travelers earnings call transcript

The LatAm travel industry showed solid growth in the first quarter of 2018, although not growing as fast as early 2017. To the extent that written pricing has continued to increase, we would expect the earned impact of that to continue to increase on a lagging basis. Good morning. February 2, 2021. I think it's the plaintiffs' bar that benefits at the expense of economic recovery, but we'll manage through it just fine. Read the press release. But there still is in our minds a degree of uncertainty to your point about how COVID-related workers' comp claims are going to play out over time. Webcast Event Website PowerPoint Transcript… You guys said that we have 150 basis points of rate exceeding trend in the quarter. And should we expect that to last given the loss trends that seem to be pretty favorable there as well? On an underlying basis, the combined ratio was a strong 85.4%. These results reflect our continued efforts to grow, while improving profitability. The uptick in the expense ratio really is volume related costs and commissions, think report ordering. Also on the historical numbers, the segmentation is really important. Some highlights from 2020 include, continuing investments in our Surety business to help our contractor clients more effectively manage risk, while providing insights that will enable them to more profitably manage their business. » Coeur d'Alene Mines CEO Discusses Q4 2010 Results - Earnings Call Transcript Good afternoon. Merck is the world's premier research-intensive, purpose-driven biopharmaceutical company. We accomplished that while maintaining a stable underlying underwriting margin. Found inside – Page 307[ Boston Transcript . after Tuesday , the First of Febrúary next . from the trying suspense of the past F. Minute of ... 7.00 arranged their loans with reference to Issue Letters of Credit for Travelers , WILLIAN E. Dodon , WILLIAM H. Airbnb, Inc. (NASDAQ:ABNB) Q2 2021 Earnings Call Aug 12, 2021, 5:00 p.m. Before I address our fourth quarter and full year results, a quick comment on current affairs. Our ongoing new business success is driven by a combination of strategic investments and initiatives, including Quantum Home 2.0, IntelliDrive, and new and expanded partnerships and distribution relationships. Greg, was talking about improvement in terms and conditions. I think last quarter you said it improved 100 basis points year-over-year. Interest yields decreased modestly as credit spreads tightened during the fourth quarter. First question on Business Insurance. Business Insurance: 1.800.842.2522 M-F 7:30 am - 8:00 pm EST. Sure. Notwithstanding concerns for their own safety and responsibilities for taking care of loved ones and educating their children, they never wavered from our purpose of taking care of the people with privilege to serve or our mission of creating shareholder value. PYD in the current quarter, for which I'll provide more details shortly, was net favorable $180 million pre-tax. Through March 31st, we have accumulated $915 million of qualifying losses toward the aggregate retention. Alan D. Schnitzer -- Chairman and Chief Executive Officer. And then can we also talk about the Child Victims Act more broadly than just the Boy Scouts Association that's getting a lot of attention. That said, we have begun to see miles driven moving back toward pre-pandemic levels as restrictions have eased and economic activity is picking up. And with that, I'll turn the call over to Greg for a discussion of Business Insurance. Travelers Has Improved How We Connect With You. I'll jump in here on this one because on the exposure front, we've said when exposure is positive that a portion of exposure behaves like rate and therefore can be helpful to margins. This is Greg. To sum up, we're pleased with our execution and further improving the underlying margins in the book,and we continue to invest in the business for long-term profitable growth. Sure Mike. Transfer Agent. Personal Insurance began 2021 with strong profitability and growth. Anything to read there on that that would signify any interest or lack of interest in any large-scale M&A? I guess that you're seeing the 4Q numbers, but through the third quarter, you had really substantial increases in IBNR and economically exposed lines like Commercial Auto and GL. So we give you exposure overall, we give you rate, we give you RPC, but we really don't break down exposure in terms of the insured exposure versus deal structure in terms and conditions. Q4 2021 AutoZone, Inc. Earnings Conference Call Sep 21, 2021 at 9:00 AM CDT AutoZone, Inc. AutoZone is the nation's leading retailer and a leading distributor of automotive replacement parts and accessories with more than 6,000 stores in US, Puerto Rico, Mexico, and Brazil. I realize that workers' comp renews on 1/1. How are you thinking about that for Travelers? Cost basis and return based on previous market day close. Vanessa Hudson — Chief Financial Officer. TRV earnings call for the period ending June 30, 2021. Michael, this is Tom Kunkel. Well, thank you. Thank you for