Cincinnati Financial Q2 2023 Earnings Call Transcript

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July 28, 2023

There are 11 speakers on the call.

Operator

Good morning, ladies and gentlemen, and welcome to the Cincinnati Financial Corporation Second Quarter 2023 Earnings Conference Call. All participants will be in a listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note, this event is being recorded. I would now like to turn the conference over to Dennis McDaniel, Investor Relations Officer.

Operator

Please go ahead, sir.

Speaker 1

Hello. This is Dennis McDaniel at Cincinnati Financial. Thank you for joining us for our Q2 2023 earnings conference call. Late yesterday, we issued the news release on our results along with our supplemental financial package, including our quarter end investment portfolio. To find copies of any of these documents, please visit our investor website, senfin.com/investors.

Speaker 1

The shortest route to the information is the quarterly results link in the navigation menu on the far left. On this call, you'll first hear from Chairman and Chief Executive Officer, Steve Johnston and then from Executive Vice President and Chief Financial Officer, Mike Sewell. After their prepared remarks, investors participating on the call may ask questions. At that time, some responses may be made by others in the room with us, including President, Steve Spray Chief Investment Officer, Steve Saloria and Cincinnati Insurance's Chief Claims Officer, Mark Shambaugh and Senior Vice President of Corporate Finance, Theresa Hoffer. First, please note that some of the matters to be discussed today are are forward looking.

Speaker 1

These forward looking statements involve certain risks and uncertainties. With respect to these risks and uncertainties, We direct your attention to our news release and to our various filings with the SEC. Also, a reconciliation of non GAAP measures was provided with the news release. Statutory accounting data is prepared in accordance with statutory accounting rules and therefore is not reconciled to GAAP. Now I'll turn over the call to Steve.

Speaker 1

Good morning and thank you

Speaker 2

for joining us today to hear more about our results. Net income of $534,000,000 for the Q2 of 2023 was quite a change from the net loss of more than $800,000,000 for last year's Q2. As we've noted in the past, Large income swings can occur as gains and losses from securities still held in our equity portfolio run through net income. Last year, we saw a reduction in portfolio fair value. And this year, we recognized a significant investment gain.

Speaker 2

We believe the value of our equity portfolio will continue to grow over the long term. As of June 30, It had $6,100,000,000 in appreciated value, increasing 8% since the end of the first quarter. Non GAAP operating income of $191,000,000 for the quarter more than doubled the $94,000,000 from a year ago, despite catastrophe losses that were $11,000,000 higher on an after tax basis. Our 97.6 percent 2nd quarter 2023 propertycasualty combined ratio was 5.6 percentage points better and last year's Q2, including a decrease of 0.4 points for catastrophe losses. The 90.4% ex cat accident year combined ratio for the 2nd quarter was 2.4 percentage points better in the same period a year ago and is another important indicator of improved performance.

Speaker 2

Despite the increase in catastrophe losses In ongoing elevated inflation effects, we continue to see reasons for confidence about performance for the second half of the year. Pricing continued to accelerate during the Q2 of this year and we also worked to address inflation in other ways, such as changing factors that adjust premiums to account for rising property costs. We reported improved underwriting performance ratios in just about every major line of business compared with the Q1 of this year. On a current accident year basis, Measured at June 30, before catastrophe losses, our 2023 consolidated property casualty loss and loss expense ratio improved from 2022 by 4.5 percentage points on a case incurred basis, which included 0.6. Improvement on a paid basis.

Speaker 2

For the same period, we increased the incurred but not reported or IBNR component of the ratio by 4.7 points as we continue to recognize uncertainty regarding ultimate losses remaining prudent in our reserve estimates until longer term loss cost trends become more clear. Similar to the Q1, we earned a small underwriting profit for our commercial umbrella line in the second quarter. And our commercial casualty line of business in total at an estimated combined ratio of approximately 90%. Our underwriters continue to do an excellent job And pricing, importantly, agents appointed by Cincinnati Insurance continue to produce profitable business for us in an outstanding fashion. Underwriters emphasize retention of profitable accounts, addressing ones that we determine have inadequate pricing, while also seeking profitable new business.

