What is "float" in insurance company?

According to Warren E. Buffett's letter to shareholders, "float" has the following definition:

"....float is money we hold but don't own. In an insurance operation, float arises because premiums are received before losses are paid, an interval that sometimes extends over many years. During that time, the insurer invests the money. Typically, this pleasant activity carries with it a downside: The premiums that an insurer takes in usually do not cover the losses and expenses it eventually must pay. That leaves it running an "underwriting loss," which is the cost of float. An insurance business has value if its cost of float over time is less than the cost the company would otherwise incur to obtain funds. But the business is a lemon if its cost of float is higher than market rates for money."

"Float"其實是畢非特去衡量保險公司價值的重要指標. 依文之意, "Float"其實是保險公司暫時託管而不屬於她的錢. 保險公司則運用這些暫時性的資金進行投資而獲取利益. 而 "float"是不包括因期滿或賠償而發還受保人的款項. 扣除這些未實現的款項以及相關的開支, 就是保險公司真正的"溢價" - 畢非特所說的"premiums".

"...premiums are received before losses are paid...." by Warren E. Buffett.

咁2007年, 中國人壽跟平保的"float"同"premium"又係點呢?

"premium" = "未到期責任準備金" + "未決賠款準備金" + "壽險責任準備金" + "長期健康險責任準備金" - "應付手續費及佣金" - "應付稅費" - "應付職工新酬" - "應付賠付款" - "應付保單紅利" - "遞延所得稅負債" = 519696M !!! 有無計錯!!!