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RLI Corp (NYSE:RLI)
Q3 2019 Earnings Call
Oct 17, 2019, 11:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning, and welcome, ladies and gentlemen to the RLI Corp Third Quarter Earnings Teleconference. At the request of the Company, we will open the conference up for questions and answers after the presentation. Before we get started, let me remind everyone that through the course of the teleconference, RLI management may make comments that reflect their intentions, beliefs and expectations for the future. As always, these forward-looking statements are subject to certain risk factors, which could cause actual results to differ materially.

These risk factors are listed in the Company's various SEC filings, including the Annual Report on Form 10-K, which should be reviewed carefully. The Company has filed a Form 8-K with the Securities and Exchange Commission that contain the press release announcing third quarter results.

RLI management may make reference during the call to operating earnings and earnings per share from operations, which are non-GAAP measures of the financial results. RLI's operating earnings and earnings per share from operations consist of net earnings after the elimination of after-tax realized gains or losses and after-tax unrealized gains or losses on equity securities. RLI's management believes these measures are useful engaging core operating performance across reporting periods, but may not be comparable to another company's definition of operating earnings. The Form 8-K contains a reconciliation between operating earnings and net earnings. The Form 8-K and press release are available at the Company's website www.rlicorp.com. That's www.rlicorp.com.

I would now like to turn the conference over to RLI's Chairman and CEO, Mr. Jonathan Michael. Please go ahead, sir.

Jonathan E. Michael -- Chairman, President and Chief Executive Officer

Thank you, and good morning. Before we get started, I want to introduce you to Aaron Diefenthaler, our Chief Investment Officer. Aaron has recently taken over Investor Relations and he maintains responsibility for our invested asset portfolio. Many of you already know AD and he has been a core member of the team for nearly eight years.

Aaron will get us started then we'll be glad to answer your questions at the end of our prepared remarks. Aaron.

Aaron P. Diefenthaler -- Vice President, Chief Investment Officer & Treasurer

Thanks, John. Welcome to RLI's Third Quarter Earnings Call for 2019. Apart from John, we are joined by Craig Kliethermes, President and Chief Operating Officer and Todd Bryant, Chief Financial Officer. First, Todd will give some brief opening comments on the quarter's financial results. Next, Craig will talk about operations and market conditions.

As John referenced, we will then open the call to questions. And he will close with some final thoughts. Todd.

Todd W. Bryant -- Vice President, Chief Financial Officer

Thanks, Aaron. And good morning everyone. Last night, we reported third quarter operating earnings of $0.57 per share, up 24% from the same period last year. Notable improvements in both underwriting and investment income were accompanied by increased momentum on the production side, as gross premiums written advanced 16% in the quarter.

Cash flow from operations remained strong at $81 million for the quarter and $187 million on a year-to-date basis. At $22.30 per share, book value has grown 27% since year-end, inclusive of dividends. From a top line standpoint, as mentioned, gross premiums written were up 16% in the quarter. The growth we've experienced over eight quarters has accelerated recently.

The majority of products in our diversified portfolio participated in this trend, excluding previously announced exits and repositioning. By segment, Casualty was up 16% and Property advanced 24%, as the rate environment improved and submission counts increased in both.

Surety premium declined 2% in the quarter, modestly improved from prior two quarters trend. Craig will talk more about our products and market conditions in a minute. From an underwriting perspective, we posted a combined ratio of 93.5 compared to 96.1 a year ago. Our loss ratio declined 3.3 points, as benefits from prior year's reserve development increased and casualty losses declined. Net of expenses prior year's reserve benefits totaled $12 million, while catastrophe losses from Hurricane Dorian and Tropical Storm Imelda totaled $3 million.

From a segment perspective, the majority of favorable reserve development was in casualty with notable amounts from general liability, excess liability which we often refer to as umbrella, professional services and transportation. For more recent years, we remain cautious in our approach to reserving, particularly on auto-related exposures, newer product initiatives, and those with outsized growth relative to prior periods.

From an expense standpoint, on a comparative basis, drivers of performance-based compensation have improved adding 1 point to the expense ratio in the quarter and 1.5 points on the year-to-date basis. In addition, we continue to invest in technology, including within our Surety segment, which also has an impact on the expense ratio.

Overall, we are pleased with the underwriting performance of each of our segments. For the first three quarters of the year, our diversified portfolio continues to deliver solid results. On to investments, which again contributed to book value growth, both stocks and bonds offered positive results and total return came in at 1.9% for the third quarter.