Speaker 2

Estimated average renewal price increases for the 2nd quarter were higher than the Q1 for each of our major lines of business. Our Commercial Lines Insurance segment averaged a near the low end of the high single digit percentage range, while our excess and surplus lines insurance segment moved higher in the high single digit range. Personal lines for the 2nd quarter included auto in the high single digit range and homeowner in the mid single digit range. In terms of net written premiums, consolidated property casualty growth was 9% for the Q2 of 2023. That included 11% increase and 2nd quarter renewal written premiums with a significant portion from higher levels of insurance exposures as we factor in elevated inflation.

Speaker 2

Next, I'll briefly highlight premium growth and profitability by Insurance segment. Commercial Lines grew Q2 2023 net written premiums 3%, reflecting discipline, particularly for commercial umbrella risks. Its combined ratio was 9.4 percentage points better than a year ago, including 1.5 points from lower catastrophe losses. We see the 2nd quarter 10% reduction in new business written premiums as an expected result of pricing and underwriting discipline. Personal Lines grew net written premiums 23% with growth in middle market accounts in addition to Cincinnati Private Client Business for the high net worth clients in our agencies.

Speaker 2

Its combined ratio was 4.5 percentage points better than a year ago, despite an increase of 0.6 points from catastrophe losses. Excess and surplus lines had a combined ratio of 92.2% and net written premiums grew 16%. Its combined ratio was 7.1 percentage points higher than a year ago, including a 9.9 point increase in the IBNR component. Both Cincinnati Re and Cincinnati Global continue to enhance our profitability. Cincinnati Re had a strong 73.7 percent combined ratio for the Q2 of 2023.

Speaker 2

Its net written premiums essentially matched last year's 2nd quarter, While casualty premiums decreased as a result of fewer attractive opportunities in certain segments of the market, Property net written premiums increased by 27%, largely due to a combination of higher pricing and market opportunities. Cincinnati Global's combined ratio was 88.3% with net written premiums continuing strong growth at 19%. Our life insurance subsidiary continued to report excellent results in the 2nd quarter with net income up 91% from last year In term life insurance earned premium growth of 4%. As I usually do, I'll conclude with the value creation ratio, our primary measure of long term financial performance.

Speaker 1

Our

Speaker 2

Q2 2023 VCR was 4.0%, Another strong result. Net income before investment gains or losses contributed 1.8%, while favorable valuation of our investment portfolio added another 2.2%. Now our Chief Financial Officer, Mike Sewell, will highlight other important factors about our financial performance.

Speaker 3

Thank you, Steve, and thanks for all of you for joining us today. Investment income continued at a strong pace, up 13% for the Q2 of 2023 versus last year's Q2. As expected, dividend income decreased 3% for the quarter due to two items we touched on last quarter. First, we are seeing dividend rates increase more slowly. 2nd, in last year's Q2, we received a $5,000,000 special dividend from one of our stock holdings that didn't repeat this year.

Speaker 3

Net equity security purchases for the first half of twenty twenty three totaled $93,000,000 Bond interest income rose 19% in the 2nd quarter compared with the Q2 of 2022. We added more fixed maturity securities to our investment portfolio with net purchases totaling $732,000,000 for the 1st 6 months of the year. The 2nd quarter pretax average yield of 4.34% for the fixed maturity portfolio was 34 basis points higher than a year ago. The average pre tax yield for the total of purchased taxable and tax exempt bonds during the Q2 of 2023 was 5.88%. Valuation changes in aggregate for our equity portfolio during the 2nd Quarter of 2023 were favorable, but were unfavorable for the bond portfolio.

Speaker 3

Before tax effects, The net gain for the equity portfolio was $459,000,000 while the net loss for the bond portfolio was $158,000,000 At the end of the quarter, total investment The equity portfolio was in a net gain position of $6,100,000,000 while the fixed maturity portfolio was in a net loss position of $838,000,000 Strong cash flow again contributed to investment income growth In addition to rising bond yields boosting interest income, cash flow from operating activities for the 1st 6 months of 2023 was $825,000,000 up 9% from a year ago. We continue to emphasize expense management with a balance between controlling expenses and making strategic investments in our business. The Q2 2023 property casualty underwriting expense ratio was 0.2 percentage points lower than last year as premium growth outpaced growth in total expenses. Next, I'll comment on loss reserves. We continue to use a consistent approach that targets net amounts in the upper half of the actuarially estimated range of net loss and loss expense reserves.

