HCI (HCI) 7 Mar 242023 Q4 Earnings call transcript

Good afternoon, and welcome to the HCI Group's Fourth Quarter 2023 Earnings Call. My name is John, and I will be your conference operator. [Operator Instructions] I would like to remind everyone that this conference call is being recorded and will be available for replay through April 6, 2024, starting later today. The call is also being broadcast live via webcast and available via webcast replay until March 7 2025, on the Investor Information section of the HCI Group's website at www.hcigroup.com. I would now like to turn the call over to Matt Glover, Gateway Investor Relations. proceed. please Matt,

Chief and Fourth John, is everyone. to Executive Harmsworth, Welcome Coleman, HCI's Paresh Thank and Chairman XXXX good earnings Group's Chief HCI's Mark Officer; Quarter Chief call Officer; call. HCI and HCI's Patel, you Officer. Operating afternoon Financial On Karin today's

section To review the Following and provide will then will performance our access webcast, the visit our of update. please today's operational Information at Karin's Mark fourth website for Investor Paresh a financial update, www.hcigroup.com. quarter XXXX, corporate strategic of

estimate, Before signify to to we and project may today's forward-looking responses the Litigation such to begin, I'd words expect, similar pursuant are like other anticipate, intended of questions Private the to statements. presentation intend, expressions remind take opportunity Act plan contain to made Words Reform that and our statements and Securities forward-looking listeners XXXX. and as

these update Group events, subject all identified Forward-looking rather risks Securities or business, and and statements actual effects future with filings Commission. conditions, and and HCI develop of of into on are and could guarantees the forward-looking not any Exchange are finance developments Should various any to operations. material the risks results company's risks uncertainties but of some in the have to uncertainties company's obligations statements. these results adverse disclaims are

Coleman, to Now Karin? turn with to that, Chief Operating Officer. Karin like call over the I'd

$X reporting profitability. our quarter another premiums divisions, to diluted business quarter earnings with Thank reported you, each TypTap billion. approximately of our quarter earnings Insurance by fourth in-force of Homeowners of Matt, and segments Choice Similar Group excellent results. share had a of another GAAP in increased quarters, quarter positive straight our $X.XX to XXXX welcome, everyone. its income Group and the consistent up million per of HCI to generated contribution insurance pretax At XX% $XX.X and wrapped prior

share, our $X.XX initiatives they in premium. carriers to On dividend. completed underway, we XXrd in a our expected on the included dividend shareholders in-force call totaling our consecutive to $XXX last We process those announce several I'm of per commitment its of million Citizens. paying to in-force discussed to de deliver between $XXX earnings pleased existing quarterly both continued $XXX from HCI of we were to populations million from premium. we policies of total of X million Citizens November, said assuming

be $XXX its mentioned. for spoke carrier Florida. months, the residential completed commercial, or to of insurance about the $XX to writing a I to now core X named concept form it from Exchange reciprocal to Demotech of also and This We has its In being is in owners million a short, premium. week, a in went fully core plans Reciprocal new carrier with fully condo ratings intention addition first placed Citizens reinsurance the in-force licensed assumption with of just last million being

a on approved has also Core the providing future. these an for look been I in to assumption forward and assumption applied June as has updates April well. for

retire the to preferred a addition schedule. ahead In year Centerbridge of opportunity we took in accomplishments, these shares significant an to TypTap,

successfully our to raised premium, balance able also add were a our summarize, amount We simplify months, short stock carrier offering. we a of in a new through and sheet. improve To launch few $XX significant million a common ratio,

to provide more turn financial on I'll Now it Mark results. details our over to

Thanks.

discussing investment now. the direction earnings management. loss year. for was the quarter growing for $X.XX while for and positive for higher reflect premiums, $XX good another this company. quarter million for over expense per quarter trends been the the year. income the continuing really mentioned, better Diluted Karin $X.XX was for were These share income, results and $XXX and as the So we've million Pretax a

higher the the XX% citizens. average takeouts were year, earned done we've premium enhanced and quarter with Gross by by same last per premiums driven policy higher than

in these not impact in Investment While XX% premium higher takeouts than When premium, on income earned is earned we cash seeing year. the interest are of the yet was the last now management. the of than $XX they held quarter reflected quarter about in rates quarter. the fourth low, full benefits million did of duration same careful we and our were add to

