That's how much of a premium dollar goes to claims, reserves for payouts, underwriting expenses and policyholder dividends.

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There is still a small premium on Petrobras because of its oil discoveries and reserves.

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Meaning to me that reserves in North America, the US and Canada, are worth a premium.

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As for Enerplus, it may never reach a 14% yield, simply because the trust is so deep in proven reserve life (about 10 years) and in undeveloped potential reserves, including oils sands, which carry a stock-market-type premium these days.

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