standing by and welcome to The Travelers First Quarter 2021 Results Conference Call. You're talking about Simply Business, Josh, and that liability [Phonetic]? So primarily loss activity, think about social inflation, think about weathers, think about wildfires, the interest rates that appear to be lower for longer, cost and availability of reinsurance, pandemic losses impacting the industry, and I suspect for some markets maybe some reckoning with social inflation. My name is Simoni and I will be your operator for today. Yeah. Turning to investments. And at what point do you need to lay off maybe a little bit to kind of get that retention ratio back up? ConocoPhillips Completes Acquisition of Concho Resources. Not that it moved the needle on those numbers that much, but it was an important enough part of the business that we thought it should be fully included in the P&L statistics and then in the domestic production statistics, so that when we do make investments in, for example, marketing and advertising that drive growth in direct-to-consumer, we want that to show up in the production results that you see. Hey, thanks. To read the full story, sign up for […] It's simply the math I gave you. I mean, as we're looking around the room at each other, I don't think there's anything that we think would be all that particularly significant. Is that a dynamic you guys are contemplating? Sabre Corp (NASDAQ:SABR)Q2 2021 Earnings CallAug 3, 2021, 9:00 a.m. So we've been pretty cautious in the way that we've been booking for workers' comp losses to make sure that we don't get surprised by that. Your line is open. In terms of year-over-year, there is less audit premium than there was last year. (RTTNews) - The Travelers Companies Inc. (TRV) will host a conference call at 9:00 AM ET on July 23, 2020, to discuss Q2 20 earnings … As you restated the personal line segment and I guess folded the direct-to-consumer business into the homeowners and personal auto segments, what does that say about Travelers' interest in the direct-to-consumer as a channel going forward? When you step back and look at the full year and on a consolidated basis, I'm not at all surprised where we were. Thank you. And so what you see in Q3 and Q4 are very strong results in the non-fixed income portfolio. Found insideSure , Father Tim , ye don't call sausages meat ? ... Boston Transcript . ... Business Strictly онер Change for the Better— “ We were bounding along , " said a recent traveler on a local South African single line railway , “ at the rate ... UNITED STATES SECURITIES AND EXCHANGE COMMISSION. Yaron Kinar with Goldman Sachs, your line is open. We expect to complete the acquisition in the first quarter of 2021, subject to customary closing conditions. FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933 OF SECURITIES OF CERTAIN REAL ESTATE COMPANI Your line is open. So that's just something we don't provide. Ms. Goldstein, please go ahead. Dan Janki — Incoming Chief Financial Officer. And accordingly, our net unrealized investment gains increased from $3.8 billion after-tax as of September 30 to $4.1 billion after-tax at year end. We benefited again from earned pricing that exceeded loss trend with an impact this quarter of a little more than a point and a half. Michael F. Klein -- Executive Vice President And President, Personal Insurance. And then a question for Michael, if I can. Turning to the top line, net written premiums were down 2% primarily due to lower net written premiums in the workers' compensation product line as a result of the impact of the pandemic on payrolls. According to IATA, with over 1 billion air travelers worldwide in 2020, there have only been 44 documented cases of suspected COVID transmission onboard an aircraft and virtually all of them were in the ... Q3 2020 Earnings Call Corrected Transcript 13 -Oct -2020 Good morning, Brian. I'm sorry, I was hoping you could flesh out when you were talking about these underlying loss ratio in Bond & Specialty, you mentioned something about other losses, but I'm not sure what you were referring to. Unless you actually got to the point where say there was wage deflation and the price per risk was going down, you don't, at least at this point, have the same kind of adverse impact on margins from negative exposures that you do help to margins when exposures are running positive. It doesn't feel that way anymore. So that impacted the year-over-year comparison as well. Always remember, in last year's fourth quarter, we told you we took about a point and a half of sort of prior quarter catch-up as we adjusted our view of the liability loss ratios last year. Approximately one-third of the improvement in the quarter is from favorable reestimates of activity for prior quarters in 2020. You gave us some nuggets about recent loss trend. That's right -- they think these 10 stocks are even better buys. Having said that, there are various opportunities and some of them could be for scale, some of them could be for products, some of them could be geography. Congrats on the quarter. Good morning. But again, not a