Investment income was up 7% in the quarter, despite some dividends being recognized in the second quarter as mentioned on our last call. Portfolio growth will be the primary support for income going forward with lower reinvestment rates now well established. All in all, a solid quarter. Operating income and investment performance drove book value to near $1 billion or $22.30 per share, up 27% from year-end adjusted for dividends.

And with that, I'll turn the call over to Craig..

Craig W. Kliethermes -- President and Chief Operating Officer

Thanks, Todd. And good morning everyone. A pretty good quarter by all accounts with top line premiums up 16% and a 93.5 combined ratio. Year-to-date, we reported 9% growth with the 92 combined. We are beneficiaries of disruption that has been broadly observed in automobile liability, excess casualty, management liability, marine and many catastrophe-exposed product lines.

Pain is being felt from under pricing for loss cost inflation and by many who have painted with a broad brush for too long. At RLI, we value the old masters who use a fine tip sable hair brush to color our campus. With an improving rate environment, the market continues to come back to the disciplined underwriter, creating significant top line momentum. We pride ourselves in stability and consistency of appetite, which is enhanced by our underwriting and claim teams with deep knowledge and a long presence in our chosen markets. Let me provide a little more detail by segment. In Casualty, we grew 16%, while reporting a 98 combined ratio. Rates across casualty increased 9% for the quarter, more than 300 basis points better than last quarter. The largest rate increases were felt in our management liability, transportation and excess liability businesses, where larger casualty limits are deployed.

Growth was widespread in our casualty portfolio, but to a greater extent where we have observed significant market retrenchment. Increasing rates, shortening of limits and higher attachment points have become more commonplace. We also see a few competitors throwing in the towel and select classes and geographies. We are not immune from the impact of social inflation, so we welcome the opportunity to take rate wherever available.

We remain cautious in this environment, but we have experienced underwriters and claim staff who share information regularly and we have navigated these waters before. Despite the claim environment, we still find that primary liability coverages with lower limits and workers compensation remain very competitive.

Casualty submission flows are generally up, which creates more opportunity, but there's still a lot of underpriced business looking for a home. Opportunities exist for underwriting companies that know how to select risks that are appropriately priced. Overall for Casualty, we are pleased that we are realizing a lot of growth from improving rate levels and that growth is coming in established products with experienced teams that have a long track record of success.

In Property, we grew 24% for the quarter and reported a 85 combined ratio. A few win-related events resulted in a moderate amount f catastrophe losses for the quarter. Overall, rates were up 6% across the portfolio with slightly larger increases in our ocean marine [Phonetic] and catastrophe win products.

Albeit relatively moderate, our earthquake business realized its first quarterly rate increase in six years. We continue to see increased submission flow across all property products in this segment. In Surety, we were down 2% on the top line, while reporting an 82 combined ratio. This remains our most consistently profitable segment, but also the most challenged by market conditions. Growth has also been hindered a bit by our decision to exit a program for underwriting reasons. All of our major surety products groups remain profitable. We continue to see some pretty aggressive competition in this space and feel the prudent approach is to mine our existing accounts and relationships, widen our moat and opportunistically write new business.

Overall, a good quarter for us. Underwriting profit and growth is represented across most of our diversified portfolio products. We continue to stick to the basics of skillful underwriting and claim resolution and let the market come to us where our disciplined approach can carry the day. At RLI, we focus on the fundamentals and what we know works, sometimes being different, means having the courage of your convictions and forging your own path. Avoiding big bets and for glowing the glitter [Phonetic] is boring to some but to others, boring could be beautiful.

I want to thank all of our RLI owner associates for the hard work and commitment they put into deliver another good result for our shareholders who never get bored of differentiating performance. I'll now turn it back to Aaron who will open it up for questions.

Aaron P. Diefenthaler -- Vice President, Chief Investment Officer & Treasurer

Thanks, Craig. Operator, we can now take some questions.

Questions and Answers:

Operator

The question and answer session will now begin. [Operator Instructions] We'll now take our first question from Christopher Campbell. Please go ahead, sir. Mr. Campbell, your line is now open. Please go ahead with your question.

Christopher Campbell -- KBW -- Analyst

Hello.

Todd W. Bryant -- Vice President, Chief Financial Officer

Yes, we can hear you.

