CNA - Earnings call transcript Q4 2018 | CNA Financial Corporation

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Operator

Good day morning and welcome to CNA's discussion of its 2018 Fourth Quarter Financial Results. CNA's fourth quarter earnings release, presentation and financial supplement were released this morning and are available via its website, www.cna.com.

Speaking today will be Dino Robusto, CNA's Chairman and Chief Executive Officer; and James Anderson, CNA's Chief Financial Officer.

Following their prepared remarks, we will open the lines for question. Today's call may include forwarding-looking statements and references to non-GAAP financial measures. risks materially that during from involve results cause the statements differ to the forward-looking and may uncertainties actual call. Any statements made release XX-K those CNA's SEC. concerning risks contained the Information is most file on earnings recent with the in and

statements forward-looking the as only this statements ‘XX. made forward-looking February to update of any expressively during disclaims In obligation Monday, or XX, speak addition, today, CNA revise any call.

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

the During the turn may next CNA's Robusto. CNA's on Web over ahead, call With week, Chairman will call I go be CEO, Dino Please accessed that, and to site. Sir. the

Dino Robusto

Thank morning you, Greg. Good everyone.

slide loss and quarter our As referenced this investment limited in morning, was catastrophe losses principally our core by a higher lower performance. partnership earnings fourth press driven and release

some had underlying to we XXX as and growth, of highlight we by achieve of ratios make underlying improved XXXX; the million also their P&C net increase underlying and by performance. continuing provide each our results. XX.X underlying slightly on towards continued specialty first, in million, combined approximately X% across We ratio point combined want well context profit underwriting to profit and combined meaningful portfolio. to But grew P&C our over written underwriting and improved in are to commercial ratio quartile XX% XX% on some X a XXXX goal as achieved XXX XX.X%. rates premium Both full our year, pressure moment. progress for of the I drivers I’ll these top to our grew a overall that to

only from losses XX The XX $X.XX California quarter, in X.X from (inaudible) the million fourth year had Now hurricane where tax included impact the million XX% total Indeed of exposures with Michael’s as XX combined cat X damage. prone a we the when what from prior losses (inaudible) million was of was the losses of cat do, over generated to quite wildfires. per number added back higher quarter, even though million share. a small would relatively ratio. Michael managing This after compares and and Hurricane or effectively (inaudible) fourth a XXX we hurricane in the areas XX cost that essentially event. to a driving the unique, losses significant points catastrophe

of was talk our loss muted. results after portfolio of added in slightly period difference the partnership million points XX loss million the For only full enough more will loss affected pretax the gain year average. of performance which more tax of The prior a per a to This in this and to the about pretax. drive million big by share. compared quarter also to was in with is James XX was higher XXX impact five this few than X.X $X.XX Catastrophe minutes. which full portfolios, year a limited losses generated investment a combined our year ratio, year, the equity work the common materially

the comparative earnings the between prior items presentation walk per XXXX the provides Slide detailed periods, in to two share X quarter by So reduced comparison the $X.XX. of alone XXXX. and of a earnings these fourth

negatively quarter improvement offset XX.X%, the fourth ratio in underlying and half adjustment prior year was in driven ratio by expense overall the came P&C This our The loss underlying quarter loss activity P&C XXXX. in of (inaudible) X XX.X% compared expense. ratio point The results, expense quarter. loss period our (inaudible) the earlier. from expense by to by adjustment underlying quarter, points ratio higher fourth (inaudible) points with of XX%, XXXX loss underwriting (inaudible). a the In higher in the than was expense loss partially combined than affected was commercial’s claims Turning increase for from the department. the X.X the After loss

commercial losses excess loss with of we that the some In quarter. the experienced the activity million in postmortem consistent offset year our in our property accounts favorable in XX large casualty per were quarter, our guidelines. partially on on average, property trends Based underwriting in terms was the of by five analysis,