XX.X% Other portfolio now investments see our you can positioned fixed-term from generate which of quarter, and was minimum the year. the and XX.X% drop capital loss Cash the the we last billion, to down gross ratios yields improvement expected from loss exactly continued to is XX% said we have When quarter in and changes XX%, in consolidated ratio, $X were the results happened. in risk. we positive what's announced, the floor with that's impressive in to same fourth gross legislative the total the trend

reducing not by here ratios got these with litigation getting and We're We through loss actions, careful and lower underwriting frequency. rate lower reserves. to claims along

net XXXX XXXX. fact, In are of than at end the the at of higher reserves end

If reserves. you year X lower you down notice ago, looked They're a reserves that are total for but reasons. sheet, at the those might than balance are gross

the loss because First, because and storms Irma; made payments Hurricane like ultimate of second, we for have and reduced expected significantly on the Ian Ian.

based lowered ultimate at the that on to we lowered million. of set down September $XXX of loss XXXX, million. the million. end models end for it At the XXXX, the again we XXXX, at to of $XXX Originally in Ian $XXX back expected we And

I The for to relates by million we more last of this While still ultimate top trend we are date, lowered to mention expenses. actuaries at to the have than the storm. wanted $XXX the range

acquisition look If we a as as quarter-over-quarter combination of they're operating premiums, expenses. policy down at expenses, and percentage and to of labor, they're continue manage the you flat

ratios, ratio, improvement but XX% not. with combined driving expense growing, the is company the loss The was management our year. are is Along significant full the in which declining for expenses

and about driven improvements also the capital sheet to that Now should liquidity, and talk management to I've profitability, the about I income management. debt talked improvements balance statement, by

raised know, during equity million issuing As quarter, the $XX new we X,XXX,XXX new shares. of you fourth

to from the million We also during $XX credit the capacity million Third facility with expanded of quarter. Fifth our $XX Bank

December XX, of when investments it $XXX holding and $XXX million and at total liquidity. a with just is level facility, about was had over million the of of financial This the As million about year than company we combined holding credit cash ago. company higher $XXX XXXX,

couple year-end. since As Karin of capital a happened are mentioned, there that transactions have the other

we redeemed notes the quarter. began of into the Centerbridge. owned by And the First, the process be X.XX% to we first of the end convertible shares our completed second, balance converting of preferred by common

to value other continues grow. per of couple A numbers mention. to Book share

value $XX.XX $XX.XX. to from share XXXX, per increased book During

to also over Our end has XX%. considerably. the at of it it improved the XXXX, debt-to-capital At of was ratio down was XXXX, And XX%. just end

happening XX%. ratio expect transactions XXXX, quarter to the the By under the of With this the reduce XXXX, be further. we should the end debt-to-cap in first quarter of first of

To With summarize, sheet year. year. coming fourth well, over so the improving positioned is ending expenses our holding to it and and strong the We've I'll a not, liquidity. great quarter the company a forward was Paresh. balance look really that, growing, is to hand to Revenue are is we ourselves

Mark. you, Thank

billion an The achievements a Each have same as do of well is operational Mark income by the developed. in-force with milestone successfully balance that all of we time just for This impact speak these financial technology of both something. we the moment. them to we items sheet. is themselves. $X and and update of achievements, the our people the great possible which provide The comps. Karin that this Stepping managed from really the that as the of a record on multiple is for numbers statement net to these back at is is because the back X the last the premium, over of crossed to about numbers fact completed talked major just Sometimes result months. the itself.

well new than We our shareholders to exactly shrink as forming insurance further. and Our -- have of actions impacted . We possible XXXX. the situation. done. market large to it as efforts policies right over when smaller months know X.X coverage X today planning Citizens prudent as provide have too preparation we time and opportunity our last with if any improve million Through conditions events well. our Florida. in the our but now how took history. forward most we help in steps to at not have is the the still meet depopulation helped carriers, And That look is anxiety you successfully. what to it and execute policyholders the The policyholders we reduce but is helped in only

open only while for it closing, our was QX far, so our questions. we With best best quarter that, In will is quarter so far. XXXX

question-and-answer a you, session. sir. this At Instructions] will Thank we time, conducting be [Operator

First Matt with question comes JMP. from Citizens Carletti

grow you if little at Thanks. continued might for a Good landscape X of give Florida. comment months? kind past peak into your broader afternoon. like competitive and us -- a looks last over have Terry, how the there, to changed, and Can picture that us in your all, you what you X, of appetite the gave maybe business