Christopher Campbell -- KBW -- Analyst

Okay, great. So, yes, just a few -- I'm sorry, that wasn't working. So I guess just you had talked a little bit about the rates. So if we're looking at, I guess just commercial auto, what were your rates there this quarter?

Jonathan E. Michael -- Chairman, President and Chief Executive Officer

For transportation business in general, I mean, we were able to achieve the double-digit rate increase again this quarter, which is about the pace we've achieved the last three years.

Christopher Campbell -- KBW -- Analyst

Okay, great. And I was like looking back at your slide deck, your kind of the overview deck, and how you guys have that pie chart that shows the breakdown of product lines within each segment. I was just curious, is there anything in that pie that isn't profitable right now on a calendar year or an accident year basis? Where you would need more rate?

Craig W. Kliethermes -- President and Chief Operating Officer

Chris, this is Craig. I mean, I don't have the pie chart in front of me, but I mean we always have products that we'd like to be performing a little bit better and obviously we'd like to get rate in every product if it's available. So I mean, I would say what I said before is, eight or nine out of 10 of those products are performing very well. There is always a product that we're always working on. Sometimes it changes from quarter-to-quarter, but I think we're pretty good about addressing the problems and for sure our underwriters are aware of who that one or two out of 10 is not performing, they know who they are.

Christopher Campbell -- KBW -- Analyst

Got it. And then, I mean obviously the rates and production, new submissions have benefited from increased competitor discipline. I guess like how sustainable should we be thinking about that discipline, because I was reading a few days ago about Lloyds kind of going back to a growth mode in 2020 and then how would that impact some of the lines where you'll be able to benefit from higher submissions and higher rates this year?

Craig W. Kliethermes -- President and Chief Operating Officer

Well, Chris, this is Craig. I wish I could predict the future, but I can't. Obviously, we'd like to take advantage of the market when it presents itself when the opportunities present themselves. But I mean I think there are some pain out there. I mean I've attended a lot of the conferences, I've seen people write about some of these conferences, there's widespread talk about inflation and excess liability, some bigger claims in that space that I think has some people concerned and obviously anytime you're dealing with long-tail liabilities, which may or may not reveal themselves in reserves yet, I think there is always some a little bit of fear concern in people. So we're hoping that's a little longer-lasting.

Christopher Campbell -- KBW -- Analyst

Okay. Got it. And have you guys started to see any social inflation kind of creeping into any of your own [Phonetic] losses?

Craig W. Kliethermes -- President and Chief Operating Officer

Well, most. I mean I would say from a data standpoint, I don't think we've seen that yet, although I will tell you anecdotally that our claim department has expressed some concern about that. We are watching it closely and we'll continue to try to take rate and be somewhat cautious in regards to our booking ratios in casualty as long as we have that concern.

Christopher Campbell -- KBW -- Analyst

Okay, got it. And then just one last one, just kind of curious, since you guys have done stock splits in the past. Last one was around like $0.97 [Phonetic] a share, and you guys are getting close now. So how should we think about a potential stock split?

Jonathan E. Michael -- Chairman, President and Chief Executive Officer

So, it's just -- that really doesn't mean a whole lot to me, this is John Michael. So we're not thinking about the stock split.

Christopher Campbell -- KBW -- Analyst

Okay. All right, great. Well, thank you for all the questions. Best of luck in fourth quarter.

Jonathan E. Michael -- Chairman, President and Chief Executive Officer

I appreciate, Chris.

Craig W. Kliethermes -- President and Chief Operating Officer

Thanks Chris.

Operator

[Operator Instructions] We will now proceed with our next question with Randy Binner. [Phonetic] Please go ahead.

Randy Binner -- Analyst

Hi, good morning. Thanks. So I have a follow-up on the social inflation question. And I guess just specifically, it's about the trial bar and so I've always considered the trial bar to be a pretty significant risk factor for casualty claims. But from all the anecdotal things we read it, I guess it's worse now or is it the same as it was before or is trial bar involvement and success in prosecuting casualty claims getting in more significant. I'd like to -- the rate of change is interesting to me because it's certainly talked about more, it's hard for me to tell if it's really changed that much.

Craig W. Kliethermes -- President and Chief Operating Officer

Randy, this is Craig. I mean I can share with you anecdotal stories that I've heard from our claim department again from our -- I don't see it necessarily in our results yet, but we're watching for it. I mean, I think they would comment that the plaintiff bar there is a small but growing number of skilled plaintiff bar attorneys that are fairly narrowly focus. They do a good job, communicating and sharing their strategies and better than they have in the past, whether that be through conferences or core TV or there's a lot of other ways to get your strategies out there and then maybe which had before.

