Cincinnati Financial Corp. (NASDAQ:CINF) Q4 2015 Earnings Conference Call - Final Transcript

Feb 04, 2016 • 11:00 am ET


Cincinnati Financial Corp. (NASDAQ:CINF) Q4 2015 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen. My name is Sally and I will be your conference operator today. At this time, I would like to welcome everyone to the Cincinnati Financial Corporation's Fourth Quarter 2015 Earnings Conference Call. [Operator Instructions]

I will now turn the conference over to Dennis McDaniel, Investor Relations Officer. Please go ahead Mr. McDaniel.

Dennis McDaniel

Hello. This is Dennis McDaniel. We thank you for joining us for our fourth quarter 2015 earnings conference call. Late yesterday, we issued the news release on our results, along with our supplemental financial package, including our quarter-end investment portfolio. To find copies of any of these documents, please visit our investor website,; the shortest route to the information is the Quarterly Results link in the navigation menu on the far-left.

On this call you'll first hear from Steve Johnston, President and Chief Executive Officer; and then from Chief Financial Officer, Mike Sewell. After their prepared remarks, investors participating on the call may ask questions. At that time, some responses maybe made by others in the room with us, including Cincinnati Insurance Company's Executive Committee Chairman, Jack Schiff, Jr.; Chairman of the Board, Ken Stecher; Chief Insurance Officer for the Cincinnati Insurance Company, J.F. Scherer; Principal Accounting Officer, Eric Matthews; Chief Investment Officer, Marty Hollenbeck; and Chief Claims Officer for Cincinnati Insurance, Marty Mullen.

Please note that some of the matters to be discussed today are forward-looking. These forward-looking statements involve certain risks and uncertainties. With respect to these risk and uncertainties, we direct your attention to our news release and to our various filings with the SEC. Also a reconciliation of non-GAAP measures was provided with the news release. Statutory accounting data is prepared in accordance with statutory accounting rules, and therefore, is not reconciled to GAAP.

And now, I'll now turn the call over to Steve.

Steve Johnston

Thank you, Dennis; and good morning. I'm speaking with you today from Murfreesboro, Tennessee. This week, we began our annual tour of sales meetings with our independent agents in more than 20 states. Meeting with agents is essential to our relationship-oriented, agency-centered strategy that reflects our culture, where we believe actions speak louder than person.

There are many benefits to strengthening those relationships and getting information on a first-hand basis. And being with agencies energizes our local and headquarters' management teams. We enjoy this chance to thank our agents in-person for all they contribute to the success of Cincinnati Insurance. Their trust in us to serve the people and businesses in their communities produced another great year of underwriting profit and premium growth.

Next, I want to highlight our financial performance and reiterate our confidence in our strategy, in our ability to execute it well. The strong operating results we reported for the fourth quarter and for the full year 2015 continue to reflect the steady effort by our associates as we carefully underwrite and price policies, provide overwhelming claim service, manage investments and provide support for our operations and agency partners. Excellent company performance