Q4 2020 Erie Indemnity Co Earnings Call
Good morning, and welcome to the Erie Indemnity company fourth quarter and year end 'twenty 'twenty earnings Conference call.
This call was prerecorded and there will be no question and answer session. Following the recording net.
Now I'd like to introduce your host for the call Vice President Investor Relations Scott <unk>.
Please go ahead.
Thank you.
And welcome everyone.
We appreciate you joining us for this recorded discussion about our 2024th quarter and year end results.
This recording will include remarks from Timothy Castro, President and Chief Executive Officer.
And Greg Gutting, Executive Vice President and Chief Financial Officer.
Our earnings release and financial supplement were issued yesterday afternoon. After the market closed and are available within the Investor Relations section of our website Erie insurance Dot com.
Before we begin.
I would like to remind everyone that today's discussion may contain forward looking remarks that reflect the company's current views about future events.
These remarks are based on assumptions subject to known and unexpected risks and uncertainties.
These risks and uncertainties that may cause results to differ materially from those described in these remarks.
For information on important factors that may cause such differences. Please see the safe Harbor statements in our form 10-K filing with the SEC dated February 20 per 2021 and in the related press release.
This prerecorded call is the property of Erie Indemnity company, it may not be reproduced or rebroadcast by any other party without the prior written consent of your indemnity company.
With that we move on to Tim's remarks.
Thanks, Scott and thanks for all of you for taking time to learn more about <unk> performance in the fourth quarter of 2020, and our year end results.
Hope you and your families are staying healthy and safe and are ready to move forward positively in 2021.
Last year was unlike any other demands on a lot from us as individuals and as a company and are deeply impacted how we live how we.
Work on how we connect with one another.
The culture of the Erie has been an incredible asset in helping us get through this together and I'd like to extend my sincere appreciation for the nearly 6000 employees and 13000 licensed agents will make up all of your families.
They adapted seamlessly to the new ways of serving our customers and keeping our business thriving over the course of this uncertain and often challenging year in.
In March as the threat of the pandemic became more clear we equipped more than 95 per cent of our employees to work from home in a matter of days.
This was to keep them safe and to reduce the risk of exposure for the small number of dedicated employees, whose roles require them to be in the office.
I've received countless messages for members of the Erie family expressing appreciation for the actions we've taken over the past year to keep their wellbeing a priority.
In April we provided $400 million in financial relief for our personal and commercial automobile customers, including $200 million on policyholder dividends and an overall, 5% rate reduction for those policies.
After the $2 5 million dividend checks for distributed we heard from thousands of customers, who responded with greeting cards letters and emails thanking Erie and our agents.
To support communities across our geographic footprint, we provided an additional $2 $5 million to agents and branch offices to support charitable work in local communities.
Our agents and employees stepped up in big ways to help the frontline workers and first responders support local businesses and good money to charities in need.
This important work was reflected in nearly 2000 stories share on social media.
The safety and wellbeing of our customers agents employees and communities has been at the forefront of everything we've done in response to the pandemic.
While this is not how any of us expected to spend our 95th year. This balance and intentional approach reflects just how committed we are to our long standing principles of service and doing the right thing.
Let's move on to our fourth quarter and year end financial results.
As reported in our press release filed them to the market closed yesterday Erie Indemnity reported net income of $63 million or $1 20 per diluted share for the fourth quarter.
Compared to the fourth quarter of 2019 that was an increase of $3 million.
Greg will talk in more detail about the financial performance very indemnity company in a few minutes, but first I'd like to share some highlights for the year for the Erie insurance exchange the insurance operations that we manage recognizing that a healthy exchange is an integral part of indemnity success.
Policyholder surplus of the exchange grew to $10 7 billion up almost $1 3 billion for the year.
Collecting a disciplined approach to underwriting and a sharpened focus on investments.
Over the past 10 years, the exchanges surpluses more than doubled.
This surplus allowed us to provide the policyholder dividend to our automobile customers that I mentioned earlier.
In 2020, the exchange grew property and casualty premiums, 2% over 2019 to $7 6 billion.
Great reductions led to lower average premium per policy for total policies grew by a solid two 1%.
On the claim side, our territory saw fewer catastrophic events in 2020 compared to 2019. This along with an industry wide reduction in miles driven due to the pandemic led to below normal losses on a combined ratio of $93 seven compared to $105 at the end of 2019.
