CINF - Earnings call transcript Q1 2024 | Cincinnati Financial Corporation

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Operator

Good day, and welcome to the Cincinnati Financial First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note, today's event is being recorded. I would now like to turn the conference over to Dennis McDaniel, Investor Relations Officer. Please go ahead.

Dennis McDaniel

Hello. This is Dennis McDaniel at Cincinnati Financial. us first joining conference XXXX for call. you for quarter our earnings Thank issued on end news with yesterday, website, these a Late we our visit release copies any financial investor including documents, please find our package, our our portfolio. To quarter investment cinfin.com/investors. of of supplemental along results, then from is Steven The the call, this far information Results Executive Chairman Chief in Officer, the from hear Executive and route and and shortest Officer, the the President link Johnston; left. On Sewell. you'll Quarterly Mike to Chief navigation on Vice first menu Financial the After Finance, responses may Claims Officer, their and Theresa prepared others us, remarks, Corporate investors and made Chief Schambow; be Marc Steve questions. At participating in some Soloria; Vice on Investment time, President, Insurance's room President Steven of with call Hoffer. including Cincinnati that Chief by Senior the ask may Spray; Officer,

with and forward-looking. these today First, statements attention and SEC. Also, involve reconciled GAAP. and please be prepared direct we various news filings to note accordance is accounting to news risks accounting measures discussed release. With matters your that our of release forward-looking These and the uncertainties, uncertainties. respect with not are the to some certain risks Statutory data non-GAAP a reconciliation statutory in with therefore, was our is provided rules of the to to

Steve. call I'll turn over to the Now

Steven J. Johnston

In for short, thank and great you us our joining off we are today more to results. morning, Good hear start. to about a

on $XXX in the million last income. Net X/X value of included quarter results of securities held, insurance XXXX $XXX quarter of of fair nearly for including $XXX the coupled basis the and generated casualty about our for in first income XXXX profit the X.X for decrease after-tax of first recognition operations, Strong year's quarter first an quarter the better an Our balancing quarter representing points income. after-tax of investment strong increase $XX growth last equity still $XXX million, the decrease net reflect losses. year, our million of losses than of X.X ratio million of increase the catastrophe in initiatives continue rest success was operating to catastrophe property results combined with of including million a first first The basis. the of points operating the a for XX.X% doubled increase. Non-GAAP on of income

point Cincinnati improved While also ratio our accident If higher accident basis. combined by losses ratio year a XXXX X before we case year Global, point. Accident percentage the was X year XXXX and incurred Re for Cincinnati catastrophe at on months. XXXX a than exclude improved

clear. as However, more not reported, continue incurred become reserves IBNR longer-term losses uncertainty but prudent loss remain until cost we regarding we trends in our recognize or ultimate estimates reserve increased, to and

momentum our We are also indicating measures pleased good performance. operating with in other

another Another helped improve quarter produced pricing underwriting incurred plus careful our business address by of Insurance by our professional elevated to quarter other representing and associates Cincinnati experienced of losses. Agencies segmentation profitability, effects supported us. on to risk inflation average for efforts and risk price profitable with increases selection combining

to homeowner profitable end range. pricing and and range first accounts low the low Personal pace single-digit surplus single-digit the risk in in our increases the lines the of high auto continued for access expertise. Estimated that average near high with to commercial price based pricing the high single-digit continue the lines and percentage a underwriters in inadequate Our range, on ones range. at retaining have double-digit determine selection healthy emphasize renewal we managing quarter

casualty Re's carried of That our along income stability. Cincinnati Property premiums expected losses the bridge for collapse underwriting by for from we premiums a in [indiscernible] growth Cincinnati very first first year, and overall of percentage the combined high the combined significant believe percentage and net XX.X%. highlighting than IBNR risk Lines market combined first decreased profitability immaterial. middle grew mix net Specialty a improved Insurance points private a X% due lower the was for continue and was to Re's produced we XX.X review profitable mix from quarter pricing. Cincinnati points routinely with Global's in points net ratio driven Our by compared response for including X.X written addition profit, diversify combined portfolio shifting growth quarter was XXXX segment, of improved Commercial X.X improve points Re again points, from that business ago. consolidated last XX% year rising XX% premium changing exposure excellent to property lower our the to also losses. Personal year ratio is quarter a and up percentage XX%. includes attractive reinsurance treaties. by opportunities Surplus profitable Baltimore written to agencies, from efforts casualty believe reflecting an XX.X% potential and X further premiums market Cincinnati Both including and conditions. business written We X%. better losses in catastrophe combined a worth nice client they XX.X%, and it's of to ratio accounts losses. Excess catastrophe from a strong new XX%, with Global by reported operating ago, to XX.X%, excellent our growth net growth Lines produce including premium in ratio written grew for quarter with written clients. ratio net XX.X Cincinnati Lines grew at briefly increased net XX.X%, what renewals. I'll was premiums premiums performance a net that also with written premiums