Speaker 3

As we do each quarter, we consider new information such as paid losses and in case reserves and then updated estimated ultimate losses and loss expenses by accident year and line of business. For the first half of twenty twenty three, our net increase in property casualty loss and loss expense reserves was $452,000,000 including $358,000,000 for the IBNR portion. During the second quarter, We experienced $101,000,000 of property casualty net favorable reserve development on prior accident years that benefited the combined ratio by 5.5 percentage points. On an all lines basis by accident year, Net reserve development for the 1st 6 months of 2023 included favorable $99,000,000 for 2022, unfavorable $5,000,000 for 2021, favorable $49,000,000 for 2020 and a favorable $17,000,000 in aggregate for accident years prior to 2020. Regarding capital management, our approach remained consistent as we pay dividends to shareholders and repurchase shares that include maintenance intended to offset shares issued through equity compensation plans.

Speaker 3

We still believe our financial flexibility is and that our financial strength is in excellent shape. During the Q2 of 2023, We repurchased approximately 398,000 shares at an average price per share of $104.48 We also paid $117,000,000 in dividends to shareholders during the quarter. As usual, I'll conclude with a summary of 2nd quarter contributions to book value per share. They represent the main drivers of our value creation ratio. Property casualty underwriting increased book value by $0.24 Life insurance operations Increased book value $0.15 Investment income other than life insurance and net of non insurance items added $0.86 Net investment gains and losses for the fixed income portfolio decreased book value by $0.81 Net investment gains and losses for the equity portfolio increased book value by $2.31 and we declared $0.75 per share in dividends to shareholders.

Speaker 3

The net effect was a book value increase of $2 per share during the Q2 to $70.33 per share. Now, I'll turn the call back over to Steve.

Speaker 2

Thanks, Mike. We are in a challenging insurance market and I'm proud of the way our associates are navigating it. We believe we are taking the necessary actions to continue delivering profitable growth through all insurance cycles. In the last month, 2 third party organizations agreed. S and P affirmed our high financial strength ratings and we were also again included on the Awards 50 list, recognizing our growth, profitability and shareholder return.

Speaker 2

We are one of only 4 companies named 32 times to the Property Casualty Awards 50 since the analysis began in 1991. As a reminder, With Mike and me today are Steve Spray, Steve Saloria, Mark Schambeau and Theresa Hopper. Vaishnavi, please open the call for questions.

Operator

Thank you. We will now begin the question and answer session. Our first question comes from Paul Newsome with Piper Sandler. Please go ahead.

Speaker 4

Good morning. Congrats on the quarter. I wanted to ask Maybe a little detail on the source of the competition that's been hampering The new business production in commercial, happy to hear the names, but if you Give us a sense of just kind of what kind of companies, the sort of products, etcetera, that are keeping you more disciplined.

Speaker 5

Paul, it's Steve Spray. I would reiterate kind of what Steve said there in his closing prepared remarks, just that It's a challenging market. This business, as I've said in the past, it's local. You get various competitors in different states that just have a different view of risk. I think from my perspective, It's been more about our underwriters and our field reps just continuing to execute working with our agents on disciplined pricing and underwriting.

Speaker 5

It's profit first here. We're segmenting the business, but from time to time, you'll See carriers that maybe have a different view of the risk and we've just got the tools today that we didn't have in the past To be able to be disciplined about it and just couldn't be more proud of the team both on the new business front, our field reps and our renewal underwriters and the way they are The way they're executing. And I would add that it's a dynamic market. We're seeing it change on a daily basis. And at the end of the second quarter, we did see, I would say, the market Coming more to us on the pricing side and saw new business.

Speaker 5

It's 1 month of an end of a quarter, So it may not make a trend, but we did see some improvement in new business towards the tail end of the Q2. Hopefully that answers your question, Paul.

Speaker 4

It's definitely getting there. This may be a little bit nitpicking, but I was kind of going through the supplement. And I noticed that recent commercial business, there's a little bit less of the loss IBNR booked up In the quarter, anything anomalous there that you want to call out in that number?

Speaker 5

Paul, this is Steve.

Speaker 2

Sure. Paul, this is Steve. And actually, on a dollar basis, our IBNR did increase. It's just our premium increased a little bit faster. And I think last year, Q2 of last year, I think we've seen the situation with inflation and recognize the leveraged effect of inflation on Higher limits and Umbrella in particular, and we're strong to address that last year.

