First Quarter 2020 Core Income per Diluted
Share of $2.62 and Core Return on Equity of 11.5%
- First quarter net income of $600 million and core income of
$676 million.
- Catastrophe losses of $333 million pre-tax compared to $193
million pre-tax in the prior year quarter.
- COVID-19-related net charges of $86 million pre-tax ($68
million after-tax) included in underwriting gain.
- Consolidated combined ratio of 95.5%; underlying combined ratio
of 91.3%.
- Net written premiums of $7.346 billion, up 4%; reflecting
growth in all segments.
- Total capital returned to shareholders of $681 million,
including $471 million of share repurchases.
- Book value per share of $99.69; adjusted book value per share
of $92.63.
- Board of Directors declares regular quarterly cash dividend of
$0.85 per share, an increase of 4%.
The Travelers Companies, Inc. today reported net income of $600
million, or $2.33 per diluted share, for the quarter ended March
31, 2020, compared to $796 million, or $2.99 per diluted share, in
the prior year quarter. Core income in the current quarter was $676
million, or $2.62 per diluted share, compared to $755 million, or
$2.83 per diluted share, in the prior year quarter. Core income
decreased primarily due to higher catastrophe losses, partially
offset by a higher underlying underwriting gain (i.e., excluding
net prior year reserve development and catastrophe losses). The
improved underlying underwriting gain was adversely impacted by net
charges of $86 million pre-tax ($68 million after-tax) associated
with COVID-19 and related economic conditions. Net realized
investment losses in the current quarter were $(98) million pre-tax
($(76) million after-tax), driven by the mark-to-market impact on
the Company’s equity investments caused by the recent disruption in
global financial markets, compared to net realized investment gains
of $53 million pre-tax ($41 million after-tax) in the prior year
quarter. Per diluted share amounts benefited from the impact of
share repurchases.
Consolidated Highlights
($ in millions, except for per share
amounts, and after-tax, except for premiums and revenues)
Three Months Ended March
31,
2020
2019
Change
Net written premiums
$
7,346
$
7,057
4
%
Total revenues
$
7,908
$
7,671
3
Net income
$
600
$
796
(25
)
per diluted share
$
2.33
$
2.99
(22
)
Core income
$
676
$
755
(10
)
per diluted share
$
2.62
$
2.83
(7
)
Diluted weighted average shares
outstanding
255.9
264.8
(3
)
Combined ratio
95.5
%
93.7
%
1.8
pts
Underlying combined ratio
91.3
%
91.6
%
(0.3
)
pts
Return on equity
9.4
%
13.5
%
(4.1
)
pts
Core return on equity
11.5
%
13.0
%
(1.5
)
pts
As of
March 31, 2020
December 31, 2019
Change
Book value per share
$
99.69
$
101.55
(2
)%
Adjusted book value per share
92.63
92.76
—
%
See Glossary of Financial Measures for definitions and the
statistical supplement for additional financial data.
“The events of the last few months have been challenging, and
our hearts go out to all those affected by the COVID-19 global
pandemic,” said Alan Schnitzer, Chairman and Chief Executive
Officer. “We appreciate the thoughtful actions taken by our
government leaders, at all levels, to support individuals and
businesses. In addition, we would like to extend our deep gratitude
for the heroic efforts of healthcare workers and first responders,
as well as the contributions from food, delivery and all other
essential workers. I would also like to acknowledge and thank my
30,000 colleagues for their exceptional response to this crisis.
Due to their commitment, resourcefulness and compassion, we have
continued to seamlessly serve our customers, agent and broker
partners and communities. As a company, we are grateful that we are
in a position to support those impacted by COVID-19, including
through customer billing relief, our Stay-at-Home Auto Premium
Credit Program, our Distribution Support Plan accelerating the
payment of more than $100 million of commissions for agents and
brokers and a direct $5 million pledge to assist hard hit families
and communities. In addition, consistent with 16 consecutive years
of dividend increases and as a reflection of confidence in our
business, our Board of Directors declared a 4% increase in our
quarterly dividend to $0.85 per share. This dividend payment will
put much-needed cash into the hands of millions of individuals who
own our shares directly and indirectly through their investments in
mutual funds, 401(k) plans and other retirement accounts.
“Turning to our financial results for the first quarter, core
income was $676 million, and core return on equity was 11.5%.
Underlying underwriting income in the quarter was higher than in
the prior year period, benefiting from record first quarter net
earned premium of $7.2 billion and an underlying combined ratio
which improved to 91.3%. These strong underlying results, which
included the impact of charges related to the COVID-19 pandemic,
were more than offset by higher catastrophe losses. Our
high-quality investment portfolio generated net investment income
of $519 million after-tax. These results, along with our strong
balance sheet, enabled us to return $681 million of excess capital
to our shareholders this quarter, including $471 million of share
repurchases.
“We grew net written premiums by 4% in the quarter to more than
$7.3 billion, with all segments contributing. In Business
Insurance, renewal premium change was 7.8%, including renewal rate
change of 6.2%, while retention remained very strong. In Bond &
Specialty Insurance, net written premiums increased by 13%,
reflecting strong production across our Management Liability and
Surety businesses. In Personal Insurance, net written premiums
increased by 8%, with Agency Homeowners up 18% and Agency Auto up
3%, with both lines benefiting from strong production.
“Although there are many uncertainties surrounding COVID-19’s
impact on our global economy and
on us, it has been in the most challenging circumstances
that the strength of our AA-rated franchise and the value we
provide to all of our
stakeholders shine through. Our balance sheet is extremely
strong, our debt-to-capital ratio is comfortably within our target
range, our holding company liquidity of $1.6 billion is well above
our target level and we have a very high-quality investment
portfolio. We have the talent, technology, risk management
processes and procedures, and, importantly, financial strength to
manage through these extraordinary times and to continue to deliver
meaningful shareholder value over time.”