we we experienced of fair longer term when back. that did some property subsequently reversion large second longer quarter average much mean to to is expect it XXXX following I were below So and think highlighted a term revert the the losses significantly as

good the earnings underperforming initiated full certain segments the earlier loss fourth that ratio last higher I fourth international from the operations quarter, which in made comes losses the A XX our of action the London In On in London underlying we liability where elevated decisions business professional the mentioned affected portfolio. are international Lloyd’s causing in portion withdrawal results we our our property the by negatively from in the of taking years’ in underwriting quarter. year. to call, operation areas the the reinforces aggressive prior targeted losses were this re-underwriting be quarter, and including points

returned volumes net we meaningfully, of in our of to international and expect now a our underperforming in you reinsurance year, to As Coming as January some XXXX. January within XXXX XX% from written international result actions I’ll down details. our re-underwriting decreased to give the premium this production Indeed operations we profitability. premium international be nearly

up P written growth, large warranty X%. premium with of terms the In captive excluding the in gross return X% net grew quarter, &C premium fourth

rate. Commercial P&C of points gross rate two excluding to the the plus plus the workers quarter. overall, with X%, continued momentum quarter. third positive year, point while one generated up X% for P&C grew the quarter compared points in For compared of commercial achieved was show the premium Specialty two in fourth comp points international first in increasing plus written quarter, with while X%. generated five net Rate a and X X% premium grew full

year, our for overall full P&C flat was all rate from X%, XXXX plus segments. the increased in with business rate For three achievement in up of

ex had X% progress good work in XXXX. we up commercial rate in was particularly compared year, which in the For with X% comp

As work XXXX, Retention commercial than both in exceeds fourth in XXXX, X.X% for we cost move on and from the quarter quarter, the XX% run for was better the specialty overall quarter. year down premium was loss the in comp a our basis about ex January was fourth more an slightly X%. quarter we earned the and full which trends. what rate change approximately fourth point in long to Rental achieved up than third

fourth business growth in a very up year. in quarter. prior off XX% up year’s over the Despite full fourth on X% fall strong down was QX quarter, year business the XX% new was in coming basis, a last New the

over Importantly, the our up with profitable full was many year generated business increase our XX% profitability specialty of highly has coming achieved international, In strong new segment for which Canadian from years. new the growth business of half over XX%. operation

be As get summarize, you years on continue of a underwriting extensively quartile strategy, the one to about journey pleased To to be to high past I’ve tenants access the new I a of business. to two talked top just quality sustained to over to result, combined key getting ratio our basis. our of our

We in progress. that results two past progress each years of XXXX significant reflect the both have our made in and and XXXX

our I mentioned, And is as business of per to XX.X it positive trends to drive result. quarters three impact an increases ability disciplined expense at the a P&C (inaudible) loss business margin Combined P&C the years’ the run underlying loss XX.X%, as first stay units Indeed still year the that are an fourth evidenced performance. and quartile and loss of quarter, stable performance, culture to benign. our underlying X.X going the top XX.X% losses quartile the about better we which our our trajectory clearly which forward. As help fourth as across very levels. relatively is although a top ratio by see Also XXXX, we rate strong the Moreover with within feel cost also smaller than our outlier. increasingly underlying ratio the performance. expense was we in will of quarter prior quarter full have international, ratio is property expect don’t part as three good The long should quarter company our in fourth

on and to Finally, footing care continues is business solid as expected. our long term perform

it And over share so to per $X pleased turn that $X.XX dividend And to we’re with announce regular of our James. a share with I’ll now, dividend. special quarterly along per

James Anderson

good morning everyone. Dino, and Thanks

Our property the fourth in loss underwriting driven and catastrophe pre-tax a of elevated XX operations activities. quarter, million by produced casualty