Matt. Sure,

a and people very there all competitive this So we it lot the when the last watch -- year. landscape sense accepted what's was had happened successful done in as of whole We've -- right? depopulations is we we that So occurring the over And started XX% more the carrier we were -- successful. offer of offer, at are now. XX made very the of we populations. a noticed We

all there are moment. June throughout happening at depopulation year all the is the the I to think way

depopulate first time other of things. all positive carriers these There So are to the stepping are ever. for who have up very

with signs talked the that year So us seeing vote about these will litigation else things that that everybody have We're that, positive effect. are an that reform we last all building occurring. Mark is on

size on X.X we are of I Having very It which as swell the those to size XXXX, would shrink. same right? the maybe of end having impacts the still that, effect of to started it effects Has they an where almost understand billion depopulation now also of the X by citizen. had is to XXXX. was at So all about the expectations, -- Citizens, sit. big, to end million. want swelled It's said X

opportunity, first we participated Florida. So in a Yes. glad market to And of there's the but plenty we're these returning signs healthy are it. of

$XX assumptions? mentioned million indication on mean, week you kind the assumptions of Great. us those any -- give approved, potential in-force Can last you Can for of filing and size May. you more commented I us April color give of think I core, on any Karin,

to Matt, we let trying and et we funding, objective our me are When cetera, that capital $XX was as million to of grow take -- given well. initial this X about started have premium. we in-force core

to want that. reinsuranced see. And good towards of up depopulations is a The the very that and step us XX% sort that. June top of April we already to all we've So for number will

up core and running yes. and So is healthy,

then couple year-end And Great. TypTap surplus for for a Mark, as anybody. written gross as just questions, was probably well at but premium of the what year? for Cap for numbers

So surplus was is what the TypTap $XX.X million. And other question, Matt? for

year at premiums 'XX. written TypTap Gross for full

For full was million. year. on year TypTap the second. a $XXX full Hang

Awesome. Congrats nice quarter on . a here. really

next Phillips comes Oppenheimer. with The from question Michael

are low country. shooting probably state a the you what maybe the do you or some to guess in the ahead in it expect assume, light high-level mean on XX% low anybody leave you I just loss table else you a years happening you what's I money ratio, for else given doing you and with I feel clearly -- it's which even reserves. a Paresh, anybody conservatism like that's that, Florida. target your for ratio given of be growth But growth why for such you're for loss around question, in such Are guys ratio if your talked in

Good question.

they gross premium. along, for our our because of I also just reason charge because But low Florida. is of as I'm sorry, ratio some works, That when better a claim a of have curated of and net it's of we've things. and point, been bragging it -- picks a think they policies, do have that losses creates just partly It's that outcome, it earned gross that it when a a and that how that at technology the this competitive divided those is the file right to, is orders It's now they to about X -- just claim loss we technology the losses by well total We they so we but right? great don't file stable it follows define just right? premium. who policy set the sake don't

XX% talking dusted. would Mark ago other very XX%, And about to that, here the was going like The time are, also a big we is moment occur. year loss side ratio done that this and lift a from in because seemed right, of when a it

sit, it, the a right? where item we And something we in of aspire that's once which achieve while, So is thing. It's we a to. great

is same kind those talked you that that it more So to that great of to get base, expand that loss about get technology the outside policies it you Is ratios? has of harder such Florida? harder client

try things. is me going talked a we at quickly and houses slightly right? of for, cost and policies, reasons. policies talked this say, of do be that than explain in we right? in see see take us red. The XXX yes. way, can homes, think be combination greenhouse selecting it separate on be can profitable. prices allows them and million much better a you about pool policies. X what you look high A how I about houses or in them let greenhouses. But about the and or And all red you number you We've can X.X and what's look the inside is premium right? computers from, high years, outcome of out is the And screen it it, Actually, current keep of actually to X.X decide too a House is right? reinsurance as you out, Red Citizens, very too could separate let's book, too you're So has Citizens those have million will before, at same those just at a be outcome. will What . Green what's losses that houses to ones of them if are low. And when our if technology won't this and different Red profitable if

