For what it's worth, I don't think we should be talking about P/E's with this company. It's completely meaningless, as the asset trail movements are significant. Like property revaluations, I ignore them, to be conservative. A better measure is the cash earnings.
When you look at FIG through that lens, it's slightly undervalued, though not as much as a P/E ratio view would suggest.
Ann: Acquisition of St Andrew's Insurance and Trading Update, page-17
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