Consolidated Results
Three Months Ended March
31,
($ in millions and pre-tax, unless
noted otherwise)
2020
2019
Change
Underwriting gain:
$
288
$
395
$
(107
)
Underwriting gain
includes:
Net favorable prior year reserve
development
27
51
(24
)
Catastrophes, net of reinsurance
(333
)
(193
)
(140
)
Net investment income
611
582
29
Other income (expense), including
interest expense
(81
)
(63
)
(18
)
Core income before income taxes
818
914
(96
)
Income tax expense
142
159
(17
)
Core income
676
755
(79
)
Net realized investment gains (losses)
after income taxes
(76
)
41
(117
)
Net income
$
600
$
796
$
(196
)
Combined ratio
95.5
%
93.7
%
1.8
pts
Impact on combined
ratio
Net favorable prior year reserve
development
(0.4
)
pts
(0.7
)
pts
0.3
pts
Catastrophes, net of reinsurance
4.6
pts
2.8
pts
1.8
pts
Underlying combined ratio
91.3
%
91.6
%
(0.3
)
pts
Net written premiums
Business Insurance
$
4,190
$
4,163
1
%
Bond & Specialty Insurance
663
587
13
Personal Insurance
2,493
2,307
8
Total
$
7,346
$
7,057
4
%
First Quarter 2020 Results
(All comparisons vs. first quarter 2019, unless noted
otherwise)
Net income of $600 million decreased $196 million due to net
realized investment losses in the current quarter compared to net
realized investment gains in the prior year quarter and lower core
income. Core income of $676 million decreased $79 million,
primarily due to higher catastrophe losses, partially offset by a
higher underlying underwriting gain. The underlying underwriting
gain benefited from higher business volumes but was adversely
impacted by net charges of $86 million pre-tax ($68 million
after-tax) associated with COVID-19 and related economic
conditions. Net realized investment losses were driven by the
impact of changes in fair value on the Company’s equity investments
attributable to the recent disruption in global financial
markets.
Combined ratio:
- The combined ratio of 95.5% increased 1.8 points due to higher
catastrophe losses (1.8 points) and lower net favorable prior year
reserve development (0.3 points), partially offset by a lower
underlying combined ratio (0.3 points).
- The underlying combined ratio of 91.3% decreased 0.3 points.
See below for further details by segment.
- Catastrophe losses included tornado activity in Tennessee, as
well as other wind storms and winter storms in several regions of
the United States.
Net investment income of $611 million pre-tax ($519 million
after-tax) increased 5%. Income from the fixed income investment
portfolio was level with the prior year quarter, as the benefit
from a higher average level of fixed maturity investments was
offset by the impact of lower long-term interest rates. Net
investment income from the non-fixed income investment portfolio
increased over the prior year quarter, primarily due to higher
private equity partnership returns. Included in non-fixed income
investments are private equity partnerships, hedge funds and real
estate partnerships that are accounted for under the equity method
of accounting and typically report their financial statement
information one to three months following the end of the reporting
period. Accordingly, the adverse impact of the disruption in global
financial markets during the
first quarter of 2020 on those investments is not reflected
in the Company’s results for the first quarter of 2020 and will be reflected in the Company’s
results for the second quarter of 2020 on a lagged
basis.
Net written premiums of $7.346 billion increased 4%. See below
for further details by segment.
Shareholders’ Equity
Shareholders’ equity of $25.204 billion decreased 3% from
year-end 2019, primarily due to lower net unrealized investment
gains resulting from higher interest rates and the impact of
changes in foreign currency exchange rates, in both cases
attributable to the recent disruption in global financial markets.
Net unrealized investment gains included in shareholders’ equity
were $2.273 billion pre-tax ($1.785 billion after-tax), compared to
net unrealized investment gains of $2.853 billion pre-tax ($2.246
billion after-tax) at year-end 2019. Book value per share of $99.69
decreased 2% from year-end 2019, also primarily due to the impacts
of higher interest rates on net unrealized investment gains and
changes in foreign currency exchange rates. Adjusted book value per
share of $92.63, which excludes net unrealized investment gains,
was comparable with year-end 2019. Book value per share and
adjusted book value per share both included an adverse impact of
$0.97 due to net unrealized losses resulting from foreign currency
translation.
The Company repurchased 3.8 million shares during the first
quarter at an average price of $124.20 per share for a total cost
of $471 million. Capacity remaining under the existing share
repurchase authorization was $1.361 billion at the end of the
quarter. Also at the end of the quarter, statutory capital and
surplus was $20.808 billion, and the ratio of debt-to-capital was
20.6%. The ratio of debt-to-capital excluding after-tax net
unrealized investment gains included in shareholders’ equity was
21.9%, within the Company’s target range of 15% to 25%.
The Board of Directors declared a regular quarterly dividend of
$0.85 per share, an increase of 4%. The dividend is payable on June
30, 2020, to shareholders of record at the close of business on
June 10, 2020.
Business
Insurance Segment Financial Results
Three Months Ended March
31,
($ in millions and pre-tax, unless
noted otherwise)
2020
2019
Change
Underwriting gain (loss):
$
(99
)
$
57
$
(156
)
Underwriting gain
(loss) includes:
Net favorable (unfavorable) prior year
reserve development
5
(21
)
26
Catastrophes, net of reinsurance
(195
)
(95
)
(100
)
Net investment income
453
427
26
Other income (expense)
(16
)
5
(21
)
Segment income before income
taxes
338
489
(151
)
Income tax expense
49
75
(26
)
Segment income
$
289
$
414
$
(125
)
Combined ratio
102.2
%
98.1
%
4.1
pts
Impact on combined
ratio
Net (favorable) unfavorable prior year
reserve development
(0.1
)
pts
0.6
pts
(0.7
)
pts
Catastrophes, net of reinsurance
5.0
pts
2.5
pts
2.5
pts
Underlying combined ratio
97.3
%
95.0
%
2.3
pts
Net written premiums by market
Domestic
Select Accounts
$
799
$
785
2
%
Middle Market
2,408
2,410
—
National Accounts
301
304
(1
)
National Property and Other
428
387
11
Total Domestic
3,936
3,886
1
International
254
277
(8
)
Total
$
4,190
$
4,163
1
%
First Quarter 2020 Results
(All comparisons vs. first quarter 2019, unless noted
otherwise)
Segment income for Business Insurance was $289 million
after-tax, a decrease of $125 million. Segment income decreased
primarily due to higher catastrophe losses and a lower underlying
underwriting gain, partially offset by net favorable prior year
reserve development in the current quarter compared to net
unfavorable prior year reserve development in the prior year
quarter and higher net investment income. The underlying
underwriting gain benefited from higher business volumes, but was
adversely impacted by charges associated with COVID-19 and related
economic conditions.