XXX,XXX about can green lot in are homes A people see that but that gives can't, that can homes, other of what Citizens, X,XXX can apart the there's red things in probably tell that we them are we we And see is still from selection. that's and there. you green we because getting just have competitive can let's because advantage a opposed We say, less, market better charging who's somebody we to, these we're rate And item, colorblind. not from sell more just we is numbers right? an or as charge very policy red

of profitability can about of But Citizens you I rate, the that sort there's this, does of you're couple reinsurance Okay. books calls commissions. the Thank normal anomalies know you related, now, guess for from what that I renew. like you margins compared margin you're say talked that from the is but those maybe is the run and of for not getting a on technology the asked that of reason I your normal book? policies part for you in look getting presumably, why about your when citizens, just guess book to And will you're what eventually you new I how using

normal compared book? underlying So there profile different your in is book that a margin to

red already citizens entire which pretty right? the we through runs . what had the So book over, can terms So technology value technology right? the processed and the our right? policies that's right? of ease we in expect, is great, this, we we and is Actually, do took and that green, all So Okay. much decides and with what's

have those on that existing be in, as will assume book book side eventually, it carry we should we be than of and been a loss right? And But -- that we right? study ratio has the to for that finance, right? policies going out and it mark and yes. ratio we over a enough So view, that reserve they X we help? the more because when let where take conservative. age book, takes than necessarily about be more much much Choice indicated, until a adjusted a is our Does higher that that a loss to higher conservative et citizen would our Finance it is paper, has on conservative will and the which months cetera, the Homeowners year, TypTap assumed history view, take which loss Now exactly book, on house, otherwise ratio that book

that Last Yes, relates of Choice, split you but the you some numbers the growth the accounting without it I does. gross I that question, In it X repetitive businesses think $XXX know of the gave us between kind what's question. like a And depopulation number of Yes. of one, there's a written in I that. in. don't premium that -- sort can just out is to underlying if the million TypTap reason ask number for you the

Yes, good question.

Mark. it's So

further in so that CONSOL affect you the I put doesn't you And weight. other break that number, you Of we does it of you is homeowners press underwriter? then think think million question, any If the that at of consolidated you , in $XXX in depop. from it want Citizens the at quarters, $XXX.X the QX, QX, I see in release break if to obviously. X, If down $XXX your -- million the choice, at look $XXX look said, by million how

-- I Sorry, I have apologize, underwriter $XXX me. consolidated, in I it of I here in don't of million my is front front don't $XXX me. the that of thought had I the But

early April in do hand, X et asking should heavily year. QX And thing other yes. new is like throughout to frame, GWP time TypTap new underwriters has policies Homeowners to and tends in be model, through evenly it don't August your a presumably this the skewed update rates very QX a on that QX. cetera. -- Michael, And renew in very is you Choice the high our of most aware

a from premium, dynamic our just evens rate own growth Obviously, different it on yes? a creates it perspective. out, So premium

total $XX TypTop. again. in Mark consolidated $XXX it's is and of QX Of that million that Michael, the million And

$XX million, that is TypTop up $XXX million million the $XXX in choice. . homeowners So of

[Operator Instructions]

the next from Truist. Mark question comes Hughes with

ratio do the this Does Yes. -- is the you think reflect The along all the a stop -- way? you fully the have progress? loss results that is Or your made underwriting? and this the of -- this reform

think I Mark, it's -- Mark.

good a estimate pretty now. is XX% of think are I we where right

So if at. book can't course. XX% XXXX, the think is Again, of XXXX weather, the you're consolidated. that's or about sorry, is trying control to project We to out where I

a quarters certain have to QX be We we tend get more it weather and bit where in can QX. little

those a -- in I it's And be the of chance a it X remarks, think, what pretty But I been in but it expected bit higher as impact we're there's be. XX% about, could at. my where it So little has much is said the quarters. legislation to prepared we

significant expected a frequency to of We claims claims because claims. significantly were AOB percentage drop

expected did. We and it drop it to

We expected them had dropped and close we the it very to to. incidence what to and of did, it very drop, expected litigation dropped, both

only we're into or it. a But year X.X years

crude So is there as a of and develop. those we're in watch where about watching and think XX% still I we thought at. But of we're certain numbers, closely, this it get XX%, we'd amount course, is the we to

Yes. is those plans the you are Or litigated say working Would losses? just that do as information AOB more that's through storm think well? claims? the that obviously, it's improvement and same driving Ian that in factors it. you But the Is -- it's well,

Yes. Yes.

