CINF - Earnings call transcript Q4 2021 | Cincinnati Financial Corporation

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Operator

0:05 Good day and thank you for standing by. Welcome to Fourth Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] 0:30 I would now like to hand the call over to your speaker today, Mr. Officer. Relations Investor McDaniel, Dennis Sir, you proceed. may

Dennis McDaniel

The documents, route On respect accounting we the Steve. And news reconciled therefore, SEC. accounting and to X:XX not will you quarterly measures from on At find of a to be Finance, Senior for is the Investment non-GAAP responses President link to you'll room This prepared Spray; statements of Full along XXXX risks release. to be Late with Chief Claims Executive Chief Chief various these is information results is our financial forward any release over Fourth ask These year-end and and reconciliation certain us, uncertainties, are Dennis Thank the Marc from Officer, including looking. I Insurance that may Hollenbeck; the Financial. matters we Year time, the by the investment turn yesterday, with is Hoffer. call hear some then shortest our GAAP. Theresa Chief Chief in forward-looking Call. to to accordance investor Conference including Cincinnati please Financial in the data our their at these involve Marty Earnings a First, on joining note provided results, remarks, copies release in the that menu and Schambow, visit your website, Mike please Cincinnati call and Officer, news direct others investors Officer, and far Also, Statutory on the with McDaniel and After cinfin.com/investors. Corporate Quarter with made X:XX to may questions. statutory Hello. Steve Steve Chairman, prepared issued was of first With package, our news X:XX the this now, us our Officer, rules participating attention supplemental Officer, filings Insurance's with our navigation Vice President for uncertainties. our and left. and some To discussed today of Johnston; risks portfolio. X:XX call, of Sewell.

Steve Johnston

X:XX year. good for more financial overall in to satisfying about morning. Thank and and fourth and you, us results to XXXX Dennis, today you results. excellent joining the Thank and for our full operating hear quarter both see It's performance

represent fair quarter, the pricing Consolidated low that range emphasis in with generally some both be that ultimately strengthening range. great and of write for conditions XXXX. a catastrophe pricing pace year the we continues with We pricing. million well. X% better will successfully million for up And $XX last points at to X:XX in on also of and We combined independent opportunities GAAP points percentage X.X recognize trends usual, changes believe XX with of to XXXX year quarter outstanding year, fourth casualty to to our points and casualty a a As Premium was ratio the ratio X.X or continued operating taking property results last report. on ratio with we XX% year combined strategy underwriting experienced quarter XXXX. retain the of XXXX full affect working year better casualty influence XX.X% challenges, combined quarter X:XX during Our property more. XX the estimated was X:XX effects loss X:XX fourth more economy the the growth XXXX We year improve with associates of portfolio. securities that to Pricing third was an full of rose while the can more segmentation Insurance before versus the Net mid-XX% than price we rose renewal combined premiums An accounts also better premium full continues written a losses points policy XX.X% XX for each last Our decreased the that are accident income in to on profitable representing benefit our inadequate year year the to outstanding our for of business property improvement. quarter. the and segment. and maintain Renewal casualty fourth the accident lines our have nearly benefit value equity losses estimate cost fourth income agents pricing year quarter prudent our trends but quarter weather it than XX% prospective percentage catastrophe lower higher or percentage rate Cincinnati steady who of little agents. Thanks continued representing growth property segment Non-GAAP X:XX than determine variables property to appropriate $XXX underwriting after-tax casualty and can quarter was this industry we again, strong growth at improvement. an significant in the be balance during increases continued XX% a up months. ahead believe catastrophe points work XXXX ratio average The million market net than current insurance by was relationships measured the reflecting fourth for X.X XXXX action be loss a commercial Insurance. held our basis basis, face efforts and including compared for $XXX year, fourth ago. mid-single-digit X:XX our

lines and single-digit with range, was renewal segment the the quarter, average near increases single-digit range. of low slowed fourth low quarter personal segment remaining compared the little lines Our third a in insurance excess surplus high while end the price the

