The Progressive Corporation

Hello everyone. Thank you for joining us and welcome to the Progressive Corporation third quarter 2026 investor call. I will now hand the conference over to Julianna Paterra.

Good morning and thank you for joining us today for Progressive's third quarter investor event. I am Julianna Paterra, 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. Although our quarterly investor relations events often include a presentation on a specific portion of our business, we will instead use the 60 minutes scheduled for today's event for introductory comments by our CEO and Chief Personal Alliance Officer in a question and answer session with members of our leadership team. These introductory comments were previously recorded. Upon completion of the previously recorded remarks, we will use the balance of the 60 minutes scheduled for the event for live questions and answers with members of our leadership 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, as supplemented by our Form 10-Q for the third quarter of 2026, where you will find discussions of the risk factors affecting our business, 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, Trisha Griffith, who will kick us off with some introductory comments. Trisha?

Good morning, everyone, and thanks for joining us. We delivered another strong quarter with continued growth and healthy underwriting margins. These results reflect the outstanding work of our people and their continued focus on executing our strategy. For the third quarter, net premiums written grew 4% to $22.3 billion. and at quarter end, we had approximately 40.5 million policies enforced. While year-over-year PIF growth moderated slightly to 6%, we feel very good about that level of growth given the size of our customer base. Of course, we want units to increase, so we continue to create plans for growth in both our personal lines and commercial lines segments and will advertise to maximize growth as long as that spend remains efficient. Even as growth moderates, Our relative performance remains strong, underscoring the resilience of our business. I'm really proud of these results, and more importantly, of how we're achieving them. We will be diligent and focused on what we've always believed is important, growing as fast as we can while maintaining our underwriting discipline. We feel really good about where we are. Maintaining that momentum over the long term also requires us to keep evolving how we compete. Innovation has long been central to how Progressive competes. We've consistently developed and applied technology to make insurance easier to understand, buy, and use. And we have invested in digital experiences that help customers engage with us easily and confidently. Over many years, we've been early developers and adopters of tools such as chatbots and predictive AI to enhance pricing, underwriting, marketing, customer retention, and the accuracy and efficiency of claims handling. That foundation has been an important contributor to our performance. particularly over the past decade. We are now in the next generation of technology including generative and agentic AI with the same long-term mindset. We believe these capabilities have the potential to influence nearly every part of our business over time including growth, customer experience, underwriting, claims, and operating efficiency. Our goal is to study, learn, and grow considering opportunities across the short, medium, and long term. while remaining focused on measurable improvements in outcomes. To support that learning, we have made generative AI tools broadly available across the organization. We already have dozens of advanced AI initiatives in production that are delivering meaningful results with a clear line of sight to significantly more value. We also established an AI strategy council to evaluate the longer-term opportunities and implications of these technologies. While we do not plan to discuss specific applications that we believe are competitively sensitive, we want to be clear that this work is active, enterprise-wide, and grounded in practical business outcomes. At the same time, we are mindful of the risks associated with advanced AI, undertaking a disciplined and responsible approach. Consistent with our core values, our responsible AI governance and risk management program draws on talent from across the enterprise and is designed to support the responsible use of AI for our customers, Claimants, consumers, employees, job applicants, and other constituencies while meeting our compliance obligations. AI is also considered through our enterprise risk management process. And our board, including its technology committee, oversees technology-related risks and opportunities. We believe this combination of innovation, strong governance, and a focus on measurable outcomes positions us well to capture the long-term potential of AI while managing its risks thoughtfully. Generally, when customers shop more, we win. Recent history has underscored that. In both 2024 and 2025, we captured over 40% share of shoppers while holding less than 20% in market share and took over one point of share in 2024 and nearly two points of share in 2025. And from what we can see so far year to date, we continue to take more than our fair share of shoppers. Regardless of the shopping environment, were comfortable losing new business volume when competing against rates that we believe are underpriced. Over the long term, this discipline has proven to generate market share gains for Progressive. Looking at where we stand today, we are leaning in by testing and researching agentic technology ourselves. Customers appear to be doing the same, though at a very small scale. Over the last few weeks, we estimate we've received agentic inbound interactions representing a rounding error relative to our overall volume. Activity we see today suggests much of this usage reflects experimentation rather than true shopping intent. While the usage seems limited today, we believe there is a high likelihood that agentic AI changes some aspect of consumer shopping behavior. And historically, when shopping behavior has changed, we've been at the forefront of that change. Lastly, I want to take a moment to thank Pat Callahan for his hard work and dedication in both preparing and executing on our IR calls over the past decades. Your insights and steady leadership have played a significant role in our success, and your contributions have been deeply appreciated by everyone in this room and I'm sure on this call. While you will certainly be missed in this setting, I'm pleased that we'll still have the opportunity to work closely together as you take on several strategic initiatives. I know you will bring the same level of commitment, creativity, and excellence to those efforts, and I look forward to seeing the impact you will make. Thank you again for everything you've done, and I wish you well on your retirement from PL President, and look forward to working beside you in this new capacity. Now I'll hand it over to Lori to introduce Jim Curtis.