well, any insurance company that doesn't have a combined ratio (CR) less than 100 is not making money.

Example: a CR of 92 means that for every dollar of premium, the company has to spend 92 cents, leaving 8 cents of profit. A CR of 102 means that the company has to spend $1.02 for every dollar taken in.

How much spent depends, in general, on operating expenses and claims paid. Limiting how much you spend can only get you so far; hence the rest of an insurers profit comes from investments.

(And where does the money for investing come from? Collected premiums!)