performance, X%. I'll million life Our measure life income premiums long-term value including its of ratio. the insurance financial first of Term continued strong primary XXXX growth net subsidiary with insurance $XX earned operating our grew quarter conclude creation of performance, XX%. income and

income valuation our higher portfolio investment Net strong before items was other X.X%. and a investment or contributed quarter X.X%, the Our for first gains of quarter overall X.X%. losses XXXX contributed VCR

Chief Financial to Officer, Sewell, highlight add Next, of performance. comments Mike parts our other will financial

Michael J. Sewell

Investment you the to continue for a months totaled of strong all year. the maturity the joining income of income XX% income you, us the of for million. investment XX% $XX XXXX, at today. and thanks the first quarter, X add fixed of of for grew with this for million first first that net was totaling more first for year, to X Bond with purchases securities quarter X% portfolio months up interest $XXX compared despite our net the continued first the for for quarter Thank XXXX pace, up security XXXX. Dividend growth of quarter Steve, equity sales we

portfolio pretax for quarter was X.XX% pretax the taxable up first yield of during purchased favorable bonds basis with of year. first equity for fixed total yield quarter our The of our points the XXXX average for of maturity first last unfavorable tax-exempt and bond XX XXXX The quarter average was the the portfolio. were changes for for X.XX%. Valuation portfolio aggregate compared and in

a position effects, portfolio fixed end a value investment operating of was bond addition investment portfolio, yields. up while net the was to benefit of loss maturity to flow ago. income from $XXX the billion, activities the approximately billion. The partially the equity equity position the was quarter, gain portfolio million portfolio. loss the higher in net Cash Before first million was of At gain XX% net $XXX total of offset bond continued portfolio for was of appreciated for Cash a tax net $XXX the X million, in XXXX from $X.X $XX for $X.X net in by flow million. months a year

expenses and Our expense management controlling objectives making between balance our strategic include business. in investments an appropriate

first profit-sharing higher last XXXX commissions was for agencies. higher underwriting The percentage year, X.X of casualty than related expense primarily to levels quarter property ratio points

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

such losses do Then business. each losses year by and we quarter, reserves. as information we line estimated paid and expenses case and of ultimate accident new consider loss updated we As

for loss, our property the of $XXX For the addition million, X months million portion. IBNR expense net reserves to first including was XXXX, casualty $XXX loss

XXXX the percentage prior million an all-lines years. On commercial we of amount development, unfavorable aggregate Almost line The casualty $XXX,XXX. on favorable for of we favorable development for release prior of favorable for added years XXXX except reflects to months have $XXX included dividends favorable the older consistent accident had XXXX, We accident during that business quarter experienced net several accident first reduced reserves benefited of million $XXX accident by with just points. We During prior older in IBNR and years accident the capital an reserves unfavorable $XX highlights every recent unfavorable combined comments approach. management XXXX. X.X the another by to XXXX. net $XXX shareholders casualty, accident quarter, years by first million and property $XXX the which reserve where conclude slowing basis for our reserve was X most million X years. I'll million for year, reserves my area the those for of development paid long-term ratio in to first for a

We average equity, with in our a continued billion. are financial $XX.X $XXX.XX. of plenty providing quarter flexibility XX%. per quarter was securities And marketable our operations. capacity strength of profitable $X $XX.XX company of was Debt We at financial shareholders' capital value record total be shares per growth and think also an to our at to excellent our book both repurchased XXX,XXX shape. Parent consolidated end under price and cash share GAAP of insurance nearly share billion for end high

call the Now to I'll turn Steve. back over

Steven J. Johnston

Thank you, Mike.