Despite the challenges faced over the past year on the industry the country in the World. We earned a strong place financially and well positioned for successful 2021.
This reflects the dedication and adaptability of the agency force and our teams in sales marketing underwriting and products to ensure that growth in production continued through the challenges and of course, it underscores the strength of <unk> value proposition of protection and service demonstrated by our claims and customer service personnel, who stepped up to <unk>.
Serve our customers in new and meaningful ways.
I'll highlight some of the progress and accomplishments from 2020 on a few minutes. After Greg provides a deeper review of our financials.
Greg.
Thank you Tim.
At this time, a year ago I began our year end discussion by saying that our strong financial performance in 2019 with propel us forward in 2020.
And then a month later, our world with trade completely upside down on the COVID-19 pandemic drastically altered our everyday lives and uncertainty of the future became the new normal.
Despite the difficulty and challenge that 2020 presented Erie delivered and I am proud to share with you our fourth quarter and full year 2020 financial performance.
Starting with the exchange the insurance operations, we manage.
Written premium growth for the fourth quarter was 1% driven by strong growth in new business premiums, which client just over 11% compared to the fourth quarter of last year.
While total year direct written premium grew almost 2%.
I will remind you that the exchange implemented $200 million in auto rate reductions that began in July of 2020 and will extend through June of 2021.
These rate reductions impacted the rate charged on new and renewal policies.
With a combined ratio for the quarter of 94, 4% and a strong financial markets the ex.
Changes policyholder surplus grew to $10 7 billion from $10 billion at the end of the third quarter.
The exchange is total year combined ratio ended significantly better compared to 2019 at 93, 7% compared to 105% a year ago.
Shifting our focus to indemnity net income was $63 million or $1 20 per.
For diluted share compared to $60 million or $1 14 per diluted share in the fourth quarter of 2019.
2020, total year net income was $293 million or $5 61 per diluted share compared to $317 million or $6 <unk> per diluted share in 2019.
Operating income in the fourth quarter decreased nearly $4 million or five 3% compared to the fourth quarter of 2019.
Comparing year over year results indemnity is operating income decreased a little over $19 million or five 4%.
Management fee revenue from policy issuance and renewal services increased $5 million or one 2% in the fourth quarter of 2020 compared to the fourth quarter of 2019 and $31 million or one 7% for the total year compared to 2019.
The increase for the fourth quarter and for the year were driven by an increase in the direct and assumed premiums written by the exchange.
The total cost of operations from policy issuance and renewal services increased $9 million for the quarter and $51 million for the total year 2020.
Commission expenses for the fourth quarter grew $6 million, while the total year Commission expense increased nearly $27 million.
The fourth quarter was impacted mainly by the growth in the direct and assumed premiums written.
However, our total year Commission expense was driven by two factors the increase in written premiums as well as the higher agent incentive compensation.
Exchange experienced a significant decrease in automobile claims frequency and related losses expenses beginning in March of 2020.
That continued through May of 2020, driven by the COVID-19, pandemic, which contributed to an increase in the profitability component of the agent incentive bonuses.
Turning to our non commission expenses for the fourth quarter in Denver saw an increase of $2 $5 million compared to the same period in 2019.
Administrative and other expenses increased $2 $9 million, primarily driven by an increase in long term incentive plan cost as well as increased personnel costs.
For the total year 2020, non commission expenses grew over $24 million compared.
Compared to 2019.
Underwriting and policy processing costs increased $6 million.
It costs also saw an increase of $6 million.
Australia, and other expenses increased $9 million.
All expense categories were impacted by increased personnel costs related to more profitable underwriting results in 2020.
That led to higher accruals related to incentive compensation awards.
Indemnity fourth quarter pre tax income from investments totaled $14 million, an increase of $7 million compared to the same periods in 2019.
The growth was driven by an increase in net realized gains of $4 million.
For the year pre tax income from investment decreased $7 million compared to 2019.
The decrease was driven by lower net investment income compared to 2019 and impairment losses of $3 million.
Finally in 2020, we paid our shareholders dividends in the amount of $273 million, which included a one time special dividend of $2 per share for class a shareholders.
Also in December of last year, our board approved a seven 3% increase in our regular quarterly cash dividend for both class a and class b shareholders for 2021.
Now I'll turn the call back over to Tim.
Thanks, Greg.
