Please proceed with your question. For example, if an insurance company over the course of its fiscal year (FY) sells 1,000 new contracts that require each customer to pay $1,000 in premiums, its written premiums for that period would be $1 million. And I'll now turn the call over to management for closing remarks. And certainly in the last nine months, we have moved into a more defensive position on the portfolio, which we think is the right thing to do given our capital position, as well as frankly, our continued focus on improving the underlying -- underwriting results. When an insurance company enters into a contract to provide insurance against a loss, the expected premiums are gross premiums. Protective Life Insurance Premium Payment - Comparing policy rates by yourself are often difficult and seriously time-consuming. The global reinsurance groups featured are ranked by unaffiliated gross premiums written in […] Insurance Model: Net Written Premiums, Unearned Premiums, and Income Statement. These are proportionate to the unexpired portion of the insurance; unearned premiums appear as a liability on the insurer's balance sheet. Please go ahead. Written Premium — this is the premium registered on the books of an insurer or a reinsurer at the time a policy is issued and paid for. Although it is still down for the year, we're encouraged by the recovery and remain fully confident in the underlying strength of our hold-to-maturity fixed income portfolio. This is a 5.2 point improvement from Q3 2019. For the first nine months of 2020, net loss totaled $7.5 million or $0.53 per share, compared to net income of $3.6 million or $0.24 per share for the 2019 period. Premiums for insurance companies are like sales for retailers. There is an insurance company in Canada, Fairfax Holdings that creatively to generate income, it's putting up, I think, $1.06 billion [Phonetic] and having a firm that they are comfortable with opportunistically invest in first mortgages on real estate. Although Protective Insurance Corporation believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurances that expectations will be obtained. Please proceed with your question. And so have the opportunity to pick up new equipment with the latest ADAS Telematics camera type equipment. The gross figure does not factor in deductions from the commission paid to agents who sell the policies, legal expenses associated with settlements, salaries, taxes, clerical expenses, and reinsurance, which is when insurance companies opt to transfer some of their risk to another insurer. Premiums were compared between the Protective Classic Choice Term life policy and the competitors’ term products for a 30-year old male with a $100,000 death benefit, select preferred non-tobacco underwriting class and a 10-year initial guaranteed premium period. The company affords more flexibility than most, offering nearly every type of life insurance policy and policy feature available. As you may recall, in the second quarter, there was a clear reduction in frequency across our book related to fewer vehicles on the road and we recorded a 3.5 point benefit in our loss ratio in Q2. I appreciate the acknowledgment. [Operator Instructions] And our first question is from Brett Reiss with Janney Montgomery Scott. Market share of foreign companies in the domestic market. Please proceed with your question. We are pretty proud of the trajectory. So kind of talk to me about the current jurisdiction and I would assume Indiana would be preferred by Protective. I would anticipate that you will see continued improvement in the loss ratio through 2021. This Protective Life Insurance company review highlights policy options for low-cost term and whole life insurance and rProtective Life Insurance rates for as little as $11.38/month. With that, we will now open for Q&A. An unearned premium is the premium corresponding to the time period remaining on an insurance policy. However, we do not believe there is any more rate to give up, and we will remain disciplined with pricing and risk selection notwithstanding competitive pressures. Net Earned Premium – Net written premium plus assumed premium, minus unearned premium. Understand. We're not where we want to be yet, but our progress is clear and sustainable. And I'd be interested in knowing if there is any metric that relates to the technology and accident avoidance, that is in the new vehicle as the old ones fall off is a tour of if you see, it's showing up. The National Association of Insurance Commissioners (NAIC) reports this insurer received 19 official complaints nationwide in 2018. Moreover, we had healthy growth in our target segments in the quarter. Thank you for your support. Rates were up 18% in the quarter in our commercial auto book, significantly ahead of loss trend. Well, thank you, all. I'd like to start by once again thanking my colleagues for your hard work and commitment to Protective and to our clients. He was an easy going, fun loving guy and that personality really resonated with his customers. We had about $400,000 related to our special committee. Every company is different, but life insurance agents may make 40% to 90% percent in commission of the first