Earnings call transcript Q2 2023

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Douglas Constantine

Good morning, and thank you for joining us today for Progressive's Second Quarter Investor Event. I am Doug Constantine, Director of Investor Relations, and I'll be the moderator for today's event. The company will not make detailed comments related to its results in addition to those provided in its annual report on Form 10-K, quarterly reports on Form 10-Q and the letter to shareholders, which have been posted to the company's website.

This quarter includes a presentation on a specific portion of our business followed by a question-and-answer session with members of our leadership team. The introductory comments by our CEO and the presentation were previously recorded. leaders previously XX we event other minutes questions answers the balance use for members of recorded and the our team. of scheduled with of completion our recorded well will remarks, the live remarks management Upon as in as featured for this

to may events in uncertainties materially subject These to differ risks forward-looking and statements and expectations are during As always, include current are discussions based could and actual cause that results this event discussed event. those statements. on management's from many today's

in information annual the risks Additional XXXX, of XX-Q those related and factors concerning December harbor challenges the and businesses, ended safe on uncertainties forward-looking our to we as for the is risk discussions XXXX, second XX-K face. for available by find our reports quarters of our of statements affecting Form supplemented XX, report first and where statements other you the discussions year will

found Relations will kick pleased with via CEO, who to Griffith, These I'm documents introductory comments. Tricia some the introduce today, our can section website us investors.progressive.com. begin Investor be our To at Tricia? of off

Susan Griffith

thank and begin calls Progressive's joining extraordinary take on will quarter to the extolling In face this us you today. different. the these the of my difficult the I succeed of continue in people pressure deliver, the usually commitment pride environment. actions expressing people this and for by and industry, in morning, they Good necessary results to be our no

best have that are of we ahead strategy. assembled in target. us. I our believe our short half XXXX class. team are to groundwork of well that ratio our to through no that's best have continuing people I of XX in progressive nearly results first combined to While employees believe the lay of the and a days doubt our our ensure continue fell we XX,XXX I

has allowed discipline us year better to the the We past with target, than to this profitability manage maintaining in calendar continue grow that the to industry.

to in value, which actions pragmatic we At would first of calendar year the will spent approach same and profitability. time, about well cognizant be by remain call taking and served quarter be of the our talking believe much pressure growth we the to address continue has to and balancing growth profitability adjust which We we long-term continue. auto, X, approximately rates rate trend. during points puts take we we personal to take to quarter points those at approval, our year year-to-date actions XX%, as over took we X In just assuming additional remainder match of in loss regulatory plan the and X our

growth in the reduce During profitability PIF had also said media while effect as app we new call, robust, have slowing year quarter to would we recent still challenge. X in the we Calendar slower saw the ratio history. expense second in growth, highs These prior last with months. our our actions being compared to in amongst a growth first be continues and from resulting that quarter lowest the quarter's spend, on direct expected

year non-rate calendar goal rate to the may we evaluate actions in will XX and take. the with to mind, So need we continue

than these At catastrophe X.X had the to by points level, affected of states points higher ratio year events year-to-date, ratio XX added suggesting Catastrophe company events this the year. To been felt billion which XX year on half impact X.X events with $XX losses had insurer pressures. has our combined a significant first surpassed broadly profitability combined that for part already significant some XXXX our been events. have our is the have were date, with XXXX. a catastrophic losses estimates The of this U.S.

is reserve loss most have business changes team been of ratio best possible Historically, XX about accuracy of to as in goal more individuals to property among to XX points XXXX. almost been being science highly our time to in year, the reserve experienced we catastrophes, our which this adding with property points calendar compared employee the advanced when this by affected has so Our in industry contributing support the year little with our We've an combined accurate of reserving, ratio. as reserves. the far

to current development. of majority and XXXX grow us actuarial as fast the last development end said the contributed another Florida and challenges of into decade. the the more prior environment Having can has categories: fixing the prior practices. X help second accurately adverse contributed X reserves us adverse Accurate vehicle accident our combined X.X points development price points has for prior of reserving year Florida's for have ratio over placed year difficult personal lines adverse as over The have year year to coverages. give accounts adjustments just development of X XX% we confidence our of that, and points. Through the quarter, presented be to

in continue we costs new the a optimistic to in be lower loss will March's significant result largely time, representation coverages. been medical While has attorney increase legislation in over effect short-term that

times, Our is prior-year the to longer vehicle trends. vehicle driver bill total and data coverages to XXXX trends subrogation to accident over prices development and trends including repair passed, rates prior deepening in short-tailed, the fine-tune major come rental ultimate In costs. longer contributors be of to labor are vehicle from of has a which why claims year. unforeseen variety Fixing adverse development to from changes face the matured of steeper higher the year-to-date loss previously sources, times, parts explains The XX% countrywide. of in reserving each allowed coverages, Florida's us continue continues changes on year fixing closed which month has the since the severity

excluding In favorably. years developed fact, have XXXX Florida, prior accident to

due fixing in vehicle Our by coverages trends of current emerging that year claims Since actuarial are the the fixing adjustments short-tailed, have are primarily vehicle are to past. most coverages. affected recent happened

the affected trends coverages fixing steeper current year. increasingly the the accident year, new vehicle in As moved in have have we occurred that deeper into claims

a occurred XXXX. of year has increase part affected attorney of current since the been in March Florida claims relatively representation before adjustments small largely rates actuarial litigation that

all to continue trends adjust coverages to adequately ensure monitor necessary across we're states and always We if will reserved. loss and

topics While both been the this senior pricing year, strategies, have a and confidence To our better sets, challenge to X to than long have showcase X speak our I have in results industry delivered have a which reserving teams time. presentation. leaders these these this great skill very and morning, for we the for

leader Reserving Group, set accurately we our our Traicoff, Gary Corporate at endeavor and adjust reserves. Actuary Progressive to Head First, how and business practice discuss reserving of will and

in and for led After group reserving XX almost our will has our Jim pricing Personal Curtis, to for pricing. a been Controller, X. our business of years. for and XX cohort XX lifetime those is when is veteran discuss managing years term Jim with calendar have Gary current progressive different our both characteristics. role new renewal and and loss for Cohort Progressive Gary, XX-year Lines target expense has year his business and

for joining morning. to this pass us thank I you now will Gary. Again, you Gary?

