>Property was break even or a loss leader to get the business which makes money—car insurance
This isn't true either. Both homeowner and auto coverage usually have a combined ratio** of at best 97 but usually closer to or above 100. But the most money is made on investing premiums, not by having a low combined ratio necessarily.
The only lines having 95 or below combined ratio for the most part are speciality lines like boat.
**combined ratio is just premium taken in minus payments/costs. So if a company pays out 98 cents for every dollar of premium their combined ratio is 98