An insurer’s admitted assets minus liabilities equals

Reserves are funds set aside by insurers to pay for future claims and policyholder benefits. While reserves are a crucial component of an insurer's liabilities, they do not represent the excess of assets over liabilities; rather, they are part of the liabilities that must be subtracted from assets to calculate surplus.

Capital typically refers to the financial resources that an insurance company has available to support its operations and obligations. It may include surplus but is often used more broadly to encompass total assets without specifically indicating the amount left after liabilities are accounted for.

Net premium refers to the amount of premium income an insurer retains after deducting reinsurance costs. While important for understanding revenue, it does not relate directly to the calculation of assets minus liabilities, as it focuses on income rather than the overall financial position of the insurer.