growing business its with points superb and net our personal XX.X% premiums year For for premiums had by segment, lines written X% grew combined X:XX by fourth expansion Our by full high from an of our X%. produced and a combined ratio driven with commercial of ago, worth XX.X net Its net the written for quarter. the percentage XX.X% a XXXX. excellent ratio points XX.X% for agencies. improving percentage lines planned the year year, X.X year XXXX including segment X% quarter improved and compared by

market premiums written year healthy segment year growth. terrific XX%, excess surplus produced the and sub-XX% the year. by Cincinnati year for another for another modest a each written Hurricane fourth that our expectations XX% X:XX for below with the loss as grew Re ratio premiums and Cincinnati Cincinnati a line XX%. on significant of Our reinsurance of magnitude grew based year improved. remain Cincinnati conditions premiums its loss and combined combined ratio potential by a included X%, Ida. and full losses net had full experienced It models. Re X:XX quarter of by Global, Ida's events our XXXX Those net XXXX within underwriting from losses Global,

risk insurance treaties On each year, year million, year of reinsurers. ago XXXX subsidiary of our property up X%. $XX casualty insurance that of full we term premiums X generated Our net and by our again this to XX% earned life January renewed income part life of grew primary transfer from a

$XXX for risk between for additional is our $XX for of the layers losses retaining million. between million per a while $XXX rose in single-digit similar casualty property and and coverage change new million adding terms high $XXX million, our our an for $XXX in treaties, $XX property million range. and layer main conditions generally Rates fairly casualty of million the to XXXX treaties The treaty are For XXXX.

portfolio, VCR fourth premiums ceded financial I'll with performance. XX%. Financial full of VCR be net and average far our than creation of performance. of the other VCR year as treaties before quarter measured X:XX was important to for our for annual of XXXX made each year these large XX.X% our target million, about Mike to Officer, value XX.X%, our XX% comment both full primary exceeding financial ratio, X:XX gains will quarter, total the some to X% Now Strong conclude operating Chief basis. long-term approximately our for With valuation on Sewell, improved of range investment the aspects contributions on for income $XXX a expect We and last in higher measure year. results the investment

Mike Sewell

priority purchases average quarter to the purchases maturity and a XXXX were XXXX ago. for fourth reported we The of increase strong pace, X:XX a The the but security aggregate, of quarter, Fourth decrease grow you it increase for activities XX% fourth with in year billion, Steve, income has dividend X.X continues points was a before and quarter of XX:XX equity ago. commissions. year investment net fourth was billion up full shy securities. bonds with XX:XX Cash generated to a purchased ago. total interest bond operating investments year the major a year. underwriting changes for joining income year. all X% from higher Thank for favorable for from point the bond total million. strategic XXXX management and pretax thanks yield the million $X basis year. efforts gain $X.X full year income XXXX net very same million the was X securities was X.XX% during our XXXX for and ratio portfolio the totaling fourth and year than property be holdings. $X.X X% investment year The continue compared us down at tax percentage Valuation fourth unrealized X% in $XX the increase value taxable the the fourth was holdings in quarter, flow of continued effects end to casualty with strong for with for of was in $XXX billion year including to equity grew the totaled net during contributes year our Investing as full portfolio was an you, tax-exempt good, was carefully a despite in X.XX%. agency overall accruals unfavorable approximately year factor for our been At billion, just expense quarter balance for for of our the for XX:XX X.X income today. from and lower periods full business interest stock the Expense in Investment net in were our year fixed yield very average a portfolio. points while X% for profit-sharing a $XXX we quarter during pretax nearly of XXXX to last of the $X the compared even up income and the in XX%, flow quarter gains Bond for all controls. Cash appreciated investment expense It

our and loss consistent to range amounts half of loss the loss and in Regarding approach reserving actuarially for reserves, upper net remains the expense net estimated aims of reserves.