XXX year, the a million, was underwriting full XX% For increase over XXXX. profit

quarter fourth line improved run XX.X% in ratio rate. current at the expense with P&C Our and our is in

of and coming in one the or quarter quarter results These XX.X% completed reserve for points of studies of also was and XXXX reflect in premium the the outcomes ratio reduced expense approximately improvement X.X Prior reserve lower the X.X our expenses. year, each with our full remained favorable fourth growth the was points strong. development position the period year. half full the and For point than from

points development development commercials’ prior full X.X year. the fourth year. quarter points international’s the specialty and Our segments Both for the of had was and on year favorable negligible X.X full in the both and quarter

quarter quarter driven Specialty’s combined ratio from segment; fourth Moving overall the XXXX, and XXXX. in professional XX.X% including by was and to surety improvement the XXXX quarter ratio slight individual P&C was each both of specialty’s’ for favorable exited combined a underlying primarily fourth development for our XX.X%, the liability. of years

overall for point XX.X%. the year, XX.X% of was full than the specialty’s a year ratio underlying or ratio Specialty’s with For combined was improvement compared combined XXXX. more

While rate the healthcare is actually quarter, In specialty’s quarter-over-quarter the than in achieved it was institutions businesses. improvement in rate third financial slight our fourth rounded both quarter higher did level. we January, rate as as specialty’s to in higher fourth and there a quarter X%

expenses commercial ratio nearly fourth combined XX.X%. fourth the ratio underlying Our segments’ driven property as ratio for was was including losses. by The and XXX.X% losses of adjustment points combined XX loss described. The commercial underlying quarter XX.X% was in of loss overall Dino quarter catastrophe

getting better ratio nearly Commercial’s point a X% year, X%. X% commercial’s full and property more XXX.X% year X% levels year the X.X and combined X%. For XXXX. workers ex auto better at improved than getting commercial or auto property combined with January, was full underlying overall comp XX% XXXX. In fourth the stronger than than even were Commercial’s ratio with rate points was these quarter

in the quarter, driven generated large losses XXX.X% Our international ratio a combined fourth liability of property and segment in market. professional the London by

year, For in international’s rate the quarter. XXX.X%, in X% compared full third the combined achieved the International of and fourth quarter was with ratio X%

Group The prior was review quarter and XXXX. after tax $XX with included in core XX review reserve (inaudible) claim the from million period. million & produced the with million year favorable Life this of done fourth million the of year segment driving that a favorable compared income quarter recall difference after You’ll the compared claim tax, Our quarter $X a prior resulted in reserve in third $X.XX of year XX

For Long for this persistency remained XX years of XXXX, favorable. experience the full produced core to while reserve XX & million Life year, care consistent two million with income, in be assumptions, compared good with very continued Group segment. term morbidity our

in tax review corporate We’ve first to million a gets was mentioned with in going this corporate this call, of our on fourth in compared per of quarter’s review our but segment schedule on last year, XX period. Our each quarter $XX the XXXX. charge quarter this fourth million, after I driving reserve $X.XX difference of driven as historically prior share produced a year us of result The segments forward. by was a non-economic this and the of now result quarter, asbestos loss a of loss environmental core concluded review the

gain the investment $X.XX net driven XXX a For last prior with each. year. of combined million, return common in & produced to Group change negative quarter. $XX a in income quarter, pretax XXX the down a in reserve year-over-year XXX the portfolios of comparison Life changes by was million million quarter compared a was fourth in to the timing and limited This equity which the year million of fourth X.X% due corporate reviews segment compared loss in was Pretax partnership

which take is XX%. portfolio For in income the quarter with S&P funds given not surprising XXX exposure we some over bias long in hedge result an portfolio index quarter, assets quarter, the prior as performed periods. X.X% going last this was and P&C at in line our XXXX. liabilities the year’s two-thirds assets in income million that The & fixed to was again slightly Fixed X.X to fixed several quarter. of had effective pretax years fact at slightly was higher a was years reduce expected hedge income effective and XXX The our X.X constructed Pretax on than the than have which its prior year our a the (inaudible) years, the our was down an to portfolio of fixed the support assets not yield from on targets. in are end duration duration quarter Life actions our of fund funds Nonetheless, this with in to terribly LP volatility with effective a Group income portfolio support and. liabilities income