Speaker 2

So I think, Again, we still had more dollars added to IBNR this quarter, just slightly less on as a ratio of earned premium.

Speaker 4

Great. Thank you as always for all the help. Appreciate

Speaker 2

it. Thank you, Paul.

Operator

The next question comes from Greg Peters with Raymond James. Please go ahead.

Speaker 6

Well, good morning, everyone.

Speaker 7

Hi, Greg.

Speaker 8

So I guess, I'm going to focus on first question would be in the commercial casualty component Of your financial supplement. And if you look at the total loss So loss expense ratio really began to show some nice improvement in the Q2 and obviously it's a longer tail line of business. And I'm just curious, it seems like now with The loss ratio having improved, this would be a time to perhaps start writing more of that business Yes, we see it moving in the opposite direction. So maybe you could and I know you provided some previous comments on it, maybe you could just give us some added context.

Speaker 2

Yes. Good question, Greg. And I think the 2 are kind of related. I think the improvement is a Result of the discipline that we're showing in pricing and underwriting and particularly in our Umbrella line of business. The other side of that is, as Steve mentioned, is we are more disciplined in the market.

Speaker 2

It makes us a little bit harder to compete on a price basis with some others that don't have that same view of risk. So I think the 2 go together And would really just I can't add much to Steve's Earlier response in terms of how we're handling that competitive market.

Speaker 8

Right. Thanks. I wanted to Pivot, just on property, whether it's inside the commercial or in the personal line space, because I feel like rate is A combination of factors, including insured to value numbers being reset. And so I'm when I look, for example, in your personal lines, your net written premium in homeowners up 27% in the second quarter. I'm wondering how much of that is pure rate versus actual just getting the insured Assured to value numbers right or maybe I'm looking at this wrong way.

Speaker 8

I don't know. It seems like a valid question though.

Speaker 5

Yes. Greg, Steve Spray. Specifically on commercial property And personal property and homeowner, it's about 2 thirds exposure, about a third rate would be a good way to look at it.

Speaker 8

Okay. That's helpful. I guess, the final question I have, recognizing others are going to want to ask questions, would just be, before you had previously mapped out sort of And expectation for the combined ratio for the year. I'm just wondering how you're thinking about that range in the context of the 2nd quarter results As we think about the second half of the year. That's my last question.

Speaker 2

Hey, Greg, this is Steve Johnston. And I think we're still where we were at the When we first came out with it at the Q1, we don't think it's we think it's reasonable that we would be able to Be in the lowtomid90s combined ratio 8% growth, but we have those caveats of that the weather And the market conditions are volatile and that will play out over the second half. I think the key point is, is we are Just very confident in the movement of the ex cat core portion of the book. It's improving nicely And that's really our focus at this point. But again, I think we're still where we were With the information that we gave in the Q1.

Speaker 8

Excellent. Thanks for the answers.

Speaker 2

Thank you.

Operator

The next question comes from Mike Zaremski with BMO. Please go ahead.

Speaker 6

Hey, good afternoon. Curious, any insights into Pricing power into July. And also just curious, have you guys been a bit surprised at some of the pricing power that you've given the strong interest rate tailwinds that are a good guy or Does it make sense that we're seeing kind of broader industry pricing, inflect accelerate a bit?

Speaker 2

This is Steve Johnston. And it is it's just it's an execution of our business model that makes us Feel good and that we are have great relationships with our agents. We tend to communicate and try To communicate where we are risk by risk early in the process of a renewal and just feel the execution That makes us so proud of our field people as they're out in the field, balancing discipline with being responsive to our agents' needs Has voted well for us and we see it continuing to do so as we go into the second half.

Speaker 6

Okay. You mentioned that the I think in the prepared remarks, the umbrella components of your portfolio kind of eked out a small underwriting profit. Just curious, is Umbrella, given kind of what you've known, what you've experienced over the last year or 2 or Maybe more maybe it's more also just prone to social inflation. Is Umbrella, Are you kind of targeting a better combined ratio for that versus the broader segment it's in?

Speaker 5

Yes. Over I think over the last 'twenty two the end of 'twenty two and prior, Mike, again, this is Steve Spray. Our combined ratio in Umbrella was running around 80. The last like you said, last couple of years have been challenging. It's jurisdictional.

