An analyst gathers the following information (in $ millions):

| | Insurer A | Insurer B |

|--------------------|-----------|-----------|

| Loss expense and loss adjustment expense | 15,000 | 12,000 |

| Net premiums earned | 25,000 | 15,000 |

| Underwriting expense | 10,000 | 4,000 |

| Net premiums written | 25,000 | 10,000 |

Which of the following statements best describes the efficiency of money spent in obtaining new premiums?