as will Annual Chief of my Officer. last we've the Saturday As Executive role of conference Shareholders next CEO is call Spray, our Steve President, announced, this effective previously at add Meeting

build in on the importance understands before, continuing for the innovative Cincinnati decade Insurance unique our look mentioned I've ideas create to agency to profitable is his shareholders, I Chairman of the and bring center Board. advantages to agents person right as it abilities associates. to brings. I'm He the with forward together and As strategy confident growth. the Steve of of opportunities hallmarks him with to work of our

Steve Mike are Hoffer. Spray, Steve and and please questions. Raghav, a As reminder, the with Schambow open today Theresa for Marc Soloria, call me

Operator

from Our [Operator first question Charlie comes Instructions] with Citi. Lederer

Charles Lederer

some loss should given your picks of Are you caution. additional loss in year accident current loss uncertainty? the picks, about we a but how view hold we ratio. of your a trajectory buffer you the gave your trend to to casualty, curious, more commercial color made Should of changes any in baking think expect bit given You helpful on have you just near-term loss

Steven J. Johnston

Yes, we had. the with Charlie, we loss pick feel that confident,

There's cost commercial trends. reflecting casualty lot a with of on our good rates exceeding the we are going uncertainty. feel in We loss the

that uncertainty, recognizing first our for loss we However, pick. in quarter, there's are where additional

Charles Lederer

pick in in anything an Got too. incremental are more? workers' it. beyond down Maybe being guess, Is you your seeing like loss there there I looks took pick, anything pricing pricing guess, comp, initial that there? step I in in down Or it

Steven J. Johnston

same just the we under but performance rates continuing the been historically have that with We're No. seeing also see trends from pressure strong to there, line.

bit that little are, current for We recognizing decreases rate though, higher the a uncertainty loss comes pick the with with year. the

Operator

next BMO. And comes our Mike Zaremski with from question

Michael Zaremski

release, Re have increase for Cinci excluding ] I In missed the ratio Was so -- the the loss Re commercial, the Why reason may improving said much? Cinci a earnings ratio [ point, sure underlying you and did is loss pointed not is underlying -- there about and that out why Global. Global talked you it. but I'm you

Steven J. Johnston

Yes.

segments: is out Cincinnati Lines. Commercial the I Global. have Cincinnati Re and think and this to the you includes pointing which we Lines, the also X consolidated, Personal get Excess have Surplus other Lines add to point portion, To the and of

We going out the So Re X pointed improvements. other things segment. I Global. Cincinnati that Cincinnati are since the for in will segments mentioned both first those emphasize had and I great

we think to the -- of exposure the Baltimore. in bridge think I as that collapse we one mentioned, we material don't things have

been Cincinnati look in derisking. shaping positive of have in We a manner the Re's terms very

to same if think is compare one mix year And the quarter the things the ago to it up go to the has so we of that a attritional I shifted that caused proportional of have higher would more and have would reinsurance, margin less rata bit a there. little it risk less volatility be pro pick, but a which or would there attritional a

be favorable points quarter, driving a versus there ago. would year And Re, Cincinnati I of adverse the strong, that think so X for seeing in very we're development X.X XX.X cats what of so

from think XXXX. favorable development about million I we came of show that of $XX million it the $XX

year ratio With the of XXXX at off. was XXXX XX.X. at has is full in combined year first in end the combined the reshaping ratio inception hard XX.X strong This quarter a The the date of work XXX.X. really this to book paid

So in our quarter and over with a XXXX, to XX.X. the those X strong is full just year now at marks inception date first year, of in here the

action I it's pick in risky it and is at think accident but higher year, a I think point. the the So does off, paying show this less current portfolio a

Unknown Executive

think for thing I same Cincinnati... the

Steven J. Johnston

If a little more you Cincinnati want to bit talk about Re.

Unknown Executive

For by the top had of Cincinnati have XX.X. CIC. they've consecutive providing done the they've by quartile And that to line, access for while footprint Lloyd's in now avenue geography, X product by underwriter. for terms strong They additional Same thing, an Global, also as agents diversifying years are appointed and been that, they're Lloyd's their

XX.X reserve year So the is by be way reflected Lloyd's top in of a done. X.X year X again, this quartile it's development versus CGU And versus with XX.X pretty the by they've a of at It year X this to a favorable positives then row results. And ago. points ago. lot Also strong cats years quarter, a tough. adverse

in think pointed the I a Personal and so then the of there's and add ton CLD, going the Department, other the portion both math consolidated Lines as the we've to of Lines businesses, that out to Commercial easier to it Excess And the consolidated. and So Surplus, on. -- those you saw, get the would positive be only

Michael Zaremski

ratio? Okay. the thinking loss I color. maybe said of volatility what about should Re mix combined the helpful in some overall a the be higher, potential less business then structurally around say guess, because That's you of bit shifts ratio little than Cincinnati And being we but underlying

Steven J. Johnston

That's correct.

