CNA - Earnings call transcript Q2 2018 | CNA Financial Corporation

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Operator

Good day ladies and gentlemen, and welcome to today’s CNA Financial Corporation Quarterly Earnings Call. I’d like to remind everyone that this conference is being recorded. And now I’d like to turn the floor over to Scott Weber. Please go ahead.

Scott Weber

Thank you, Greg. to of welcome quarter XXXX and results. financial morning CNA's our discussion second Good all have of release, hopefully now, By you and slides. financial seen presentation supplement, earnings our www.cna.com. these If may documents on not, access our you website, us current Chief Officer; Financial Chief and Officer, Financial this our incoming to addition Anderson, Executive call Dino Officer. and are With Robusto, on Craig Chairman in our James Chief morning's Mense, our

your results, and we our will questions. James's up it Dino Following quarterly for remarks open about

I references would uncertainties in this forward-looking Dino, to financial turning advise be recent during to Before the risks that SEC. cause it XX-Q materially the Any statements that like call, forward-looking actual everyone with Information over and measures. involving during XX-K statements on statements to to may may and file there made made from differ in non-GAAP at CNA's earnings and the release is Form most concerning results contained call. those risks

In CNA of addition, revise statements the forward-looking call. July made update during disclaims any obligation expressly XXth, or forward-looking this as to Monday, today, any statements speak only XXXX.

non-GAAP been Regarding financial in the reconciliations This measures comparable and supplement. recorded is webcast. provided call being the have information measures, and other GAAP to also most

next With the on Dino CNA's to the turn be the over CNA's may that, accessed During week, call website. call will CEO, I Chairman Robusto. and

Dino Robusto

to after progress I show I continued am analyst to turn share before and my second our want James our with growing profits. I today, over to will morning to pleased welcome you, everyone. which Good remarks our I it Thank Scott. quarter results our call James. start, you Anderson But in underwriting

today. who Craig quarter we announced that on Craig over is the with us year is end. will call at from retiring James You that is taking also last recall Mense

this over $X.XX for earnings years. was highest first core per is bringing Our our which XX earnings CNA share $X.XX to in half, per quarter the income share happier

to million per $X.XX second our it and $XXX the per million, part was second tax an $XX year’s XX.X% pleased $X.XX after equity X.X%. return are share with made period essentially the quarter share analytic quarter second income last in included investments as of prior quarter core We for was ratio quarter our with Overall ago, comparable. year combined be on IT as income Core for than strategy. which our XXXX and was lower technology impact is catastrophe were as year’s a this in higher of development was line losses XX.X%

modest last over Our year underlying period XX.X%. a increase combined the reflects same ratio at XX.X% of

low good of recall, second losses number quarter-to-quarter. Large but year-over-year, may consistent we expectations had in attributed You an losses unusually of simply luck. so partially we half the for the expectations with years’ which first second slightly fluctuations were unusual to year, higher essentially than losses property property in this nothing years’ property our large normal quarter quarter, last in

technology, analytics, last comments ratio in all recall will on to make that for is premium written the and in with highlighted while the point expense quarter focus consistently talent XXXX. were improving our continue I the at necessary to increasing going down regarding my reducing in and year-end You which quarter a our we have growth investments net had our XX.X% X% from expense solid We ratio the from almost year.

positive declined at commercial X, excluding worker’s and from effectively the In on increases with the by while workers X% pricing X% In of Commercial, specialty strong the support levels second at lines have commercial severity that X%. continue manage quarter compensation, other but plus in comp rate our work end other of loss All with higher increases. was retention international of plus experiencing the light been overall first the commercial, rates experience. and major to at plus plus cost to trends plus and auto all of compensation X.X% rate we frequency slightly Our rate were in increases was not the quarter in achieving slightly quarter, momentum of consistent The continued and than we management. underwriters rate concerning had X%. first spectrum from continue the a benign dynamic dropped

We outcomes encouraged importantly rate can the ability at rate level. the effectively be the to in continue to individual achieve retention we by our and strong achieve account market

from quarter, dropped this X% which prior specialty’s Our P&C mainly decline points. a retention driven quarter, the ratio was retention, XX% of three by

conditions large As successfully which I to greater aging namely in healthcare increases of rate increase portfolio having greater healthcare healthcare than healthcare necessary driver evidenced for walked rate pockets obtain and more which have have XX% when underwriters commented of at the need – primary our XX%. portfolio, in we they our return adjusted our of with which XX%, underwriters ratio those pushing rate the rate line as have of our increase services, them overall of risk renewals and terms couple have by our and a could requirements, for been a away quarter retention the appropriately hospitals our have previously, accounts from And the not secure drove are X%. which