December the gain X% year-end continues XX.X was XXXX to the year. $XX.XX share for to $XX.XX XXXX of from due as position billion at yields down XX, of our Shareholders’ or dividends excluding during sheet share, decrease balance per equity at have increase accumulated XXXX XX.X increased. year-end Our was investment shareholders’ extremely comprehensive income adjusted from be strong, in an per $X.XX unrealized a per share when paid or equity other billion

portfolio’s was was investment billion XXX at year million. cash gain Our operating In fourth unrealized quarter, flows X.X net the end.

to internal and adequacy ratings. in above it Dino. (inaudible) capital With credit conservative well I’ll maintain targets to our and turn a current that continue capital back We all our structure very are

Dino Robusto

Thanks James.

of decade. written Before in we me the year and net the call, trends. you thoughts year. X.X rates for with development based run and years’ by on of growth leave The summary premium had that recent the in pricing drive January, reserve in question-and-answer for position. long We and of seen best I portion what confident underlying XX.X% straight of have I’m our above the move the X% am ratio prior the improved can full second in combined some to year is a performance. we We cost our had favorable continue loss period optimistic remained encouraged points lost trajectory to we quarters on let

maintained the be per year Life as that special a reserving $X.XX care with questions. your conservative business regular Our declared margin to to dividend And positive we share glad we $X Active we’ll again in the share. our during long and once of increased more We term move dividend Reserves, even assumptions. to quarterly per take

Operator

Instructions] Deutsche first from we’ll Shanker. [Operator And Josh from Bank hear

Josh Shanker

like a what I’d is the bit change bit, right about won’t investments, for a not. non-traditional hedge you you’re funds and strategy what but and now investment hedge hear your your you Can we how said is the talk this think the you philosophy a invest to of problem with little wrong you’ll arms those little from you Is in that assets? funds? about little kind types view of investment

Dino Robusto

much has funds. markets it well portfolio, we that’s that we less As it to equity are third when performed the volatility. heavily exposure to very is worse. you has Really or had reduce better I to hedge in equity and hedge the funds, our look at for going of two-thirds private tied mentioned, have And in

amount I that have about way portfolio funds to hedge you the the you that more think the that it’s equity been constructed. the or markets exposure less pick about and has directly that the

have we’re more forward fixed private our mix So going as well that in going equity hedge less of of it funds, shift of to in as it portfolio. income more parts in to

Josh Shanker

be to holistic should trying on you that a underwritten your should And about you the view versus on achieve what side? the what in to does do underwriting? side investment trying Is relationship there something do be to

Dino Robusto

taking that grow business risk risk on to investment Yes, at continue the underwriting on side. ensure across we we looking as much clearly (inaudible) portfolio we’re and our the not we’re to too side our want

that tolerance risk to our we ensure where are So putting we’re best have the across looking we think just overall the performance. risk we

Josh Shanker

how volatility year there’s quickly and the And and the obviously as sure the from we that in not big situation investment been associated with how model is change you down associated I’m portfolio try that, a rebound and overall? pull think the a one two or to year out the exposures, with announcements, about these date does volatility that so markets. quarters a

Dino Robusto

as take redemptions different do the year we will full periods at different gating This time funds. for reshuffling

all not So at you do it’s that once. something

And so we as in in you shift over we rebound, have as the January and We how that as is quarter-by-quarter we talk, portfolio. experienced to the you’ll that seeing monitor going see period? time that are go asset

Operator

will Our next Bank question America comes from of Cohen Jay Merrill with Lynch.

