Long-time outperformer of the market.
Has not managed to reinvest capital from sales of assets, but buybacks have reduced outstanding shares from 9 to 3 million over the last decade.
Traditional insurance liabilities are replaced by more commission-based insurance, thus limiting potential liabilities.
Owner-oriented management, a long-term mindset.
The lack of a strategic plan makes the management free to contemplate available opportunities any given time which best serve the interests of the owners.