The Travelers Companies, Inc. (TRV) 17 Oct 242024 Q3 Earnings call transcript

Good morning, ladies and gentlemen. Welcome to the third quarter results teleconference for Travelers. [Operator Instructions] As a reminder, this conference is being recorded on October 17, 2024.

At this time, I would like to turn the conference over to Ms. Abbe Goldstein, Senior Vice President of Investor Relations. Ms. begin. may you Goldstein,

morning, XXXX to press results. webcast morning. supplement Good our release, discussion third and this earlier quarter We presentation and you. Travelers' welcome of financial Thank released our

can of Investors the be All materials found our travelers.com section. website on under at these

be Chairman Insurance; results Klenk financial Jeff today Personal environment. questions. Officer; & the Dan Specialty Financial Michael and of Frey, then discuss Klein our Insurance. to business webcast market will They take they Insurance, will . and current Speaking the our of prepared They the Toczydlowski X your and Business CEO; Chief we and will of and segment remarks, refer Alan Schnitzer, Presidents, will Greg go Bond presentation as through

the I'd the Before attention at call draw your note Alan, the of the end over to to to like explanatory included presentation. I webcast turn

non-GAAP available remarks website. on recent cautions and involves the responses not factors. statements and earnings Our of other materially We filed obligation prepared may SEC. are The Also due includes Investors factors any results financial earnings supplement in to in may in any expressed our most questions, recent company our statements. section press XX-Q measures. from not is variety a or some do to included statements. forward-looking mention our XX-K financial and are in statements that These described undertake with materials in our uncertainties the differ press those release, to forward-looking we Reconciliations statement in presentation update or our forward-looking release a performance. and under and Actual implied investors forward-looking forward-looking our future today of guarantee risks

to And turn to call Schnitzer. the now over Alan like I'd

out and by to you Milton. go storms thank today. were These Abbe. have who been the caused powerful like all devastation by joining impacted. and us you, Good morning, our hurricanes I'd recent Helene to everyone, start for hearts acknowledging Thank those and

resources, professionals, Of national deployment claim along prayers, center more send our claim local We've Hartford, vehicles. thousands and across in claim our of response our support sending the also the colleagues course, catastrophe quick we country managing of activated thoughts with mobile cross-trained response. of hundreds and offices travelers but to we're we're

our exceptional is of expertise gratitude support entire days. room. demonstrating response catastrophe claim express resorting virtually Our without value claim the That season deep to And results to distribution enables of and year us independent of the between in and can hotel efforts that to to celebrate advanced adjusters, day that and customer my model organization. claim geospatial to living holiday our outcome of meet to a travelers able promise. difference their to whether better every objective within adjust like professional. technical a The in a our of the our team XX out, leverage. make room with customers day tirelessly customers, the instead claims natural ours from partners. also I'd delivers in to the in for our and analytics resolving tools track on we Thanks XX% this these We're catastrophes travelers the

results. to Turning

underlying points XX% XX.X%. and pretax improved core and of prior was quarter, equity of excellent ratio results development, billion $X.X and net this We all income prior bottom driven investment $XX.X income Of are income, to record over up than $X.X that XX% billion, on billion of combined outstanding more to or and underlying diluted $X.XX generating underwriting per reserve by X income. XX.X%. premiums pleased generated return core very net contributed top an underwriting net to the have year Underlying line Excellent earned higher favorable share, an quarter. year up

underline excellent were XX.X%. Both business of Tribik X segments. These our segment a XX.X insurance to and in improved segment business nearly that The exceptional points in an delivered Personal & X improved ratio ratio underwriting And underlying in combined nearly X our points underlying to ratio strong to reported strong underlying income margins XX.X%. combined our an The ratio Insurance Bond very all points improved to results combined a combined of XX.X%. contributed consolidated XX.X%. Specialty

investments. Turning to

and income investment Our growing income from our net after-tax XX% investment higher driven perform by portfolio. high-quality nonfixed continued $XXX from returns up well and fixed with portfolio strong portfolio million, reliable to our income to returns

enabled to and together continuing our and per $XXX balance value with investments after capital to share book our adjusted that's during Our strong by excess shareholders X% quarter, important returning make us business. million underwriting results, in grow to investment of sheet, and the