Michael Zaremski

do follow-up? you I my want -- you Did move to else, I'll on or guys say to something interject

Steven J. Johnston

Please with the move on follow-up.

Michael Zaremski

Okay.

So in Lines reinsurance Commercial thinking just the about Global.

You've growth, I'll a growth like conservatism line think add, you one at commercial -- where been not look I'll your can expected. inflationary longest just the path and to it of relative I whole top on than I because casualty line been at If but been about premium into growth, overall inflation picks action given written persisting ticking of net that's on bit. If which just to has is up at, the still or taking focus levels but higher the just historical guess, the industry, the I a I you're it's your been environment, look has talk think top areas reserves overall -- maybe clearly segment, bit.

getting of an offense in IBNR, level more you are seem a So is growth? still the to of there kind to pricing the be in the to start adding be point want -- a your given where -- terms top you're environment or or at still where environment it's kind of to are line best in you cautious you more playing we

Steven J. Johnston

balance think So two. can the yes, that I we

package our And overall we write think in double-digit growth, about Lines. of strong on I at XX%, feel Lines. Personal good really growth with each lines, our we for a Commercial it basis

a pricing. But stick good we realize that be to in adequate can't are trap you we but to there's if we a are into follow you where that different with to little then underpricing business you others place need pricing, going a pack. fall so that variance of And lines, between think the bit our

So rate we're to basis, discipline, a adequate the the going grow and opportunity on think the to of that company. charge offers maintain us we plenty risk-by-risk

Michael Zaremski

things and non-global of business to you've this you the high curious And your the any commercial small, reflect But I versus one have it brought you maybe between incorrect. within think versus inflationary had might the or past, might in have the the small reinsurance certain than other U.S. issues but follow-up, on commercial -- parts believe is I been asked I'm up, now mid casualty, and large quick very portfolio, more it have just that mix emanating level...? if just from they -- results, time doesn't about you're

Steven J. Johnston

Yes.

close of you into the the and have inflation a risks, with with a some higher actuaries doing all rate, working up early in this each I've and the out good really the because I think a higher for think, got that you inflation on below calls pricing to we're across for we've of really from and do you beginning there's board. that ground-up we feel that layer talented do we our and in layer been the go with good as leveraged those go layer. But some layer time. inflating of before, position pay cost adequately higher are larger were the or there'll every levels up I it addressing effect pointed more We've because on job to on inflation a be attention areas. we're

Operator

with question Oppenheimer. next Michael And comes Phillips our from

Michael Phillips

Turning auto. to personal

Your pretty quarter. pricing terms from comments, Steve, of in last beginning were at the similar

You pan I year you guess in uptick the of had and when auto can come us like, give above to back remind terms where you bit the It a kind of down. of personal there. loss combined know, of in pricing this out just you're an don't ration still XXX% expect maybe looks you but it, there. start probably peak will you think back ratio your you to profitability and

when kind of So you in profitability personal expect auto? do

Steven J. Johnston

I think in a board. good we're Lines packaged the in lot sold a on is -- across a position. package It a Personal position,

was quarter pretty a quarter actually little year from the ago current year a bit flat first and for full first was down with accident year. The

And pricing little the hit So we've we to think I add we'll in Steve's we've a on. think the other in get we And feel benefits. and auto, been that good about got -- able lines. home reap

Stephen Spray

question, the Thanks Yes. Mike. for

and have been for been I we've years. continue last the on work think one of the to plan the we strengths executing it's and that going, several

tends agents market, while as the write the book to worth. And net the on value and our property market a as certain worth to then on as business, rider diversification little adding it's premium that private call the diversification the for space auto. in premier both be that of worth, client But So high us side. And or of in heavier is in middle middle it's nothing diversification that to more southeastern a maybe high it's primarily, company the focused the it part in it is gives our become geographic both product everywhere or agents, and heavier U.S. geographic give on net we High well new. we we've think midwestern, is I and book geographies. I'll net

