Comment by yepyeppers

This is contrary to GAAP and operationally false. An insurer takes on the risks including the health of the insured pool and cost changes during the covered period. An insurance BROKER or AGENCY only books commissions as revenue, but an INSURER books premium as revenue. Similarly a stock BROKER or AGENT is only acting as an agent and isn’t a party to the actual transaction they execute. Similarly for platforms, auctioneers, or other agents.