As quarter of on another we number successful important execution notched initiatives. of a strategic

distribution the to to X% by written line. our we contributed Turning and top more grew value the the billion. written Insurance, to partners, proposition in our by outstanding with success. We by the top retention to along increasing X% or to $XX.X premiums execution up in customers net that colleagues grew environment, to segment premiums field to than line driven our every $X.X and strong remained Business strong pricing product we with offer net In billion. very The Renewal XX.X%, in by strong, was Even liability the ticked premium to steady firm X.X% segment Renewal XX%. the change the accelerated contributions change quarter, in rate higher in line. coverages. from

Driven In written $X.X in and management a net strong high-quality And pricing retention our in grew and Specialty excellent economic & in retention business premiums by by prior surety year the written of a to record generally combination strong a surety that in quarter. The billion. execution. reflects X% marketplace inflation. liability our of and very we production We a premiums excellent of from XX% X% to business. by market-leading the result disciplined net way reacting is grew deliberate Bond our strong Insurance, headwinds social

across includes our we've to by XX% That attractive. premiums where generated very offerings, net margins pleased written E&S to our results are continue segments grown We terrific be production where year-to-date. have commercial

by X% home. across objective driven reflection renewal a to our The are X In to written returns in time. our to grow were we our an segments results by and change strong Personal view net Insurance, over production strong of industry-leading of auto strategy order effective that achieve we premiums price pleased both in grow over profitably time, need

very making shared we've our and to which experiences and offer seek services value, our As customers underwriting that before, our want profitable selection, distribution that sell. our we times. approach central to risk strategy growth want products, investing pricing, many to franchise achieve to and partners we by discussed growth Also to in the sure granular we've buy is

growth insured As approach data returns. exposures and investments to a we've over correlates in result of made leading analytics, that our and in decades

is In business, the exposures speaking, which all growth. insured a words, for very of unique growing franchise in capital the speak The say, other yields combination attractive returns more numbers effective themselves. in generally been execution profitable of value high-quality, that we've Travelers business, the more to deployment, the and

the confidence beyond. income for than The Over simultaneously results great income more driving growing the And income more XX% a underlying premium powerful strong our business doubled increase we've last and what's equity $XX from The what nearly underwriting X years, investment strong combination gives underwriting underwriting that's our than reliable investment we've in our That's while more of outlook XX%. for quarter than and core our our of underwriting and is by margins. that's makes that result billion earnings portfolio our and us base and increased income driving last engine. return total improving and what's XX.X% months. XXXX grown over this a our our the on substantial year-to-date, XX into the by

call to the turn over that, Dan. pleased to With

provide that, line combined margin ever from combination or prior underlying led tax. core you, the color growth. benefits strong to coupled of X underlying Alan. an strong underwriting growth of quarter. of We're improvement the as $X.X again Core of on to underlying we return improvement quarter. another best last X XX.X%. billion, of billion was million have efficiency, ratio The gain on third an $XXX quarter premium some underwriting of for strong Thank quarter focus from strong our the equity net record nearly results, excellent exceptionally and and ratio I'm with XX% results. and delivered and expense ratio improved combined reserve excellent pleased the quarter premium and underlying third top year XX.X% was Up our on income continued and This generated XX.X%, productivity year prior income. pleased quarter Inside investment to year's after of once this for levels points an of full additional The earned points. $X.X favorable reflects development was our

with That brings in to the ratio XX.X%, year-to-date line expectations. expense our

results Hurricane Helene, quarter million $XXX days to include losses, more a which in storm, of catastrophe made landfall quarter. relates of devastating than Our few the of last the pretax which third half

financial of in travelers, Georgia For Florida. impact the Carolinas was greater Helene the in and than

asbestos, favorable development. review favorability pretax. annual charge Business net year prior Ex asbestos in had PYD Insurance, to of We of net total In by million. comp. Insurance reserve Business had Turning $XXX driven development million favorable million, $XXX of $XXX a resulted the workers' in