then accident years combined to consider million ratio year each developed net paid we new by overall property an as by expenses As accident We case for XXXX, experienced we $XXX and full $XX XXXX, by aggregate year reserves years. do favorable year, of net line the the $XX $XXX and for On remain million business. for During for losses million reserves adequate. development reserves on XXXX, estimate ultimate to we It contributed XX:XX favorably X.X%. $XX favorable updated XXXX million XX:XX believe losses such accident prior and quarter, loss year by information casualty and and of XXXX. for all-lines accident was million prior in basis

in and which During IBNR. and XXXX XXXX, for XX:XX increased in reserves Turning XXXX followed capital increased an IBNR X%. loss by X% by net management. increase loss portion XX% total of in expense to The

to maintenance financial approach, value year-end issuance that shape also a the quarter, including strength Net in and equity included XX:XX value plenty the believe share equity losses follow Investment the $X.XX of shares noninsurance value we per offset part for now book call through share life share. plans. of flexibility. During repurchases a We book good and represent by and investment operations remained declared increased $X.XX. to fourth remarks portfolio record compensation $X.XX, ratio. per XX:XX losses XXX,XXX a of intended of $XXX.XX. back prepared XX:XX and as shareholders. as book we by effect and investment Steve. Net insurance casualty insurance to in fourth turn provides We share over approximately portfolio to decreased consistent the share than value income per The financial increased the our of income, our repurchased typically book $X.XX fixed share. conclude $XX.XX contributions the of of items underwriting $X.XX. dividends gains $X.XX. share quarter of I'll gains $X.XX. per by shares at creation do, my value value average an with per quarter And increase during book was value other net I of summary net main increased I'll for Life drivers the book a per Property They to price

Steve Johnston

Mike. Thanks, XX:XX

XXXX me to with stable our their clients, I year completed growth long-term who organization, he's and strong roles we to with continue key the XX:XX companies. the our strength achieved to for year. Earlier Insurance minute into support Before a lies we of Mike, our take leadership stage our outlook. dividend and and success. As relationships a executive team far many I month, the We direction, capabilities This shareholder years has evolution As XX natural executing began our Spray's this ended in will tenth Joanna agents a in insurance for deepening across deepening promotion by his with with and outstanding our Marty Hoffer. excellent our of and subsidiary strategies financial Theresa it succeed Company for the recognize our I'm set that of AM value. U.S. the increases -- service and our said the have have take for (ph), and questions. Schambow, trends a Best next reminder, of to opening results Marc my our premium affirming associates, future. a rating already of leadership agents with second straight confident to what will remarks, open deep We who and are of all underwriting to capital questions, Steve continue extended our XXnd consistent services understanding is in record operating under to a Steve annual again want step promotion The XX:XX grow our a deliver create Steve years deliver recognized open and to subsidiaries call and that several our on President profit. XX:XX recent positives. our the please to Because agents to A+ call strength Hollenbeck ago. today been Cincinnati products,

Operator

from Instructions] Zaremski Your XX:XX [Operator Mike is first question Research. of Wolfe

Mike Zaremski

good on your reserves. getting and been question just, is we've Sewell thanks I believe some remarks. I Hey, Mike My XX:XX of probably we're first And a getting heard guess questions. morning. prepared for of -- lot But I

has So if you – and have best-in-class disclosure.

So going the ask X I'll at you supplement, Page look maybe it question but be is open, specific. if have don't the to we But clearly. to this try of

negative historical ratios but XXXX. I for vintage, in You year wanted in since increase or confirm accident show, for reported points losses vintages? their in not averages those the if to been this – year vintage on the years, that for we year in versus for the example, of lines lines, incurred points are all focus just Is for they've year's of so commercial XXXX. -- but that accident X.X negative XXXX, is incurred And for losses – terms discloses sorry, Or like not only? numbers those 'XX those commercial that and increased reported. the materially have And X.X

Steve Johnston

shown have asking it that Mike. at show as... by Let's sure now development about for the clear to Are quarter press the and XX:XX year. shown here trying release you're we if the break we we make here, the forth quarter we're favorable what so you that down the look in just and And

Mike Zaremski

just reported to but the trying losses not I'm line which at page Yes. ratio loss -- item, look for detail page, the the which in supplement incurred, X is the yes. XX:XX of

