As I stated in the previous thread, I was a bit concerned of this continued reversal of previously booked losses. Indeed, the number got larger, to $6.7 million this quarter. (It was $6.4 million for the first half of the year.)

Stripping out the above, the combined ratio is still a healthy 91%, and the investment income of $6.9 million is in line with the size of invested float. The results, by applying the same 18% tax rate, would be $0.50 per share in earning.

Judging on the combined ratio and the reduced revenue, I can safely say that competition actually intensified this year. Surely the employment did not shrink in double digit percentage.
Top line needs to grow, but that seems to be a function of competitions more than anything else. Or, are we to book book yet another sizable reversal of previously booked losses?