True or False: The combined ratio is the only way to determine if an insurance company is making an underwriting profit.

The combined ratio is a critical measure used in the insurance industry to evaluate an insurance company's underwriting profitability. It is calculated by adding the loss ratio and the expense ratio. A combined ratio below 100% indicates that the company is making an underwriting profit, as it implies that the premiums collected exceed the expenses incurred in claims and operations.

However, stating that the combined ratio is the only way to determine if an insurance company is making an underwriting profit is not accurate. Underwriting profitability can also be assessed through other financial metrics and analyses. For example, a company may analyze its loss reserves, premium growth trends, or other financial ratios to gain insights on profitability.

The combined ratio is a valuable tool, but it is part of a broader set of indicators that financial analysts and insurance professionals use to assess the overall financial health and profitability of an insurer. As such, the assertion that it is the only means to determine underwriting profit does not take into account these other methods and metrics available for evaluation.