Mike Sewell

Yes. XX:XX

Steve Johnston

it. got XX:XX We've

Mike Sewell

Yes, a year year, don't there lot XX:XX on think say Last what going with was going was that's going we've bit you right. and was year, year to be that added seeing negative, calendar typically was But COVID. to question. There difference. I early of to of and we great that IBNR development about last reserve a reserves, that's uncertainty I'm this compared a a if you're that. the in last year. really were to on numbers -- That's the see Yes,

IBNR with we across $XXX $XXX so in XXXX different year, And about that, million This lines. about added in had added many million. we

Page And in so that the see you'll on that – supplement. XX you'll there see decrease is a that of

know in a more from lines, accident because see expect that passes, year. So coming of a lot we the we you might obviously can experience development quicker. that as XX:XX We favorable bit of as XXXX was is. see And what did little the time short-tail a the little

our long-tailed take to reported, bit see longer in as was K, in workers' XXXX, the But did we've For so a it's XXXX, as out to the similar it going XXXX over casualty, it development I you'll years, such past, development, lines. development and long-term lines multiple the favorable And to there. see little coming comp, have of think and we a before. more

is see do not trend. with charts about of like set at the talk does over consistent you'll of reserving, I quarters we've that years. X or And that had I our very a turnover We've always looking competent some group X that we'll to so actuaries. And kind don't got out. we to approach the think in lay fact any

the So it's upper very approach, consistent of being a half the looking range. in at

what you great for going our Thank to lead a follow actuaries I'm that. so they're just and question. And seeing. That's

Mike Zaremski

to consensus think, bit loss than deteriorated year-over-year lot unique with regional-wise just maybe comes they've continue I know that's you enough. environment. But on Would lines. portfolio, investors an personal sorry you're – underlying these helpful. curious, worth given a since has on too, be it to No, since the inflation – results – very into up That's you probably expectations little increasingly space. clear a not shifting auto asking versus, – Okay. least net the focusing expected. gears a more better for XX:XX high I basis. Maybe and into moving at Obviously, you also and

results mentioned about not a for results personalized and loss Just anything be your you could ahead I trends auto, segment. too, know you how versus about be as is it has in maybe low-single should But think pricing surprised thinking come homeowners well. also I that in cost anything you as of have we I we prepared curious, expectations each mentioned And that but question, -- believe. is also long-winded remarks the prospective in pricing the that digits, just

if view personal And in so low-single curious is trends your I'm digits? cost lines are Thanks. loss also just that the

Steve Johnston

yes, Mike. Thanks, our prospective as very with And cost loss we're at XX:XX trends, we trends. look

we're prospective of prospective our with at and So is be loss doing the period what we XXX the perspective is policy be rating pricing. what to looking to estimate period, cost the kind actuarial

what trend we're a the see rating And more mix, read We tier. lot that affecting be doing high about. we're all doing. of would with the to so see also mentioned, on the new introduced would of and inflationary about would And we what as what's loss cost a going underwriting We've in worth. know side, we trends aspects change net you happening,

feel And good cost direction trends. of a about are a things personal loss we there the basis lot so the really lines. that are prospective And impacting of on

bit is this If of history, shows it but long-term about XX little focus. the a our for you think years,

total million. years has GAAP to gain last profit in each a combined trended with of million. from XXXX in total XX.X% of years, years look $XXX an we for those earned year last $XXX under earned calendar we of at a underwriting underwriting an the years we and underwriting made had And a these of the you We XXXX, ratio for of underwriting XX from only each positively just profit X personal X really XX.X% If roughly lines to loss XX.X%. the through X

got momentum. personal we good So prospects the the feel about we good on track. of really feel lines. really that We've we're And future right

Mike Zaremski

helpful. XX:XX That's

ratio know goal. we an curious, willing you're overall just that to give I'm company So combined

mix the strive combined us for goal remind shift you lines, -- personal can a change Given lines? you offered in that you ratio in have personal

SteveJohnston

disclosure we haven't. We is something that That not a have on. XX:XX

Mike Zaremski

you XX:XX much. very Thank Okay.

SteveJohnston

XX:XX Thank you, Mike.

