Personal Soft Market Playbook

研报英文原文证据摘录

Personal Soft Market Playbook

Equity Research

Earnings Revised — June 29, 2026

Personal Lines Insurance

A Tougher Road Ahead....

Rating Changes

Our Call Rating Price Target

Similar to our commercial soft market note (link) in this report we analyze past personal Ticker Curr. Prior Curr. Prior

lines markets to give a sense as to how group should perform through this period. We PGR UW EW $205.00 $219.00

expect auto margins to compress, PIF growth to slow, pressuring the sector.

Looking at personal auto through a cycle: Personal auto rates are softening, which we Elyse Greenspan, CFA

believe will put pressure on auto insurers as PIF growth slows and margins deteriorate Equity Analyst | Wells Fargo Securities, LLC

Elyse.Greenspan@wellsfargo.com | 212-214-8031

(with companies still running favorable relative to mid-90s targets for the business).

Hristian GetsovCompanies are still advertising, but shopping is showing signs of slowing from elevated

recent levels, which is not surprising given the slowdown in rate taking / companies EquityHristian.Getsov@wellsfargo.comAnalyst | Wells Fargo Securities,| 212-214-5309LLC

running favorable to target margins.

Dominick Cioffi

Associate Equity Analyst | Wells Fargo Securities, LLC

Don't forget about home: Homeowners' results have also been strong (running favorable Dominick.Cioffi@wellsfargo.com | 212-214-8121

to target margins, like in auto) and price taking there is slowing as well, although not as

severely as we are seeing within personal auto (elevated primary cat losses have driven

need for price by some). ALL carries more premium exposure to home than PGR, whereas

PGR has been focusing on bundling, but is still working on growing its Robinson cohort,

which should be a low build-up given stickier customer base.