Lloyd's Canada, down whereas most we profitable essentially our page has geography the also [ph] Cat in quarter, in where in to first consistently the which in retention XX%, In outside earnings U.S, commercial, remains our Hardy been consistently at driven second retention the of the and presentation continue our the Our Syndicate XX international as quarters. of both strong reduce property, on export was our shown retention stable. was by

Our this maintaining higher stable retention. while underwriters quarter rate a securing successful lines, also increases other in in been have

than which half-point improvement quarter change renewal cost achieved second basis, our while that our exposure cost X.X% improvement earned now liability the the with X% in quarter, increase trends. due renewal with premium loss par for resulting on but an three we a from XXXX the trends. premium On consistent higher point at from For written of a change to our in a An was example, is over retention points two increased the first additional first QX, management loss XX%. quarter point quarter is QX, a benefit growth from is

in While the ago. a achieved quarter, we writing our component new growth commercial, a we of very been affinity and both our market have professional total long the target target we premium where key business In and for specialty liability to in and in change -- program, was us new in also which renewal successful this were historically been the has international, area XX% was year business a focus key growth profitable. segments growth across increase compared a new broadly spread quarter

are about As given that year, management have focus well, you. relatively optimistic it of although this into to consistently us. an with area industry continue discussed liability same grew our is is top new in we the we specialty be a to base, Reviewing performance month the business achieve we off our small for I in six performance journey encouraged XX%, quartile

up Our the XXXX. income, they $XXX of our fuel which the the first from half half strong underwriting as results for million, of was year are underlying, by our XX% pretax, first driven optimism

XX.X% compared first combined X.X points the to of underlying XXXX. XXXX Our improved to half first ratio

underlying clearly referenced. of six I the improvement driven which importantly, point loss we actions the top ratio the to performance. lower previously ratio healthcare the by half in half loss have And of from XX.X a taken year and vigorous quartile first part half tenths improved a in first is underlying is The XXXX, over reflecting past that

collaboration call, Livingstone subsequent each have As hiring actuarial discipline, strengthen components Chief heard talent Officer. earnings many grew risk me and reveal our Jennifer which claims industry Marketing with our you to control a underwriting between strong as being and latest it, journey greater underwriting the and has

have As of organization. agent our well, with every increased our we broker at partners and engagement the strategic level

is As along earlier the I as my our and of areas highlighted paramount continue referenced is accordingly. we capability, I invest evolve, that. analytics journey The to remarks will one in investment these past, in continue example technology enhancing have also to the

a multiyear IT the relationship our to to press operations a the leader as with This migration cloud Atos, enhance partnership experience. infrastructure meaningfully we digital As and of in you infrastructure. seen this our morning, release facilitate well user the platforms may management data orchestrate entered in IT have global and transformation manage a will as transformation

Additionally, in beginning it year will reduce XXXX. a million current by at technology least XX cost

give may have Capital, regarding MTech You recent seen insight us press fund technology a newly will an formed release a in made we that also analytics. strategic into evolution of additional expect anchor we in invests InsureTech entity that the investment

the advantage will and are technology across we of We will us advancement value evolution. and about our offer to continue excited continue take to chain this analytics

the unlocking quarter for XXXX. six a this continued & Life a we year, core of of loss $XX for of our in $X to the had Group Turning earning million breakeven gain segment, first since our months evidences million and

pleased earnings confidence paying to achieved Our more that our underlies our with we our business along doing conservative quality evidenced we business increase share by the execution term potential, line one-off in quarter is cost-effectively. second to $X.XX and our our our consistently of continues an off, the of all long results with and which regular reserves care to good and growing this enhance underwriting our expectations. the year disciplined while therefore in success here’s set XX% we our quartile half in assumptions reveal with generate have with our share, quarterly it journey and underwriting of Overall, performance active per results carried And top $X.XX James. premium underlies ongoing in dividend that, results are revenue new that execution per increase have improved management that along sustain