Gary Traicoff

flow I an cover our the definitions everyone. through to on reserving how release. Thank of you, at general the claim And through walk actuarial morning, Progressive. finally, individual key metrics of example our example are earnings first excited about today it of overall process, walk you Tricia, in life the and some good through to an and an then talk loss reserving cycle will levels would categories and determined. reserve I'm how

each Let's with year rightmost the the start at columns XXXX, from at expense adjustment size of loss balance The XX, our for calendar off reserve LAE loss of end represent the carried through reserves. and and XXXX XXXX column. or our June

side of basis This June a little and see XXXX, as of be $XX On blue than was growth at within in same now year-end the gross than XXXX, a in greater our Xx XXXX. XX, was the while almost time that would reinsurance almost premium Xx company, bar left the over billion growth the before about it we sum less is reinsurance the graph, billion of orange with reserves what can our $X.X Progressive period. of greater XXXX, a on the reserves and in sections had as

Much that future period. products for the over in have orange of of XXXX, this all section that XX, accidents reserves growth how in lines longer-tailed billion. our almost be of means for ceded commercial bars liabilities June this premium will our ultimate are much difference believe growth through to relates we The occurred reinsurance. This represents outpacing reserves and $XX our

Fund Michigan Florida and private Some Claims examples state-regulated of Cat Hurricane plans, such this reinsurers. and include Association as Catastrophic the

of been XX% now make up of just versus higher of ceded products. this over the June in to over newer historical XXXX. in ceded and property XXXX. reserves how products about almost reserves reserves relates retained needs added our have our gross more increase much Our Much proportion after of that which The columns section are have XX, our protective, represents the of billion $XX including blue than as of reserves reinsurance reinsurance, time, XX%

loss how team. LAE. net will our the in are estimate reserve set by Next, reserves the case, or some are at let's a assigned metrics of the be reserves by case set distributed. and an that may shows The under actuarially a XX% chart claim left be our remainder IBNR that look actuarial on adjuster loss Any on claims XX% derived open

reserves. makes which stands XX% have may IBNR up in slide. different not across We more net IBNR, discuss in but this companies. detail will a our future reported, incurred about meanings of for

This most Progressive's liabilities. and and are case thought Anticipated a claims is recorded subrogation reserves. already reopens IBNR a For as products, and liabilities and the of as happened reduction of to future cover reserve salvage that subrogation recoveries currently be contra to think can late not of have one as reports, and future open include would can recoveries. salvage

estimates set For our in This most case reserves expected a does combination cover case actuarially anticipated reserves. any development because not products, products, does reserves IBNR majority of reserve, our the our of and development. since our not adjuster IBNR is of for are case case cover

LAE and our remaining defense to chart anticipated reserves shows the and reserves middle happened, make needed by claims product. claims salaries. costs adjuster as have the distribution already such cover typically The that XX% settle of the expenses up counsel

of vehicles. and medical expected, The injury that the size. are longer-tail to the coverages smaller and injury Again, total up this are Lines limits of business reserves, products reserves As but our over-indexed coverages due to premium. cover in is almost severity costs higher with and relative the to of to premium. XX% nature a medical and versus index shows set relative cover medical longer-tailed XX% more injury to vehicle costs auto, reserves right higher X/X our to makes reserves and fixing of cost premium to fixed and our on graph personal proportion Thus, will to Commercial

subrogation and as salvage fixing In medical. XXXX to coverages This compared higher proportion reinsurance vehicle of from and data addition, net a of of point. a on is additional injury have year-end and contra-reserves basis. One is

a as distribution as level. additional previous individual we state. within geographic high-level of reserves Further much motor breakouts a parts, individual such and data breakouts, we even determine the To areas mix the the combination more and a reserve uninsured bodily states injury, injury a data, bodily include review typically such level. gave homogeneity reserves data some various and of credibility the even product, our finer by of While subset the typically region or at weigh by of damage of slide by at granular down and a review the segmenting overview limit. of line the states, property these value in We coverages group to

of development in credible example, is data injury, reviewed auto states warrant almost states and many separately. majority which with all the personal In quarterly. different data separately patterns, reviewed bodily states For to of reviewed be are have State-level auto the credible, personal patterns XX% reserves exhibit are level several states while About reviewed are reserves quarterly. of data and monthly collision, data at of XX% is reviewed many XX% our and state-level about clusters together. similar this our in-depth states to

we level, reviews, adjust over which line, of reviewing product, price our reserves a the able year. this reserves cetera, pricing are to which state, et reviewed level, course is the match granular XXX of some are at combination at to more teams risk. accurately better helps About detailed By

feeling will are allows roll-forward monthly. discuss reserves a a the which We deep of portion also all have allows adjusted process updated do of analysis reserves we comfortable on, a monthly up to reserves be process robust of still that the later time us the The that to monthly. being to on XXX% while roll-forward our

XX Here reserve month an review how is in-depth quarter, over of In look schedule reviews example X completed. an will the were the of months. first

or loss expenses containment and cost down other and or a review, review is DCC A&O. reserve defense Each either LAE between is which further adjusting broken or

commercial reserves. products, combination network make of of such XX% as reviews XX the total month, the and of reviews or such reviews bodily state completed our are reviews another following auto, completed. auto XX% up is Again, about one represent of CL our In line of or and reserves. XX injury but These Some all reviewed. transportation core to products state, there as is product, during and coverages type, total first combination TNC, personal some companies, represents which of combination were of our XX coverage some would XX% to XX% month independent

to of completed completed, all during month had previous XX Finally, which represent any additional XX% reviews and XX% of the the quarter months total reviews the from third the reserves. X are different an

about XX quarter, reserves are per reviews XX% the XX completed the of Typically, course the to reviewed. of between were month. Over

talk the use different let's is several level about reserve methods. overall We how determined. Now

One called we of in standard practice. use accident period ladder methods the that the is method a industry chain

And certain and the represents been for each at after example paid accidents accident. periods row column losses time above, accident the X-month a much paid each out period in had how occurred when represents those the