And I think when they run across the right set of circumstances, when we have the right defendant, the right plaintiff, the -- a good set of facts with big limits and maybe in a high exposure jurisdiction. I think they've done a particularly good job of extracting some pain. I think there's also been a change in mentality just in people in general in regards to what the value of a dollar is or what the value of a million dollar settlement is, I mean I think that you hear more every day about, we've got a lot of billionaires in this country. And I think people become immune to what a $1 million is worth.

So you put that in front of a jury. I think they do a good job answering people, I think they've done a good job with set in the jury's psychology and generally desensitizing people to the value of money. And so I think the willingness of juries to hand out bigger I'll say seven digit, eight digit verdicts is probably on the rise. We're fortunate we don't put out very big limits, so we haven't felt that like probably some other people have. But certainly, it's an area of concern, an area that we want to watch.

Randy Binner -- Analyst

All right. I appreciate the color. I have two quantification questions to follow up. One is, did you quantify how much excess and surplus lines submission activity is higher and just looking kind of like that flow of submission activity this quarter or year-to-date versus the year ago period?

Craig W. Kliethermes -- President and Chief Operating Officer

Yes. Randy, I do have that. I mean, I think we've seen high-single digit increases in submissions in the E&S space. I mean, frankly we've actually seen increase in submissions in other spaces actually at a higher rate than E&S. I just want to just make sure that we put a little placeholder here. I mean only a third of our business is in the E&S space. So I just want to make sure the people understand that, two-thirds of our business is in admitted specialty space or surety. So, but certainly, we've seen an increase in submissions in the casualty side and the property side for that matter more recently.

Randy Binner -- Analyst

Is it a similar level of growth that you -- in a high-single digit?

Craig W. Kliethermes -- President and Chief Operating Officer

Yes.

Randy Binner -- Analyst

Okay. And then did you quote an overall casualty rate increase. You said 6% for property overall. Was that overall casualty number?

Craig W. Kliethermes -- President and Chief Operating Officer

I did Randy, it was 9%.

Randy Binner -- Analyst

Right, super. Thanks a lot.

Operator

Thank you. We will now take our next question from Ronald Bobman [Phonetic]. Please go ahead.

Ronald Bobman -- Analyst

Hi, thanks a lot. Congrats on the results. Again, could you profile the management liability book and where you're sort of seeing opportunity there?Thanks.

Craig W. Kliethermes -- President and Chief Operating Officer

Ron, this is Craig Kliethermes, you said medical?

Ronald Bobman -- Analyst

Management liability.

Craig W. Kliethermes -- President and Chief Operating Officer

I'm sorry. Yes. So sometimes we refer to that as our executive products group. So I don't want to confuse anybody. I mean that's pretty broad felt. I mean, obviously that includes public D&O, as well as side A [Phonetic] private fiduciary employment practices liability fidelity products. So, I mean it's a pretty diversed portfolio products there, and we're seeing increased submission flow, increased rates across the board pretty much in that product line.

Ronald Bobman -- Analyst

And where do you play, primary only and what are your limits profile. That's it from me. Thank you.

Craig W. Kliethermes -- President and Chief Operating Officer

Well, we can, typically, we would have put out $10 million limits although for public ABC that's side A in public ABC are probably our two biggest products in that group. They probably make up a little less than half of the portfolio and those would typically be $10 million on ABC and we could go as high as $25 million on side A, but it's fairly rare and we significantly reinsure that book of business through a quota share that's excess by the way pretty much side A we will play primary but public ABC is only on an excess basis and typically a little higher attachment points.

Ronald Bobman -- Analyst

Thanks for all that, what does the reinsurance bring you down to on a net basis, then I'm truly done.

Craig W. Kliethermes -- President and Chief Operating Officer

I believe we placed 70% of that on a quota share basis.

Ronald Bobman -- Analyst

Great, thanks, gentlemen. Continued good luck and success.

Craig W. Kliethermes -- President and Chief Operating Officer

Thank you.

Operator

[Operator Instructions] We'll now go to our next question from Jamie Ingalls [Phonetic]. Please go ahead, sir.