Jay Cohen

in year essentially with in there International hear some liability the higher to quarter. cost the the about Starting side, current I that catchup booking loss ratio? Was wanted more

Dino Robusto

off the engineer on the did we’re the were a So, quarters to in adjust we’ll large and – architects We’ve claims If have we’ve quarter activity, States. contractors, do Based than it related as the going portfolio. underwriting we and professional to that. we postmortem and talent, because risk loss in liability professional architects for we know more decades, terms nothing and on And the you get we pricing underwriting good. it some till the and we Jay insurance a in in made and get if exposure lot need a some and we significant should we’ve we’ve need of talent. may profit, international experience that United we what accounts at be and book know here there’s got got deductible don’t, engineer and those in we we had renewal really and conditions what of truthfully of accounts the get very know will liability

accounts. those need already at to we’ll we this it, we get and we don’t if get we the on look to we’ve started not do accounts it, good, and, know if portfolio, how and on know we renew what international then So the

but fourth that it’s at the that’s quarter other it, affected affected time a when than things the not quarter. significant So really that, it more

Jay Cohen

you’re words, restating basically other in the full was that kind liability three for year first But basis, extent the you’re of it like, business? booking, some to on this of quarters

Dino Robusto

something a year, part extent, latter of without the but yes, To certain a in the exposure was the clearly more doubt.

Jay Cohen

Secondly, internationally, expect way you they see cuts to as if the cutting business well? in some expense should drive we to you’re premiums expect profitability, that

Dino Robusto

Yes, definitely.

looking if XX% you you’re that international take about a third it and premium. the representing think XX% I of we’re in at between about So, exiting and lines we probably the talked quarter, the look of that somewhere business at

going we’re obviously accordingly. with So expenses to deal

targeted London it’s the it, the going of We’re the markets going our offset, in operation but to we continue and not profitable it and Canadian clearly it offset rest parts other don’t even grow to of to to our expect decrease. operation,

So, we already and have content to with will we content with the expenses them. started

So clearly we would do that.

James Anderson

And that. We in ratio on international. expense overall Jay our by XXXX I’ll just affected happening expect would be what’s wouldn’t the add that in

Jay Cohen

expense the because accruals did of a bonus quarter, the by lower challenges level question, the all fourth ratio profit the Last at benefit fourth just in in quarter? it

Dino Robusto

our at no. fact not, did slightly ratio they as an XX% result of look and if It for the ratio a combined And that. business example, specialty as was in year had you expense an higher their

Operator

we’ll And Meyer from with KBW. next hear Shields

Meyer Shields

looks got a whether liability in to talent? or wondering slowdown releases? reserve their - the the professional we’re sequential experience of a of that It is we’ve seeing some Just like bit underlying say all connected

Dino Robusto

not. It was actually

quantum favorable and time. varies the reserves. We reserve look long release different on development based decision of movements have those we on time history quarterly reserve from make the at quarter, We to every a products having overtime,

flat quarter-to-quarter expect the year-to-year, kind three or comfortable now So you down development, very works. Specialty I had XXXX and year. pluses reserve still any inside. of We the commercial was for whether for development, mentioned minuses really just segments. a of our how but of was International X.X flat X.X position for reserve robust feel points essentially outcome. trend the Both shouldn’t very it year, its favorable all points, the year as had that’s essentially in and really from about in

going trends going year-over-year period. be as at So segment suggest or what some of trend to result a I would quarter-over-quarter you’re forward those that of either look at any and no there’s matter looking

Meyer Shields

of And hoping over purchases year? could little I the talk was planned bit the you a course that about reinsurance

Dino Robusto

see news I we the in we’ll purchasing quarters, it, clearly, we’ve it based volatility. has But some and just talked do to on where than actively last would with some how additional help reinsurance it the is thing you talent the think risk quality terms continue the we feel to say do access the we past that, out the the the continue we to look continue about reinsurance and sense the What can two And reinsurance the there. and great are help the And that approach them, year, market and in return portfolio, out. over of the years. good right conditions. we if we we and they’re with of reinsurance comfortable that can see we course we’re how profile is at take clearly a and find consider is think that’s we’ll then at to to more when plays going to and through the business we something using opportunities And to makes and get it would the underwriting pricing look C&A of

a that’s and thing so happy talk monitor about of it to continue then we’ll the and the it. during year to So good course