July For X those Column The $XXX all X, XX, December XXXX. paid top that example, in for accidents. means was accidents through of the XXXX XX, from December row the represents occurred that as out $XXX XXXX

activity. cumulatively X $XXX of right had paid that additional out of of for that as of paid that row. the was occurred the $XXX during June to XX% loss XXXX, XXXX, out. during section X. $XX XXXX an same December last from Moving increase been Thus, accidents means column the X Column the $XX the months known first is the increase of The factors to reopen half The shown payments claims, development of $XXX to due XXXX. and could be in reports row of $XXX on late in or

calculated Similarly, $XXX in December the XXXX X the Column the the row row. of by development X paid the loss $XXX in of of loss December of is X.XX factor by divided loss in Column X, taking Column XXXX paid for

happening the Column X.XX June paid end the paid had the will an by out a December paid the half what X% $XXX. ending Next, Multiplying are Thus, selected June June column actuarial by see of the of X-month as can paid accidents a in second analyst third future. is loss XX% $XX during the XXXX for numbers factor XXXX. for of losses of that will in cumulative the first at the X in $XX cumulatively additional development in out analyst the out and predictions be additional increase that or $XXX XXXX. of been the XXXX XXXX. in by predicted the the shaded blue that be get by We $XXX period row, The predicting by an will $XXX column predicts

has future of the for June already reserve indicated ending since losses to are ultimate what cover total, $XX XXXX. accidents half and reserve chain up XXXX approach all and data. or the period indicated to using happening second accident for periods example of $XX. an the sum This paid the minus reserves The liabilities. by the paid $XX is paid The been in XXXX illustrates indicated taking during ladder accidents period calculated happening of then rows is reserve is accident In June adds estimated X-month as

this the size found frequency to byproduct in and Other coverage by our of data, severity typically grouped employ include be separately that incurred and loss developing case data line similar report. Triangle, we by annual using stratifying layer. approaches can and

reopen report of reopen from and segmented date well. as are date the to also and considered testing loss amounts late is reserve prior report late the data time addition, of hindsight lag to and by In

the reserve ad completed factors much adjust analysis an multiple Additional the changes loss actuarial will data accordingly. on development indications decide during factors. then and of the needed typically hoc is understand month, reserve how from and the underlying the is reviews to overall in completed change team Based

be years. all earnings and show year actuarial the will the under adjustment for current accident in accident prior changes breakout up the the reported section Those release showing and

For XX% the for example, reserves of of scheduled off reserves in $XXX.X accident XX% total million. to and actuarial to million increase between which $XXX.X reserves, prior XXXX The XXXX, represented accident year the increased million for accident accident increased million prior for change years $XXX.X directly and based reviews, reserve team XXXX years a $XXX.X the year development. of prior impacted the June

actuarial amount other accident development an of related a due not years for $XXX.X developed reviews, changes to additional prior unfavorable total million million. to $X.X of addition, unfavorably In

are of Next, development. the that some items all other we will are what other in discuss

as through go reserve total XX earnings accident, be much the reported does impact case a reserve considered claims sets a December claim let's reserves. Now the time of for algorithm of this a case of the occurrence claim. our claim have In an XX% a by Since at and pathway release. from an and on happens about dot. of over not month the Remember, on reserves claim reported $X,XXX, the by of determined case this information about would the orange the make was claim XX. example is December is this In point adjuster actuarial in an parallel, team. the opened and the example, same system case monthly reserve tabular not this in up noted The used our IBNR our it on and

XXX,XXX pay note over characteristics that what claims policy there claims the pricing the case based similar all would case exactly calculation average, close case is all tabular modeling claim reserve. tabular reserve. criteria. meet meet similar order the of is on cost reserve predict to tabular predictive team auto, the combinations In algorithm and the of of does But actuarial that important pay to this certain formula. case In expect reserves. be unique personal a not to expected This actuarial criteria are The It should the that for off this is of techniques one to rate $XX,XXX. uses to the the claim tabular example,

on for Finally, tabular and compared is case the the is estimate ledger. equal greater reserve is adjuster at reserve the the adjuster to a threshold, general leisure below that for threshold, booked modeling $XX,XXX this threshold is dollar case that lower reserve the here the to balance reserve is example. case booked case the to the If becomes predictive than sheet. reserve the or the to general financial adjuster the case reserve financial The reserve If in the claims. approach reserve as fairly is claim case set the accurate reflected as adjuster logic

more adjuster specific and claims, higher the to for will the received model information For has claims. severe than more better dollar pertinent the claim predict

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factor to would set is premium happened or addition, is late IBNR cover all reported at in set point earned not any as after to December, December potential IBNR to related and instead, The and that late reopened of attached reported reserve claim either or reopened. to a In claims. one some $X,XXX claims be cover

will is to balance dot will ledger. at of per initial December. of the Since below case case, end a kept the $X,XXX for again be In $XX,XXX blue reserve and on booked threshold, sheet booked $XX,XXX this the general denoted the tabular plus liability be reserve the the has $XX,XXX total dark of adjuster their IBNR, is the the total reserve January, estimate equaling as The $X,XXX.

can As monthly part reserves process, an all roll-forward and of factor. be inflation our aging by case tabular adjusted factor

claim would actuarial predicted all have open higher cost. a the As ultimate month claims older, the is that algorithm X remaining

part In below case may to tabular new their XX,XXX, the as review development tabular in reserves in the increase portion inflation. is to which earnings claim in-depth level or all all reserve, of have accident tabular reserves case tabular reserve this still will reserve all an is the of amount the actuarial other an of month The of by other this the is XX% claims show a in threshold is January. case reserve note all is In adjuster of also the February, tabular This aging reserve set that to $XX,XXX. portion a the during to part It less than team. addition, up thus, increased case team increase well. as release. $X,XXX earnings inflated category $XXX are A is The was In of as from increase estimate that actuarial and show in-depth the information important this January. at received year used the in development the for similar This increased which has $XXX. not the actuarial gets to an January case XX% and reviewed settled liability. criteria that that more is have settled and claims the case release reserve would other of up an is claim still which for unfavorable December February, prior new $XX,XXX,

is again, rep claim Thus, ledger. attorney of aged rep to will used the case as adjuster is and their used variables March, change inflated in one again March, estimate earnings $XX,XXX the becoming will also prior will case book reserve actuarial this to up algorithm. the in threshold below still unfavorable of show the due be This $XX,XXX, $XX,XXX. as actuarial increase release. as while the accident case The reserve tabular plaintiff this the adjustments still reserve to time the the tabular in it is year general Since attorney the increased becomes In plaintiff

monthly reserve portion unfavorable due $X,XXX release. show greater inflation, The The in of to attorney prior plaintiff development will increase earnings due due the adjuster to reserve the case booked case the a $XX,XXX threshold, on balance for is as $X,XXX ledger becoming to the from claim. the of has than to is This is tabular an now claim in and moving sheet, the reserve $X,XXX case which reserve is estimate the reserve to equal the general reserve this portion monthly March prior the The all at the portion the other end year prior year as of a April, earnings to the accident at to the again April. will aging the X,XXX up of is unfavorable end release. development adjusted show as A the increased in increase accident In adjustor's up $X,XXX reserve all other tabular the rep. month. this