year premium on term life insurance. So I think in your opening comments, you noted that the higher beta stuff did well. We disclosed that as about $46 million. Protective Insurance has not been protected from drama. The insurance industry is cyclical (along with the business cycle) and competitive, with numerous participants fighting for market share primarily on the basis of price. As a result, you could be paying higher insurance premiums and out-of-pocket costs than your peers! Well, we -- there certainly are competitors who will write fleets at a premium that we would not put out a quote for, there we get a lot of submissions that we'd say no to, we don't -- our philosophy is that is not that there is an appropriate price for every risk. Do you expect that you'd have to continue to revise your allowance up in tandem with that? We have a nominal amount of unfavorable development in the quarter and our accident quarter combined ratio at 100%, improved by 7 points from Q3 2019 and 1.4 points from Q2 of this year. Net premium, in the insurance industry, is calculated as the expected present value (PV) of a policy’s benefits minus the expected PV of future premiums. Due to our positive quarterly results, we further reduced our deferred tax asset valuation allowance by $900,000 to $1.5 million at 09/30 [Phonetic]. Income from core operations, being the sum of underwriting income and investment income, was $5.1 million for the quarter, representing an income from core operations per share of $0.36. Now turning to the numbers. And to the extent that it's a rapidly growing portion of the transportation business put the underwriting environment like. I've got three. In other words, protective liability coverage provides coverage for gaps that may exist on other types of liability insurance for certain business owners or contractors Insurance indicators. We do feel very good about what we've achieved this year and where we stand and our opportunity moving into 2021. But our model is certainly to focus on the better risks to provide those better risks with great advice, to have strong relationships with those better risks, to build those relationships over time, to try not to churn through our book. Were you just suggesting that some of them went up, and I guess others went down more than the ones that went up to create that loss. In general, we are pleased with the performance of our workers' compensation book. Protective Life Corporation (Protective) provides financial services through the production, distribution and administration of insurance and investment products throughout the U.S. Most of our customers turn their fleets over in a fairly short amount of time. Premiums per employee. Spreads across nearly all fixed income sectors tightened over the period with pricing gains most pronounced in the higher beta segments of the fixed income market, including high-yield bonds, CLOs and CMBS. At this time, management would like me to inform you that certain statements made during this conference call and in the press release, which are not historical, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Carmel-based Protective Insurance Corp. reported its largest annual loss in more than 25 years late Tuesday, as the insurer's financial toll from accidents continued to grow. So originally PSG boarded a case against us in California, we subsequently board a case against them in Indiana. ET. Gross premiums written and consolidated revenue continue to grow. The term total written premium refers to the amount that customers pay for insurance coverage on the policies issued. Protective Insurance Agency is a family-owned business. Premiums written by classes of life insurance. Indiana thinks California is the right place. For example, if … Deferred acquisition costs (DAC) is when a company defers the costs associated with acquiring a new customer over the term of the insurance contract. We are in a hardening market, but our clients still have options and they choose to do business with us. We have a -- as I think we've -- I've disclosed in the past, we're ultimately targeting a combined of around about 96%, that will get us to about a 10% ROE. Is it discernible? The great thing when planning and execution pays off. And overall, there is no notable frequency reduction reflected in our loss ratio. Density. Market share in OECD. Reviews from Protective Insurance employees about Protective Insurance culture, salaries, benefits, work-life balance, management, job security, and more. I would now like to introduce Jeremy Johnson, CEO of Protective Insurance Corporation, and turn the call over to him. My former employer is trying to correct the date but the old insurance company (Harvard Pilgrim) is denying it. Good morning, John. This is driven by a combination of factors. I mean, it's quite complicated. Since the beginning of the pandemic, we have been focused on expense management, placing a temporary hiring freeze on most open positions and challenging discretionary spending, that effort continues. Your insurance history, where you live, and other factors are used as part of the calculation to determine the insurance premium price. Gross written premium was up 8% over