We entered 2020, we're poised to deliver on several key initiatives in support of our strategic focus areas.
Strengthening business platforms and use of data enhancing the Erie experience identifying and developing new sources of revenue and preparing the workforce on future.
The unexpected challenges presented early in the year by the pandemic could have easily up into those plans, but I'm proud to say that our employees and agents stepped up often exceeding expectations.
As I've reported in previous calls we launched an enhanced several products this year.
Your secure business re imagined seven legacy products into one single customizable commercial multi peril product agents.
Can you just can get a quote and about seven minutes and nearly half of the policies are instantly issue without underwriting view.
This is a considerable improvement from the days and weeks those tasks took with legacy products.
Since the new product rollout in late 2020 Erie secure businesses generated nearly $35 million in written premiums and provided protection with nearly 15000 businesses.
Erie Express Lite, our new instant issue term and whole life product can be quoted found an issue during the auto insurance quote and application process without the need for a medical exam or physical physician statement.
More than 2400 policies were placed in less than four months. After it was introduced in August.
Erie rate lock, which provides customers with an option to lock in their auto rates until they've made a qualifying change was refreshed with more competitive pricing and rollout in 10 states.
Conversion rates increased nearly 25% and applications were up more than 10% in those states.
And your term a product that reward safe drivers with financial benefits expanded the for additional seats more than 22000 drivers of registered for your term in each states, where it's now offered.
Providing customers with greater digital capabilities, while maintaining Erie distinctive human touch continues to be a critical objective.
The launch of our new mobile App in September was an important advancement in this area.
And it's quickly gathering popularity with customers.
More than 75000 customers download the App and the first three months after its launch.
We also expanded our digital capabilities and create greater efficiencies with two new claims tools.
Preferred method of inspection uses artificial intelligence to determine the best method of inspection for vehicles and photo appraisal allows customers to upload pictures with vehicle damage using a mobile device.
Both the capabilities of our employees and agents to work smarter and faster. So they can focus on providing the human touch where and when it's needed most.
The advancements made during the past year demonstrate our commitment to strengthening our competitive position creating.
Creating new sources of revenue and meeting the challenging needs of our customers.
It's also a testament to the strong relationships from our employees and agents.
Which have allowed us to work together seamlessly and be highly productive even on a very different and sometimes challenging environment.
The relationships, we share with our independent agents are critical for our success and our annual branch meetings have been an important opportunity to recognize and connect with our agency force for more than 80 years.
In 2020, we continued that tradition, just in a different way.
Nearly 4500 agents and employees turned in.
18 line virtual events held in October.
Just like we do at the in person events, we reflected on the successes of the year and Whats ahead on an award recipients and even had a little fun.
While we all missed shaking hands and catching up in person for spirit is coming together to celebrate our mutual achievements was very much alive at each event.
Before I close I'd like to mention a couple of third party recognitions <unk> received in the fourth quarter of 2020.
In October we received certification as a 2021 great place to work.
The designation from both Great places to work Institute.
Just on the results on employee engagement survey conducted in September.
It showed that 93% of employees consider Erie can be a great place to work compared to 59% and a typical U S based company.
And other employer accolades Forbes named Erie to its list of America's Best large employers for 2021 ranking $3 95 on a 500.
Erie was also named Penn State University, a corporate partner of the year on October The annual award celebrates corporate partners demonstrated exceptional commitment and promotion support and state.
Excellent track records philanthropy and research and exited engagement students and alumni in the workplace in the classroom.
And Erie continued to exceed industry in J D. Power's 2020 auto claims satisfaction study released in October.
Our overall satisfaction score of eight on a 1000 point scale was eight points above the industry average.
Exceeded the industry average in eight of the top 10 key performance indicator categories and scored on the top 10 for first notice of loss claims servicing estimation process and settlement.
While we don't set out to be recognize these recognitions are a not for enduring commitment to our core values being above all in service practicing the Golden rule.
Living the Erie family Spirit.
As we begin 2021 on 96 year on business I'd like to once again, thank our employees and agents for their dedication and resiliency over the past year.
And our shareholders for their continued support and trust.
The strength and stability of this company even in uncertain times is truly remarkable and we couldnt do it without the confidence you placed on us.
Thank you all for your continued interest in Erie and hope you and your loved ones stay well.
Ladies and gentlemen, this concludes today's conference call. Thank you for your participation you may now disconnect.
