Maybe not. But Codan is now a public company, with shareholders to worry about.
I don't know much about Australian securities, but if they're similar to financial securities in the US, the Codan leadership are beholden to what the shareholders want. And in 99% of cases, all the shareholders care about is making money and they don't care how management does it, as long as it's legal and doesn't look bad in the public eye.
So if that means Codan could triple their net income and pass on the profits in the form of dividends, and all they'd have to do is fly kites, guess what the shareholders are going expect Codan to do?