The Progressive Corporation

Good morning and thank you for joining us today for Progressive's second quarter investor event. I am Juliana Patera, Director of Investor Relations, and I will be 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 in the presentation were previously recorded. Upon completion of the previously recorded remarks, we will use the balance of the 90 minutes scheduled for this event for live questions and answers with leaders featured in our recorded remarks as well as other members of our management team. As always, discussions in this event may include forward looking statements. These statements are based on management's current expectations and are subject to many risks and uncertainties that could cause actual events and results to differ materially from those discussed during today's event. Additional information concerning those risks and uncertainties is available in our annual report on Form 10-K for the year ended December 31, 2025. and supplemented by our Form 10-Q for the second quarter of 2026, where you will find discussions of the risk factors affecting our businesses, safe harbor statements related to forward-looking statements and other discussions of the challenges we face. These documents can be found via the investor relations section of our website at investors.progressive.com. To begin today, I am pleased to introduce our CEO, Tricia Griffith, who will kick us off with some introductory comments. Tricia. Thanks everyone for joining us today.

At Progressive, one of the areas we really pride ourselves on is creating internal career paths and developing talent. Our ability to move people around the company to expand their experience and deepen their skill set is what helps us build an extremely strong bench. That approach leads to very robust and extensive succession plans that are created years in advance of need. As we previously announced, Pat Callahan will be retiring in January. So before we begin, I'd like to thank him for his extraordinary leadership and service to Progressive over nearly 24 years. He has certainly made a lasting impact on our business and our people. As we manage this transition, I've asked Lori Niederst to step into the newly created role of Chief Personal Lines Officer, overseeing both Personal Lines and CRM. Lori's appointment reflects our deep bench, and she brings a wealth of experience having been CRM President, Chief Human Resources Officer, and in Claims HR. I'm very excited to introduce Lori as she leads Personal Lines into the next chapter.

Thanks, Tricia. Good morning, and thank you for joining us. I recently assumed the role of Chief Personal Lines Officer, and while the title is new, many of our strategic priorities have been in place for quite some time. In fact, during a 2023 IR call, I presented our Robinson agenda in the Direct Channel, and you'll get an update on these efforts today. But before we jump into the details, let me start with the foundation that guides our decision making. As you know, progressive segmentation capabilities have enabled us to outperform over the short and long term in a very competitive industry. Ask any progressive person and they'll tell you that our objective is to grow as fast as possible at or below a 96 while delivering high quality customer service. It's our reverence for data and ability to match rate to risk that have enabled us to grow twice as fast as the private passenger auto industry over the past 10 years at a combined ratio that's seven points lower. That's a combination that no other carrier has delivered on a consistent basis. This discipline is supported by our four strategic pillars that have guided us since we formally established them in 2015 and they continue to serve us well today. First, people and culture. The positioning is intentional as our people and our culture are our strongest and most durable competitive advantage and everything else builds from this foundation. Second, broad needs. We're focused on serving customers across more of their insurance needs over their lifetime, not just in a single transaction or at a single point in time. This helps us build meaningful customer relationships and improves retention. Third, our leading brand. The Progressive brand is widely recognized and we support it with innovative products and experiences that give customers confidence. And fourth, competitive prices. This reflects the underwriting and operating discipline that is central to how we run the business, including strong segmentation, claims accuracy, and organizational efficiency that allows us to offer competitive rates. Taken together, these four pillars are how we compete in the marketplace, serve customers, and position the business for profitable growth. Today, we're focusing on two of these strategic pillars, broad needs and competitive prices, with the goal of having products to meet customer needs throughout their lifetime. Next up, Pat Callahan, our personal lines president, is going to set the stage for a detailed discussion of our auto and home products. John Curtis will cover home, and because Jim Curtis, our national auto leader, couldn't be here today, I'll be back to explain how we're leveraging our strength in auto to create a compelling bundled offering. Pat, over to you.