Combined ratio:
- The combined ratio of 102.2% increased 4.1 points due to higher
catastrophe losses (2.5 points) and a higher underlying combined
ratio (2.3 points), partially offset by net favorable prior year
reserve development in the current quarter compared to net
unfavorable prior year reserve development in the prior year
quarter (0.7 points).
- The underlying combined ratio of 97.3% increased 2.3 points,
primarily driven by charges associated with COVID-19 and related
economic conditions.
- Net favorable prior year reserve development was primarily
driven by the following:
Workers’ compensation — better than expected
loss experience in the segment’s domestic operations for multiple
accident years; and
Commercial property — better than expected
loss experience in the segment’s domestic operations for multiple
accident years.
Largely offset by:
Commercial automobile — higher than expected
loss experience in the segment’s domestic operations for recent
accident years.
Net written premiums of $4.190 billion increased 1%.
Bond
& Specialty Insurance Segment Financial Results
Three Months Ended March
31,
($ in millions and pre-tax, unless
noted otherwise)
2020
2019
Change
Underwriting gain:
$
92
$
112
$
(20
)
Underwriting gain
includes:
Net favorable prior year reserve
development
—
3
(3
)
Catastrophes, net of reinsurance
(1
)
(3
)
2
Net investment income
55
56
(1
)
Other income
4
5
(1
)
Segment income before income
taxes
151
173
(22
)
Income tax expense
29
35
(6
)
Segment income
$
122
$
138
$
(16
)
Combined ratio
85.9
%
81.1
%
4.8
pts
Impact on combined
ratio
Net favorable prior year reserve
development
—
pts
(0.5
)
pts
0.5
pts
Catastrophes, net of reinsurance
0.2
pts
0.5
pts
(0.3
)
pts
Underlying combined ratio
85.7
%
81.1
%
4.6
pts
Net written premiums
Domestic
Management Liability
$
401
$
367
9
%
Surety
215
184
17
Total Domestic
616
551
12
International
47
36
31
Total
$
663
$
587
13
%
First Quarter 2020 Results
(All comparisons vs. first quarter 2019, unless noted
otherwise)
Segment income for Bond & Specialty Insurance was $122
million after-tax, a decrease of $16 million. Segment income
decreased primarily due to a lower underlying underwriting gain.
The underlying underwriting gain benefited from higher business
volumes but was adversely impacted by charges associated with
COVID-19 and related economic conditions.
Combined ratio:
- The combined ratio of 85.9% increased 4.8 points due to a
higher underlying combined ratio (4.6 points) and lower net
favorable prior year reserve development (0.5 points), partially
offset by lower catastrophe losses (0.3 points).
- The underlying combined ratio remained very strong at 85.7%.
The increase of 4.6 points over the prior year quarter was
primarily driven by the impacts of higher loss estimates for
management liability coverages, primarily due to the impact of
COVID-19 and related economic conditions.
Net written premiums of $663 million increased 13%, reflecting
continued strong retention, increased levels of renewal premium
change, strong new business in management liability and continued
strong production in surety.
Personal
Insurance Segment Financial Results
Three Months Ended March
31,
($ in millions and pre-tax, unless
noted otherwise)
2020
2019
Change
Underwriting gain:
$
295
$
226
$
69
Underwriting gain
includes:
Net favorable prior year reserve
development
22
69
(47
)
Catastrophes, net of reinsurance
(137
)
(95
)
(42
)
Net investment income
103
99
4
Other income
22
22
—
Segment income before income
taxes
420
347
73
Income tax expense
84
69
15
Segment income
$
336
$
278
$
58
Combined ratio
88.2
%
90.1
%
(1.9
)
pts
Impact on combined
ratio
Net favorable prior year reserve
development
(0.8
)
pts
(2.8
)
pts
2.0
pts
Catastrophes, net of reinsurance
5.0
pts
3.8
pts
1.2
pts
Underlying combined ratio
84.0
%
89.1
%
(5.1
)
pts
Net written premiums
Domestic
Agency (1)
Automobile
$
1,260
$
1,224
3
%
Homeowners and Other
990
837
18
Total Agency
2,250
2,061
9
Direct-to-Consumer
100
95
5
Total Domestic
2,350
2,156
9
International
143
151
(5
)
Total
$
2,493
$
2,307
8
%
(1) Represents business sold through agents, brokers and other
intermediaries and excludes direct to consumer and
international.
First Quarter 2020 Results
(All comparisons vs. first quarter 2019, unless noted
otherwise)
Segment income for Personal Insurance was $336 million
after-tax, an increase of $58 million. Segment income increased
primarily due to a higher underlying underwriting gain, partially
offset by lower net favorable prior year reserve development and
higher catastrophe losses. The underlying underwriting gain
benefited from higher business volumes. The net impact of COVID-19
and related economic conditions was not significant.
Combined ratio:
- The combined ratio of 88.2% decreased 1.9 points due to a lower
underlying combined ratio (5.1 points), partially offset by lower
net favorable prior year reserve development (2.0 points) and
higher catastrophe losses (1.2 points).
- The underlying combined ratio of 84.0% decreased 5.1 points,
primarily reflecting the impacts of lower non-catastrophe
weather-related losses in Agency Homeowners and Other and lower
losses in Agency Automobile.
- Net favorable prior year reserve development was driven by
better than expected loss experience in the segment’s domestic
operations in both the automobile and homeowners and other product
lines for multiple accident years.
Net written premiums of $2.493 billion increased 8%. Agency
Automobile net written premiums increased 3%, driven by strong
retention, renewal premium change of 2% and higher levels of new
business. Agency Homeowners and Other net written premiums
increased 18%, driven by strong retention, renewal premium change
of 8% and higher levels of new business.
Financial Supplement and Conference Call
The information in this press release should be read in
conjunction with the financial supplement that is available on our
website at www.travelers.com. Travelers management will discuss the
contents of this release and other relevant topics via webcast at 9
a.m. Eastern (8 a.m. Central) on Tuesday, April 21, 2020. Investors
can access the call via webcast at http://investor.travelers.com or
by dialing 1.844.895.1976 within the United States and
1.647.689.5389 outside the United States. Prior to the webcast, a
slide presentation pertaining to the quarterly earnings will be
available on the Company’s website.