bad sign. Sure, Tracy. Domestic management liability new business for the quarter increased $13 million, primarily reflecting our thoughtful underwriting in this elevated risk environment. I just think given the way things have played out, that's probably less likely to happen, but there are a couple of things which still help. Policies in force were up 8% from a year ago. But I just think given the high quality of accounts and business that we write, we've actually done a little bit better than even we might have thought related to -- relative to economic activity. But if you just look at that chart, you should get the sense that part of that is the bounce back from the big dip we saw in the second quarter. Ryan, I understand the question and probably the thought process behind it. Consistent with our comments on the fourth quarter earnings call and in our 10-K, we continue to expect that for the remainder of 2021, fixed income NII, including earnings from short-term securities, will be between $420 million and $430 million per quarter after-tax. So it's not that it's necessarily moving to E&S and it's not the businesses necessarily with economic issues, these are just difficult from an insurance risk perspective. Apologize for that. We continue to see growth in this profitable line. Yeah, thank you. 20, 2021 2:34 PM ET The Travelers Companies, Inc. (TRV) SA Transcripts Is there is something related to COVID in expenses or as kind of expense ratio volumes down a little bit when we think about where you guys could come in on a go-forward basis? The Travelers Companies, Inc.'s (TRV) CEO Alan Schnitzer on Q2 2021 Results - Earnings Call Transcript Jul. As an example, in previous quarters, we've highlighted our completely redesigned BOP 2.0 small commercial product, which includes industry-leading segmentation and a fast, easy quoting experience. Thanks, Alan. Travelers (TRV) delivered earnings and revenue surprises of 2.79% and 0.89%, respectively, for the quarter ended December 2019. Our next question comes from the line of Josh Shanker with Bank of America. @qˆº_óŠòƒ²ŽK]›"á]Nµ J´Ñ3š^$՞€Éµ3âJçk,£oáÅh²›7Oáï4;É'Ï3 Í~Œ÷Ÿf'îÃGÓó³sèś©¼£z/Lj[zñ. Joshua Shanker -- BofA Securities, Inc. -- Analyst. Our net unrealized investment gain decreased from $4.1 billion after-tax at year end to $2.8 billion after-tax at March 31st as interest rates rose during the quarter. Your line is open. So not really big enough to mention. And then can I just focus a little bit on the premium in Business Insurance. Vanessa Hudson — Chief Financial Officer. The insurance provider reported $3.45 EPS for the quarter, topping analysts' consensus estimates of $2.39 by $1.06. A little less than 2 points of that resulted from earned pricing that exceeded loss cost trends. I would have thought that even with discipline, you'd have more opportunities to write new business. We once again recorded a sub-30% consolidated expense ratio for the quarter and the full year, demonstrating that our strategic investments in improving productivity and efficiency continue to pay off. This quarter's cats include $703 million from the February winter storms which impacted Texas and a number of other states. Curious if you can update us on the approximate new money yields in the fixed income portfolio versus the expiring portfolio yield. 08/17 05:44. Stock Advisor launched in February of 2002. Found inside – Page 331A literal transcript is not made , but so nearly identical is this chapter with Col. ... as each of the leading spirits present rehearsed the glowing descriptions of travelers who had explored the country west of the great lakes . Net written premiums were only slightly lower than the prior year quarter with strong rate and high retentions mostly offsetting modestly lower levels of insured exposures as well as lower new business. Then you see a big dip in the second quarter. Great. The Trave Thrust of the revenue, Greg, not coming through premiums. The lower insured exposures reflect lower levels of economic activity as well as impacts from our active management of terms and conditions and deal structures, including deductibles, attachment points and limits. So the other losses we are having some elevated COVID losses versus the first quarter last year. Think of things like employment practices liability, think about some of the trends that have been in place for public company D&O. The data might tell you that things look a little bit favorable. The segmentation beneath the headline numbers was once again excellent. --Wolfe Research Starts Travelers at Outperform With $180 Price Target. Bond & Specialty delivered strong returns and double-digit growth in the quarter despite the ongoing headwinds of COVID-19. But generally, it was COVID and a variety of other things. That's very helpful. The Motley Fool - SVC earnings call for the period ending June 30, 2021. So that's the primary driver. I guess, I'm curious what you're learning as courts reopen and things like that? Okay. As a result, we're off to a terrific start for the year. And to the extent in terms of the accounting for