Progressive Corporation (NYSE:PGR) Q3 2023 Earnings Conference Call November 1, 2023 9:30 AM ET
Company Participants
Douglas Constantine - Director, IR
Susan Griffith - President, CEO & Director
Patrick Callahan - President, Personal Lines
Conference Call Participants
Jian Huang - Morgan Stanley
Michael Zaremski - BMO Capital Markets
Jimmy Bhullar - JPMorgan Chase & Co.
Joshua Shanker - Bank of America Merrill Lynch
Elyse Greenspan - Wells Fargo Securities
David Motemaden - Evercore ISI
Tracy Benguigui - Barclays Bank
Meyer Shields - KBW
Brian Meredith - UBS
Charles Peters - Raymond James & Associates
Yaron Kinar - Jefferies
Douglas Constantine
Good morning, and thank you for joining us today for Progressive's Third Quarter Investor Event. I'm Doug Constantine, 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 schedule for today's event for introductory comments by our CEO and a question-and-answer session with members of our leadership team. Introductory comments by our CEO were previously recorded. Upon completion of the previously recorded remarks, we'll use the balance of the 60 minutes schedule for this 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 can 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, 2022, as supplemented by our 10-Q reports for the first, second, and third quarters of 2023, 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'm pleased to introduce our CEO, Tricia Griffith, who will kick us off with some introductory comments. Tricia?
Susan Griffith
Good morning, and thank you for joining us today. At the end of the second quarter, we were in a difficult place. Rising loss cost, adverse development and catastrophic weather events meant we were facing a significant uphill battle to deliver on our calendar year 96 combined ratio target, while facing a very uncertain future. We made difficult decisions to steer the business through this challenging time.