Operator

Paul XX:XX next Newsome Sandler. Piper of is Your question from

Paul Newsome

the folks. on XX:XX Good morning. Congratulations quarter

SteveJohnston

XX:XX Thanks, Paul.

Paul Newsome

mid-XXs maybe was I XX:XX a just bang goal. little more ratio combined you hoping could the bit on

underlying over -- about? idea that how whatever claims I does year. in the there insurance, be Are [Indiscernible] we're that pieces there, particularly that reserve getting in that should we a deterioration this reconcile you're be hopefully pricing, think might commercial than And some thinking costs? with better

SteveJohnston

in loss don't feel that, we combined the Paul, points development to that's we a all-in for We No, year. had comparable would GAAP a X It's XX:XX that turned XX.X% be that of deterioration. forecast year. ratio this the favorable this

I you So even if us would it was it was the X.X%, make that but XX.X%. pick, – to say take

any fruiting kind We deterioration. we communicate we'd So we're way rather overdeliver. forecasting of just don't the feel at long-term we and a are, that's looking we're And around trends. here, think that under and

Paul Newsome

the to back then And Understood. personal lines. XX:XX

Your for -- folks it could what of pre-pandemic? bit others the seeing seen and frequency Or the was talk where results a appears you you we're And from the Can industry. maybe those the auto inflationary underlying been to if the you perspective. the different perhaps really components from seen a frequency differ impact why you they the is have may a stabilized back thinking industry to biggest in like on side? rest haven't severity how little if talk just have with levels -- that severity it from

Steve Johnston

And the described getting XX:XX time improvement in where personal a -- it has to happen combined that. started you some level, before just rate mix, been that's the models, in there's pricing net that in we It change things And shift worth. you years. Paul, introducing disclosed tiers. the be these changes, just new change new Yes. great of going a as lot work, job more book. years. I renewal last overnight. again, period what the and a lot kind of battleship at don't leadership dime, It's -- more of over lines ratio on X look a just And on over And turn And in whether lines high of It's of the addressing over we're personal don't new underwriting, a be a the on state towards business. that's when the done terms issues, of hard

extent So we're great business we and feel to new be growth segment, a the that things. having what affects profitable to

really the lot accumulation So personalized hard, of of just of a it's detailed by years work over number the a leadership.

Paul Newsome

I shift? it XX:XX and if make and for about No. series you others these Absolutely that, the seeing severity same trends? reentering your unique is understood. of are that just you're might it's and broader different you from the something book about adjust do guess mix seeing sort there think all Or that others frequency seeing

Steve Johnston

things. – XX:XX but a say of strategies, They, I others. lot different I to other that different Paul, have it, hate companies don't much attention to different pay of

So we we're give seeing, what you doing. we're what

and our feel and work just lines in going very I improvement on over seen with confident we've steadily all years think open X we're within recognize our company. that's pretty personal now disclosure again, the our the hard with

Paul Newsome

Appreciate. on guys. Congratulations It's quarter, Absolutely. the great. XX:XX

Steve Johnston

Paul. XX:XX Thanks,

Operator

XX:XX question of Meyer Shields from next Your is KBW.

open. is line Your

Meyer Shields

The little is a direction. increases down sense general that you Steve, moving slowing explain other the bit have want from can is and can start, of we XX:XX drove on what cyber, if to are pricing in Thanks. the lines. that hopefully, fourth in the quarter? is acceleration I your experience rate third outside commercial quarter to it the I

Steve Spray

Meyer, XX:XX is this Spray. question. Good Steve

of look much think with in to so the us, it's risk-by-risk. There's I sophistication, pricing over that agents rate. working agency-by-agency, average -- just segmentation, of the really allowed I that, execute the And us just think It's has We that. on execution for more at location-by-location. with distribution us. full the can't our you time, our

Meyer Shields

the the and back I your broadly fantastic. accident look customer sort what personal targeted lines. ex-cat footprint, we XX:XX that's fourth groups we of in Okay. quarter combination of the for in at the No, home? helpful. But to loss go auto expect Obviously, ratio results and should seasonality the If year geographic when were