So that able of more being same to attract important and more -- business. agents, much being their the of we're to by keep the but of both line each time, our getting geographically one business, at diversification

Steven J. Johnston

I year. think, what, too, XXXX just the was touch [ over just history X the combining prior Lines of XXX. X this Last the were to years under were we XXX and in with year, then we -- Personal general, it ] a XXX

pretty So we've being as able the we've really well history doing -- I a of to across price Lines think Personal spectrum, Steve mentioned. demonstrated

Stephen Spray

that agents And in got add, -- that's their provide I And now clients. and states. then now X solutions can might the got for our we've active we've we our E&S capability

about So good Personal we momentum the that the growth there, all really lines, feel just have. we

we So on Lines. bullish feel Personal very

Michael Phillips

Okay.

just your COVID accident I it's is year accident mean, related. one down data I claim do for this And for at statutory XXXX the that, so. If more Next is that reported so lines. number kind your so other than a significantly liability, requires a follow-up specific Commercial if XXXX in look on question, on give counts the you year. back of but

at each Again, So for can claim or or that IL something know liability there's the comment or not, losses don't know down claim reported seen counts GL counts XX% are thing you've if the there that? aren't, that's liability. I paid data expect, other down if on XX? in but at I or significantly you months don't or XX but reported

Steven J. Johnston

underwriting they we're seeing are. that's I of in helpful very Yes, terms the It a And book. think is we're the issue that way severity there.

Michael Phillips

the recognize you down then other liability, for significantly is frequency So Steve?

Steven J. Johnston

do. we Yes,

Operator

Raymond from today question Peters comes next Gregory James. our of And

Charles Peters

a sense given business it focus was give of on results, business new Commercial think at though? question, or stats first I working quote-to-buying production, we'd guess, some point, wondering Lines having seems necessarily competition about you your us success there. And because your ratio could from be I'll how in it if because doesn't growth seem the is the at it the some when -- parameters numbers, you're I is increased lot So you're on a reflecting just us like to the you to expect give some in some look

Stephen Spray

Thanks the Steve Yes. question, it's for Greg, Spray.

starting business term on discipline especially XXXX. our bit If the you first new our recall executing quite that first same pressure that We condition, were X X under and last over was Commercial for months, down -- year stuck really through the underwriting We we a guns. pricing throughout XXXX, year, to were really on Lines months.

a maybe different just had view and I risk business think of new under our some others little pressure. is the

up. is, we the with half stayed every conditions. has back we're XXXX, is continued and at -- picked business, XXXX. The major account. see our the price for risk trend analytics the line new business business, beauty of our new it's Steve of tools really We That pricing, to guns And package On it underwriting stuck obviously on terms the look of business into to the and obviously each Back on continue disciplined predictive half we look a business for single and at like it merits, XXXX we that, the We have line that of underwriter. said, is in of improve. then total to as by well.

So But new pricing Commercial I underwriting that Lines stay and and the the is our buy XXXX. we key business still business, said, with see earn for not it. in our Steve runway disciplined and like

Charles Peters

Yes, that sense. makes

X-year our book, business? you guys you you has total business. of I us certain as percentage with a Can et guys in where give policy increased And on use about have that a you update another lines the come is the of know that's which of of multiyear talked concept an So it that are topic up cetera? where policies, lines --

Stephen Spray

policy years percentage general. on to the may committed to is you there's up in differentiator many for and that mean, remain us. very I follow have been for But Greg. which a increased, we something X-year today. It's It's that, yes, committed have

I even and segment we X-year we we than think the write pricing sophisticated that because policies have it's better today do.

renewal. they quote when underwriters year, it our a or whether new X So be

reminder, XX% package we have Just the an that policy, a a have on though about in of is X-year even as adjusted premium basis. we Lines annual Commercial