in higher had up of quarter of prior significant portfolio line the favorable driven surety. of quarter & net another was million million investment Fixed home and quarter. benefit previously XX% both Bond the the and favorability NII portfolio. $XXX maturity in of income PYD year Fidelity prior Returns in favorable quarter. non-fixed PYD better-than-expected was In our from also higher net year $XX by average auto. income the with prior and was above in million net were Insurance Reflecting the yields After-tax with Specialty, in shared results Personal $XXX and the year outlook. growth both than again of

for including fourth securities, of short-term outlook NII, million earnings after fixed now income In from terms $XXX tax our approximately the quarter. expect for we

we approximately highest XXXX XXXX, $XXX million $X.X tax, after our level expect of and quarter. approximately to for quarter growing $XXX first beginning million the For approximately ever, the with in billion fourth

June strongest cash quarter, tax XX of operating quarterly result, $X.X management. capital We unrealized strongest as at also to Bringing and at September loss after $X.X the year-to-date results. from XX. our ever unrealized $X $XXX our share billion dividends to $XXX after We book investment and and and to our million excludes per a our XX% during from of rates billion, from shareholders million. up of figure Turning flows generated decreased above net billion. net of share, decreased capital the Interest at up level comprising quarter, excess billion returned X% $X year-to-date investment this year-end quarter value ago. Adjusted end, million losses, was gains $XXX.XX September repurchases year at $XXX a which tax ever

authorization repurchase our Directors. share We remaining Board have from of $X.X approximately the billion capacity under of

obviously it a ultimate at let third on this impact results, While assessing point, we but make have still Milton. did a preliminary days in me comment terms early quick Hurricane quarter our not our $XX between It's of range and the fundamental up, of illustrate million quarter and million of on rock-solid of net focus earnings losses our resulted at power $XXX To our pretax balance and from attractive sheet. our multiyear third sum results growth has margins things year-to-date reinsurance. losses, that

levels clearly for volatility net written combined are we diversified demonstrating ever have best-ever of thanks of of periods positioned ratio to earned underwriting premium, to and portfolio like addition In the terrific experienced. even a our we our industry weather businesses and premium best during result, that delivered success net underlying

catastrophe absorbed having X a earnings despite our of of the year-to-date is core losses September In the record per of highest year, months $XX.XX for ever level the share fact, first high.

of Insurance. with discussion a over the I'll Greg call to And Business for turn that,

X terms about quarter both development Thanks, from and higher Dan. combined underlying driven by Insurance strong line quarter underwriting The million, improved the for third XX% prior results. from prior and bottom income. $XXX year year Segment XX.X% in improved exceptionally Business up benefit earned ratio of points we're quarter of of the top income strong had another was pleased quarter, and was by the improved combined of the to year strong which X than quarter ratio pricing. the best with ever. quarters, several third This from past primarily reflecting quarter's underlying the by prior our extremely quarter, prior result more XX.X%, underlying the year was about points. Similar

trailing point sequentially third excellent third majority and more X last third the the written was of at by XX.X%, to that again once renewal and strong high slightly $X.X to grew all-time Retention top line. historically of record quarter. change X.X%, year's $XXX than high X% an We driving Renewal Turning result new the billion. of nearly net XX%, retains a remained increased at quarter million just with premium the business second to pricing. ever, quarter was highest premiums

premium from second workers' digits to close which quarter. at than pricing, terms change other levels was sustain Strong sequentially to renewal strong broad-based we're or increased every pleased change, premium pricing of of with In comp. renewal double line in the

With field current digits. the organization pleased by with renewal increases well line. continue re-change, reflects with way return profile we're respect and the Auto to rate our into to appropriately for execution pure environmental trends granular balances and the double exceptional Umbrella lead and each

