Progressive Corp. (NYSE:PGR) Q2 2020 Earnings Conference Call - Preliminary Transcript

Aug 05, 2020 • 10:00 am ET

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Progressive Corp. (NYSE:PGR) Q2 2020 Earnings Conference Call - Preliminary Transcript

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Presentation
Operator
Operator

Welcome to The Progressive Corporation second-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 will use this event to respond to questions. Acting as moderator for the event will be Progressive's director of investor relations, Doug Constantine. At this time, I will turn the event over to Mr. Constantine.

Executive
Doug Constantine

Thank you, Jason, and good morning. Although our quarterly investor relations events typically includes a presentation on a specific portion of our business, we will instead use all of the 60 minutes scheduled for today's event for a question-and-answer session with members of leadership team. Questions can only be asked by telephone dial-in participants. The dial-in instructions may be found at investors.progressive.com/events.

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 2019 annual report on Form 10-K and our first and second-quarter's quarterly report on Form 10-Q, where you will find discussions of the risk factors affecting our business, safe harbor statements related to forward-looking statements and other discussions of challenges we face.

In particular, note that our quarterly report on Form 10-Q for the first-quarter includes discussions of the risks and uncertainties that we face, including specific risk factors arising directly and indirectly from the COVID-19 pandemic and these risks are further referenced in our second-quarter 10-Q.

Before going to our first question from the conference call line, our CEO, Tricia Griffith, will make some introductory comments. Tricia?

Executive
Tricia Griffith

Thanks, Doug. I really wanted to actually introduce you to everyone. I know this is your first IR call and it's in a weird circumstance due to COVID. But I thought, I know you've talked to a couple of people over the last month or so, and I've really enjoyed working with you.

A little history of this role being really additive for the person in it, as well as Progressive, as you all know, Julia Hornack took her talents to St. Pete for Progressive Home.

Patrick Brennan was a prior director of investor relations, who's now our treasurer and Matt Downing is our HR controller. So we pride ourselves on movement around the company.

We think this is such a good role for Doug at this time in his career, it really helps both analysts, investors, Progressive and the individual. So Doug, could you tell us a little bit about your career?

Executive
Doug Constantine

Sure. Well, I've had the opportunity to work throughout the organization in my eight years at Progressive. Spent five years in Commercial Lines, where I managed five different states and included [Indecipherable]team for two of our trucking BMTs. Also had an opportunity to