A Property and Liability Insurance Company's Loss Ratio Was 74

A property and liability insurance company's loss ratio was 74 percent in 2011,68 percent in 2012,and 66 percent in 2013.The same insurer's expense ratio was 31 percent in 2011,33 percent in 2012,and 30 percent in 2013.Which of the following statements is true about the company's underwriting results?

A) The insurer made money from its underwriting activities each year.
B) The insurer's profitability from underwriting has been deteriorating each year.
C) The insurer's profitability from underwriting has been improving each year.
D) The insurer lost money from its underwriting activities each year.