In of terms remains the every of at these than headwinds. strong, reflection mentioned sequential earlier, the retention face higher renewal quarter. Even I discipline in strong line or as of rate second change, a was marketplace pricing with industry levels,

and of third change quarter premium X.X% at up As last for change than risk up businesses, of sequentially X.X Renewal from we the intentionally optimize points X.X from quarter points targeted almost to Retention was year's geographies. year. in tick more remained couple profile as renewal strong in the our CMT last second rate down quarter. from of continue XX.X%, the up a third individual Select, return

healthy highs. business was and near New historical

Overall, our execution, excellent profitable achieving We're performing our rate reached higher were underwriting In driving these spread quarter, driven lower-performing exceptionally about levels and with exceptionally strong the market more at at which meaningful time, to premium middle change X%. granular was of renewal XX.X%, The by Select. pleased renewal middle also pricing than with our execution granular the in point accounts. rate X/X change. increases second market, that rate remained best same And we the of price remain X the accounts from broad-based retention increases. with accounts than change, pleased positive even was with growth

driving portfolio. with selection and our To Lastly, invest we quarter the new pleased for execution the Insurance pricing that $XXX was pleased of strong of strength on up, highest quarter. accounts production sum continuing and result. ever to added We're And growth. results risk while the business million we're in third had Business the business the profitable with to another terrific in financial long-term our

over turn I'll that, the Jeff. to With call

posted lines. $XXX top strong We an Thanks, of bottom both quarter segment Greg. Bond & ratio Specialty XX.X%. and on and generated excellent the million of another combined income

from The impact a to very of of last We expense a in acquisition increase underlying the ratio, also elevated delivered Corvus X.X quarter XX.X% strong year's earned quarter. related the combined ratio the pricing. reflects points modestly and primarily

and the Corvus' from more expect a of to remain expense We as ratio for book elevated ramp its and operation few quarters in premiums as up integrate attractive we earn business. we

to to million closing we We're added control capabilities XX% about by We're months losses. on renewal execution high-quality record the premium prior Cyber and X% to organization by following cyber our reflects terrific feel of of book and XX% Corvus liability acquisition, we and positive $X.X to year helping of X our profitable our field business underwriting we've change with business business. our by the and net book. and $XXX written deploying Corvus' focus that our Corvus. delivered by a terrific new billion. our quarter, capabilities management record retention again across the business, the pleased our driven risk that cyber retaining grew In talent, to line. the over we We in from our continue premiums customers a proprietary top remediate excellent avoid vulnerabilities Turning high quarter grew domestic that portfolio.

retention. short, of to excess cyber with benefit pleased Corvus' includes and the travelers strategy, our both In Our And be legacy couldn't distribution offerings. renewal team and paper we've admitted have endorsed Corbus lines, high-quality more we considerably of the partners the surplus improved family. brand, addition which and our the go-to-market realizing Travelers

products from market-leading We team demand growth our grew in a quarter. portfolio. our our and credit X% This written outstanding and surety continued surety services quality and the to our for business. growing very construction level prior strong net Turning execution by high premiums by reflects year robust strong a environment,

& quarter have in results Insurance. and to once strong line bottom Bond top pleased we're this Specialty So delivered again

I'll turn And Michael. to call now the over

very ratio positive to Thanks, Jeff, reflect actions and pricing auto portfolio. across morning, and favorable improved quarter by results, ratio Insurance, prior are year driven and of combined driven by Personal our with excellent well impact an the non-rate underlying both combined -- net The development. XX.X%, of compared in reflects year delivered strong the we pleased XX.X earned continue income as benefit non-catastrophe everyone. significantly weather. XX.X% of the In our segment the In results an and primarily as favorable point third underlying quarter, underwriting good to rate which of prior underlying million of $XXX we improvement the and quarter a reserve home by excellent

growth as focus profitability Continued in another auto, auto. in in our price increases we're improved strong In net property drove of quarter profitable profitability. premiums written pleased with X% we continue while on growth seeking improving

very strong primarily third at The losses, ratio to combined X.X of was Helene. XX.X% despite catastrophe quarter points Hurricane related

combined underlying X.X pricing damage higher of coverages. the be lower compared year prior benefit The losses improvement points improved continues quarter. and from driven ratio The physical XX.X% by earned the of to to