Following the live event, an audio playback of the webcast and
the slide presentation will be available on the same website.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider
of property casualty insurance for auto, home and business. A
component of the Dow Jones Industrial Average, Travelers has
approximately 30,000 employees and generated revenues of
approximately $32 billion in 2019. For more information, visit
www.travelers.com.
Travelers may use its website and/or social media outlets, such
as Facebook and Twitter, as distribution channels of material
Company information. Financial and other important information
regarding the Company is routinely accessible through and posted on
our website at http://investor.travelers.com, our Facebook page at
https://www.facebook.com/travelers and our Twitter account
(@Travelers) at https://twitter.com/travelers. In addition, you may
automatically receive email alerts and other information about
Travelers when you enroll your email address by visiting the Email
Notifications section at http://investor.travelers.com.
Travelers is organized into the following reportable business
segments:
Business Insurance - Business Insurance offers a broad
array of property and casualty insurance and insurance-related
services to its customers, primarily in the United States, as well
as in Canada, the United Kingdom, the Republic of Ireland and
throughout other parts of the world as a corporate member of
Lloyd’s.
Bond & Specialty Insurance - Bond & Specialty
Insurance provides surety, fidelity, management liability,
professional liability, and other property and casualty coverages
and related risk management services to its customers in the United
States and certain specialty insurance products in Canada, the
United Kingdom and the Republic of Ireland, as well as Brazil
through a joint venture, utilizing various degrees of
financially-based underwriting approaches.
Personal Insurance - Personal Insurance writes a broad
range of property and casualty insurance covering individuals’
personal risks, primarily in the United States, as well as in
Canada. The primary products of automobile and homeowners insurance
are complemented by a broad suite of related coverages.
* * * * *
Forward-Looking Statements
This press release contains, and management may make, certain
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical facts, may be forward-looking
statements. Words such as “may,” “will,” “should,” “likely,”
“anticipates,” “expects,” “intends,” “plans,” “projects,”
“believes,” “estimates” and similar expressions are used to
identify these forward-looking statements. These statements
include, among other things, the Company’s statements about:
- the Company’s outlook and its future results of operations and
financial condition (including, among other things, anticipated
premium volume, premium rates, renewal premium changes,
underwriting margins and underlying underwriting margins, net and
core income, investment income and performance, loss costs, return
on equity, core return on equity and expected current returns, and
combined ratios and underlying combined ratios);
- the impact of COVID-19 and related economic conditions,
including the Company’s assessment of the vulnerability of certain
categories of investments to the economic disruptions associated
with COVID-19;
- share repurchase plans;
- future pension plan contributions;
- the sufficiency of the Company’s asbestos and other
reserves;
- the impact of emerging claims issues as well as other insurance
and non-insurance litigation;
- the potential benefit associated with the Company’s ability to
recover on its subrogation claims;
- the cost and availability of reinsurance coverage;
- catastrophe losses;
- the impact of investment (including changes in interest rates),
economic (including inflation, changes in tax law, changes in
commodity prices and fluctuations in foreign currency exchange
rates) and underwriting market conditions;
- strategic and operational initiatives to improve profitability
and competitiveness;
- the Company’s competitive advantages;
- new product offerings;
- the impact of new or potential regulations imposed or to be
imposed by the United States or other nations, including tariffs or
other barriers to international trade; and
- the impact of developments in the tort environment, such as
increased attorney involvement in insurance claims and legislation
allowing victims of sexual abuse to file or proceed with claims
that otherwise would have been time-barred.
The Company cautions investors that such statements are subject
to risks and uncertainties, many of which are difficult to predict
and generally beyond the Company’s control, that could cause actual
results to differ materially from those expressed in, or implied or
projected by, the forward-looking information and statements.
Some of the factors that could cause actual results to differ
include, but are not limited to, the following:
- high levels of catastrophe losses, including as a result of
factors such as increased concentrations of insured exposures in
catastrophe-prone areas, could materially and adversely affect the
Company’s results of operations, its financial position and/or
liquidity, and could adversely impact the Company’s ratings, the
Company’s ability to raise capital and the availability and cost of
reinsurance;
- if actual claims exceed the Company’s claims and claim
adjustment expense reserves, or if changes in the estimated level
of claims and claim adjustment expense reserves are necessary,
including as a result of, among other things, changes in the
legal/tort, regulatory and economic environments in which the
Company operates or the impacts of COVID-19, the Company’s
financial results could be materially and adversely affected;
- the impact of COVID-19 and related risks, including on the Company’s distribution or
other key partners, could materially affect the Company’s
results of operations, financial position and/or liquidity;
- during or following a period of financial market disruption or
an economic downturn, such as the current environment, the
Company’s business could be materially and adversely affected;
- the Company’s investment portfolio is subject to credit and
interest rate risk, and may suffer reduced or low returns or
material realized or unrealized losses, particularly in the current
environment;
- the intense competition that the Company faces, and the impact
of innovation, technological change and changing customer
preferences on the insurance industry and the markets in which it
operates, could harm its ability to maintain or increase its
business volumes and its profitability;
- the Company’s business could be harmed because of its potential
exposure to asbestos and environmental claims and related
litigation;
- disruptions to the Company’s relationships with its independent
agents and brokers or the Company’s inability to manage effectively
a changing distribution landscape could adversely affect the
Company;
- the Company is exposed to, and may face adverse developments
involving, mass tort claims such as those relating to exposure to
potentially harmful products or substances;
- the effects of emerging claim and coverage issues on the
Company’s business are uncertain, and court decisions or
legislative or regulatory changes that take place after the Company
issues its policies,
including those taken in response to COVID-19 (such as effectively expanding workers’ compensation
coverage by instituting presumptions of compensability of claims
for certain types of
workers or requiring insurers to cover business interruption
claims irrespective of terms, exclusions or other conditions
included in the policies that would otherwise preclude coverage),