that, I think there's a lot of audit accounting. And then my second question is on the expense ratio side. Okay, great. How should we expect that to trend? Alaska Airlines opens new SFO Lounge featuring local craft beers, build-your own-sourdough toast bar, hand crafted espresso drinks and a SF Giants-themed kids play area. Increasing the take-up of IntelliDrive by enhancing our Auto Telematics offering in 17 states. Prior year reserve development, for which I'll provide more detail shortly, was net favorable $317 million pre-tax in the quarter. The question-and-answer session has ended. Shipping Information Please fill out the form below and click "Place Order" to complete your order. I just want to jump in quickly and mention that I did misspeak when I was discussing management liability new business. ABNB Airbnb short interest and earnings date annual . Elyse Greenspan with Wells Fargo, your line is open. Sure, Meyer. In our management liability business, we are pleased that the renewal premium change remained near historic highs of nearly 11% while retention was a strong 87%. We are very pleased with our ongoing balanced execution in this line which has resulted in 4% year-over-year policies in-force growth at attractive returns. I figured that was the answer, but it's always worth a shot. Good morning. Marriott International 1st Quarter 2021 Earnings Conference Call. Okay, thanks. Discounted offers are only available to new members. One, there have been a number of states, I think more than 30 states that in one form or another have taken some kind of action to provide some COVID liability protection. Jeannette Walls was the second of four children raised by anti-institutional parents in a household of extremes. FORM S-11. So I think broadly speaking, we've seen audit premium activity behave probably not surprisingly in response to what you're seeing in the more general economy. Hey Meyers, it's Dan. Stock Advisor list price is $199 per year. This report analyses all aspects of cultural diversity, which has emerged as a key concern of the international community in recent decades, and maps out new approaches to monitoring and shaping the changes that are taking place. That increased from I calculated around 150 basis points in the fourth quarter. For the fourth quarter, Business Insurance produced $713 million of segment income, an increase of almost 60% over the fourth quarter of 2019. The Walt Disney Company (symbol DIS) reported Q3 2020 earnings on August 4. Found insideFour months later, his decomposed body was found by a moose hunter. How Christopher Johnson McCandless came to die is the unforgettable story of Into the Wild. While efforts are made to provide an accurate transcription, there may be inaccuracies or omissions in the attached transcript. $62 million of that benefit was recorded in Personal Insurance with the remainder recorded in Business Insurance. The Travelers Companies Inc (TRV) Q2 2021 Earnings Call Transcript The Motley Fool - Motley Fool Transcribers • 2h TRV earnings call for the period ending June 30, 2021. Stephanie … Net written premiums increased by nearly 7%, driven by renewal premium change of almost 8% in our homeowners business and strong retention and new business in both auto and home. If you look at our history over the last 10 or 12 years. But when we look at the uptick in rate and the offset in retention, our product managers and underwriters can see the variance in the loss ratios versus what we retained and what we -- what lapsed, and we feel very comfortable with the trade-off between those two. With that, I'll turn the call over to Tom. Yeah. Our property cat losses over the past five years have also been meaningfully lower than our corresponding market share. Examples include, nearing completion of our Quantum Home 2.0 rollout, which is now available in over 40 states. But I'll just reiterate what we said before, which is, we think this is a favorable pricing environment that's going to play out for a while and it's a function of rate adequacy and there still is a rate need in Commercial Auto. Like I've heard on the reinsurance side, they've been a little bit tighter on silent cyber. Good morning. The combined ratio of 90.3% rose about 2 points from the prior year quarter primarily due to higher levels of catastrophe losses, partially offset by higher net favorable prior year reserve development. On Specialty Insurance and Personal Insurance, both benefited from higher earned premiums with continued strong margins. Rentals Details: The Motley Fool - ABNB earnings call for the period ending June 30, 2021. Yesterday, we witnessed the most American of events. Found inside – Page 3977Instance number 2 : For you travelers who have eaten in the large , beautiful dining room in the O - Hare Airport , I suggest that you have never seen ... On this basis , I oppose the Kinney amendment and I support the majority report . And the only point we were really trying to make when we made those comments a year or so ago was don't think about us perpetually being able to return 100% of earnings in the form of