accident no the or are Thus, estimate in can there over to factors additional favorable other for section development May. used changed prior show the be all adjuster will aging In by June, $X,XXX adjuster settled year, their set in no Case actuarial claim reserves the any The release. of the in other algorithm. earnings estimates. and change the the $XX,XXX. or only closed This as equal changes made revising out monthly for to threshold inflation, their

was reopened be occurred A reasons. additional for $X,XXX. the for in Finally, payment July, an claim reopened several could claim

repair and estimate. have the to have decided later, found. a example, Several have been a initial may received a about may undecided may been vehicle upon damage based vehicle, and settlement cash For additional ultimately initially claimant the repair months they

when they person the in injured closed in that Another example is the subsequently is they accident, reopened injured were and realizes claim may initially an accident. when not a the are that claimant feel

June, While case of closed carrying being the still December IBNR reserves reported in reopening. a had we reserve were claim of out for late potential the $X,XXX or

no July, the not expectation released or is means July. there in costs of IBNR reserve there is occurred case an from late as For reports from end in that will open and that reopens any be was reserve an of the accident this that example, which future XXXX currently

to late The released years This prior earnings accident in actuarial algorithm of accident development An reports get and all tandem actuarial prior prior unfavorable IBNR reserve actuarial for reopens In in-depth would the practice, up show monthly as year the as probability those time. another factors reviews under decreases is case $XXX. the changes release. part of the as up other of by any are tends IBNR category of Remember, in of team the the reserves. to with result with completed year category. will accident a reserves show made review

methodologies. and claims changes, throughout rate month checks place. for partners. reserve partnership reserves many while is starting business are The in in pricing management there business, year, this have booked, to in has national and paid and is balances localized by complete on process For Chief we eventually product a Internally, reserves. $X,XXX. actuarial activity complete development was was at and Meetings difference, $XX,XXX have and I the level held of our independence $XX,XXX. discussing a decision-making claims, determining year-to-date the And close the claim with authority both team the are unfavorable the the the which changes trends, Actuary, mix as the our be

as the actuarial of actuarial annual year. results external to with by results quarter. an Quarterly, the to of auditors team Board respective discuss process, Audit members with I meet our audit required company My discuss the SEC. perform the and Directors for meets quarters the the current of and Committee audit Furthermore, trends trends and our for firm the

I found hope have presentation this helpful. that you

investor Jim cohort it X pricing. For years. the turn to next discuss a to And loss Progressive's site This report Thank updated practices, posted under is of I today. reserving we every for progressive.com. more over time your will you information on report

Jim Curtis

Gary. Thanks,

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life expectancy of pressure adjust as budget Upward of the by book be overall with year we how business consider then is from our business. our and This of of priority, our new becomes larger can each policy and a the our lengthening our great taking example media We portion performance dampened margin accordingly. simultaneously both budget. position develop renewal we calendar a considering lifetime book economics

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price to and it we can you growth goal. cohort year see, the a Thank As long-term near-term our balance across your relates and our as for policy XX performance, of our with time. lifetime you expected calendar

Douglas Constantine

the to available concludes previously now and questions our recorded team [Operator have We event. including Curtis, This portion members of who today's Jim Traicoff of management about presenters, questions, can Gary the presentation. answer answer Instructions]. live

question. We first our will now take

Operator

Greenspan Fargo. first question Elyse Wells from comes with The

Elyse Greenspan

about of trend Personal loss a perspective you guys X from assuming the just just additional question, need sense, you over need rate overall think help the for a of Auto frequency, from even are get us here? points you right, what year. highlighted you severity balance that in additional My Can price, when and you first

Susan Griffith

But vehicles Elyse. Thanks, we've been our overall obviously, down. the selects we We normally. that in seeing the need really range. kind increase But like as repairs trends could slowed have so in X look the in of when we call the last at year. And share shorter-tail at said trend just to business don't severity, at we full we for right another this that think now. both juncture, think X, frequency And and XX-ish I we're about just

Elyse Greenspan

will get will that And that to XX? the -- get you you believe you

Susan Griffith

caveats the those of all being better We Again, end last at weather. losses close. and seeing much year. short-tailed, get said started certainly of our reserving the time we I with will those It because feel about last

last So years all got again, the X that we've that. the It front I felt us of that in But kind for caveats underlying Gary believe the assumption. will get really closer. and out certainly are uncertainty of

Elyse Greenspan

XXXX. follow-up, a adverse development my year guys accident saw of significant then amount you for And

was the seeing adverse loss So I'm there square for improvement fact you're with ex-cat the year. the to that 'XX in development amount year that accident so year good a just of ratio far this trying accident

Susan Griffith

targets, is to is those on of believe both to I that one say, as accident I closer new had, would I earned that year-to-date that or What channels both year and I on books basis. XXXX below say rates renewal we that our a business on the put Yes. slides should targets, the we're in in putting our

book the at in putting XXXX. feel where we're in So we're good about business the we on

Operator

with Mike next BMO. from comes question Our Zaremski

Michael Zaremski

first or is decelerating guess I guess coming expenses. reverting just those question you from about, sources variety I Tricia, you stepping because And of on there's a sources. loss a my also talked know mean And maybe -- they're about I talked of issue back, different know letter in cost like bit. of lots I complicated is the sources. there's a looking But this some

over higher side But in trend doing more coming pricing can inflation time they've that of it's see job in the It we and -- non-BI coming we maybe of today. And like of I terms levels. you or over like decent disagree or the so, like feel industry bit a injury seems more But saw, that. for is last a appreciating seems decade from been the data a the -- bodily secular with expense it.

if And uncertainty so maybe do kind of that like And Progressive year able much ultimately, often feel to there's you appreciating? a this industry and be are the not over to coming the on so? trend play to stickiness as this or you there's does like cause the

Susan Griffith

Yes.

mean I industry. ahead try I unusual obviously, been keep it, react has BI, a think in to very time. it, This When we of to that arms and with the we we're we our around have see we trend. line for it.

you you've that's As of seen you've know, years, how and looked over last used flowed. couple if the Manheim car the index and

it tick and Even a still XXXX. it in you bit, is difference down little though XXXX seeing big you're a saw in what very

property as trend, we looked So when also but And -- at organization. we're in that, to we we really especially second it claims our specifically see damage, the at year, really in flow in look and increase. the through it's watching of started half last collision

have So let's you damage -- take property the example.