can result in an unexpected increase in the number of claims and
have a material adverse impact on the Company’s results of
operations;
- the Company may not be able to collect all amounts due to it
from reinsurers, reinsurance coverage may not be available to the
Company in the future at commercially reasonable rates or at all
and the Company is exposed to credit risk related to its structured
settlements;
- the Company is exposed to credit risk in certain of its
insurance operations and with respect to certain guarantee or
indemnification arrangements that it has with third parties, which
risk is heightened in the current environment;
- within the United States, the Company’s businesses are heavily
regulated by the states in which it conducts business, including
licensing, market conduct and financial supervision, and changes in
regulation may reduce the Company’s profitability and limit its
growth;
- a downgrade in the Company’s claims-paying and financial
strength ratings could adversely impact the Company’s business
volumes, adversely impact the Company’s ability to access the
capital markets and increase the Company’s borrowing costs;
- the inability of the Company’s insurance subsidiaries to pay
dividends to the Company’s holding company in sufficient amounts
would harm the Company’s ability to meet its obligations, pay
future shareholder dividends and/or make future share
repurchases;
- the Company’s efforts to develop new products, expand in
targeted markets or improve business processes and workflows may
not be successful and may create enhanced risks;
- the Company may be adversely affected if its pricing and
capital models provide materially different indications than actual
results;
- the Company’s business success and profitability depend, in
part, on effective information technology systems and on continuing
to develop and implement improvements in technology, particularly
as its business processes become more digital;
- if the Company experiences difficulties with technology, data
and network security (including as a result of cyber-attacks),
outsourcing relationships or cloud-based technology, the Company’s
ability to conduct its business could be negatively impacted. This
risk is heightened in the current environment where a majority of
the Company’s employees have shifted to a work from home
arrangement;
- the Company is also subject to a number of additional risks
associated with its business outside the United States, such as
foreign currency exchange fluctuations (including with respect to
the valuation of the Company’s foreign investments and interests in
joint ventures) and restrictive regulations as well as the risks
and uncertainties associated with the United Kingdom’s withdrawal
from the European Union;
- regulatory changes outside of the United States, including in
Canada, the United Kingdom, the Republic of Ireland and the
European Union, could adversely impact the Company’s results of
operations and limit its growth;
- loss of or significant restrictions on the use of particular
types of underwriting criteria, such as credit scoring, or other
data or methodologies, in the pricing and underwriting of the
Company’s products could reduce the Company’s future
profitability;
- acquisitions and integration of acquired businesses may result
in operating difficulties and other unintended consequences;
- the Company could be adversely affected if its controls
designed to ensure compliance with guidelines, policies and legal
and regulatory standards are not effective;
- the Company’s businesses may be adversely affected if it is
unable to hire and retain qualified employees;
- intellectual property is important to the Company’s business,
and the Company may be unable to protect and enforce its own
intellectual property or the Company may be subject to claims for
infringing the intellectual property of others;
- changes in federal regulation could impose significant burdens
on the Company, and otherwise adversely impact the Company’s
results;
- changes in U.S. tax laws or in the tax laws of other
jurisdictions where the Company operates could adversely impact the
Company; and
- the Company’s share repurchase plans depend on a variety of
factors, including the Company’s financial position, earnings,
share price, catastrophe losses, maintaining capital levels
commensurate with the Company’s desired ratings from independent
rating agencies, changes in levels of written premiums, funding of
the Company’s qualified pension plan, capital requirements of the
Company’s operating subsidiaries, legal requirements, regulatory
constraints, other investment opportunities (including mergers and
acquisitions and related financings), market conditions and other
factors, including the level of uncertainty related to
COVID-19.
Our forward-looking statements speak only as of the date of this
press release or as of the date they are made, and we undertake no
obligation to update forward-looking statements. For a more
detailed discussion of these factors, see the information under the
captions “Risk Factors” and “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” in the quarterly
report on Form 10-Q filed with the Securities and Exchange
Commission (SEC) on April 21, 2020, and in our most recent annual
report on Form 10-K filed with the SEC on February 13, 2020, in
each case as updated by our periodic filings with the SEC.
*****
GLOSSARY OF FINANCIAL MEASURES AND RECONCILIATIONS OF GAAP
MEASURES TO NON-GAAP MEASURES
The following measures are used by the Company’s management to
evaluate financial performance against historical results, to
establish performance targets on a consolidated basis and for other
reasons as discussed below. In some cases, these measures are
considered non-GAAP financial measures under applicable SEC rules
because they are not displayed as separate line items in the
consolidated financial statements or are not required to be
disclosed in the notes to financial statements or, in some cases,
include or exclude certain items not ordinarily included or
excluded in the most comparable GAAP financial measure.
Reconciliations of these measures to the most comparable GAAP
measures also follow.
In the opinion of the Company’s management, a discussion of
these measures provides investors, financial analysts, rating
agencies and other financial statement users with a better
understanding of the significant factors that comprise the
Company’s periodic results of operations and how management
evaluates the Company’s financial performance.
Some of these measures exclude net realized investment gains
(losses), net of tax, and/or net unrealized investment gains
(losses), net of tax, included in shareholders’ equity, which can
be significantly impacted by both discretionary and other economic
factors and are not necessarily indicative of operating trends.
Other companies may calculate these measures differently, and,
therefore, their measures may not be comparable to those used by
the Company’s management.
RECONCILIATION OF NET INCOME TO CORE INCOME AND CERTAIN OTHER
NON-GAAP MEASURES
Core income (loss) is consolidated net income (loss)
excluding the after-tax impact of net realized investment gains
(losses), discontinued operations, the effect of a change in tax
laws and tax rates at enactment, and cumulative effect of changes
in accounting principles when applicable. Segment income
(loss) is determined in the same manner as core income (loss)
on a segment basis. Management uses segment income (loss) to
analyze each segment’s performance and as a tool in making business
decisions. Financial statement users also consider core income
(loss) when analyzing the results and trends of insurance
companies. Core income (loss) per share is core income
(loss) on a per common share basis.