Okay.
[music].
[music].
[music].
Good morning, and welcome to the Erie Indemnity company fourth quarter and year end 'twenty 'twenty earnings Conference call.
This call was prerecorded and there will be no question and answer session. Following the recording.
Now I'd like to introduce your host for the call.
This present Investor relations Scott by harsh. Please go ahead.
Thank you.
And welcome everyone.
We appreciate you joining us for this recorded discussion about our 2024th quarter and year end results.
This recording will include remarks from Timothy Castro, President and Chief Executive Officer.
And Greg Gutting, Executive Vice President and Chief Financial Officer.
Our earnings release and financial supplement were issued yesterday afternoon. After the market close in on.
Are available within the Investor Relations section of our website Erie insurance Dot com.
Before we begin.
I would like to remind everyone that today's discussion may contain forward looking remarks that reflect the company's current views about future events.
These remarks are based on assumptions subject to known and unexpected risks and uncertainties is.
These risks and uncertainties may cause results to differ materially from those described in these remarks.
For information on important factors that may cause such differences.
Please see the safe Harbor statements in our form 10-K filing with the SEC dated February 20 per 2021 and in the related press release.
This prerecorded call is the property of Erie Indemnity company, it may not be reproduced or rebroadcast by any other party without the prior written consent of your indemnity company.
With that we'll move on to Tim's remarks.
Thanks, Scott and thanks for all of you for taking time to learn more about <unk> performance in the fourth quarter of 2020, our year end results I Hope you and your families are staying healthy and safe and are ready to move forward positively in 2021.
Last year was unlike any other demands on a lot from us as individuals and as a company and are deeply impacted how we live how we work and how we connect with one another.
The culture of the Erie has been an incredible asset in helping us get through this together and I'd like to extend my sincere appreciation for the nearly 6000 employees and 13000 licensed agents make up or your family.
They adapted seamlessly to the new ways of serving our customers and keeping our business thriving over the course of this uncertain and often challenging year.
In March as the threat on the pandemic became more clear we equipped more than 95 per cent of our employees to work from home in a matter of days.
This was to keep them safe and to reduce the risk of exposure for the small number of dedicated employees, whose roles require them to be in the office.
I've received countless messages for members of the Erie family in expressing appreciation for the actions we've taken over the past year to keep their well being a priority.
In April we provided $400 million in financial relief for our personal and commercial automobile customers, including $200 million on policyholder dividends and an overall, 5% rate reduction for those policies.
After the $2 5 million dividend checks for distributed we heard from thousands of customers, who responded with greeting cards letters and emails thanking Erie and our agents.
To support communities across our geographic footprint, we provided an additional $2 $5 million for agents and branch offices to support charitable work in local communities.
Our agents and employees stepped up in big ways to help the frontline workers and first responders support local businesses and good money to charities in need.
This important work was reflected in nearly 2000 stories share on social media.
The safety and wellbeing of our customers agents employees and communities has been at the forefront of everything we've done in response to the pandemic.
Well, it's not how any of us expected to spend our 95th year. This balance and intentional approach reflects just how committed we are to our long standing principles of service and doing the right thing.
Let's move on to our fourth quarter and year end financial results.
As reported in our press release filed them for the market closed yesterday Erie Indemnity reported net income of $63 million or $1 20 per diluted share for the fourth quarter.
Compared to the fourth quarter of 2019 that was an increase of $3 million.
Greg will talk in more detail about the financial performance very indemnity company in a few minutes, but first I'd like to share some highlights for the year for the Erie insurance exchange the insurance operations that we manage recognizing that a healthy exchange is an integral part of indemnity success.
Policyholder surplus of the exchange grew to $10 7 billion up almost $1 3 billion for the year.
Collecting a disciplined approach to underwriting and a sharpened focus on investments.
Over the past 10 years, the exchanges surpluses has more than doubled.
This surplus allowed us to provide the policyholder dividend to our automobile customers that I mentioned earlier.
In 2020, the exchange grew property and casualty premiums, 2% over 2019 to $7 6 billion.
Great reductions led to lower average premium per policy, but total policies grew by a solid two 1%.
On the claims side, our territory saw fewer catastrophic events in 2020 compared to 2019. This along with an industry wide reduction in miles driven due to the pandemic led to below normal losses, and a combined ratio of $93 seven compared to 105 at the end of 2019.