going Somebody but is care taking their our care subrogate -- taking of competitors of us. one to -- insured, they're carriers another

no hit. happens for particular there's accident that So that capacity shop today. And

best as an metal they estimate can with do the in they So car. the still sheet

Those for sheet Let's damage. XX frequent, they and the are now. get can of The days now, behold, to It and expensive. example. it, days there's continue supplements off comes this from they're lo say oh, shop get drivable, in from more more maybe metal it drive. And in, XX more they it's

capacities, longer longer having rental you're So cycle times, times.

bit, I we're little down data letter, my and go think time, I said that's the a in seeing rental one it point.

got parts you've But labor got So then that. increase. we'll and continue watch you've and to that, rates

of wages terms body your workers stickiness, the in will for in on the based shop. So likely be question,

Wall their of quarter Journal to XXXX compared XXXX. salaries recently -- So talked automotive article X about there increased in repair that Street a XX% workers,

year, the over since the vehicles same be Statistics. the from last position, the in and And Labor XXXX, also has XX%. was making Bureau indemnification that XX% cars of soared of about So the

But came see supply the our down. through So the continue think used prices et I do some things I to of think might other will new trends as normal. we cetera. of That car part be in issues some like might new, chain and go

Michael Zaremski

ratio. been final the ratio lot. My the has helpful. a It's come on -- expense is expense That's down Okay. question

a It expense -- like expenses is decade curious of expense we're ad the at of down plus, of see out. But is ad biggest trough? which to are we some the in We kind great -- directionally called can kind You've been to math is at ad there have. over has behind lever, looks the the coming a it. looking either the ratio for the come is and/or ratio this room quarters? more Or lever

Susan Griffith

be course, more to I'd as different money can profit long to be get pull, XX we where as and there's in that we're margins. media at on a where target grow position Well, our continuing levers of calendar rather spending would we attempt as, our year always clearly, to

lot the a in well company in these. within of as such have terms We as expenses times discipline of

can -- get for this that continue at we closer that we'll look to So to XX. months X to see obviously, if we next

Operator

The Jimmy next Securities. JPMorgan Bhullar comes from with question

Jimmy Bhullar

So that are think, of you lot months is that process through still to a lot X in of much had, And trends? confidence of a reserving. details there adverse about more reserves went But talk overall? say sit maybe just you've on up of whole stepping you've development, straight you terms I your Or loss got you reserves uncertainty, can it's in hard in comfortable and on back, your given now? where your

Susan Griffith

Gary a his does I do. about in is without But just that that. weigh much reserve say on Gary bit let I'm I little reviews from you comfortable. before involvement. where again, sit, independent I'll would hear I my more and

don't So little weigh bit. in why you Gary, a

Gary Traicoff

question, Sure. Thanks, Tricia. Jimmy. Great

about and we yes, had reserve our X of unfavorable overall months. quite at last development each To bit feel the we're So a your position now. where overall, have good point, I right really of

out, favorable on year coming XXXX would pointed you Florida, accident accident year actually Tricia development exclude if were really be prior. and As of 'XX the all from

X And seen is a happened Tricia fixing about. of accidents come the months XX% relates That's severity cars reopen that to And to through short-tailed. we in that that quickly it. from and talking and within have accident data, that was We've of 'XX, reacted year. the lot year the the over last the fairly very

right, or I most that was now. of nature position. of short we're really confidence good good the And so lot our of guarantee feel of and same data a issue in At tail obviously the but time, -- could forward, that current position gives the right going of me I because can't the a change

Susan Griffith

Thanks, Gary.

Jimmy Bhullar

that somewhat lawsuits lasted longer of think total it along I but And would form, the lines given was on go the number Florida, it's your results. up same expected in

wondering through just are there in have or development element So the an X, of that coming of April the that's lawsuits last and months terms Florida in May? X versus of changed trended how so? June and And was maybe number how adverse in

Gary Traicoff

Yes.

question. good So that's a

to to respect we've it June see overall, through. third-party took March, Most to reviews obviously, Florida from actuarial related of started cars. really adjustments damage, primarily reserve occurred with big we level in the out May. related been property the to the April, what's hit that So coming And fixing

very So what development. little Florida impact from June had from a had we the

Susan Griffith

had and also through, were XXX we get I addition I as will as soon went is we was estimable about, would and aggressive that out conservative to time those then subsequent Bill that Yes. to lawsuits And the all what in And settled. probable. we as say went over the because trying and pretty and House in talked develop were that figure

away So we'll a bit to that's not right something that know settle. longer those because take little

Operator

The comes Evercore. David from with question next Motemaden

David Motemaden

where that complete you over was downwards June. it movement Or you XXX% XX I'm XX or in reserve you have a just mentioned further we Gary, follow-up I a did as reviews, that had review? normal potential next wondering up adjust to a review your can to maybe And just the of forward for on months? move but balance if monthly. happened had reserves. upwards not the few we to wait

Gary Traicoff

Yes. question. Good

at. look on XX% the be that that month. So be still they're of part in unless particularly they below And will -- or also reviews inflated will to goes be comment the not XXX% will inflated. XX% to do threshold, aged. at They typical related if we kind The in they the June, of was the reserves were looked it to the the

also can They change.

become they plaintiff cetera. et attorney example, rep, For

or potential by So have somewhat to adjuster reserves of adjusted month exists. by an XXX% every aging the whether inflation or whether it's it's the

our of XX% terms XX%. In we consistent process, stay typically with that normal pretty to

with seeing may X we December, additional we we statutory I as an the times the the we when add for are something deviate, companies I'm because correct go couple new sure adjustment. would in say And the statutory the information particular, in for obviously, actuary might then, of or to a information, are review Bill only If and like the immediately do would in from opining position that of that in Florida House make passes, reserves. year-end.

David Motemaden

Got it.