Reconciliation of Net Income to Core Income less
Preferred Dividends
Three Months Ended March
31,
($ in millions, after-tax)
2020
2019
Net income
$
600
$
796
Less: Net realized investment (gains)
losses
76
(41
)
Core income
$
676
$
755
Three Months Ended March
31,
($ in millions, pre-tax)
2020
2019
Net income
$
720
$
967
Less: Net realized investment (gains)
losses
98
(53
)
Core income
$
818
$
914
Twelve Months Ended December
31,
($ in millions, after-tax)
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Net income
$2,622
$2,523
$2,056
$3,014
$3,439
$3,692
$3,673
$2,473
$1,426
$3,216
$3,622
$2,924
$4,601
$4,208
$1,622
Less: Loss from discontinued
operations
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(439)
Income from continuing
operations
2,622
2,523
2,056
3,014
3,439
3,692
3,673
2,473
1,426
3,216
3,622
2,924
4,601
4,208
2,061
Adjustments:
Net realized investment (gains) losses
(85)
(93)
(142)
(47)
(2)
(51)
(106)
(32)
(36)
(173)
(22)
271
(101)
(8)
(35)
Impact of TCJA at enactment (1)
—
—
129
—
—
—
—
—
—
—
—
—
—
—
—
Core income
2,537
2,430
2,043
2,967
3,437
3,641
3,567
2,441
1,390
3,043
3,600
3,195
4,500
4,200
2,026
Less: Preferred dividends
—
—
—
—
—
—
—
—
1
3
3
4
4
5
6
Core income, less preferred
dividends
$2,537
$2,430
$2,043
$2,967
$3,437
$3,641
$3,567
$2,441
$1,389
$3,040
$3,597
$3,191
$4,496
$4,195
$2,020
(1) Tax Cuts and Jobs Act of 2017 (TCJA)
Reconciliation of Net Income per Share
to Core Income per Share on a Basic and Diluted Basis
Three Months Ended March
31,
2020
2019
Basic income per
share
Net income
$
2.34
$
3.01
Adjustments:
Net realized investment (gains) losses,
after-tax
0.30
(0.16
)
Core income
$
2.64
$
2.85
Diluted income
per share
Net income
$
2.33
$
2.99
Adjustments:
Net realized investment (gains) losses,
after-tax
0.29
(0.16
)
Core income
$
2.62
$
2.83
Reconciliation of Segment Income to
Total Core Income
Three Months Ended March
31,
($ in millions, after-tax)
2020
2019
Business Insurance
$
289
$
414
Bond & Specialty Insurance
122
138
Personal Insurance
336
278
Total segment income
747
830
Interest Expense and Other
(71
)
(75
)
Total core income
$
676
$
755
RECONCILIATION OF SHAREHOLDERS’ EQUITY TO ADJUSTED
SHAREHOLDERS’ EQUITY AND CALCULATION OF RETURN ON EQUITY AND CORE
RETURN ON EQUITY
Adjusted shareholders’ equity is shareholders’ equity
excluding net unrealized investment gains (losses), net of tax,
included in shareholders’ equity, net realized investment gains
(losses), net of tax, for the period presented, the effect of a
change in tax laws and tax rates at enactment (excluding the
portion related to net unrealized investment gains (losses)),
preferred stock and discontinued operations.
Reconciliation of Shareholders’ Equity
to Adjusted Shareholders’ Equity
As of March 31,
($ in millions)
2020
2019
Shareholders’ equity
$
25,204
$
24,340
Adjustments:
Net unrealized investment gains, net of
tax, included in shareholders’ equity
(1,785
)
(1,007
)
Net realized investment (gains) losses,
net of tax
76
(41
)
Adjusted shareholders’ equity
$
23,495
$
23,292
As of December 31,
($ in millions)
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Shareholders’ equity
$25,943
$22,894
$23,731
$23,221
$23,598
$24,836
$24,796
$25,405
$24,477
$25,475
$27,415
$25,319
$26,616
$25,135
$22,303
Adjustments:
Net unrealized investment (gains) losses,
net of tax, included in shareholders’ equity
(2,246)
113
(1,112)
(730)
(1,289)
(1,966)
(1,322)
(3,103)
(2,871)
(1,859)
(1,856)
146
(620)
(453)
(327)
Net realized investment (gains) losses,
net of tax
(85)
(93)
(142)
(47)
(2)
(51)
(106)
(32)
(36)
(173)
(22)
271
(101)
(8)
(35)
Impact of TCJA at enactment
—
—
287
—
—
—
—
—
—
—
—
—
—
—
—
Preferred stock
—
—
—
—
—
—
—
—
—
(68)
(79)
(89)
(112)
(129)
(153)
Loss from discontinued operations
—
—
—
—
—
—
—
—
—
—
—
—
—
—
439
Adjusted shareholders’ equity
$23,612
$22,914
$22,764
$22,444
$22,307
$22,819
$23,368
$22,270
$21,570
$23,375
$25,458
$25,647
$25,783
$24,545
$22,227
Return on equity is the ratio of annualized net income
(loss) less preferred dividends to average shareholders’ equity for
the periods presented. Core return on equity is the ratio of
annualized core income (loss) less preferred dividends to adjusted
average shareholders’ equity for the periods presented. In the
opinion of the Company’s management, these are important indicators
of how well management creates value for its shareholders through
its operating activities and its capital management.
Average shareholders’ equity is (a) the sum of total
shareholders’ equity excluding preferred stock at the beginning and
end of each of the quarters for the period presented divided by (b)
the number of quarters in the period presented times two.
Adjusted average shareholders’ equity is (a) the sum of
total adjusted shareholders’ equity at the beginning and end of
each of the quarters for the period presented divided by (b) the
number of quarters in the period presented times two.
Calculation of Return on Equity and
Core Return on Equity
Three Months Ended March
31,
($ in millions, after-tax)
2020
2019
Annualized net income
$
2,398
$
3,186
Average shareholders’ equity
25,574
23,617
Return on equity
9.4
%
13.5
%
Annualized core income
$
2,702
$
3,020
Adjusted average shareholders’ equity
23,596
23,150
Core return on equity
11.5
%
13.0
%
Average annual core return on equity over a period is the
ratio of: (a) the sum of core income less preferred dividends for
the periods presented to (b) the sum of: (1) the sum of the
adjusted average shareholders’ equity for all full years in the
period presented and (2) for partial years in the period presented,
the number of quarters in that partial year divided by four,
multiplied by the adjusted average shareholders’ equity of the
partial year.
