Good morning, and welcome to the Erie Indemnity Company’s Second Quarter 2020 Earnings Conference Call. This call was pre-recorded and there will be no question-and-answer session following the recording. Now, I’d like to introduce your host for the call, Vice President of Investor Relations, Scott Beilharz. You may proceed.

Thank you and welcome, everyone. We appreciate you joining us for this recorded discussion about our 2020 second quarter results. This recording will include remarks from Tim NeCastro, President and Chief Executive Officer; and Greg Gutting, Executive Vice President and Chief Financial Officer. Our earnings release and financial supplement were issued yesterday afternoon after the market close and are available within the Investor Relations section of our website, erieinsurance.com. Before we begin, I would like to remind everyone that today’s discussion may contain forward-looking remarks that reflect the company’s current views about future events. These remarks are based on assumptions subject to known and unexpected risks and uncertainties. These risks and uncertainties may cause results to differ materially from those described in these remarks. For information on important factors that may cause such differences, please see the safe harbor statements in our Form 10-Q filing with the SEC, dated July 30, 2020, and in the related press release. This pre-recorded call is the property of Erie Indemnity Company. It may not be reproduced or rebroadcast by any other party without the prior written consent of Erie Indemnity Company. With that, we will move on to Tim’s remarks.

Thanks, Scott. And thank you everyone for your time today and your interest in Erie’s second quarter results. Before we talk about our quarterly financials, I want to touch on a couple of topics that are certainly top of mind for us, as a business, and more importantly, as people. First, the pandemic. As the coronavirus spread and states have opened up quickly, all of us at Erie remain grateful to the healthcare professionals and essential workers, who deliver every day with great courage and caring. Some of the actions we’ve taken regarding remote work have been taken to protect our employees and help stem the spread of the disease and its impact on the healthcare system in our communities. While the majority of our 6,000 employees continue to work remotely, we have a few hundred essential workers who remain onsite throughout our 12-state footprint. These are the employees maintaining our network and data systems, facilities and construction teams, and handling cash processing and other critical functions that can only be performed on site. Together with more than 13,000 Erie licensed agents, our employees, wherever they’re working, are consistently delivering on Erie’s promise of service throughout these trying times. As I shared with you in May, our support for customers includes $400 million in financial relief for our personal and commercial automobile customers. This included $200 million in policyholder dividends and an overall 5% rate reduction for those policies. We mailed $2.5 million dividend checks addressed for more than 1,400 customers, who responded with greeting cards, letters and emails, thanking Erie and our agents. Most [note of the check] [ph] which average about $75, made a meaningful difference from helping with the weekly grocery bill to affirming their decision doing business with Erie. I wanted to share one comment from…

Thanks, Tim. Good morning, everyone. Thank you for taking time today to be a part of the Erie Indemnity second quarter earnings call. Throughout Erie’s 95 years of operations, we’ve faced many challenges, including things outside of our control, like the pandemic. Through all these challenges our focus is on consistent delivery of superior service and products for our customers and agents; a superior work environment for our employees; and most relevant to today’s discussion, delivery of superior financial performance to our shareholders. Starting with the exchange, the insurance operations we manage, direct written premium growth for the second quarter was 0.5% driven by strong growth in renewal premium, which climbed almost 3% over the prior year. With a combined ratio for the quarter of 95.7% and the improved financial markets experienced during the second quarter, the exchange’s policyholder surplus grew to $9.4 billion, up substantially from $8.8 billion in the previous quarter. Now, shifting to Indemnity. In the second quarter, Indemnity’s net income was $82 million or $1.57 per diluted share, compared to $88 million or $1.68 per diluted share in the second quarter of 2019. For the first half of 2020, net income was $141 million or $2.70 per diluted share compared to $163 million or $3.12 per diluted share in the first half of 2019. Operating income decreased 5.6% or $5 million in the second quarter of 2020, compared to the second quarter of 2019. Indemnity also saw a decrease in operating income of 3.2% or $6 million for the first 6 months of this year, compared to the first 6 months of last year. Indemnity’s management fee revenue from policy issuance and renewal services increased $3 million or 1% in the second quarter of 2020, compared to the second quarter of 2019. For the first 6…

Thanks, Greg. With the strong financial position, Erie remains well equipped for continued investment in our operations, our service capabilities and in our competitive position, which is critical as economic contraction continues. Our teams continue to execute on initiatives that will make a positive difference for our agents and customers this year and beyond. One of the most significant deliveries planned for this year will come in August with the launch of the streamlined commercial multi-peril product called [re-secure the business] [ph]. In addition to new coverages, the product will come with a new platform that will create efficiencies for Erie and our agents. Customers will have the benefit of an easy to understand package of protection, valuable risk management services and claim support. Starting next month, Erie Family Life will introduce a new instant issue life insurance product that provides our agents with easy to sell, competitive term and whole life product options to complement a personal auto policy. Point of Sale for the product will occur within an agent’s workflow recording a personal auto policy or endorsement, which we believe will empower more agents to sell life insurance to more customers. We continue to roll out, refresh Erie Rate Lock product to customers in more states. As of June 30, agents in 4 states were offering this more competitive product, which provides customers, the ability to lock in their auto rate until they’ve made a qualifying change. This refresh along with plans to reduce auto insurance rates overall, create an even stronger long-term competitive position for our agents to support both new and renewal business. Early results were positive. Applications were up 10% in states where the new Erie Rate Lock is offered. We also continue to evolve our service offerings to ensure that we meet our customers…

Ladies and gentlemen, this concludes today’s conference call. Thank you for participating. You may now disconnect.