Despite the challenges faced over the past year on the industry the country and the World. We earned a strong place financially well positioned for successful 2021.
This reflects the dedication and adaptability of the agency force and our teams in sales marketing underwriting and products to ensure that growth in production continued to the challenges and of course, our underscores the strength of Erie value proposition of protection and service demonstrated by our claims and customer service personnel, who stepped up to <unk>.
Serve our customers in new and meaningful ways.
I'll highlight some of the progress on accomplishments from 2022 minutes. After Greg provides a deeper review of our financials.
Greg.
Thank you Tim.
At this time, a year ago I began our year end discussion by saying that our strong financial performance in 2019 with propel us forward in 2020.
And then a month later, our world with trade completely upside down on the COVID-19 pandemic drastically altered our everyday lives and uncertainty of the future became the new normal.
Despite the difficulty and challenge 2020 presented Erie delivered and I am proud to share with you our fourth quarter and full year 2020 financial performance.
Starting with the exchange the insurance operations, we manage.
Written premium growth for the fourth quarter was 1% driven by strong growth in new business premiums, which client just over 11% compared to the fourth quarter of last year.
While total year direct written premium grew almost 2%.
I will remind you that the exchange implemented $200 million in auto rate reductions that began in July of 2020 and will extend through June of 2021.
These rate reductions impacted the rate charged on new and renewal policies.
With a combined ratio for the quarter of 94, 4% and a strong financial markets ex.
Changes policyholder surplus grew to $10 7 billion.
From $10 billion at the end of the third quarter.
Exchanges total year combined ratio ended significantly better compared to 2019 at 93, 7% compared to 105% a year ago.
Shifting our focus to indemnity net income was $63 million or $1 20 per diluted share compared to $60 million or $1 14 per diluted share in the fourth quarter of 2019.
2020, total year net income was $293 million or $5 61 per diluted share.
Paired to $317 million or $6.06 per diluted share in 2019.
Operating income in the fourth quarter decreased nearly $4 million or five 3% compared to the fourth quarter of 2019.
Comparing year over year results indemnity is operating income decreased a little over $19 million or five 4%.
Management fee revenue from policy issuance and renewal services increased $5 million or one 2% in the fourth quarter of 2020 compared to the fourth quarter of 2019 and $31 million or one 7% for the total year compared to 2019.
The increase for the fourth quarter and for the year were driven by an increase in the direct and assumed premiums written by the exchange.
The total cost of operations from policy issuance and renewal services increased $9 million for the quarter and $51 million for the total year 2020.
Commission expenses for the fourth quarter grew $6 million, while the total year Commission expense increased nearly $27 million.
The fourth quarter was impacted mainly by the growth in the direct and assumed premiums written.
However, our total year Commission expense was driven by two factors the increase in written premiums as well as the higher agent incentive compensation.
The exchange experienced a significant decrease in automobile claims frequency and related loss expenses beginning in March of 2020 net.
That continued through May of 2020, driven by the COVID-19, pandemic, which contributed to an increase in the profitability component of the agent incentive bonuses.
Turning to our non commission expenses for the fourth quarter indemnity saw an increase of $2 $5 million compared to the same period in 2019.
Administrative and other expenses increased $2 9 million.
Primarily driven by an increase in long term incentive plan cost as well as increased personnel costs.
For the total year 2020, non commission expenses grew over $24 million compared.
Compared to 2019.
Underwriting and policy processing costs increased $6 million.
It caught also saw an increase of $6 million.
<unk> and other expenses increased $9 million.
All expense categories were impacted by increased personnel costs related to more profitable underwriting results in 2020.
That led to higher accruals related to incentive compensation awards.
Indemnity fourth quarter pre tax income from investment totaled $14 million, an increase of $7 million compared to the same periods in 2019.
The growth was driven by an increase in net realized gains of $4 million.
For the year pre tax income from investment decreased $7 million compared to 2019.
The decrease was driven by lower net investment income compared to 2019 and impairment losses of $3 million.
Finally in 2020, we paid our shareholders dividends in the amount of $273 million, which included a one time special dividend of $2 per share for class a shareholders.
Also in December of last year, our board approved a seven 3% increase in our regular quarterly cash dividend for both class a and class b shareholders for 2021.
Now I'll turn the call back over to Tim.
Thanks, Greg.
As we enter 2020, we're poised to deliver on several key initiatives in support of our strategic focus areas.