We is think time driving is set of as said, estimate XXX that forget, the was for and seems say actual Ian already think, claims what's it losses we developments second when Don't Putting totally are number, his driven but original miss he justified. RMS got and to that, That's were we've is by . And as after just that cat else has event in from right things. think at AR, just number makes an still little, the it store the amount. -- in curating of reform Mark, round on, to we a thinking of outperform to we everything way because reduce the So not that book gone the actual we're models And And entirely This right? numbers time reforms. there was losses for pretty more that that actual improving huge a big. Mark comfortable keeping But thing, Mark's happens, a future I is range. of comments, be of is number the the I modeled the by the good but And to didn't events, thing after landfall. yes. we number. number initial what models, different this bigger seem the a differently end right? the the us. top did drove overstating was because also before first model all the

point, your appetite this at for policies voluntary yes. growth Florida. Yes, in and

from You you are obviously did policies standpoint? well voluntary green those in there a out in depop, interested

continue we write volume QX we And QX, I the just happens. think offset. was the and through of are. that wasn't than but -- guns become depopulations, policies, Yes, They last that's of of And what to actually just most it more right? nature all by voluntary this we the and big

-- I policies, are did continue it's yes, write the small depopulations. we to compared in but it's we So think slight to will we what will numbers new

combined plus acceptance we got rate because the to XX%. took how offers, acceptance we this I those had do us there we a probably who takeout, And we in lease curate lot the the talking when right? are out home participating takeouts of a that made were we and I as in the under looking did. you in this XX% was -- people to you for up but rate. to a better that who careful looking provided takeout, X citizens. communicated else XX% offers November people offers, And needed, And was have who whatever we made we that. all we were Everybody items We're was shrink their to, to state it very on may people how go point we're about think because

brand? than do Why And could size, that? just on any the expand think different that? you your the that others? driving the you premium What's is that Or

have things the of It's it's proposition table, with make bring sure a make us. come policyholders multiple compelling to think the above, tracked, right? to you they all you the that to should -- I

shout long I a I have the go this If or better are who the out to to. put courted in have and we the policy orders, selected, first all you them. got universally a agents place, you returning to I Almost should We active give the we so policies think there to place -- the take offer. for agents is would

the So come also these are fewer side the that approved of happy in some to individual work of offer, X we all be all that did we And policyholder that the little long items is together because takeout, to tend all term, think make other all things us unless right? for made offers while than takeouts by were we actually OIR. going we the we with not

We family seeing want the yes. of right with HCI these to culminations be things want HCI join And the way, you're who the together of people all in to family. coming the

Yes. Yes.

and quarter on Okay. magnitude, any of first contribution the takeouts kind about QX. thoughts earned in the the tone Mark, the in given premium

get might but can provide when be into guidance the of I just think on pacing you if exercise, straightforward wonder I any that. a things. we QX given little more

Yes.

think Karin that's premium million X in X November, both December, mentioned and X in in force, X I takeouts So January. $XXX in of I and

look actually the at assumptions $XX we -- earned of focus of in $XX million the million closer 'XX, first. the that that timing out we So to earned $XX would together. There well, were in million and on million to in and I'll bit 'XX $XX premium -- them booked be in a higher QX yes, if $XX have of We than you booked just premium then little should in done QX the that in QX. million. put and XXXX

then And takeout... the January

through of halfway Sorry, apologize. them. shifted both included their gears of Mark. I sort I I

end a so earned in in that little So than And should make was there yes, answers the because Does about there'll than from sense? in your takeout -- million premium January. little was towards bit those in then those QX, again be be of assumptions QX. more X more QX, of That there question? $XX a

might Yes, of you answered, $XX that's think earlier, could have to they million asked sure you and have of premium but it contribution? give line the line picked the of And from bottom I the perfect. -- for kind question a number then not in due the the contribution bottom I'm takeout if up, do a you the sense been

million. $XX about It's

will And that QX. so significantly higher in -- number be and of course,

Yes.

through? margin Is XX Does that And Okay. simple we out of did math... if XX? then that flow

So keep you've in We're reinsurance right? there, from now margin mind, on got XX%. margin XX, the until So reserving the book. that about May initially, XX% in -- is no

XX% initially. you've got So

expense to policy start -- you no As there's also acquisition initially.

course, the a very book. the QX And coming first at Now with as comes renew for in, margins margins that that's policies the so and But to will start very bit. then you've in months QX, X some rest start toward very margin in little creep of margin. March, premium reinsurance amount expense of for significant. June the the to in will when policy significant kicks will that deviate acquisition of erode a year, But of and along the a QX, high X are got obviously

Yes.

helpful. Super Okay. Congratulations.