So review, the I XX% June sounds guess maybe wasn't I guess some reviews. adjustments those around just was of confirmed -- that the comprehensive just so you edges, to one it so in it but -- full XX% and other

Gary Traicoff

correct. that's Yes,

David Motemaden

growth in particularly mix the have more how so significantly example that mix this Great. business new that Is you that combined ratio, the something believe there given of I the quarter? guess year? end business, and through guys having considering first And can my then on stylized had question, just of quickly I an change second where can impact. how business about a just an less renewal the was the have can that impact

Susan Griffith

could talk Jim, cetera. I'll there's around bit there A and little let talk with a et about you to lot a do that? that Obviously, Jim goes be than acquisition uncertainty the expense. into a catastrophes, do has little to more about lot But just it bit. that want losses,

Jim Curtis

A to good consider couple ways There's to when about Sure. that. thinking question. Also about a mix. think several of dimensions

doesn't lag hit point until or type age written to function of premium but we policy business, when premium, So it starts your into write in necessarily about to earned the term. our mix any get it's

months X-month and periods periods apps. we mix see on X would work our later, So a on of both where premium X you business growth would to earned of shift. basis, in roughly That business slowing new to start apps ways, new see your

Unidentified Company Representative

thing one expensed the that, add we for incurred. advertising I period just in to would The clarification,

-- especially the a you're on direct -- seeing ratio all So basis, expense through and quickly. that very come

Jim Curtis

immediately. I -- reaction mix that I start The Yes, some earned in really would hit see the and premium that, to performance. would of measure would expense our -- build on would indemnity does

Operator

next Alex Sachs. from question comes The with Goldman Scott

Taylor Scott

combined best is strikes too. where it are a there that the inflation you geared that of and are had on very that is I time probably lifetime? we the much being. towards it, up of just is on have gave given to me But pricing, room data that is, the you is guys capability First And the one how the appreciate period ratios. commentary analyze the lifetime unprecedented best lifetime guys ends And at all around lot putting you mean and estimates just it guys a how the into with I what

whether being everything start not? growing around a higher And kind significantly as churn being conservative quickly you through taken are incorporated out we of get to is potentially consistent being into market to mean, that where as or much this your I decision period on basis? to more much how is

Susan Griffith

like shopping get from point. of able there's months And more confidence, to a more an lot months. to lot from on data because in we the looking we data I'd course, in and X the a points see we obviously, from data saw always couple industry. both And industry, a there's are and you're at that. same movement the PLE think XX the were rates. as I increase we -- Well, each do of We

again, you look do say to variables that so, do And environment. want I about to continue this we that. there's hundreds at anything? would think when uncertain of So in Jim, add we'll we

Jim Curtis

Sure.

We'll longer adjust sort we acquisition just team of credibility looking recent set indicator as and confidence that just we set, more data when through as look also a have. leading typical more process. and time time our an My permissible different slowly. at and period exact consider periods time period, just at We example, go

Unidentified Company Representative

once, that just we're our would writing is targets. at lifetime constantly adjust hitting We add rates not quickly policy we're to X-year right? I a ensure

have that as or we a months we X have every see data those can we the and every adjust we advantage cetera. policy, loss costs, card to another an see policies of that targets, renewal of in with mix extent So point et another

Susan Griffith

seen with year? we've things you we've our over that seen changes. Have been with the made As pricing how nimble we've

have as calendar are likely as of anxious on again, a profit value very a year But specific We our XX. shareholders to we grow. core

that's so And priority. a

Taylor Scott

hires had Got markets it. the That's done forth of normally. be heard out The so is that helpful. that right challenged the where some to of adjusting there being process given chatter, and adjustment and able follow-up get are claims it's execute talent that process might I like is mean that able on anecdotal to and the by amount side loss labor and the just the I've of to be things. I

a that you the of in get in that? of experienced the that that's something Is right spot challenge is And all face less any reserves an you trying that point? to -- have this consistently? you are Or at at issue

Susan Griffith

little of an I think a bit it's issue. less

are the had a for couple has years, our growth juncture, at we've in will it's been labor fully have you environment challenge. say a and around staffed anytime organization. the with think of we that I this claims I

about really and down. feel we So go that to is great continuing turnover

is still tenure low. our That said,

you and processes the very of that. is have with a we definitely quickly, people just get President order that's that. from the so newer where Claims to in speed are having the you do and that really with And supervisors lot And in up office learn a to our learning curve comes because lot

say, grow, a But I the be think you a a year organization, claims I in I they're continues taking. And would would if we'll today. confident accuracy. asked than great me answer our to as in ago, be feel tenure position it that different for action

Operator

of Josh Shanker from The with next Bank question America. comes

Joshua Shanker

for is my Jim. Yes. guess I question

look onboarding new period get new bit them you how at that cost the new the about reach ratio, cohort meeting to acquisition in you Looking little with cohort margin? can talk way the a at with current the ambient to customers shopping affects last advertising

Jim Curtis

income with our marketplace, heightened level by believe our that sale consumer and apps, down. in or which we media the lot we sort measure defined our a spend per will dislocation and volume as to drive our a spend to conversion We be Sure. permissible shopping, cost Actual of of actual. what compared is hold as marketing that

matter so our it's of the to efficient. pretty calendar in media period, be position. managing And we'd a current year our budget then And

Joshua Shanker

company. valuable lot achieve that be average in the customers is to the that a the I risk acquire by there future? to ultimately cost expensive a a year more new focusing at to long-term And realize being there's the on opportunity right Is how an will now, of below forgone far there's calendar XX the XX, growth and

Susan Griffith

fact, new question, X core Josh, are in Board. I ourselves. combined know director that X ask I my here: was recently our as let XX that And one that's a on obviously a our the great organization, things sacrosanct I we year values mind, there lead her And ratio. are, at in are onboarding our calendar

-- answer, -- think -- the the your Doug. to longer of analysts is a one a be have going that going I a I'm So analysts it's but this to lot lot of asked

side. worth I so -- for to this think the side growth capital think the profit time we me it's the just bit and how side, a And the walk little on about through

core since that, like of let about, that other first value business. probably to publicly from begin me our I talked profits, how date, evidence one and, public all course, XXXX. a just the is in of profit depending business. writing. we So have values not -- But reiterating it's waver the values, prior by in been ever And guide don't we our it's look really where on convenience, It's core it to our

that's the though any development profit all-in exclusive core reads business reserve look our We part or -- of underlying manage be catastrophes an being it can't at, to value or development of How an it's insurance. that's number. it something but because even adverse we of states. It's of obviously don't kind

profitable profits products long better for than It's a so value. industry time. a be successful. made consumers investors business that and company and has a delivered and makes our inject a Progressive part built discipline customers, we've and have very results before of growth, services putting ourselves, consistently what agents to enduring We of We to the by offering and responsibility has

a aggressively. taking pressure, reaches action consistency goals we business And our our exceeds when only That aggressively, on profits today. put multiples part been targets, we've meet price that that we our profit we or not business share and enjoy also significant the target by able which quickly doesn't. deliver to take is and deflect we've now of in quickly action Like are and under