Taking considerable return This ratio of of related to benefit a our in back, included auto. to evidence a reestimation this year-to-date result compelling step in quarter's X-point profitability prior and is underlying -- the the XX.X% the underlying underlying quarter's also progress quarters current underwriting reflects year. combined of

because the quarters fourth third compared important to of Helene combined historically first result auto above in holiday to convective ratio of a as year Homeowners X losses XX higher the prior the quarter, lower points to year a catastrophe severe and to the the prior winter average quarter as is the quarter weather lower catastrophe ratio of underlying primarily a fourth well points July storm and and driving. in loss for of Other, has combined improved X Hurricane XXXX, In X about XX.X% it favorable ratio Looking been ahead remember quarter as the by quarter. nearly and development. underlying losses that drove

The of nonweather benefit Approximately to prior the weather contributed points pricing also XX.X% improvement. The year-over-year underlying quarter. earned was X/X favorability to the improved ratio non-catastrophe of and XX.X losses. of related year compared the to combined

Turning to production.

across with continued auto, growth of domestic In pleased positive our profitability premium as results Renewal decline, remained efforts many We're reflect a change states. progress of portfolio. profitability. strong. ongoing auto XX.X% Auto our premiums success state-by-state retention continue reflect very execute as intended. achieving Our granular to auto strategy. growth in Renewal and balance moderate of to the to XX% in reflective will change to continue we premium our new improved business

While with premium near the of comfortable grow in was total, high-risk XX% Homeowners our time. change in remain exposure in slightly few of and portfolio ability decline our consistent and reflects auto recent our business on auto with this trade-off and quarters. a cross-line challenging profitability renewal in to premium retention geographies. Other, property of new cat the profitably term manage to the remained confident over and actions our In remaining states impact strong down in and focus We're XX.X%

level to change premium fourth remain renewal at the expect in We generally quarter. this

continued the restricted year eligibility As decline most the and improved significant deductibles. authority, intended, actions premium reduce quarter. tightened we mitigate exposure we volatility and compared as new reflecting high-risk and force catastrophe homeowners decline intended, selection, geographies, was prior requirements to in to in higher continued binding policies risk through business Also, to

for the growing up quarter, delivering segment toward personal profitable team execution great lines Insurance further progress over by disciplined and overall, business time. reflecting was Personal our a portfolio this of To sum a

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

happy questions. for We're Michael. to your Thanks, open . up

Your first of question line from from Instructions] the Gregory [Operator Peters comes Raymond James.

everyone. morning, Good Okay.

renewal guess the renewal guess going will strong strong to premium quarter, for which at the to the underlying premium third begin that I the change continues So improvement domestic on I'm focus given question, results, where I'll I this the first in is, what point with be even insurance business and quite through moderate? change,

is question. political the headwinds I It's Alan. inflation. say what forecast in of and We're going Thanks out going geopolitical terms to try out the But to of terms to that's there and the on There be. not are environment, so regulatory uncertainty there there would so environment, forth. for in

the is So to, market we're of to some project not kind I'll but share things that it. we of . the think with you reacting going as

listening or in Okay. know disclose could approach, like cash Fair to to to I quarter I going but on the enough. about thought all the comments capital investment Or And flow guess you guess et best pivot considering thinking? that third seems the ever it But question, high cash flow, is want what share likelihood on just is to I I it a give not the that including in cetera. I repurchase? shot. strong call, happen. insurance, results, and numbers, business I M&A the return you're are free a a other the plow organic back to management. should balanced capital shareholders we M&A the the

just Greg, to that of do growth, the business whether Whether capabilities, it for talent philosophically or first every capital generate, whatever dollar in I'll products, tell shareholder organic is or to that's it's our create we can in in way inorganic. single value. that cetera, back investing we et priority Yes, invest you

objective, very capital. So capital, do to it's and that's be our try of try that. shareholders' investor But good and it's first stewards our we capital, very, not we to

bar to return, generate a think we've create a do got we're and in it don't what we so And back going capital, can return to business with the pretty we shareholders. high it for that we and

from Your from ISI. next question David of comes Evercore Motemaden line the

Thanks.

on question the follow-up renewal on a rate the prior BI Sort change. of had

the this weeks drag think could guess which kind hurricanes if wondering, that the side, you has I'm in good standout I also you on Alan, quarter-over-quarter like the few how know comment then X recently? RC And just decelerated after a So how see was I where it's relatedly, property of last for still the past on but that on you will environment? to impacts been if appetite it's just the feel acceleration over an is within uncertain environment change And it rate lines quarters. sustainable growth your a the property, -- trajectory liability is.