James Anderson

and to the everyone. just plus helping do goal Dino execute live set, of the high quartile my from top morning, that of after I’m while consistently the years watching And best also to results. and five to up say going let generating Craig, standards Good me on he’s team learning

as development. P&C year income with of comes ratio segments $XX $XXX majority. of underlying Each predominately for development core Our liability recent from that prior. quarters the accounting Surety was actions business reserve development produced prior with property million Specialty's three as $XXX year well produced from million and favorable of driven steady consistent our our driven loss XXXX primarily professional operations profits by was underwriting specialty and the Pretax favorable by up million, of quarter. casualty XX% combined and a

For the ratio. losses half on loss catastrophe and million our at $XX were second points or about quarter, one a pretax a modest net

which rates. also is XX.X%, expense our Our ratio run current at representative improved of

and Moving the to half-point the ratio the specialty’s for ratio quarter each improvement. of loss our quarter, combined underlined second was than combined P&C was the XX.X driving with year’s prior lower segments, or XX.X ratio

XXXX, a combined is half measure. specialty’s any of first ratio by the XX.X, For result strong

included X.X Commercial is result segment’s catastrophe underlying commercial the prior in by result This losses higher favorable second the combined historical of a which point second quarter XX, quarter. was year’s standards. Our combined ratio quarter XX.X. was than a ratio

than of point combined the of half was first XXXX. a ratio XXXX, the For XX.X, first commercial’s better half more than

be second result, X reserve by Group combined morbidity quarter losses property Our long-term large reduced increases, of unfavorable. our consistent with international half a XXX.X segment Rate first our as Dino for slightly XXXX combined Persistency second assumption. ratio Life in a Within was all small ratio to generated was income the higher number the of and International’s expenses XXX.X. were positives. quarter, of driven care experience investment continues mentioned.

in was portfolio Group million equity $XXX quarter. pretax from XX by essentially return of income partnership charge liabilities liability our was portfolio which the the quarter income on Fixed quarter, IT had The support prior exempt this a the and quarter, security relatively asset produced effective pretax in targets. & the line remarks. P&C able with income taking second was million securities net new related Life after-tax at keep being the driven in our stable effective securities the recent risk. on end the yield portfolio based with fixed corporate [ph] of arrangement continued common more million produced tax million of quarter investment X.X to over fixed relative we’ve $XXX that composition P&C $XX with year. second our the a at quarter, of of $XX core without in level our our our duration duration is Pretax unchanged quarter, segment million lower on long in million gradual a income assets limited corporate loss in portfolio to compared million with effective our yielding The backed offered. to flat which compared last to income Dino quarter. fixed of $XXX portfolio investment shift X.X% municipal income portfolio to year with referenced end. improvement $XX was value in the support year of X.X in which X.X% his Pretax that prior been from income duration assets exception years infrastructure an was of The years This included the years Our the relatively

balance extremely strong. Our continued be sheet to

have seen Fitch moved providing our and improving six At over CNA last likely dollar. AmWest to movies strength the share year-end paid X% positive both per income from of billion billion earnings share share a other last will was XX, far You or $XX.XX S&P when $X.XX and year. capital share, $XX favorable that the adjusted weeks, increase both of $XX.X winter, from following for per of actions this and further validation outlook was shareholders’ so comprehensive equity per $XX.XX or holders accumulated and excluding XXXX dividend equity an June

$X.X portfolio’s realized second operating In maintain gain Our a very cash million $XXX continue was at to structure. investment quarter, the net end. was quarter we and capital conservative flow billion

our credit adequacy targets and are above internal it turn back With and that, All to Dino. I’ll well ratings. metrics current of our capital our

Dino Robusto

Thanks James.

question-and-answer portion let Before to summary performance. some thoughts me our we leave the with briefly the move of and call, you

income income $XX higher was half XXXX Our was and year-over-year. million core higher second our core than $XX quarter QX million first

first QX half $XXX of us year, million pretax following same up year. $XXX last the income the have period million million the underlying We for in over up underwriting of -- a $XX on XX% giving

and net since core sustain equity our and X% months, to At quarter in six premium on in equity X% of the for XXXX Life breakeven X.X%. on return return & unlocking growth the X.X% income written Solid segment for quarter second first XXXX. is our continues earning is net Group

in per increased our of And we'd that, year questions. earnings quarterly take upon years. half the share share. with the finally be our based were at to earnings And first over for core we Our $X.XX, $X.XX future your glad the half C&I earnings of level potential XXXX highest in confidence regularly per to XX dividend

Operator

[Operator Instructions].

have Bank first from And Josh we Okay. Deutsche Shanker.

