Quarterly reporting can be sometimes misleading:

One of your obligations as a listed company is to provide transparent communications about issues that
may affect the value of the company. This includes quarterly reporting and timely publication of price-
sensitive information. Of course you will keep shareholders abreast of the activities and developments
within the company. But quarterly results only provide an overview of the financial results of a very
limited period as well as some indicators to assess the general health of the company. So people should
be careful not to focus exclusively on the past three months. And people certainly shouldn’t annualize
quarterly results. As a listed insurance company, we operate in a sector that is subject to some volatility.
Seasonal issues like hail storms, wildfires or floods, or profits from the sale of a particular building can
disproportionately affect quarterly returns - these do not reflect the full year and therefore cannot be
extrapolated to an annual figure.