Operator

gap [Audio ]

Dino Robusto

between profile it’s for are when want be California in Having certain a limits estimates of billion sort XX million, think of billion you look, about area latest watch that, couple think, to to geographies and accounts XX it, little in said in First I not want XX to more this wildfires believe a the or outside we about your bit loss. all, camp you where etcetera. we of say somewhere there an careful

change wholesale to this And both in some we’re make isn’t year. wildfires and tweaks so the big there But underwriting, do. California sort and year our any at we that last look we we’ll should of always

but learn are upon what I We act always act industry and we for upon there things it. the think we relatively not every catastrophe outside was, losses situation.

Unidentified Analyst

commercial. home really context so the most the was, owners of of just I of all this than loss a outsizing was industry, know, little not commercial or bigger have context not and you is writing insurance like I’m the smaller you thinking in It thought. in I was seems it maybe where but might

Dino Robusto

that underwriting embedded I impact the can there just use some at outsize the we’ve our market but owners a some at as is that a it postmortem, the already you in and we in We vis-à-vis we look change. wildfires didn’t trickier, are the and and guidelines, market did, understand clearly bit home always any function learning more. look of to want I an didn’t such now, they do it’s suggest share overall, wildfires little commercially our When California share, but that nevertheless.

are So, learnt. be some things there to

Unidentified Analyst

loss to the I Can with ask so remain also, And loss trends now? wanted give trends what’s times mentioned they benign get above of on about of us sense couple any you and going right loss they’ll rate you a trends.

Dino Robusto

it we’re it’s certainly Gary, still What I frequency, workers from benign when look benign negative couple comp, quite haven’t certainly a of we third at the although loss would say in and ago. quarter trends many our as not much. really was we’re seeing years cases as

We’re seeking in back severity to not (inaudible) yet. that come

stable. So loss are overall pretty trends our

James Anderson

on The a And clearly months rate what Gary, we today pricing optimistic is know than increases we vis-à-vis they we’re the persists, trends then now that’s do loss is we and going cost don’t know that. XX from thing to are more But what months if ago. were the good XX be Gary. really question

Unidentified Analyst

time as that large true And to may be I of them? little there and first the bit whether that’s a funds hedge come a quarter? more, one may might are some a lot – if real of chunk be believe be could a I your month just was I or in or a lag more there do just are wondering If

Dino Robusto

our a we’ve majority movements few market tell the as with very January funds performance you are the one are of positive result a majority in vast vast we in seen. couple are But even just had month a the that lag, that on We the come that. hedge of time. I’ll but have real do Gary a negative

Operator

[Operator move with Deutsche to Instructions] Shanker with Bank. follow-up We’ll a on Josh

Josh Shanker

to international for see direction? I made things two improvements improvement’s It’s in think us year year, we is for what of are know there What stay plan, Are international? of years year the ever passed work we made. more lot recently. obviously been look in but one in three should don’t plan, the it’s anniversary three that a to as I been three there? your evidence year, part right that though hard a if

Dino Robusto

to So just it’s only Josh on clarification, what But that’s point anniversary. sure means you, to positive. a of exited or just you three of still going at I a I’m to not these year my years came it up second international that situation, entirely me two hopefully it we we been the the Lloyd’s has and is them or you exiting, years, lot that portfolio And the my conditions around. to over and a CNA some two insurance year to operation had turn years. fall lines going be etcetera. changing going the on all looked is in it’s that turn XXXX that able over to I became – clear of couldn’t the be be in in the business of we continued and international reality were It’s particular. and (inaudible) able it terms to top wires be in know that volatility to and the that reality foresee as we’re