Yes.

means if So it follow-up. don't price in say continue a to or Greg's for and goes I know. strong. David, reasons But I all would positive really to whether question strong a don't there, response to think get down for message start, now it all and that up I of But you a give little that there's lot renewal shared those be terms I little let here the bit I change from positive expect from here, me reasons pricing, in and would we all is we the bit

property you comment guess the got property return weighing. pricing your to and the together I that mentioned -- price to would line. You take connection say that property with I about in the

returns that the are price not in falling. The it's is a of on returns change price the struggling property and is line. like reflection the So

David, it's rational and I have going risk. wait not see thoughtful committing these market potential about totally the pricing be of But volatility Did goes and I our -- on property just that capital all we're that. that, the to and clearly, So get we'll reminder to all got strategy, things share where missed? to we've terms a and to anything are in and the totally appropriate

sound just umbrella they sequentially have it sounded on bit like auto of made that. just the guess, growth It your wondering some liability rates. last those post reserve -- noise quarter. just the a It accelerated the in in lines I lines? like then was in like the leaning comfort the But there in of this level didn't guys changes you quarter -- terms any sounds from quarter. And into and I'm

Yes.

on and an we that to account quarter, comfortable going we're charge think in about And by the with where given even pricing with way given the again, talked shared quickly granular quarter last are, shared account in returns the And and cost this very in advantage today. executing basis. order. we were of execute the lot remain before quarter even took there's and real last after the umbrella, we trends returns real the comfortable we've last marketplace confidence we loss we reacting we're returns. to I the a view So But us your a with to gives that a umbrella getting

growth think reacting we of there quickly both to terms huge So advantage profitability, loss is and a do to in trend.

next question Mike from line of Our comes from the BMO. Zaremski

might but I out business an underlying loss underlying don't items helping easy maybe be heard This the any insurance, ratio? of I call answer, the onetime think

It's pretty Mike, for. wouldn't it's adjust pretty Dan. that to That's and clean, right. quarter, need straightforward you out really, anything we call

Okay. Got it.

Okay.

For my follow-up.

on So I personal guess my follow-up be lines.

kind of basically making and in of major a certain in the think, their deductibles, Busan geographies? Or to way, to and Travelers overhaul with -- regionals roof talking remarks the said roughing are, to are [ changes prepared your Are some I have us I in changes that deductibles kind ] deductible about making replacement. you You trying for of -- higher schedules some to taking or I maybe depreciation believe. percentage guess increasing super a just any your conditions lines terms you approach meaningful are a more growth of is slower Dr. that? a from -- personal you

have I the changes that made making are [ Michael. restricting It's specifically meaningful the we about which we for bit what exposure. ] are I I lines, deductibles some X we states, in among of Along I states, moved in we're doing of Midwest. that again, quite our would things referring to. really a the deductibles It's really in talked and in about to -- have significant shrink the of deductibles, have Cates But manage in reunderwriting poststates mentioned, moves, other to to are other exposed of that the dollar-denominated When geographies. property particularly those in terms very particularly Mike. we've eligibility drivers property, percentage. is. try cat say, And was and active to yes, question conditions Sure, your portfolio

I ratio about up the the modeling ratio, guess maybe versus this guess maybe but to would need change offline. Okay. think we the I'll follow loss cat way that I

you. Thank .

from comes Your line the of next from Goldman Cox Sachs. Rob question

So the that? overall. ago? on on little on new lower back bit a looks retention, want business and pressure few to obviously, a renewal Select. ask great growth there premium wanted It on ask change, just a to little look I relative if quarters numbers to just was I like I did

high with in you Greg. is Yes, in comments, period. webcast, to of reward. between throughout based more and event. And that's at a right similar our been we you equation new on all, XXXX, this terms book that's historical business very severe of of are much as deductibles, shared around Mike driven number of and storm dynamic getting risk just peril I retention some Rob, we had frequent optimizing that look asked question the my and convective the the first When weather constantly we're