Speaker 5

It could be state by state. It's risk by risk. And that loss ratio, like Steve said in the prepared remarks, we've been profitable here for the first half and Obviously, in the Q2, we've been very deliberate about improving that line of business. And I would say, yes, we Expect that loss ratio to improve from where it is today. I'll give you maybe a little bit more color on that too.

Speaker 5

In the second quarter, Our commercial umbrella net written premium was down 9 points, which contributed a 2 point drag On the overall Commercial Lines net written premium. So it's been deliberate. Like Steve said, we get out early and often with our agents to make sure that there's no surprises and work with them on pricing, terms, conditions, reducing limits in some specific jurisdictions or specific Risks that we think we that have been challenging for us.

Speaker 6

Okay. That's helpful. And Doug, maybe lastly, switching gears to Personal Lines. I think on last quarter's call, you talked about or maybe it wasn't a call, but I think you guys have talked about you being one of the now the Biggest writers in terms of new business in, for example, the state of California as others have been retrenching. Maybe you can kind of give us an update On what you're seeing in terms of kind of industry dynamics competitive wise and personal lines and why you feel good about Rolling into some of these states where some competitors have had trouble kind of getting the pricing they need to keep up with loss inflation and very come from the standpoint of understanding you have a very profitable first lines book.

Speaker 5

Yes. Thanks, Mike. Steve Spray again. Yes, we feel really good and are bullish about Personalized, both on the high net worth and then the middle market business. The high net worth now or what we would since any private client has become about 55% of our business.

Speaker 5

I would start with the fact that the team we have, the amount of expertise that we have selectively Had joined from the outside and then the long term associates we've had in building out that expertise, not only on product, but on marketing, On claims, I think we have been very well received across the country by our agents And specifically, growing it in states that you mentioned where there's been quite a bit of industry Disruption. And we have definitely seen quite a bit of disruption, especially for the high net worth business. And as an example, one way we are able to deal with that is we were able to pivot in California as a specific example And move to writing homeowner business on an excess and surplus lines basis. And I think It goes true to Cincinnati over time as we've been able to be there for our agents, be there for the policyholders in their community, provide, We think measured capacity. We are in this high net worth business for the long term.

Speaker 5

We look at everything we do Over the long term and feel like we're positioned really well to continue to grow that business and grow it profitably. We have some work to do. Inflation has impacted the entire book, but we are confident in the underwriting and especially the pricing actions we've taken to improve those results.

Speaker 6

Thank you.

Speaker 2

Thank you, Mike. And we'll take our next question if we have one.

Operator

The next question is from Meyer Shields of KBW.

Speaker 9

Great, thanks. Good morning, everyone.

Speaker 2

Good morning, Mayor.

Speaker 9

Hi. A couple of quick questions, I guess. Steve, you talked about pricing accelerating pretty much every line of business sequentially. Was there any change in your internal view of trends from Q1 to Q2?

Speaker 2

Yes. Meyer, this is Steve. I don't really think so. I think we are seeing it's very granular. We look at it by line, by state and so forth.

Speaker 2

So you'll see some movement in directions at a very detailed level. But for the most part, I think we're seeing A similar view of trends first to second quarter.

Speaker 9

Okay, perfect. I'm not 100% sure this is a good question. So when I look at the loss ratio detail, there's actually a higher provision for IBNR in personal lines than commercial lines. And I was wondering, is that a function of just bad Weather or is there something else driving that?

Speaker 2

I think probably, Meyer, it's the growth as much as anything. There's faster growth In the personal line space right now.

Speaker 9

Okay, perfect. That makes sense. And then one last question, if I can. This is a little more detailed. But have you disclosed which lines of business saw the reserve release from accident year 2022?

Speaker 2

That has not been part of our disclosure, Maher.

Speaker 6

Okay. Fair enough.

Operator

The next question comes from Grace Carter with Bank of America. Please go ahead.

Speaker 10

Hi, everyone.

Speaker 2

Good morning,

Speaker 10

Grace. Looking at the commercial property underlying loss ratio, that experienced quite a bit of improvement both sequentially and year over year. Obviously, that line can be really volatile, but I was just curious the extent to which that was maybe impacted by the Classification of cat versus non cat in the quarter and pricing flowing through and just the extent to which we should extrapolate that going forward? Thanks.