Strengthening business platforms and use of data enhancing the Erie experience identifying and developing new sources of revenue.
And preparing the workforce on the future.
The unexpected challenges presented earlier in the year by the pandemic could have easily up end of those plans, but I'm proud to say that our employees and agents stepped up often exceeding expectations.
As I've reported in previous calls we launched an enhanced several products this year.
Youre secure business re imagined seven legacy products into one single customizable commercial multi peril product agents.
Agents can get a quote and about seven minutes and nearly half of the policies are instantly issue without underwriting view.
This is a considerable improvement from the days and weeks those tasks book with legacy products system.
Since the new product rollout in late 2020 Erie secure businesses generated nearly $35 million in written premiums and provide any protection will be on the 15000 businesses.
Erie Express Lite, our new instant issue term and whole life product can be quoted Mount an issue during the auto insurance quote and application process without the need for a medical exam or physical position statement.
More than 2400 policies were placed in less than four months. After it was introduced in August.
Erie rate lock, which provides customers with an option for lock in their auto rate until they've made a qualifying change was refreshed with more competitive pricing and rolled out in 10 states.
Auto conversion rates increased nearly 25% and applications were up more than 10% in those states.
And your term a product that reward safe drivers with financial benefits expanded the for additional states more than 22000 drivers from registered for your turn in each states where it is now offered.
Providing customers with greater digital capabilities, while maintaining Erie distinctive human touch continues to be a critical objective.
The launch of our new mobile App in September was an important advancement in this area.
And it's quickly gathering popularity with customers.
More than 75000 customers download the App and the first three months after its launch.
We also expanded our digital capabilities and create a greater efficiencies with two new claims tools.
Preferred method of inspection uses artificial intelligence to determine the best method of inspection for vehicles and photo appraisal allows customers to upload pictures with vehicle damage using a mobile device.
Both the capabilities of our employees and agents to work smarter and faster. So they can focus on providing the human touch where and when it's needed most.
The advancements made during the past year demonstrate our commitment to strengthening our competitive position creating.
Creating new sources of revenue and meeting the challenging needs of our customers.
It's also a testament to the strong relationships among our employees and agents.
Which have allowed us to work together seamlessly and be highly productive even on a very different sometimes challenging environment.
The relationships, we share with our independent agents are critical for our success and our annual branch meetings have been an important opportunity to recognize and connect with our agency force for more than eight years.
In 2020, we continued that tradition, just in a different way.
For 500 agents and employees turned in.
18 live virtual events held in October.
Just like we do at the in person events, we reflected on the successes of the year and Whats ahead on an award recipients and even had a little fun.
While we all missed shaking hands and catching up in person for spirit of coming together to celebrate our mutual achievements was very much alive at each event.
Before I close I'd like to mention a couple of third party recognitions <unk> received in the fourth quarter of 2020.
In October we received certification as a 2021 great place to work.
The designation from growth Great Places to work Institute was based on the results on employee engagement survey conducted in September.
It showed that 93% of employees from <unk>.
Be a great place to work compared to 59% and a typical U S based company.
And other employer accolades Forbes named Erie to its list of America's Best large employers for 2021 ranking $3 95 out of 500.
Erie was also named Penn State University, a corporate partner of the year on October the.
Annual award celebrates corporate partners demonstrated exceptional commitment and promotion support and state extra.
Excellent track Records Philanthropy research and actually are engaged on the students and alumni in the workplace in the classroom.
<unk> continued to exceed industry in J D. Power's 2020 auto claims satisfaction study released in October.
Our overall satisfaction score of eight on a 1000 point scale was eight points above the industry average.
Exceeded the industry average in eight of the top 10 key performance indicator categories and scored on the top 10 for first notice of loss claims servicing estimation process and settlement.
While we don't set out to be recognize these recognitions are a not for our enduring commitment to our core values being above all in service practicing the Golden rule.
On living the Erie family Spirit.
As we begin 2021 on 96 year on business I'd like to once again, thank our employees and agents for their dedication and resiliency over the past year.
And our shareholders, who have continued support and trust.
The strength and stability of this company even in uncertain times is truly remarkable and we couldnt do it without the confidence you placed on us.
Thank you all for your continued interest in here I Hope you and your loved ones stay well.
Ladies and gentlemen, this concludes today's conference call. Thank you for your participation you may now disconnect.