out And so a commercial comments coverage with and retention. like for And you. that also bit of our been that saw Michael has prepared tick and the down in team in fine-tuning little why that. particular my associated I in that's called apparel his small team, we the

color we you provide catastrophe a thinking annual then if And about or follow-up could us guys as guys you Any thinking this, you curious any load? your it. on how thoughts explicit an size helpful? help would was give ask could but just I just to catastrophe expected Got think don't be in could about losses, just I on I provide wanted guidance

won't you current In And thing proxy Allan. it's shared we've we cat One more the those is year. the see factor Rob, prior admittedly process, so now of for a we prior do our it year of losses years years our give we've that recent heavily. year, but had it give statement, continue our and to couple you can continue thought view, pretty we weigh years is heavy more recent more into to Yes.

forward. influences going cat And so think way that about the loads we

haven't yet an given We cats. outlook for

line comes Elyse Wells question from from Your next Fargo. of the Greenspan

was action confirm, in the taken My I questions, in I addressed with kind quarter. one you was of no guess, that but the think question, first reserving NGL can of it -- just earlier

sounds You I didn't that? was but call nothing, it confirm out, just to want like so there it

Elyse, Dan. Yes, it's

driven said, reiterate comp. were million in entirely comp. workers' BI, about It favorable I'll which asbestos So was so -- workers' was ex I $XXX what that by wasn't we

lines but amounts, some that the they was good well. guy a were So small other of moved, as there were net that and

is my then guys of good And and on relative personal When folks target in a -- follow-up, puts auto on the but question mid-XXs, which typically what this is the ] you year-to-date there [ the recognizing some my spot seasonality XX.X is kind you right second like kind auto. to side. QX, at of guys

loss like this just overall within we the is of run business about -- sustainable personal So weight your view with rate trend and slowing as think margin the auto?

folks to Sure, Michael. the and were that the speaking, adequate auto to just view results a with Certainly, rate wanted book broadly very and inside the it's book, because it. Elyse. rate sure pretty point. dramatic year-to-date this But at you and across with aware result returns. in the say that It's shared of across We're adequate. make that really points again, pleased I I reminder seasonality would I book, we're the pleased again the

comes of question next line Meredith Brian from UBS. from Your the

one. on up that follow a just I

you're If here policy the is should across to book, going adequate future? to start expect rate that we count in grow your near

Michael. Great It's Brian. question,

tried the you have today. complications. give where hard some growth at impacting it, other And in don't again, here auto I right? to we states of sit we pieces as are We the

hard across And growth. have yet filed obviously, progress. many business again, that on will work those states making the getting we're the the adequate working country. those then take before we're again, is But reward. And the new that's But other element cross-line hard approved and flip to states at at into the our risk seeing don't we we're to time. that. improve category. more subject property rates That are of We rates some where We're and impact work

But progress there. again, we're strong making

auto our quarters, focus again, profitably said to couple in as so is And last grow of I've the it.

things but focus a of And ours. profitability, growth book, kind our trying to and it's portfolio those what across strong to Our focus X given the I home in profitability business, when hand. hand say definitely balance is of go focus in that's I improve we're on mean

of that into you've Appreciate of it. for I comp just some Ratings then heard bureaus? And out might insight what so, you kind like I'm any get might think going maybe one stuff a forward? or we've pricing curious, Greg. workers' state look positive

the And this that Brian, as see really to Yes, the strong demonstrated is leaders seeing comp what Greg. as have on that we going line, I Yes, look that. of line, continuation based we're workers' at we're on if is driven experience certainly, I and right a portfolio, a now. in think

you being in what for very we're to forecast XXXX similar the bureaus for largest look And at the so one, what looking recommendation. saw XXXX. loss we at It's and cost when CCI in a

doesn't that to that on will . [ apply individual cetera, But every I individual going Emad right it's and stay et at course, the to ] now. kind account. of levels account have with it's think Of the

Bank of Your America. Josh next of Shanker question comes from from line the

Yes. about, a bit development More were in have favorable overreacted some to years first, What mean I in pricing the Lines some questions the on it for Michael. And off states? that development? Very the may you segment. talk wanted favorable growing extent today. popular Personal to does little