Calculation of Average Annual Core
Return on Equity from January 1, 2005 through March 31,
2020
Three Months
Ended March 31,
($ in millions)
2020
2019
Core income, less preferred dividends
$
676
$
755
Annualized core income
2,702
3,020
Adjusted average shareholders’ equity
23,596
23,150
Core return on equity
11.5
%
13.0
%
Average annual core return on equity
for the period January 1, 2005 through March 31, 2020
12.8
%
Twelve Months Ended December
31,
($ in millions)
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Core income, less preferred dividends
$2,537
$2,430
$2,043
$2,967
$3,437
$3,641
$3,567
$2,441
$1,389
$3,040
$3,597
$3,191
$4,496
$4,195
$2,020
Adjusted average shareholders’ equity
23,335
22,814
22,743
22,386
22,681
23,447
23,004
22,158
22,806
24,285
25,777
25,668
25,350
23,381
21,118
Core return on equity
10.9%
10.7%
9.0%
13.3%
15.2%
15.5%
15.5%
11.0%
6.1%
12.5%
14.0%
12.4%
17.7%
17.9%
9.6%
RECONCILIATION OF PRE-TAX UNDERWRITING GAIN EXCLUDING CERTAIN
ITEMS TO NET INCOME
Underwriting gain (loss) is net earned premiums and fee
income less claims and claim adjustment expenses and
insurance-related expenses. In the opinion of the Company’s
management, it is important to measure the profitability of each
segment excluding the results of investing activities, which are
managed separately from the insurance business. This measure is
used to assess each segment’s business performance and as a tool in
making business decisions. Pre-tax underwriting gain,
excluding the impact of catastrophes and net favorable
(unfavorable) prior year loss reserve development, is the
underwriting gain adjusted to exclude claims and claim adjustment
expenses, reinstatement premiums and assessments related to
catastrophes and loss reserve development related to time periods
prior to the current year. In the opinion of the Company’s
management, this measure is meaningful to users of the financial
statements to understand the Company’s periodic earnings and the
variability of earnings caused by the unpredictable nature (i.e.,
the timing and amount) of catastrophes and loss reserve
development. This measure is also referred to as underlying
underwriting margin or underlying underwriting gain.
A catastrophe is a severe loss designated a catastrophe
by internationally recognized organizations that track and report
on insured losses resulting from catastrophic events, such as
Property Claim Services (PCS) for events in the United States and
Canada. Catastrophes can be caused by various natural events,
including, among others, hurricanes, tornadoes and other
windstorms, earthquakes, hail, wildfires, severe winter weather,
floods, tsunamis, volcanic eruptions and other naturally-occurring
events, such as solar flares. Catastrophes can also be man-made,
such as terrorist attacks and other intentionally destructive acts
including those involving nuclear, biological, chemical and
radiological events, cyber events, explosions and destruction of
infrastructure. Each catastrophe has unique characteristics and
catastrophes are not predictable as to timing or amount. Their
effects are included in net and core income and claims and claim
adjustment expense reserves upon occurrence. A catastrophe may
result in the payment of reinsurance reinstatement premiums and
assessments from various pools.
The Company’s threshold for disclosing catastrophes is primarily
determined at the reportable segment level. If a threshold for one
segment or a combination thereof is exceeded and the other segments
have losses from the same event, losses from the event are
identified as catastrophe losses in the segment results and for the
consolidated results of the Company. Additionally, an aggregate
threshold is applied for international business across all
reportable segments. The threshold for 2020 ranges from
approximately $20 million to $30 million of losses before
reinsurance and taxes.
Net favorable (unfavorable) prior year loss reserve
development is the increase or decrease in incurred claims and
claim adjustment expenses as a result of the re-estimation of
claims and claim adjustment expense reserves at successive
valuation dates for a given group of claims, which may be related
to one or more prior years. In the opinion of the Company’s
management, a discussion of loss reserve development is meaningful
to users of the financial statements as it allows them to assess
the impact between prior and current year development on incurred
claims and claim adjustment expenses, net and core income (loss),
and changes in claims and claim adjustment expense reserve levels
from period to period.
Components of Net Income
Three Months Ended March
31,
($ in millions, after-tax except as
noted)
2020
2019
Pre-tax underwriting gain excluding the
impact of catastrophes and net prior year loss reserve
development
$
594
$
537
Pre-tax impact of catastrophes
(333
)
(193
)
Pre-tax impact of net favorable prior year
loss reserve development
27
51
Pre-tax underwriting gain
288
395
Income tax expense on underwriting
results
68
88
Underwriting gain
220
307
Net investment income
519
496
Other income (expense), including interest
expense
(63
)
(48
)
Core income
676
755
Net realized investment gains (losses)
(76
)
41
Net income
$
600
$
796
COMBINED RATIO AND ADJUSTMENTS FOR UNDERLYING COMBINED
RATIO
Combined ratio: For Statutory Accounting Practices (SAP),
the combined ratio is the sum of the SAP loss and LAE ratio and the
SAP underwriting expense ratio as defined in the statutory
financial statements required by insurance regulators. The combined
ratio, as used in this earnings release, is the equivalent of, and
is calculated in the same manner as, the SAP combined ratio except
that the SAP underwriting expense ratio is based on net written
premiums and the underwriting expense ratio as used in this
earnings release is based on net earned premiums.
For SAP, the loss and LAE ratio is the ratio of incurred losses
and loss adjustment expenses less certain administrative services
fee income to net earned premiums as defined in the statutory
financial statements required by insurance regulators. The loss and
LAE ratio as used in this earnings release is calculated in the
same manner as the SAP ratio.
For SAP, the underwriting expense ratio is the ratio of
underwriting expenses incurred (including commissions paid), less
certain administrative services fee income and billing and policy
fees and other, to net written premiums as defined in the statutory
financial statements required by insurance regulators. The
underwriting expense ratio as used in this earnings release, is the
ratio of underwriting expenses (including the amortization of
deferred acquisition costs), less certain administrative services
fee income, billing and policy fees and other, to net earned
premiums.
The combined ratio, loss and LAE ratio, and underwriting expense
ratio are used as indicators of the Company’s underwriting
discipline, efficiency in acquiring and servicing its business and
overall underwriting profitability. A combined ratio under 100%
generally indicates an underwriting profit. A combined ratio over
100% generally indicates an underwriting loss.
Underlying combined ratio represents the combined ratio
excluding the impact of net prior year reserve development and
catastrophes. The underlying combined ratio is an indicator of the
Company’s underwriting discipline and underwriting profitability
for the current accident year.
Other companies’ method of computing similarly titled measures
may not be comparable to the Company’s method of computing these
ratios.