in just turnaround we so future. because the you And them, can’t the see look rid foreseeable make reality said, decision just of the a get and is,

different out get make when always them. a it of think I you So,

of large we’ve engineering, our hull, getting run-off. out construction getting treaty, we’re out we’re put political and marine we’re risk So of first in party property getting of out to

plays And have you can P&C. out, look a that generating on XXXX. if truthfully the play basis it’s does, loss activity lines we as as we’re it improvement can on that is, going do portfolio ratio in estimate it goes what a at way and could out of the so in so in And it pro to forma what loss see you your to much and one can kind point

totally of and a you mean fair premium I and your doing operations do Josh, then lines those between what do, with where going to the to most international exiting a trying hits bit change distinction a taking the some question. versus more and conditions of make the moving little just margin. the distinction is target we on business a there (inaudible) So terms expenses There’s segments in forward to have

tough going in and play that you two analysis took in before We quarter. So decision in the going third XXXX done XXXX. in a had take it to the the very see out have to we thoughtful to quarters you’re

I hope little that on So international. of a bit clarity gives you the

Josh Shanker

that does premium volume? What mean for

Dino Robusto

target have our XX% to are grow to some London segment those clearly between that said rise the for operation. about is, But my XX% of reality represent to been and Europe international to exit prepared even we’re in we’re UK to continue grow I to remarks as traditionally continue going we’re in premium, and that parts of going the you to if going more in market profitable continue Now the that Canada, and the going us. more

XX%. will it some the to offset of So XX%

the I Josh, it’s think don’t I full indicated As going offset amount. to

impacting we’ll about every what XXXX. obviously a see quarter are be would less and to more exiting that for we by, negative it’s know And and more we’ll than growth goes more how expectation the look So number talk it. it

Operator

we And moving Square have Sam Lincoln on Hoffman. from

Sam Hoffman

affected ratio in the the I one for the question, quarter? underlying just explain as loss losses can property large causes the had you it

Dino Robusto

you, we average, mainly of look sort As fire them it’s property term about longer million I a for losses, XX at losses. we indicated, the large quantify

we some as within fair them too. my luck quarter So at reversion (inaudible) assume of do call wasn’t to second to activities, it I and guide postmortem the nothing so clearly some prepared the some way. what the is and position said we make ’XX I the sure there particular that other in is said And in level the in why to on mean anything that to opposite anything change these was hence I lines. a remarks, that’s on I I of have guideline, think there’s

losses fire happens and was more So nothing that. what significant the there are either than

Sam Hoffman

course the can the like? been unusual of something sounds year the if last is affecting this like But anything over seems that’s or industry It’s so. that’s if pinpoint entire it you

Dino Robusto

you my I a little the got things a to probably that broader business. a is also to industry, more you’re just mean, is say reality comments reversion what are And line to in the need is see we certain across for looking you notwithstanding All when property. that extent can that of bit start on more at some about pricing push pricing to

seen got So points. we got we’re were In multiple quarter part points, three have points solution certain broader you is you to second quarter affecting When the two quarter company one see than forward. of the the a and we the January, extent already, far fourth at it it at going so as if we getting in points, four look third five that also you companies. in

If there. understand the you I’m making point

Sam Hoffman

happens But be this there’s no at way just to cause, pinpoint it underlying the happening to point?

Dino Robusto

Yes.

And pricing. to going so try forward mitigate with it

Operator

the and turn to session. CEO, today’s Robusto conclude Q&A And like Dino for like that or it I’d Chairman to additional floor CNA’s closing back remarks. any looks does

Dino Robusto

and Thank in to your you and you a you we’ll for everyone, talk quarter. questions, thank

Operator

and again for gentlemen joining ladies thank that concludes We our once call And today. for us. you

You may now disconnect.

CNA Financial (CNA) 11 Feb 192018 Q4 Earnings call transcript