I objectives that been a to this over because for took want policy our to over outlined while, reiterate It's you've of but publicly when take to we've about a those. some years written repeating. in around remember, X And section, years. moment might opportunity commit it's report our to just You ago think role, one for I in took annual I worth I the

to at Set fair in how to certain balance create consumer solve our but to For central culture. point marketing that act us, as ambiguity X equation, a ensures to we model our and shipping a level rather and it's for believe XX direction product provides attractive cultural a competitiveness, is not variable and that and combined a a decision ratio ingrained each profitability deeply a in business situations. between constant

It's the true the are accident X core culture our than stress ratios along really of and targets. the embedded that our ratios really lower year published can't with I we year calendar other closer everything in to and of enough. It's fabric do part values. our

time. really since in a the However, new the have said calls is prior that's normal today. of true remains pandemic, and several times uncertainty And the I that moment in onset that

addressed a growth we're Many misstep, go it's in let companies to profit well. don't for is an profit not because But pain. and make those uncertain for I insurance before we to So story think this that's intend sustained repeat future, mistakes. the me recipe hearing enough us, as growing fast that

Auto XXXX. the XX significant force. Personal premiums everyone In had equivalent remind written added we've billion, of over and that's $X we've months, I in the wanted And of to increased carrier. million policies half X we've first the a adding in top growth of by X.X

say So be this growth I as defined year would could spectacular.

Ambient up, elevated. shopping, and does brought you remain that

the XX% expenditures. we rates, and had If is barometer perfect affected that adequate today. had by future growth shopping channel for the undoubtedly, opportunity there's quarter. levels best that agency for we, media channel significant knowledge knew quotes the less industry about in because actually it's for Our And about up were sure,

today But possibility that not opportunities tomorrow. the said, do opportunities growth growth preclude of

on past, XXXX the for Auto worse. in in taken strong Personal watched be and better has worst We've focus the been growth actions probably underwriting industry our You've achieving other positioned periods: profitability among so XXXX following rates to for goal. and and years far, the we've proven profitability to was

up by While to then me market surplus. in we opportunity growth happen future, suggest just conditions there'll increase current can't future. share let be the can't the wrap growing saying And without know market

position premium expect. capital and the we we to plenty capital today Our strong, have believe of is support we growth

growth that and We business is have structured a internally investment returns. underwriting largely self-funding through profits

bring answered I how be that I hopefully, full clear unambiguous to but to really it's value growth. super business. was we about sustained your know long think hope important I the answer, the to key our profit us core back think that and others. question, a and So about is circle,

Operator

comes question James. Raymond The next with from Peters Greg

Charles Peters

focused would But more is have on Robinsons, comments if an on might could give wondering profile order consolidated book and profile provide about limits the perspective of cohort how just to start you going of looks imagine building a had you you're Jim's maybe can us if be heading. the results changed. where I'm updated think upon the up. you that your growth I the moving and us how you perspective I'm pricing. it

Susan Griffith

think I Yes, you're on. spot

more our increase And and We Dianes, love important. Wrights profit as we more we and but those our we can both the Robinsons. long trying have auto think as bundles Sams continue more and margin, property, of as to make We are are to bundle. target about

probably the talked next in it's our worth we've at course, and the then, of over an time. update about point And quarters. past, So increased in this of we've some Robinsons couple

The soon-to-be Robinsons.

et a be could cetera. house, it buying that's a So Diane

for to increased years. place several like cohort, And Sams the of very shop every we going have continue by to a this, course, we'll So incented Robinsons during profile but because last try in price. to be times they're our are more

Charles Peters

I'm those but there's are? Or price I'm there's level, all these with holding it hiccups well, elevated at of auto is, assumption -- companies what wondering And sector, not lot pricing shopping, the wondering level? cohort guess expectations in the given I right your at assumptions? out a guess retention the that only an Progressive, how changes the along with that matching is how characteristics Robinson happening, causing at pricing, I around Right. retention. in your are some what Is other

Susan Griffith

too the we have years. products tiers. Sams, But fared I although don't -- other retention last would profiles talk to Well, over -- same Robinsons each think And that I be. the Robinsons about and you're be share historically, don't with continue haven't we characteristics going especially And there's of the marketing to we stickier more find better. about over our of go, stickier. the But you do consumers, And months we have, the look time. the if it, can say much to varied

Unidentified Company Representative

the go just into model. I acquisition at assumption looking to are -- Great. our we constantly

permissible for we a at As customers, and understand Jim costs use do PLE acquiring level. we very was to the granular mentioning, that

So policy been changes have significant in you're There right. expectancy. life

many shots -- pricing and we at it those the to has in at up, have back that lately, looking level been and at repricing very of a over customers. that customers, necessary. And point, if we're granular Obviously, those pass going lifetime pricing

Operator

from with Tracy The next question Bunguigui Barclays. comes

Tracy Benguigui

do on a that so I'm there to appreciate XX% secular Just lengthening, XX%? happening follow-up to feel it better like than which is need feels the But line, the despite volatility. all tail add may quick just commentary ratio damage you I property auto on your like in changes for which is target. wondering, a tail Like it are being do combined going far. short you could

Susan Griffith

question, Well, Tracy. good

XX remember aggregate. an our You is

we and think in some We've pretty do for granular look at thing, products, although two, level; I it to a this about will want business. goes look we really delays. state, up I taken to quickly business, think because don't So of new came PLE which all we to of watch One, it our change. the these differently at changes playthrough XX, assumptions the renewal

year approach. And continue keep exception probably open is we of and about up a my it and I I And be starts as That lot and labor the with think what adequately be XX with to priced could lifetime rates prices, capacity. would our talked that the shop really of goal. to calendar

Tracy Benguigui

Okay.

