Progressive Corp. (NYSE:PGR) Q3 2019 Earnings Conference Call - Final Transcript

Nov 07, 2019 • 01:30 pm ET


Progressive Corp. (NYSE:PGR) Q3 2019 Earnings Conference Call - Final Transcript


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Welcome to The Progressive Corporation's Third Quarter Investor Event. The company will not make detailed comments related to quarterly results in addition to those provided in its quarterly report on Form 10-Q and the letter to shareholders which have been posted to the company's website. And we'll use this event to respond to questions after a prepared presentation by the company. This event is available via a moderated conference call line and a live webcast with a brief delay. Webcast participants will be able to view the presentation slides live or download them from the webcast site. Participants online can access the slides from the Event page at In the event we encounter any technical difficulties with the webcast transmission webcast participants can connect through the conference call line. The dial-in information and passcode are available on the Events page at Acting as moderator for the event will be Julia Hornack.

At this time I will turn the event over to Ms. Hornack.

Julia Hornack

Thank you, Chris and good afternoon. Today we will begin with a presentation on our horizon 3 strategy by our Chief Strategy Officer Andrew Quigg. Our presentation will be followed by Q&A with our CEO Tricia Griffith; and our CFO John Sauerland. Also joining us by phone for Q&A will be our Chief Investment Officer Bill Cody and the General Manager of Progressive's Home business Dave Pratt. This event is scheduled to last 90 minutes. 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 the event. Additional information concerning those risks and uncertainties is available on our 2018 annual report on Form 10-K 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 Investors page of our website

It is now my pleasure to introduce our CEO Tricia Griffith.

Tricia Griffith

Good afternoon and welcome to Progressive's Third Quarter webcast. I feel like a broken record but we continue to be really thrilled with our results. I started off my letter talking about having 15 consecutive quarters of net premium written over time. And so to me at double-digits I should say. And to us that is really incredible. And I start thinking about not just growth in premium because of course that's very important but it can be influenced by trends or a mix of business. I started thinking about what we also talk about that is growth in units. And so I looked back and realized that we've had 9 consecutive quarters of double-digit growth in auto policies for us. So to me that's equally impressive. We continue to be bullish on where we've come from and where we're going and that would be a lot of what we're going