Josh Shanker

Yes. Congratulations Hello everyone. on decent quarter.

you give retention renewal can the rate the question, increases First us excluding price numbers healthcare? and

Dino Robusto

Josh. can I We we don't it for don't – it, we think get can calculate easily you but

James Anderson

hands We get after for Josh Yes, don't at we just moment. it the you can call. the have in

Josh Shanker

me its one with for for it wrong wrong close me aggregate to think XX% might overall, concept nothing I -- healthcare thing as rates and XX%. Just the say, to if be book Is to this, much to some would flattish. environment rate as that way? It that feels but renewal that there's to the

Dino Robusto

right. think I a flattish Josh, that's slightly good And up, way. No, it's but

comp think and I indicated three. my of I remarks quarter minus last in X.X, sort minus

in up international half auto was ocean point. was four-tenth, about about there Property was got overall two point, of down, but actual Healthcare -- percent-ish. liability book, a point, about management do in it's but you low essentially for… up So that's the so general half terms a the up just was feel the X% a sort up in was a a that math, of, of we point but half was the same can

Josh Shanker

me put X% I'm I to myself. through. not enough, going can you it gives do

Dino Robusto

enough. Fair Okay.

Josh Shanker

about style sense took of then lot trying on commentary others. this other fourth investors analysis that surprised just question quarter and a and is, to release of about last Perfect. morbidity, year of morbidity watchers were you the And reserve I'm in given big

-- changes actuary with versus XQ analysis is point second you it what do consistent quarters And To was the to quarter? possible would the that be with expect one? that what expectations. talk we would underlying the morbidity any we given can You quarter XQ about fourth extent the now in out if there in was you detect

James Anderson

the as the actuary on see long-term is what happens for we analysis year; actual quarters to calculations. quarter we that fourth do so each all Josh, expected the care in other

in at we're of checking new done the we've set in say premium on expected. is expectations we done towards our end gross its that the with analysis we that and so when been there that's line XXXX, unlock that no valuations other So when XXXX actual

Josh Shanker

That Okay. [Indiscernible].

Craig Mense

really is things Craig, half see certainly – question, years. changing it the would to we would this would your but just maybe maybe, we we client were two directly answer Josh, for not to add because it, And that, if it. see over last volumes have follow us and changed

Josh Shanker

morbidity claims? the just prompted what in based claims based that actual on we XQ? can projected review So, It adjustment, or was on

Dino Robusto

we years we were increase we of unlock allowances, the didn't. called to when that's of on we seen XXXX we drove valuation few shock of in actually projected was that for so program, and really and had to up we And our when continue in we which going heels the shock Josh, had did at XXXX reacting change. higher It of years. we morbidity premium so in not we morbidity ended the we was prior end had really than expected, seen a that baked up what beginning we quicker leading next XXXX. XXXX seeing XXXX, gross so that the morbidity saw to morbidity lot what in of before what much that was Yes, rate XXXX year And that normalized levels it

Josh Shanker

all the Thank very for Okay. you answers. much

Operator

we'll moving Bank Jay hear from And with Cohen America/Merrill Lynch. on, of

Jay Cohen

ratio combined extra well and six more about bit segments. not need is lower, other there wanted to effort Is a business, as I attention? it's XXX, last maybe quarters that talk there doing more you. the the ratio Thank to underlying as obviously little for Yes. international drive around that concerted

Dino Robusto

just talent, let all good our I've worldwide, of Hardy Thanks the U.S. Lloyd's that Dino. the to discipline at the in off by a It’s all question. culture, see been saying, but international, that performance international, from look a is syndicate the journey about, the that everything initiatives you everything everyone to of maybe go underwriting what the get Yes. Canadian we top as our offices question. Look, happens we for of me sort to of Jay, which along start more you when across take the tier its first from the operation talking got

components. of you got its So, take in of, those each to sort

last mentioned at off away have a running of life classic things healthcare, from its expertise takes political process we aspects think cap observation. from risk. on, six ratio where the our standard me let of quarters type loss indeed is been has [Indiscernible] And replacing we're the away most which been are and which A&H, from. like target of ratio the believe aviation of I construction we make Lloyd's it our that's So a be it is in marketplace bring combined over we the the and the a going standpoint a strange course couple a syndicate – and certain been there's we just can some evolution the area been unprofitable want which shared-in-layered have Hardy and moving principally we some and are from had of that we that that is business. with technology, and what products, we the been to Lloyd We a been very what had markets sciences the time property property, marine, had that's shifting

the playing expect – from a us see and that other Lloyd's expectation unique transcend in we our that's so effort for so the offices way clearly right future so more we And for and that. that's up profitability the Lloyd's