. Mark. Thanks,

question Compass Alexander from next with Point. The comes Casey

a I here. have couple of questions

and core April . wait the storm Can assumptions? season June. And of discuss And just year about normally, not the the assumptions why in they busiest doing assumptions? past later timing, You're those thinking storm in don't the the when making those the timing of season. before assumptions right you're company's you do ahead until

veteran, right? question Casey, true a of great

sort or have and -- of that, of reinsurance that $XX the for everything of mechanics first stuff that it we -- are do that and to for start-up have because with million depopulation started is we February of when place of ideas, all reason in The XX. surplus. the all these new else in depopulation we meeting put And -- a

into put place. to had we So that

and Other So right? depopulation hit peak size on. so times, we on size . It's et is in difficult bought cycles go certain of blackout because to little because things X depopulation book, that of that all go reinsurance for a cetera. renewal citizens schedules and

go. ones could So takeouts February, So do practice, in over -- you do all it April that's to one. X in we you could in already takeouts top -- up over do in and it's theory, June than But why we're in layer it the say got you what the better are it do what to trying to right? going in it's to easy X to X

in So takeouts as April February thought be yes. the June and could reality, the takeout, delayed almost it's of

Understood.

upcoming season. then already place, reinsurance you If in you're for the covered have the

that So makes sense. perfect

your over knowing with it Secondly, and next thing models. The it tends the time models time? first Or the book, again reserve your discussion you off there's the differently just I'm you do $XXX work go next you the is about million from and the and then then storm the models models just that declining the outperform the Or just by reserves go down? down? change against curious, it a Ian. would same experience would work to it would

$XX those the recall, So That's models going kind day million. Ian's whole they uses Ian the everybody going actually, Then happens. modelers, and industry -- of look, do Casey, right? million, if is what vividly the it a to cetera, the et $XX everybody are Then became say, became And right, item numbers, after storm, that the after happened, happens, be $XX it days busily off "Oh, like people you that is million.

over was at $XX was. estimate out peaked billion it Ian's what think I

had. days be what actuaries with our virtually given model given But looking book why the Mark at market That's technology claims that billion everything within will is subject to share, $XX almost we and spend to to we also are And right? impossible industry it that we and on would our it obligated were say, XX else. models already

It's received, payments by we things switching start over X And only own right? all what's and claims kinds that X, experience about having months has gone of to can when reduce go on, Mark's that you made, Ian. to to And about comments those switch model. your

put top don't said If this the end you more telling actuary he at also than of I right? can't at is recall, the he that think number, he's you point, up Ian for range. the

becoming how going. it is as in And things all is it this this to a as in actually storm. not the how by this the book I the working. left, of how but a superior of is technology is X answered plenty of stuff accident. now and have and We These how is result curates It are inescapable well earlier this questions, reinsurance performs

perfect All kind of TypTap profit the question right. is sense. again Centerbridge That makes now removed equation. straight generated from My of X last quarters has

to what a before would create willing else do transaction have for does So guys company. be the you capital TypTap to

to have been don't Casey, create know do a necessarily things we capital TypTap I by to that transaction. has hampered

that out could situation, market Don't that. the But I is conditions and macro of by reasonably and and part reasonably right? X tempered whole One forget, of think terms and to we there well short we that monitor S-X in years ago. it's do order, way stuff, X an did we all IPOs items. watch

favorable offerings, they for So but we is good told are what IPOs. for are less follow-on are being that's is conditions market very the --

does when to value the has is that item only capital. and where have event. keep actually great by it want second appreciated If us So it pause. a its gives and isn't, is, need And and obviously, how do technology the then you some market, enhancing it's -- what showing fully the of new company TypTop capital outfit, --

us are we're in because which anticipate the value as these not might I quickly actually, is to as things goal, yes. greater move So being for our creating shareholders, ultimately that people think, are patient, causing

are interest hoard cash indication there's that Paul's here today. look have be Okay. earlier at significant at a what significant guys point next declining months, And just Chairman to some start do several my the little time to short-term And you testimony in last some extend question likely in at over likely XX is are time to try and the kind of you bit yield rates in some where a for capture duration go XX to compared longer months? that a to of little next point of to curve rates

the right? internally, bring in extending were up. think yes. towards our discussion coming months, having be that I duration And cash hoard, will the yield and we you more going that Funny, on fixing We just

we So we exactly in to are direction, starting are same that yes. yes, the and mind, move

. it. appreciate I Okay.

now Paresh has to At who back to question-and-answer turn session. the closing this this I the time, remarks. few Patel, call like a concludes would

continued team, our you. for entire I their thank management you. agents, importantly, of behalf most would the our to Thank Thank and policyholders On support. like employees, shareholders,

concludes session. At today's our this time, call. concludes this question-and-answer This

disconnect. now may You