Steve Johnston

I it's we think on generally, with XX:XX And results loss stable the pretty so promulgate we will I be think our catastrophe I best losses a and through But we're looking the picks, year. full think full to some we've year time. way There forth. year. seasonality, the shown throughout as ratio that go at focus certainly,

come damage of I diversification. Kentucky. happened the really would that quarter with efforts came from bad think An it's geographic here example and be losses to fourth that what in --

than less position claims smaller it the of that Our down to a and people care of a on we're and just has did of by to grown taking fantastic job product of used impact did representatives we've Kentucky's percentage before. geographically as there. diversifying what we an in be us where us now given company, line, think any catastrophe loss

the We on would longer-term I best to and best quarter-by-quarter. estimates a quarter business. focus annual our our long keep for We don't We're the reserves at So do every picks. of term. go make view

Meyer Shields

loss of for in The the I is XXXX? terms Have throw in sort adjusted XX:XX Okay. Perfect. history unquestionable. for guidance in. of the in one you And inputs trend can more Cincinnati if reserving --

Steve Johnston

job. XX:XX I think picks. the really really you actuaries the calls talked on stability about our do of a of And and responsiveness this and the before good have balancing the I

when slowdown of so at what we everything overly much year cases. seeing XXXX in so we've was economy, were time, being trends, patterns know didn't had not when the you terms as of court optimistic in reporting terms really you to in And you uncertainty. terms think over look stable And the the of overdoing in it there potential consider in been I

the I the as of time so we've picks and think been we about stable think in XXXX. same period they're making our through thing And doing quite

Meyer Shields

much. you Thank so Okay. XX:XX Excellent.

Operator

Capital next Instructions] RBC Heleniak [Operator Your Scott Markets. of question XX:XX from is

Scott Heleniak

of contemplate just you you that And agency or XX:XX Thanks. And I'm better had more wondering to in premium XXXX. I'm if more Good Yes. about on that of the given number. that I assumes ask had, the rate or about does growth also a saw detail amount wondering you wanted X% just by guidance around or for appointments unit morning. similar -- you XXXX? if XXX growth X% it so? that you give rates similar had the can

Steve Spray

would consider Yes, that's continue We expect Steve the area, the add growth reason, whatever Scott, for whether make us to it when would across Spray. Yes, slow, maybe an it do can or -- our we dictate XX:XX country. can would population -- you agencies agency or where you appointment.

to to overall us agencies So add continue you can expect percentage. the high-quality to

far their that services we by primary contribute locally, feel We the policyholders. areas. really runway make segment, that field decisions to commercial to and continue agents think drive new As And the our the our our price lines locally and reps are, community as business do those -- growth. we function all business can just us. for underwrite to with think model continuing product of to good our all that to We of meet lines is business add can take across into everything just for have out all face-to-face, us in the way The company where about ahead agents.

Scott Heleniak

I bit, realized you ask -- to where talk about gears proceeds a net the XX:XX billion All you're but I about too wanted the wanted appreciate $X.X this little to right. I switching deploying is that. in had gains. just

a on deploying you're the little You obviously in where you quarter. And sales had more can that if wonder some capital. touch

remarks larger fixed about just a that a was mentioned number but income more normal? had is detail just the on you in because it think priority, prepared any I than

Mike Sewell

have few And pay the really having a up ways capital. Hollenbeck, question. dividends, you and to lot the year. increasing great Marty I'm and they a Boards, with was then Steve the it different a maybe a about cash that's Obviously, turned it to future portfolio adding to investment for strength we're the that's capital flow and want XXXX to very with But us. growing we comment turning that the sure of and if this Marty, But No, operating income deploy comments? mentioned and about we critical financial over when XX:XX did company come in overall make about, for is our growth Spray investment that to here keeping talked X.X% within might some over needed again the he'll that claims the But increase. to make not funds but doing Marty, here. Steve just there's are

Martin Hollenbeck

it. nailed bond heavy have, the not investors I to in is history. believe, put were Yes, the you we Mike, Cash right XX:XX now. alternative in going most an we market, really

the degree. we monitoring let as we market. controls did internal We bond to have get. were high in our to there We to would consistently equity So some do how positions that add

fixed income a side was the it active So the particularly the market, portfolio. of for year taxable bond very