XX you over on look the XX%. this years take spectrum, last -- Canada it under just XX ratio other of you end years, if the the combined at had historically Now Canada,

as Canadian had particularly profitable optimistic in about international. where slightly why but expectations line, the and ability they right, Now made are the that's to we the Lloyd we syndicate than both the through piece is, indicated make very obviously lion it the that line, be unprofitably. I do the in but it of the in contributing the quarter clearly able some for to operation so look to been it there losses also client. are property when remain quarter, multinational higher our – since that our more share efforts on our of were for that's in terms some quarters you Look, bottom And half, international

a dissect over So various components, we're all I hoping bit that's that little you were maybe longer way. but for, to its than important think

Josh Shanker

Very great its Thanks that. perspective. sharing Dino, for helpful.

Dino Robusto

Okay.

Operator

Instructions]. [Operator

Next, we Gary with Partners. & have Dowling Ransom

Gary Ransom

what's Good going in us qualitative a on underwriting of that a Yes. customer the give a down you wondering and picture What to of and terms had the question actually little changes investment of be? making? the all these expenses, trenches agents. view us the IT in you're morning. I what the change happening experience for giving more this tools if Kind might is of of a

Dino Robusto

Yes.

So, Gary, partnership this its Dino. Look, with we're excited Atos. about

uses and the servers, First want hybrid unique, be industry cloud it infrastructure model the Its infrastructure as devices cloud, they you also our infrastructure consumption-based the canopy clearly we its be to what going which do. service that. process ownership able what service obsolescence very they puts very eliminate call in unique to for what so that is us they leading be is in there take the risk that are all to which model, is IT it assuming migrated running on of and model call modernizing of moreover a that a to Atos to because software over. And going all, because of a

to brings service. All be take devices standpoint. also et It's of and you for of analytics a to it. from to able us us if building will large cloud advantage sort modernize digital is a a cetera then different languages sort you also allows to to it that of of the It's foundation

service go we really to in right the it model So provider if bear they interfaces which our the and it the is all management digital also In devices because of a believe really helps entire leading in a marketplace. consumption over brings unique fundamentally all a there their to sort get way of you of security cutting-edge of which cloud. take the of as world

So, with We're look, the very clearly about a excited the the and advances and change in all step in because make. convert a of more interested tremendous we direction are this in very in it’s legacy, a to very this our analyst. step, many is we're going converting foundation building technology albeit large to industry

Gary Ransom

So, the fixed more way consumption model, as does you cost it a mean variable describe to it's akin that a a as oppose cost? to

Dino Robusto

Yes.

Gary Ransom

Okay.

Craig Mense

But once that benefit nevertheless, say, very that's ends we're is as risk down certain them are they've of for interest most both eliminated models, after So environment, cost interesting let know so look, cloud – you most the we obsolescence going happy. comes they was then and because of it up us cutting-edge with the consumption per growth making bit. to all like – little the that a our unit them course benefit grow also I smart a level to we right and using that

Gary Ransom

And savings you're the to of handing million referred it and them? over them part just of you what doing eliminating that's $XX to

Craig Mense

is no basis, bear bring and XX at slightly the number scale global think the it's a conservative that I Absolutely, million. they on to there question

in so a So we're seven-year as that's excited. baked very deal,

Gary Ransom

next about over several to love hear that the quarters. will more I Okay.

Craig Mense

Great.

Gary Ransom

Can I subject slightly? change the

Craig Mense

Sure.

