On administrative expenses, we delivered another record low SG&A expense ratio. The second quarter SG&A expense ratio was 14.2%, a 450 basis point year-over-year improvement, and the lowest in the company's history. The improvement was primarily driven by disciplined expense management, including an increasing impact from technology and AI initiatives, fixed cost leverage, and lower risk adjustment as a percentage of premium.

Aug 6, 2026 / CFO / receipt, needs a key / Scott Blackley, CFO | earnings call 2026-08-06 | transcript e71143c8-6d99-4c36-9f78-a0ea08e86cfc | chars 11436-11865 | segment 12