Speaker 5

I can Grace, it's Steve Spray. I can take a shot at that. We have individual state plans For all lines and segments, but in commercial lines specifically, and we the first thing we look at, I think, at every state is just the Cat profile, we do believe you can underwrite and price for cat, you have to. And I would Think terms, conditions, percentage deductibles for cat. We've got the tools to Understand what the what our average annual loss looks like.

Speaker 5

We price to that. So I think you're seeing improvement Just because of the discipline that we've put both in the cat and the non cat, I don't know if anybody else wants to add anything as far as Numbers?

Speaker 2

Yes. I think you handled it quite well, Steve.

Speaker 10

Okay. Thank you. And I guess looking at the workers' comp Underlying loss ratio, that ticked up a bit versus what we're used to seeing. I was curious if there is anything kind of one off there or if you've seen A change in loss trends or that's just the accumulated impact of lower pricing in that line over time?

Speaker 2

Grace, this is Steve Johnston. I do think that just the accumulation of the lower pricing over time, It just does have a compounding effect. We've been very disciplined. As you can see, there have been a decrease in our writings there as we've maintained discipline Over a period of time, so that we feel particularly as an account underwriter that we're in a good spot overall.

Speaker 10

Thank you. And then I guess finally just talking about commercial casualty pretty broadly, Umbrella and not. I mean, the underlying loss ratio there did see some improvement as well as a pretty favorable impact From reserve releases, I'm just trying to square that versus some of the commentary that we've heard over the past few quarters over being Pretty cautious, in that part of the business. Did you all get any new information in the quarter, regarding loss cost trends that gives you some more confidence regarding where that line is going? Or is this just kind of the impact of the actions that you've taken in that book over the past several quarters?

Speaker 10

Thank you.

Speaker 2

I think your last point is what it is. It's been the action over the last several quarters and trying to get out early And start to address the inflation and the leverage effect of inflation.

Speaker 10

Thank you.

Speaker 2

Thank you.

Operator

Our next question comes from Fred Nelson, a Private Investor. Please go ahead.

Speaker 7

Yes. Two things that are really all of you that are on the call have worked with the company need to know that with the philosophy of Cincinnati Financial of rising dividends and Integrity and honesty, I cannot tell you the number of people that have told me that it's allowed them to do things in their lives with their kids or grandkids Today never dreamed possible. And I think want to say thank you to all of you for that philosophy because it's really, really important in our country. The thing that I'd like to know is the number of shares outstanding at the end of the period. It says you divide the shareholders' equity by the number of shares outstanding to get The book value and I would appreciate if you could tell me how many shares are outstanding at the end of the period to get the book value.

Speaker 2

Well, thank you, Fred. This is Steve Johnston. And first off, I really want to thank you for your comments. It just really makes my day. It makes all of our days.

Speaker 2

You're talking to everybody here at the company and we really appreciate your comments. I believe the number of shares outstanding is 158,600,000.

Speaker 7

At the end of the period?

Speaker 2

At the end of the period.

Speaker 7

So you divide how many shares?

Speaker 2

I think it's 158.6.

Speaker 7

If you divide that into the shareholder equity value of $11,030,000,000 do you get $70.33

Speaker 2

I believe that's right.

Speaker 7

Okay. I'll read you

Speaker 3

my That's right, Fred.

Speaker 2

I may have transposed it. I think it's 156.8 There you go. I was going from memory and somebody slipped a piece of paper to me here. So I apologize for the Transposing the shares.

Speaker 7

I appreciate what you just said because that's the figure I got with my old math.

Speaker 5

Okay. Good. The old math

Speaker 2

is always the best, Fred.

Speaker 7

One of my people that love what Cincinnati has done Said her motto was TYG. Thank you, God.

Speaker 2

There you go.

Speaker 7

So thank you.

Speaker 2

There you go. Thank you so much.

Speaker 7

You deserve it. Thank you.

Speaker 4

Thank you.

Speaker 7

Bye bye.

Speaker 2

Thank you. Bye.

Operator

This concludes our question and answer session. I would like to turn the conference back over to Steve Johnston for any closing remarks.

Speaker 2

Thank you, Vaishnavi, and thank you all for joining us today. We look forward to speaking with you again

Operator

The conference has now concluded. Thank you for attending today's presentation. You may all now disconnect.

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Earnings Conference Call
Cincinnati Financial Q2 2023
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