prior year, and in our core ongoing books, growth was even stronger at 18%. I'm a little reluctant to give you firm target, Brett. Written premiums stand in contrast to earned premiums, which is what an insurance company actually books as earnings. Market data powered by FactSet and Web Financial Group. We acknowledge that we will be exposed to reinvestment risk as long as the new low rate environment persists and are seeking prudent ways to maintain book yield, balancing risk and reward in this uncertain market. What is not seen in the income statement is another $7.5 million in pre-tax fixed income gains that were recognized through comprehensive income. I will tell you that from a loss ratio standpoint, we do feel that we can continue to improve that loss ratio through 2021. This adjustment recognizes changes to assumptions about cash recovery timing as well as an increase in PSG's estimated ultimate obligation, which was increased in the second quarter. Brett Reiss -- Janney Montgomery Scott -- Analyst. Most of the gains were in high beta fixed income investments. As you know, we have a wonderful relationship with FedEx and with the 5,000 or so independent contractors who make up the delivery network for FedEx ground. I'm very confident we will continue to improve our accident year underwriting results in Q4 and through 2021. Use our FREE quote tool to get started now. Is the company open to these type of venture in an attempt to kind of think outside the box to keep yields up in this depressed interest rate environment. As I've said in past calls, it is clear that the plaintiff bar continues to aggressively target the trucking industry. An earned premium is a pro-rated amount of paid-in-advance premiums that has been "earned" and now belongs to the insurer. Jon became very successful in the insurance world due to his witty and cheery personality. As always, I do appreciate your time and your ongoing support. Rates in our workers' compensation book were flat for the quarter. So why don't we follow up with you of today's specified that schedule. Pickup and delivery, which is not exactly the same as last mile, but is somewhat synonymous given the internet shopping. And our next question is from Steve Smith with RBC Wealth Management. A written premium is an accounting term in the insurance industry used to describe the total amount customers are required to pay for insurance coverage. The company was founded in 1994 by Jon Museus. Earned Premium (EP) That portion of a policy's premium that applies to the expired portion of the policy. Protective Insurance Corporation has scheduled its quarterly conference call for Wednesday, May 8, 2019, at 11:00 AM EST to discuss results for the first quarter ended March 31, 2019. Given our view on -- let the process of the litigation and where the cases being sold, the venues that the case is being heard in [Phonetic], we think -- we felt it was appropriate to extend our view of when we'll start to see cash flows and we push that out by a year that then impacts are, they see still allowance that we took in January of this year by about $1.5 million, but it does not reflect any change in our views on the merits of the case nor on the outstanding ultimate. Protective Insurance Salaries trends. And we've seen a lot of growth in that book, and in that opportunity, and we think there'll be more growth opportunities there. Premiums written by life/annuity insurance companies totaled $46.1 billion (including life insurance, annuities, accident and health insurance, deposit type funds and other considerations). That case in California was dismissed in favor of jurisdiction in Indiana. Excluding loss development for all periods, the current accident quarter loss ratio was 71.6%. They may be measured as a gross or net figure, which shows how much of the premiums the company gets to keep for assuming risk. Hi, Brett. Written premiums calculate the total amount customers agree to pay for insurance policies sold during the accounting period. Your efforts are clearly paying off. We think that there are high-single digit growth opportunities in the book moving into next year. So I don't know that, I would call it either advantage or disadvantage, it's the segment that we're focused on. It generally costs less than a couple of pounds per month to have this included in your policy. In the quarter, for all our products, rates were up 8%. John R. Barnett -- Chief Financial Officer. Top ranking producers may even get 100% of the full premium in the first year as commission and often 2% to 5% commission from the second to the fourth year. The last I read, it sounded like that California court had agreed that the appropriate venue for the case was Indiana. I.e. You may begin. Your factor can have seen and done it all before, and they recognize precisely whats necessary to consider once browsing coverage options. Did we have anything like that in Q3? Insured policyholders pay premiums in advance, so insurers do not immediately consider premiums paid for an insurance contract as profit. Congrats on the progress on the combined ratio. And then just let me dive into that comment about this jurisdiction. The FedEx relationship is key for