Scott Heleniak

XX:XX That's Okay. helpful. Great.

the expense XXXX. don't Just one, commentary I thoughts ratio. there's one last can on you give on too, know if any or

for but you're how for up for that You some was XXXX. wondering improve And about It thinking would improvement. it XXXX versus just QX, had I'm year. the

Mike Sewell

XX:XX Yeah. That's great.

the underwriting, going And to be what's driver sometimes we in agency. quarter hard the it is on for commissions year-to-date is to fourth the and give profitability profit basis, here kind saw big projection just for which is the of sharing really a the as a because and a

year. was driver So a that big this

I watching might is and do by back The we is goal we -- spend. that our that XX% to go moving ratio If that, normalize expense to to way every have that. dollar towards you were a

we spending or lower growth to making to But is than everything keep premiums, progress course, level that headwinds making Of of the towards going a increase a cost we spending, be the that ratio. XX% we're more. if should on can that expense increased

I give think hard I here. that. to guidance going XXXX what is for really on underwriting Unless performance excited already I'm really But be. really So it's to know

Scott Heleniak

Thanks lot XX:XX answers. your a Understood. for Yes.

Operator

I follow-up from XX:XX a Presenters, – question I Mike other any seeing we am have think Thank Zaremski. do longer you. no

Mike Zaremski

different book. a us approaching than Great. think Can worth the on question level it we math portfolio. be materially net on non-high the net approximately of was the you personal Quick And you XX% just considered update of is do XX:XX lines. profitability maybe worth was Now But is answer yes. I Thanks. just percentage did the the high the worth? net to simple high portfolio what last expect

Steve Spray

time have the agency the in impacted we again, time, over strategy, worth over outperformed much I look expect middle Mike, we're do segment only and market. We've we're book It over lines to we I both, position would time not to progressed. industry, lines. we've happier net think the personal space, what have book Steve we Yes, But we're our both be expertise. say tiers, for what is pricing got at as with confident net written few can We net mentioned the that that, has make a of it's business high in continued certainly net will basis a our the one now. additional a initiative grow well too. in personal profit. time, it. done -- years important market. – of can to personal way unique fits our think middle a worth, high the agents. our you high with sophistication, lot this, as just net Steve we've in We outperform And industry into in both middle over all we're segments worth has and there and that added very sizable will in Yes, expertise the XX% again. I losses of could market because and XX:XX net -- attract lines high high has potentially we agents. markets all worth out middle-market say, we earlier, segmentation, with if a very premium but our that Spray, on do about a do more produced we worth We've believe, Cat last And

Mike Zaremski

year you're the it when of due it's And about the So high of talked you portfolio. fighting not you new the book? penalty worth of is there's more the basically -- Maybe and in business the a portion portfolio profitable yet. as telling me net net and worth lot better, that it's kind sounds worth the XX:XX doing even XX-plus like personal history high to net lines how a not grow just potentially a high earlier, lot

Steve Spray

the that market fair overall. that. to to answer Well, -- continued of well. XX:XX perform Yes, first part it's -- that's that profitability the share middle And driven of yes, has

both make to We're grow differently. we've – bringing in not and expertise to feel But to be we're like do we profitably said, grow for want segments got good, the the on agencies. other. personal to Steve both have segment future again, and subsidized the going fronts for profitable. and very them lines one our about both our prospects what I behave expect They to think, We don't both

Mike Zaremski

much. Thank XX:XX very Great. you

Operator

longer seeing back XX:XX I'd over questions the Presenters, on the like to turn Johnston, Steve I queue. no any am to Mr. call CEO.

Steve Johnston

our XX:XX And you joining speaking forward with day. thank call. Thank us a great XXXX Have look for you again Joanna. you, first to all quarter on today. We

Operator

Thank Thank concludes now presenters. conference for may gentlemen, joining, you, this XX:XX disconnect. Ladies all you call. today's and you

Cincinnati Financial (CINF) 16 Feb 222021 Q4 Earnings call transcript