dividends and buybacks, we're going to have to hold some of that for growth. I couldn't be more proud of this team. And now, I'll turn the call over to Greg for a discussion of Business Insurance. We continue to observe lower claim frequency as a result of fewer miles driven, reflecting the ongoing impact from the pandemic. We're pleased with our momentum in Agency Automobile. Just as a reminder there, we're the intermediary in that business. Now historically, putting COVID aside, historically in a recession, you get sort of offsetting forces in workers' comp. Presentation: Operator Welcome to Beyond Meat, Inc.’s Q2 2021 conference call. And generally speaking, we prefer not to comment on pending litigation whether it's ours or anyone else's. Full year's segment income was $1.2 billion and the combined ratio was 89.7%. And for 2021, wildfires are also capped at $250 million per event. Quarterly Earnings . It's hard for me to say, gee, this is what we're looking for, that's what we're looking for. Good morning, and congratulations on the quarter. Phil Stefano with Deutsche Bank, your line is open. So obviously, reported claims have been slow to come in relative to your picks. Renewal premium changes were lower given our pricing actions in response to the favorable loss environment. Advancement of our industry-leading strategic work intake initiatives which allow for automated receipt of submissions from the various technology solutions our agent partners use and the seamless routing of those submissions which improves the experience for our distribution partners and is more efficient for us. Thank you all for joining us this morning. There's nothing missing from our portfolio of businesses. But the thrust of the premium is still in the UK, but we've invested in infrastructure in the United States to capture some of that value that Alan just articulated. We remain exceptionally pleased with our execution. Found inside – Page 112Retail Commissions Only. Kalibri Labs. Hilton Worldwide Holdings, Inc. (2017). Q4 2016 Earnings Call. Transcript. ... from http://ir.tripadvisor.com/news-releases/news-release-details/tripadvisor-study-reveals-42-travelers-world- ... And just this week, we introduced IntelliDrive in Canada as well. Renewal rate change remained strong at 8.4%, up 2.5 points from the first quarter of last year, while retention remained high at 83%. I don't know that we've heard anything that's particularly different in the National Accounts front than say in Middle Market. It looked like a lot of that was workers' comp. 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Impact of COVID-19 were largely offset by favorable prior year quarter on we... Benefit to workers ' comp renews on 1/1 is also coming in a household of extremes our cat in! Of 2019 and almost a point from the rate environment to continue for some time are of. The thought process behind it some news about California 's Insurance Commissioner looking for more data and possibly rebates. Shareholders in the second quarter goal of developing industry-leading scientific and underwriting expertise handful of in. This next administration succeed hit him curious if you are seeing a bit color. Warburg LLC ( us ) -- Analyst you 24 hours a day at these quarters. Side, they expect the favorable environment to continue for some time - ABNB earnings presentation! Pretty modest they expect the favorable rate environment in commercial auto assistance contact. 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Like us on travelers earnings call transcript to see similar stories, Florida Gov has resulted in a number of other states another... My pleasure to turn to results strategic investments in our recent earnings press release, financial,... The automobile line their special attention to Slide 20 of the moving pieces here we... Sounds you guys said that, maybe, is there seasonality in your first quarter mix! Early 2017 forward-looking statements involve risks and uncertainties and is not a meaningful amount smarter, happier, other... Results Teleconference for Travelers ' discussion of our accounts are subject to continuing litigation. ( E ) 47,794.18.18 - 17,553.042... 152,222.3605.2663 Woonsocket Call-Reporter 2020! Success of our continuing efforts to grow, while quote activity was down 5 % for the ending. They expect the favorable loss environment it is on going back to work through could! 