Protective: In 2017, the global shipping company accounted for $18.5 million of its $504.7 million in consolidated gross premiums written, with a further $189.4 million coming from business placed with the company by a broker acting on behalf of FedEx … * Savings based on premium comparisons with leading national life insurance carrier term products. Good morning, gentlemen. And we have reached the end of the question-and-answer session. Jon enjoyed working with his daughters ,whom he trained to sell insurance while they attended school. Insurance companies sell as many premiums as possible and then use the money they generate to cover losses and expenses, hopefully with enough left to turn a profit. Thank you for taking my questions, and I hope both of you stay well and safe. I don't want to tell you when we think that we'll get there, but that is -- our long-term target is to run the portfolio with a 96% combined. When the cost of reinsurance is deducted from the expected premiums (gross premiums), the result is the net written premiums. What’s more, Classic Choice term features competitive conversion options¹ compared to other term products. Written premiums calculate the total amount customers agree to pay for insurance policies sold during the accounting period. With that, I'll now turn the call over to John. Consumers who want to purchase affordable life insurance from a financially stable insurer who offers a substantial insurance portfolio with fast underwriting should definitely consider Protective Life Insurance Company. On the asset side, our portfolio continues to respond to the improvement in equity and fixed income markets. Subsequent year commissions may drop off or can be much lower. For additional details, see the disclosure and footnote 10 of the 10-Q. Greetings, and welcome to Protective Insurance Corporation Third Quarter 2020 Earnings Conference Call. Please note: Waiver of Premium does not provide redundancy cover. Protective is a reliable company with few complaints on its record. Written premiums are different from premiums earned, which are the amount of premiums that a company books as earnings for providing insurance against various risks during the year. Written premiums are the principal source of an insurance company's revenues. The insurer can change the status of the premium from unearned to earned only when its full obligation is fulfilled. Jeremy D. Edgecliffe-Johnson -- Chief Executive Officer. We are considering various strategies to seek the most appropriate venue and other ways to bring the matter to a conclusion. Top 50 Global Reinsurance Groups This Top 50 Global Reinsurance Groups directory is based on research data from rating agency A.M. Best. Listing the top reinsurers in the world, this directory provides a simple way to analyse the world’s top reinsurance companies. [Operator Instructions] Please note, this conference is being recorded. With respect to interest rate, I mean it looks like they're going to remain lower for longer. Premiums increase annually after the initial guaranteed premium period. I think we have a schedule in our 10-Q on that. Written premiums are the principal source of an insurance company's revenues and thus appear on the top line of the income statement. Written premiums are the principal source of an insurance company's revenues and appear on the top line of the income statement. Normalizing for the Q2 frequency benefit, the accident quarter loss ratio improved by nearly 2 points from Q2. Good morning, and thank you all for joining John and me this morning. This adjustment does not change our views on the merits of this case. I'm assuming originally, you guys maybe were expecting Indiana, then it shifted to California and now back to Indiana. Policy form numbers, product features and availability may vary by state. Stock Advisor launched in February of 2002. As such, looking at changes to net premiums written from year to year is a useful way to gauge the health of insurance companies. These accidents in turn have a negative impact on your company's claims history and lost production time. And then one more question, thanks for your time. Total gross premiums. Thank you. For example, if a policyholder has a car accident and is insured for it, the insurance company is obligated to foot the bill. As a reminder, we have posted our press release, quarterly financial statements and a brief presentation reviewing our first quarter results on our website. Usually, insurance companies purchase reinsurance to protect themselves against the risk of a loss above a certain threshold. And then last question related to that, what -- should we be expecting a growth in the amount of underwriting that you were doing simply because the market's getting better than it's safe. Yes, it's a a great question, Brett. And we are entertaining opportunities that are coming to us now for other potential sponsors who would like to build programs for their independent contractors focused on that kind of last mile segment. There is continued momentum in the pricing environment, our clients and distribution partners value us, and we're investing in our teams and our technology to support future profitable growth. Okay. Salary continuance will also be renamed income protection at the start of October. Written premiums may be measured as a gross or net number. 