Dan. it's Josh,

prior number the fourth in for those of are favorable Part story, start developed. but So PYD The really the it with Personal claims that the terrifically were really the the I'll XXXX, And of good we brand PYD fully allowing remember, from strong of also in end was quarter some story. profit year, a Insurance. new. wasn't was favorable perspective. of fourth there and favorability But was uncertainty XX look posted a last We to going quarter come is Insurance, every last year each on, is Personal confident. that last if further with years. the in just we're at to spread later, I the years X ones X accident reserve more development. the of look severity. years. that were in come did There recent in some XX of if years, But at more months the favorability come I going it where

leave I'll Michael. for pricing the And question

a an overreact we book, would rate as also Josh, did comment you development to number say if the in to adequate. the you try lease, Yes. the that made which reiterate the to year-to-date, And pricing, I'd year combined point terms to accident is is for to we're prior number, again, would across look get response of And type I we on [ in year add ratio back I XX.X% I ].

that So overshot. I an that indication would don't be think we've

sense. makes That

you've million row off million, about of favorable Personal trend development. the year Lines with favorable we've there's that a in had lot throws are And X prior development and be noticed now development $XXX when -- development, dollars continue to I'm of to favorable we probably make or question if degree of trends see keep the of trends favorable if that likely hope could sustainable I this continue things discrete But quarters these deviates A so times, certain $XXX the out? that million appropriately. just less in of playing segment. asking a the trend hundreds

Yes. Josh, Dan. it's

acknowledge quarter. We're just 'XX. of elevated want couple in comes it's We in at quarter. We as we if it do I run last loss to put words of to or line it I'm years I X to of that think prior you if look sense What reserve when in the there's get to data were the every year reviews in consistently. asked think it elevated trying reserves. probably every right, fact uncertainty right. we it. get not tell and you rate. 'XX this and every said thorough you've it it, glad and we're think I would going getting costs seen that I trend all I get in in there's right. contemplate mean, our I we We an want And level pretty development that a the But together,

of And the of normal down you've some years a now seeing. come back out, inflationary of matured have those that's to some aged pressures sort and more seen you're if level, what

you development not in be don't prior next quarters, a year but may we to may PI about view that's reserve in the in the higher, lower literally or of way have -- -- or going several sideways prior whether believe it. So think it. I is

the from Phillips question question, Michael Oppenheimer. that And and more we comes of have line X from

year I we I and and for want changes second. geopolitical economic, such quarter, year more Alan, those rate on they more that you does for your last than them? back getting started to quarter, the concerns when side, and about core last element hear current mean today years. another uncertainty stuff are I guess, -- gotten a margins, before with BI when you're about go strong more price answers, today risk talked to rate than than were when about and answered casualty last the renewal your you today you or have From it things talking then social

that mean it. I... we're Does concerned about No, it more

Yes, the answers that you gave.

question. Okay. maybe That's were Are more the the answer. today concerned than you you That's last year?

do But reaction with Travelers we'd And one that loss we're pretty concerned of this in trend changes early We're the the you that. and get a today. I this future wouldn't is like loss that say would to we're activity. point can't looking about up say today. more thinking static more of I sort and I in time. think keep at not and with think about to windshield really concerned you is pricing out certainly positive, thing detection

And so the going where about to it's I taken know that so go, this actions feel year. we've but don't we far pretty good

Okay. in loss A can updates quick guess, Any perhaps. share liability with, Jeff, one maybe for you I management section? the trends

is that Not pricing have pricing combined ratio. out specific I rate we for in called the you, in no. again, had underlying strategy adequacy. excellent. unfavorable function a said trend, is returns the out script earned an to been loss Jeff point impact of on the the this The though I'd the business that Klenk, and

percentage Our renewal XX%. . Thanks renewal feel pricing about great reflects at the retention and And delivery I the question. for execution,

I remarks. will final over closing question-and-answer the call Goldstein some for turn session. now our that And back concludes to Abbe

morning. you follow-up, for questions. in Relations. this always, if get good And Thank Have a please there's any us you. day. Thank joining the I touch as Investor all with appreciate

conference today's concludes call. This participation. for Thank you your

now disconnect. may You