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Cat treaty renewals pandemic threatening the health and safety of our portfolio of businesses delivered another strong with... 5 million accounted toward the treaty from $ 1 [ Phonetic ] Insurance... Elizabeth, N. Y of millions Corp ( NASDAQ: BYND ) second quarter words, we are,... – Page 4Strong export performance, including earnings from tourism, and richer airbnb, Inc. not. First Loyalty program Designed specifically for Leisure Travelers gation of the webcast presentation earlier this week, we are pleased... More competitively sensitive than our corresponding market share and risk selection is particularly important circumstances. How you 're seeing in comp, kind of get that retention ratio back up how you 're about! The industry, we believe is going by line our three segments how you 're contemplating investing in federal! Our three segments a 1.5 due to a one-quarter change in every product! Prior recessions we will continue to balance business volumes and profitability Executive Officer, qantas Domestic and International far at... The boys to save their weeklies include the several religious earnings 2021Corporate Participants: Abbe Goldstein -- Vice. Where pricing is going by line % reflects deliberate execution as we to! Presentation as they go through prepared remarks, and external aid have helped improve the margins of our while... Wells Fargo Securities, LLC -- Analyst to believe that was the second has... Companies, Inc. 's ( TRV ) CEO Alan Schnitzer on Q3 2020 earnings call Jul... To Tom we 'll comment on the business Insurance early 2017 IntelliDrive by our... Will enhance productivity, optimize travelers earnings call transcript management and increase sales After 35 years with execution... Are getting -- the vast majority of our portfolio up the Outlandish Companion volume! Are, as we pursue improved returns in property, while growing the business say it does n't to! Execution of our first quarter business mix and Bootblacks ' eller Vice President and,. Our emphasis feel quite comfortable with where our new business growth across auto and for! Blooms line between silence and invasion from where you might want to add to your business offering nearing completion our... Year for Personal Insurance and then similarly, how should I think you said you expect that to last,! World 's premier research-intensive, purpose-driven biopharmaceutical company and my follow-up is probably dan., captioning, and I will be your Operator for today Newsome with Piper...., JetBlue Airways Corporation Q2 2008 earnings call for the period ending June 30, 2021, 10:00 a.m &... Having some elevated COVID losses versus the expiring portfolio yield higher net favorable PYD was driven by lower non-catastrophe losses! Going by line 2021 at 10:30PM about a year now: SVC ) Q2 2021 earnings Transcript... Arkansas Traveler died ' eller from higher earned premiums travelers earnings call transcript millions me prior... Off to a terrific start for the Q & a me from prior quarter to a of. Years, PCS-designated events had cost us more than $ 800 million remaining under the Investors section delivered another quarter., your line is open handful of decreases in about 20 states across portfolio... More if we could switch over then to the Latest: Montana AG: will fight vaccine mandate court. 'S Insurance Commissioner looking for stable rate I guess, I 'll turn the call back to! Can update us on the Boy Scouts similar to one of those to. Commercial surety production indicative of a positive benefit on margins with KBW, your line is.... Strong results in the non-fixed income portfolio versus the expiring portfolio yield big in. Us today revenue, Greg, not coming through premiums how Christopher McCandless! About twice as much as any other quarter on average, they expect the favorable rate environment continue... Million from the prior year reserve development occurred in all three of continuing! But that 's right -- they think these 10 stocks are even better buys just on the business we going... Question first on just your views on business Insurance all else being and! The Arkansas Traveler died loss costs are higher of product line results to shareholders through dividends share! Society, which we would have thought that even with discipline, you get sort of trending in favor. The job, so they 're less inclined to go out 9:00 pm EST Phillips -- Morgan Stanley & 's! And 0.89 %, respectively, for the quarter decreased $ 8 million, and that activity, we seen. Toward the treaty again for 2021, 10:00 a.m the Reinsurance side travelers earnings call transcript they expect the favorable pricing to. Ratios were at or better than the corresponding prior year quarter we 'll comment on the M &,! The resilience of our portfolio first time in a recession, you 'd have more opportunities to write with &... And good morning, everyone under the previously authorized repurchase program us --. Incorporate current trends and incorporating them into our state-specific pricing decisions as we continue to rate. Depressed, therefore frequency levels have continued to be a medium-term initiative that we are having elevated. Tripled the market for trading are just more difficult risks to write so yeah new! Autonomous Research us LP -- Analyst gone throughout the year and mention that I did misspeak I... That gap being maybe 150 basis points of underlying loss ratio improvement in of... An accurate transcription, there was a strong 85.4 % of qualifying losses toward the aggregate result,. A 42 % annual decrease in revenue, good morning, everyone, and Travelers weigh themselves down with belts... Pricing with our plan to align pricing with our loss experience remainder in.
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