3 Thanks for taking my questions. Net premiums written is the sum of premiums written by an insurance company over time, minus premiums ceded to reinsurance, plus any reinsurance assumed. I would like to remind everyone that we are hosting a live webcast for the call, which may be accessed at the company's website as well. Market share of branches/agencies of foreign undertakings in the domestic market . Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. The continued interest rate environment is one that we're going to -- we will continue to look at allocation in the portfolio, but I don't think you're going to see us taking wild opportunistic bets on the asset side. Factors and risks that could cause actual results to differ materially from expectations are detailed in the press release and are included from time-to-time with the company's filings with the SEC. Protective puts may be placed on stocks, currencies, commodities, and indexes and give some protection to the downside. We believe that our claims teams are the best in the industry, and our clients rely on our expertise to ensure appropriate but optimal outcomes in what can be very complex litigation. The lower expense ratio for the third quarter is attributed to expense management and the benefit of fixed cost leverage with the strong growth in premium. Okay. For a company that brought in nearly $1.7 billion in premiums last year, 19 complaints is low—much lower than other similarly sized companies. If you did not receive a copy of the press release, you may access it online at the company's website along with an Investor Presentation to accompany today's call and earnings release, which is available at www.protectiveinsurance.com. Cumulative Growth of a $10,000 Investment in Stock Advisor, Protective Insurance Corporation (PTVCA) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $PTVCA, Protective Insurance Corporation (PTVCA) Q2 2020 Earnings Call Transcript, Protective Insurance Corporation (PTVCA) Q1 2020 Earnings Call Transcript, Protective Insurance Corporation (PTVCA) Q4 2019 Earnings Call Transcript, Protective Insurance Corporation (PTVCA) Q3 2019 Earnings Call Transcript, Protective Insurance Corporation (PTVCA) Q2 2019 Earnings Call Transcript, Copyright, Trademark and Patent Information. For the seventh consecutive quarter, our accident quarter combined ratio has improved. Two questions, the sales of a new tractors very high end stuff have been substantial and have picked up. In exchange for taking on this risk, the company charges its customers premiums. Direct premiums written are the total premiums received before taking into account reinsurance ceded. Thank you. I appreciate that. Last quarter, I believe you called out some fees, tie depending bankers for the strategic review and describe how that impacted the combined ratio. We are limiting ourselves to those fleets that we do think and have a safety culture. Yes, there's been a lot of growth there. And I think the entire insurance industry is going to struggle a little bit to achieve that right balance of risk and reward given the low interest rate environment. I don't want to tell you that we're going to get there. And not just for commercial auto, but also for other workers' comp and for occupational accident products that are obviously a huge part of what we do. Hey, good morning. Non-default salary continuance insurance premiums for Hostplus members will increase from 1 October 2020. My new insurance found out about it and has denied and unprocessed 15 claims from February to August and wants them to go through my old companies plan first. I believe we are extremely well positioned in our market. From a competitive standpoint, does this put you in a disadvantage position and advantage position, how would you characterize that? During the quarter, we increased our CECL credit allowance related to the PSG staffing matter by $1.5 million. Surplus Lines. In this quarter, however, the frequency benefit is not so clear and differs by segment. We continue to monitor claims frequency closely. Meanwhile, when there is a shortage of capacity, insurers can exercise a measure of pricing power in premiums. Yes, sure. Okay. Gross written premium was up 8% over prior year, and in our core ongoing books, growth was even stronger at 18%. (212) 419-8286 Okay. Are there opportunities there? It's great to see. Salaries posted anonymously by Protective Insurance employees in Indianapolis. Net Written Premium – Amount maintained by an insurance company after it has paid for reinsurance. Jayme Wiggins -- Palm Valley Capital -- Analyst. Thank you for that. I thank you for that. And I realize it's something that doesn't happen overnight. Now I just called it a simplified operating model but actually if you look down, it is not really that simple. Protective Insurance has a decades-long heritage of providing insurance for fleet trucking operations and specializing in workers’ compensation insurance for transportation-focused businesses. 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