No. The Federal government takes a share of underwriting gains, so the government earns a net gain in a low-loss year. One study found that after accounting for gains and losses across all states from 2001-2010, the government made $4 billion on its reinsurance operations. In 2015, the government earned nearly $1.8 billion in underwriting gains through its reinsurance operations. These gains helped offset some of the government’s underwriting losses in subsequent years.