Jamie Ingalls -- Analyst

Good morning, guys. I got a question about the -- in the release, Jon Michael says -- focused on using capital generated from our businesses to selectively expand our footprint. And I don't want to mean to parse words here but is that mean what I would think that's where business as usual grow where you can where this is might be profitable or does footprint referred to some geographic distribution or product line distribution?

Jonathan E. Michael -- Chairman, President and Chief Executive Officer

It really means to grow what we know, that's what it was meant to be that we're really focusing on what we have and expanding in certain lines of business out, but -- grow what we know is what it means. And we've use that quite a bit.

Craig W. Kliethermes -- President and Chief Operating Officer

Might probably reference to, we had some, maybe a little bit more growth in some of the newer initiatives to Jon's point if you go back, call is going back year, and a half and we're really seeing to Jon's point a lot of growth in those mature coverages today.

Jamie Ingalls -- Analyst

Got it. Okay, great. Thank you.

Operator

Thank you. We will now take our next question from Mark Dwelle. Please go ahead.

Mark Dwelle -- RBC -- Analyst

Yes, good morning. We'll give Aaron a question here since he hasn't had a chance to jump in yet. Is there anything you're contemplating from an investment standpoint in view of lower interest rates. Any shifts in either class or duration or quality, whatever anything you might be thinking about there?

Aaron P. Diefenthaler -- Vice President, Chief Investment Officer & Treasurer

That's really not the case for us at the present time, Mark. We are happy to have stronger operating cash flow to put to work in a portfolio and as Todd referenced, portfolio growth is a meaningful support to the income profile that we can provide. And so we are not making major shifts to try to reach for yield or maintain that in another way.

Mark Dwelle -- RBC -- Analyst

Okay, thank you. Second question is just kind of a numbersy question, but the proportion of net-written premiums to gross-written premiums in both the casualty and property segment was a little bit lower than the recent run rates. Is there any particular reason for that or maybe some mix or something like that?

Aaron P. Diefenthaler -- Vice President, Chief Investment Officer & Treasurer

Yes, that is nothing particular. There is a little, we'll get a shift in mix from time to time. We have had on occasion if you looked over the different periods Mark, small amounts of reinstatement premium at different points, but nothing material from -- outside of some mix changes a bit.

Mark Dwelle -- RBC -- Analyst

Okay. A question for Craig, -- I mean, just kind of characterizing the tone and feel of the market as you're looking at the pricing environment, the submission flow, etc. Everybody always uses baseball analogy, some may use the football analogy, I mean are you -- are we on the 20-yard line of this market environment, are we on the 50-yard line in the red zone, where would you say we are right now?

Todd W. Bryant -- Vice President, Chief Financial Officer

Mark, before he answers, this is Todd, he is Kansas City Chiefs fan, so any of this could be colored by that.

Craig W. Kliethermes -- President and Chief Operating Officer

Yeah, I don't know. This is Craig. I wish I could -- I wish I can answer to this question. So I mean -- it still feels early on. I mean I hear a lot, certainly the reinsurers are talking up a lot about loss cost inflation and the need for rate, they postured like this before. So I can't say that -- it feels a little different. But -- and hopefully we're just getting started.

Mark Dwelle -- RBC -- Analyst

Okay. Just the start of -- just the start of a successful touchdown drive.

Todd W. Bryant -- Vice President, Chief Financial Officer

We'd like to start on the 40-yard line just to be clear in Kansas City.

Mark Dwelle -- RBC -- Analyst

Yes, you probably are actually. Relative to some of your peers, you certainly are already on the 40. I guess the last question that I have and this is one that I have been asking for a long time, it's for Jonathan just, this is the time of the year where your board often considers payment of a special dividend, could you just kind of rehearse for us, the things that they will be thinking about and what might go into that decision, should they make such a thing later this year?

Jonathan E. Michael -- Chairman, President and Chief Executive Officer

Well, Mark, if we have a stock split as suggested, that's because there [Phonetic] would be less than what it otherwise would be. So now we would rather use our capital, I've said this before, to grow our existing business, A. Use our capital to expand our business, that would be B. And the event that we cannot do those things, then we would give it back to the shareholders. So those are the things that our Board will be looking at, those are the things that management is looking at. So, I flippantly spoke about a stock split because everybody in this room knows that I just kind of don't think much of splits. But don't consider that as well -- when the time comes -- so -- but thanks for the question.

