Nope. Not erroneous.
Insurance co’s are innovative investors. One major one I remember as a customer of a ‘bank’ I worked for, was always looking out for whatever latest new OTC (custom, niche, often offering a particular flavour of risk) products our Derivatives desk had come up with. Premiums don’t just sit around waiting to be paid out, they are invested immediately.
The UK has regulations forbidding insurance companies from offsetting losses in one type of insurance, by increasing premiums in a different line of business (I bet France allows this crossover). But I bet they do it anyway.