Calculation of the Combined
Ratio
Three Months Ended March
31,
($ in millions, pre-tax)
2020
2019
Loss and loss
adjustment expense ratio
Claims and claim adjustment expenses
$
4,789
$
4,442
Less:
Policyholder dividends
12
13
Allocated fee income
41
40
Loss ratio numerator
$
4,736
$
4,389
Underwriting
expense ratio
Amortization of deferred acquisition
costs
$
1,178
$
1,117
General and administrative expenses
(G&A)
1,137
1,057
Less:
Non-insurance G&A
55
47
Allocated fee income
67
69
Billing and policy fees and other
28
27
Expense ratio numerator
$
2,165
$
2,031
Earned premium
$
7,229
$
6,855
Combined ratio (1)
Loss and loss adjustment expense ratio
65.5
%
64.0
%
Underwriting expense ratio
30.0
%
29.7
%
Combined ratio
95.5
%
93.7
%
(1) For purposes of computing ratios, billing and policy fees
and other (which are a component of other revenues) are allocated
as a reduction of underwriting expenses. In addition, fee income is
allocated as a reduction of losses and loss adjustment expenses and
underwriting expenses. In addition, G&A include non-insurance
expenses that are excluded from underwriting expenses, and
accordingly are excluded in calculating the combined ratio.
RECONCILIATION OF BOOK VALUE PER SHARE AND SHAREHOLDERS’
EQUITY TO CERTAIN NON-GAAP MEASURES
Book value per share is total common shareholders’ equity
divided by the number of common shares outstanding. Adjusted
book value per share is total common shareholders’ equity
excluding net unrealized investment gains and losses, net of tax,
included in shareholders’ equity, divided by the number of common
shares outstanding. In the opinion of the Company’s management,
adjusted book value per share is useful in an analysis of a
property casualty company’s book value per share as it removes the
effect of changing prices on invested assets (i.e., net unrealized
investment gains (losses), net of tax), which do not have an
equivalent impact on unpaid claims and claim adjustment expense
reserves. Tangible book value per share is adjusted book
value per share excluding the after-tax value of goodwill and other
intangible assets divided by the number of common shares
outstanding. In the opinion of the Company’s management, tangible
book value per share is useful in an analysis of a property
casualty company’s book value on a nominal basis as it removes
certain effects of purchase accounting (i.e., goodwill and other
intangible assets), in addition to the effect of changing prices on
invested assets.
Reconciliation of Shareholders’ Equity
to Tangible Shareholders’ Equity, Excluding Net Unrealized
Investment Gains, Net of Tax
As of
($ in millions, except per share
amounts)
March 31, 2020
December 31, 2019
Shareholders’ equity
$
25,204
$
25,943
Less: Net unrealized investment gains, net
of tax, included in shareholders’ equity
1,785
2,246
Shareholders’ equity, excluding net
unrealized investment gains, net of tax, included in shareholders’
equity
23,419
23,697
Less:
Goodwill
3,915
3,961
Other intangible assets
322
330
Impact of deferred tax on other intangible
assets
(47
)
(51
)
Tangible shareholders’ equity
$
19,229
$
19,457
Common shares outstanding
252.8
255.5
Book value per share
$
99.69
$
101.55
Adjusted book value per share
92.63
92.76
Tangible book value per share
76.06
76.17
RECONCILIATION OF TOTAL CAPITALIZATION TO TOTAL
CAPITALIZATION EXCLUDING NET UNREALIZED INVESTMENT GAINS, NET OF
TAX
Total capitalization is the sum of total shareholders’
equity and debt. Debt-to-capital ratio excluding net unrealized
gain on investments, net of tax, included in shareholders’
equity, is the ratio of debt to total capitalization excluding
the after-tax impact of net unrealized investment gains and losses
included in shareholders’ equity. In the opinion of the Company’s
management, the debt-to-capital ratio is useful in an analysis of
the Company’s financial leverage.
As of
($ in millions)
March 31, 2020
December 31, 2019
Debt
$
6,559
$
6,558
Shareholders’ equity
25,204
25,943
Total capitalization
31,763
32,501
Less: Net unrealized investment gains, net
of tax, included in shareholders’ equity
1,785
2,246
Total capitalization excluding net
unrealized gain on investments, net of tax, included in
shareholders’ equity
$
29,978
$
30,255
Debt-to-capital ratio
20.6
%
20.2
%
Debt-to-capital ratio excluding net
unrealized investment gains, net of tax, included in shareholders’
equity
21.9
%
21.7
%
OTHER DEFINITIONS
Gross written premiums reflect the direct and assumed
contractually determined amounts charged to policyholders for the
effective period of the contract based on the terms and conditions
of the insurance contract. Net written premiums reflect
gross written premiums less premiums ceded to reinsurers.
For Business Insurance and Bond & Specialty Insurance,
retention is the amount of premium available for renewal
that was retained, excluding rate and exposure changes. For
Personal Insurance, retention is the ratio of the expected
number of renewal policies that will be retained throughout the
annual policy period to the number of available renewal base
policies. For all of the segments, renewal rate change
represents the estimated change in average premium on policies that
renew, excluding exposure changes. Exposure is the measure
of risk used in the pricing of an insurance product. The change in
exposure is the amount of change in premium on policies that renew
attributable to the change in portfolio risk. Renewal premium
change represents the estimated change in average premium on
policies that renew, including rate and exposure changes. New
business is the amount of written premium related to new
policyholders and additional products sold to existing
policyholders. These are operating statistics, which are in part
dependent on the use of estimates and are therefore subject to
change. For Business Insurance, retention, renewal premium change
and new business exclude National Accounts. For Bond &
Specialty Insurance, retention, renewal premium change and new
business exclude surety and other products that are generally sold
on a non-recurring, project specific basis.
Statutory capital and surplus represents the excess of an
insurance company’s admitted assets over its liabilities, including
loss reserves, as determined in accordance with statutory
accounting practices.
Holding company liquidity is the total funds available at
the holding company level to fund general corporate purposes,
primarily the payment of shareholder dividends and debt service.
These funds consist of total cash, short-term invested assets and
other readily marketable securities held by the holding
company.
For a glossary of other financial terms used in this press
release, we refer you to the Company’s most recent annual report on
Form 10-K filed with the SEC on February 13, 2020, and subsequent
periodic filings with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20200421005446/en/
Media: Patrick Linehan 917.778.6267
Institutional Investors: Abbe
Goldstein 917.778.6825
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