Your year-to-date adjustments current million coverages. $XXX accident was fixing primarily vehicle year of actuarial driven by

trend and loss yesterday, reconcile full I come with with up your property when I severity is damage that severity XQ, in was XX% down to property do But compare you you 'XX. picks? Like the loss update that how reported it XX% So your XX%. damage year if going then

Susan Griffith

that -- the rate of lot -- PIP, you $X.X come a that, we've -- develop auto, a rest the increases did I favorably. was had look quarterly take on was you you cat into them. that we the did the is year-to-date it cars, I to was on -- was take BI. add number, but Well, account. or in, IBNR Gary, But that and XX% it at not think And XX% property, of say, anything? cats XX% BI you top And one the you percent load country, was property then property of so the about had, want the that do XX-ish if glass, across the but billion of did of our of should if can and lot Florida,

Gary Traicoff

add, that's The all severity one to looked quarters to the from. you're where you're showing, which severity, the we only there. really Tricia's for reopen spot So been seeing. would Tracy, severity damage your if XX% well those at have and has and stratified increasing thing reopen I reserve point, that the The is come I property adjustments relative on actual is XX%, claims, think over the above

Tracy Benguigui

Yes. Okay.

a property -- your feels your current your considering higher is actuarial given meant trend loss pick, it or that damage for pick in not like loss -- down? trending Sorry, I loss adjustments. current not million that $XX Are you adjustment, the

Gary Traicoff

Yes.

are. We

to trending we point, severity, current down though the up. think some, accident been I the your the on year So trending believe, has overall even is reopen

actuarial reopen current the And trend severity. prior of those though, on both if to elevated a at adjustments, what's driving and reopen come a the year that are Even lot your of so look different overall just reserves. reflecting really down, only a has point, is you which lot severity, the is the

Operator

The Tunis from Research. Autonomous comes Ryan next with question

Ryan Tunis

you led were have had I Tricia, you And for referenced going tons to opportunity that in past, of how future. just see about So you've back growth. the that making tons comments to guess of you the that remediation outsized the in

you XXXX? where be there it different than sit will will any into reason from curious Just was XXXX to grow, going is today, think going your into appetite

Susan Griffith

fast As with accident as will about and long calendar we're we look we and feel ratio where at at we year, combined data can. good as the grow our overall year as on

company. can. feel as as prepared it. want do and fast feel are long So soon been XX, to time, We the We less we as that little has about growth. great But we that. We're grow we over with as a again, uncertainty, stability grow. But confident very for objective profits a our growth to

Ryan Tunis

That let's to like guys yourselves January, clear, a -- be just be and hurricane you to you about lead not wouldn't think You'd and punish looking executed, returns there's bad but just coming you in And the they're you at in what say ended grow are. prospective up right?

Susan Griffith

the go. know going Yes. the like would XXXX said, to X and the that we continue or as that we will we on that how at are renewal that best you would don't yes, We're can. felt happens, do again, And Yes. year grow. the We is beyond our But and had will policies if to we above new be in But long different. believe months new a we below targets. next as book something be

Ryan Tunis

accident And any year? -- loss talked stuff on there on the ratio [indiscernible] Is the the about then year. to of way first in the half did that impact we've it. quantify just Got prior impact XXXX the current lastly, happen of

Susan Griffith

From Florida, mean? you

Ryan Tunis

Correct.

Unidentified Company Representative

because was lawsuits because are on claims those virtually pre-HBXXX. that the It opening now year, can't that in The X March. HBXXX are current accident occurred impact be was

while It claims. closely expect at We're there's we So in HBXXX what will year data we predominantly, some, it. are looking We're -- we well. there we seeing that. also were but we But some to be and a looking pricing benefit, believe the a is take prior at if to to from see environment those to benefit be closely. as personally we in assess indeed, that look once going forward the

Operator

Jefferies. question with Yaron from next Kinar comes The

Yaron Kinar

on questions pile so on XX, the here. of I'll lot A

line being sight, if So within to I still correctly, understand calendar for close of XX this year. you're

it's you achieve while simply the a business lowering that question of ratio growth growth, can of I kind guess ways ultimately, Josh's cohorts? other the you by of business combined ratio. ultimately lowering achieve One by my which XX and question earlier, the that new the side should achieving improve maybe can for is new is, combined

a now you to cohorts XX do Or the need XX the year. aiming in for or XX you to the are close to to order get will for existing -- achieve better be than as

Susan Griffith

to clearly need a we Well, get rate.

formula. part So that's of one the

really have business. also a lot an restrictions new We had of underwriting from perspective. on

are And other some that it. things go so those into

before. comments that by that caveat again, uncertainty all We we'll sight, the line said regarding a of have I've but

Yaron Kinar

to But a kind order the growth, do the do business beyond to you existing XX it? get XX to flexing additional combined up believe need lower or the new the below or of year to take in Okay. ultimately, that full for down you business ratio any close actions to

Unidentified Company Representative

right new clearly, mix now. our working is favor So the renewal in

bigger in. tailwind earning that's the other is The rate

of a X in. We So that we've for taken to Auto earn have still lot points Personal in rate rates. about

X points Additionally, more for year. we're taking of the rest the

year. So the us effect denominator the is a rest for tailwind of the

Yaron Kinar

prior bodily would reserves? for with am bodily think it. tail, ultimately approach longer how for And uptick you how going out injury you think in that as risk or maybe more about there to things I so We that has I Ultimately, severity this on an it, year that regards a call. adversely. how to saw And curious Gary the other quarter. Got then question, since is Gary, my injury plays

approach So that? how do you

Susan Griffith

industry. then in. actuarial pretty in line About can the but I'll start, the Gary and with reserves, it's much of half was BI weigh

rep too litigated. So A not but we're lot concerned not it. about them are tissue, attorney soft of

I anything? So think they do even do Gary, understand position I a feel than to and a position longer. good But take they're in better we where year we're like were you And want headed. a add ago. in

Gary Traicoff

Yes.

with opposed to calendar the only changes smooth, information. more down, data reported accident spot is period an calendar sometimes I'd et movements is right, from of reserve Tricia things to up at get or add there. think look basis, off mix side some can The right, I a on couple on data of basis, accident period or we is tend the as closures, you cetera. in The

what we're accident an period on lower that than basis, shows. little a So bit

The et cetera. there's other thing is what Tricia to loss large alluded some mix,

If that's of threshold. reserve back that that we reasons you to presentation, employ the think one

it's put that threshold, adjusters immediately. above those up large identify our when claims that So losses, they once

recognized it's a a would bit little again, timing there the period in which see. reserves. the So difference between the you could period, and calendar And be accident

Douglas Constantine

our the hand scripts. exhausted for time, our back and closing you Michelle, concludes to scheduled will that We've over so the event. I call

Operator

available the That Progressive website year. on concludes about Second for Investor Event. the of event will Corporation's the replay this next Quarter section of be Investor a Relations Progressive's Information

You may now disconnect.

The Progressive Corporation (PGR) 2 Aug 232023 Q2 Earnings call transcript