Mark Dwelle -- RBC -- Analyst

Okay. Sure. Thanks. No more from me, thanks.

Operator

Thank you. [Operator Instructions] We'll now take our next question from Jeff Schmitt. Please go ahead.

Jeff Schmitt -- William Blair -- Analyst

Hi, good morning everyone. Looking at the casualty premium growth, 16% you said average rate there was 9%. What was that growth, I guess if you exclude the recent exits. So the healthcare facility, the GL for REITs in-- I think lowering the prime quota share. What would that growth have been excluding that?

Jonathan E. Michael -- Chairman, President and Chief Executive Officer

Yes, it would have been -- in the quarter, it would have been 25%.

Jeff Schmitt -- William Blair -- Analyst

Okay. And I guess with 9% rate, just looking at the underlying combined is around 69%, it looks like which -- what it was last quarter, which is what it was last year. I guess surprised to not see that drop if you had 6% rate in casualty last quarter, 9% now, why isn't that dropping more. I know there's some business mix shift, maybe a more conservative posture on new business, but what's the loss cost trend there. I mean it seems pretty high.

Craig W. Kliethermes -- President and Chief Operating Officer

Jeff, this is Craig Kliethermes. Just to be clear, so the rate increase for casualty year-to-date is about 6%. So, and I think for -- we have just to be a little more cautious. I think we've upped our severity assumptions in regards to loss cost inflation by about a point. So I think we're up to about 5% or so for loss cost inflation on our casualty portfolio is what -- at least what we're assuming. So really only about a point above what we are assuming is loss cost inflation. So you're not going to see a lot of that drop to the bottom line until you start earning premium either. So, I don't know if Todd wants to add anything to that.

Todd W. Bryant -- Vice President, Chief Financial Officer

No, I think that's the bulk. We're going to -- I had -- kind of had that in my opener. We're going to continue to be cautious with growth and with real estate and the commercial auto side.

Jeff Schmitt -- William Blair -- Analyst

Okay. And just a question on the E&S business, are you seeing any, we're hearing some people talk about how some standard business is sort of not being renewed and kicking over into E&S, are you seeing any of that?

Todd W. Bryant -- Vice President, Chief Financial Officer

I'm sorry, that is not being kicked over or it is being kicked?

Jeff Schmitt -- William Blair -- Analyst

It was written by standard insurer, and then they're not renewing it and sort of pushing it into the E&S market.

Todd W. Bryant -- Vice President, Chief Financial Officer

Jeff. I'm not sure we're a good -- I mean the litmus test for the whole industry because our E&S business is so concentrated in construction space, but I certainly I think in the habitational space you're seeing probably even more disruption than we are seeing and we don't really do much in that space. I mean, from our underwriters in the field, I still hear complaining about admitting carriers in our space. So I can't really comment on exiting our space.

Jeff Schmitt -- William Blair -- Analyst

Okay, thank you.

Operator

Thank you. Ladies and gentlemen, if there are no further questions, I would now like to turn the conference back to Mr. Jonathan Michael.

Jonathan E. Michael -- Chairman, President and Chief Executive Officer

Well, thank you all for attending this quarter. It certainly was a satisfying quarter for us, nice top line growth, nice rate increases for the quarter and year-to-date. We do have some tailwind now. We like where we are, we're well positioned to take advantage of things, certainly that experienced underwriters we -- that our noses to the grindstone and so to speak and we're just well positioned for this. So, thanks again for joining us this morning and we'll talk to you next quarter. Thanks.

Aaron P. Diefenthaler -- Vice President, Chief Investment Officer & Treasurer

Thank you.

Operator

Ladies and gentlemen, if you wish to access the replay for this call, you may do so by dialing 1-888-203-1112 with an ID number of 138-6542. Once again, the number is 1-888-203-1112, and the ID is 138-6542. [Operator Closing Remarks]

Duration: 35 minutes

Call participants:

Jonathan E. Michael -- Chairman, President and Chief Executive Officer

Aaron P. Diefenthaler -- Vice President, Chief Investment Officer & Treasurer

Todd W. Bryant -- Vice President, Chief Financial Officer

Craig W. Kliethermes -- President and Chief Operating Officer

Christopher Campbell -- KBW -- Analyst

Randy Binner -- Analyst

Ronald Bobman -- Analyst

Jamie Ingalls -- Analyst

Mark Dwelle -- RBC -- Analyst

Jeff Schmitt -- William Blair -- Analyst

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