Gary Ransom

are change cost shift. a also just lines and or wanted about your I trends to seeing whether too anything that ask loss you're across

moving anywhere. frequency see up You

about there's see to You pockets unusual. I'd change? love hear where doing any something severity

James Anderson

healthcare give I seeing we're is James. the one I'll some mentioned. on Dino that is mean This areas. you Gary. a as change color Sure, most the area few has

we've hospitals and getting recently the by rest So, dynamic the large managing our underwriters the services. mentioned the awards Dino the to aging driven six rate-retention continue XX% seen and down have both large point that in our seen at by more industry raise severity by level. retention we increasing there of trends as jury respond driven And have really

We in that X% loss trends book. cost have now into healthcare of baked

to severity that's to comp other are auto going the excess trend be elevated severity, and that's standpoint digit a severity continue negative up our at very from our have have a that's been area a but the worker's as longer We're all several reserved other deviation make we and assumption crystal exposures. in baked And line, spectrum, single change. good. years, elevated with with cost not I levels that term six commercial X.X% is a X% set in really worker's at to The from but for that's It's make of high reserves we end term frequency seeing, sure you just Gary, modest seeing trends when our really loss want the more flat real severity we the trends. still comp trends. to would longer say, we're other clear no what assumption

Gary Ransom

All right.

Okay. helpful. That's very

Dino Robusto

we've and point Gary, effectively, combined can but it to its time some was and moving X% XX Dino, if rate as aggressively the improving very a you're the ratio in to the X%, add Gary, it – I right, in dynamic quarters X%, reacting position just saying, James points, still -- little feel been sorry, quickly, six about down we healthcare XXX, if retention I increase last and rate over is come can so seeing being about profitable good caused that its it about the is XXXX. a retention been just very overall a over

that I'd So I just color. thought add

Gary Ransom

James. very you much, great. Okay, Thank

James Anderson

Gary. Thanks

Operator

Instructions]. [Operator

KBW. Next we Meyer Shields have with

Meyer Shields

Great. Thank If flat? close negative you. compensation the on booking worker's loop Are James, just Good that. or can you frequency I morning.

James Anderson

and running have we a right single-digit now low flat negative trends book current severity our is Well, frequency. we

Meyer Shields

Okay. think from you premium that changes rate in of margins? side Thanks. same Do And in comment topic, on sort perspective underwriting talked of is coming the line then I about with of forward the or guess premiums renewal loss renewal in you terms your introductory trend. the

Craig Mense

Yes.

and – that exposure So, both point. combination the exposure had changed a a and up the renewal rate gone premium it’s of

clearly some written; of case rate. payrolls growth, two over that obviously, the benefits, the doesn't for much your forms has act – been points points there's going that's It's cost amount trend. there salaries the in the and Nevertheless, good rate, with of a not exposure acts work, about all – of So consistently that earned go is X%, news is as that its same it's there exposure, little does. The as in four like impact, the so Look, some up. exposure other up to higher. is loss more inline good portion it then now

so the to underlying sustains portend it's okay, going it well ratio. itself, continues So, and loss that's for

Meyer Shields

for going to the Yes. quickly That then be makes just IT are those savings; incorporate individual both? sense. the segment And in

Craig Mense

in and ratio, be by then the that impact, used to expense going right? the units It's business

James Anderson

new It all it right. ratio, through it in parts the of the That's come a areas, enterprise. the all different expense come through in layer, through will will the come

Meyer Shields

so Thanks Perfect. much.

Operator

Instructions]. It we Ron with from another question Capital have Bobman looks Returns. [Operator

Ron Bobman

Hi. morning. went is some you sort question. but not my a if to sort five me of one If am simple I if outsourced little transition of don't to had sure memory I’m thought, model you accurate serves close there a service I I Congrats. semi know or plus ago, a one. could provider I the tech bit, explain I’m Good but years

Dino Robusto

Ron. mean I we did Yes,

moving to one an as Atos. and who before is moved servers, were entire we really It an the different model than to from just the Dino as changed more labor think we a not is probably party. outsourced an that years everything the was to the ago we labor, to being it this outsourced it’s service third mentioned the entire now. I is that was but networks outsourced model it’s seven much so infrastructure but where firm infrastructure hardware Yes what

is quite good. memory your So

Ron Bobman

yesterday’s with Okay, so it. something’s it luck Thanks good not lunch. gentlemen with and is

Dino Robusto

Thanks, Ron.

Operator

questions have appears from remarks. closing floor this any like further additional turn management to back at to no for time, the the we or audience. And it I’d

Dino Robusto

everyone that’s us Now for great. Thank See quarter. a today. you you joining in

Operator

Ladies and gentlemen that Thank does conclude today’s for once joining you conference. again.

may disconnect. You now

CNA Financial (CNA) 30 Jul 182018 Q2 Earnings call transcript