So off auto, it would is where adjusted renewing general they're liability, the our our those X then I the coming crime be really marine are accounts that of umbrella rate this, and the actually commercial commercial all the annually. years, will that property, It's workers' just compensation too. and guaranteed. And take are

standpoint, ratio policy standpoint a on a outperforms our X-year Our ratio loss -- from policy. X-year loss

our science but and picking the that. business, are X-year agents the the show only package price underwriting, executing -- a best of the they are our underwriters with our and on to art best our results put So not intuitively, on business

it. to committed we're So

-- on retentions the much policy better X-year X-year Our policy. a middle are in that of

advantage retention. helps our us agents' helps an an relationships. It's looking committed for in it certainly and it side. And X-year, the expense most agents, I the that company that shows and it think we I is shows And our that we're on It gives ours. the helps importantly, policyholders a we're marketplace. So long-term then think to expense, think it

Charles Peters

this -- like the market market percentage the that be considering The just of question, conditions. this I be time would using in Yes. feel to more

commercial when but take so from was was asking that's And offline, we curious I if it it's what a can was standpoint, percentages? for thinking just about I I

Stephen Spray

Yes.

Yes. I to use Okay. account, X-year No, it. wanting on package adequate we got total price our we sense, feel Wherever we can makes policy. Greg. That get like are the

Operator

from question Grace And our of Bank at next America. Carter

Grace Carter

casualty commentary commercial increased of it if there the as or just curious could bit core at a or driven across I comment curious, And last year was the latter well ratio, mix GL book? how that it's loss -- than rate you're IBNR. just adequacy just pieces is this higher primarily on it's a by about as I that if of in you if the Looking casualty both on excess the of given thinking was if those ran quarter. both part of

Steven J. Johnston

of just think bit would is I first pick that kind I the of run the we good do it's the higher quarter the we umbrella. a than accident Typically, we pricing, that the way about in board, the think very but year, first GL year something do the feel across spectrum across newness really full are higher little there, quarter. and we the prior due that have including that, to Grace. the

Grace Carter

it has such And picked I line growth growth quarter. you bit looks some growth was on primarily just all just like starting just units up that add by potential been line that thinking about in rather top a the little maybe challenging industry commercial so it that are environment on side, this being driven auto And rate? given for for kind guess wondering long? of additional a than curious the I indicates that how you just if to are

Stephen Spray

Spray. -- growing commercial that Steve rate Again, Thanks Candidly, it's and both. the we're writer. for Yes. a book, of still through little are we Again, the It's business. question, bit package we're new getting Grace. a

there. rest model that auto, we So we that line with package. And about direction the auto don't come would and our commercial of feel really have write in along pricing the auto again, good the

And back, in recall had along, pricing selection. primarily to undertook commercial book, back selection about some on package it auto feel where pricing. well had risk both really both that good commercial to our to that and with real a really and then in and from our think XXXX -- as If good pricing, book along obviously work risk with again, business, auto in book risk-by-risk you auto that and commercial we adequate when place. Inflation was we came a grow really to I but tough had action XXXX, are is looking we

Operator

next Our question Shields with Instructions] [Operator comes Meyer from KBW.

Meyer Shields

less To is lower go I'm or seasonality function understand. and When of sure talk back exposure? reinsurance I you of just Cincinnati -- to I that volatility, things. side about catastrophic Global not less the a

Steven J. Johnston

be less exposure. would It catastrophic

Meyer Shields

Perfect. Okay.

sort Second all Can for year-over-year, that you're what or the decelerating to of about claim of compared last the property. question terms Is guess, in commercial at you I talk is inflation rate trend seeing related. year? observed

Steven J. Johnston

And I so materials think the and that general good risk-by-risk much been don't inflation; look than what we basis seeing with a the CPI. have for that still see we're items, have I on you thing higher on number building and I a and insurance-related wages know a on so sticky across inflation. the at rates inflation board been we it's forth,

we a take slowing the been cautious increase the certainly, of second So down. the rate has view. But directive and

Operator

like Thank I'd our for concludes conference closing back the you. to management remarks. any question-and-answer to over turn This session.

Steven J. Johnston

Okay. us everyone thank Cincinnati joining at We our the And here. next for at shareholder to Saturday, for Xth Thank you hope Office of of you May to excellent meeting today. see questions. some Financial you their Headquarters

look listen our of to again welcome cinfin.com/investors. Steve speaking to to the also meeting webcast call. our Mike quarter available forward You're you and second at with on

Operator

for today's presentation. We today's you. concludes thank all call. Thank attending This you conference

your a disconnect may You lines, wonderful have day. and now

Cincinnati Financial (CINF) 26 Apr 242024 Q1 Earnings call transcript