This quarter's results met expectations, with solid growth in the core business and strong conversion momentum from the State Farm partnership, driving overall performance.

Key quarterly data: State Farm converted policies have exceeded 100,000, with the combined ratio stable at the 90% level; full-year written premium growth guidance remains mid-teens, with management expecting results to approach the upper end of the range.

Business progress: In Europe, the auction business (Broad Arrow) is accumulating market insights to pave the way for future insurance expansion; the in-house claims team has been strengthened, handling more cases internally to improve processing speed and customer satisfaction while optimizing economic outcomes; the State Farm partnership will cover 40 states by year-end and expand to nearly all states by 2027; the Enthusiast Plus pilot in Colorado, though still small in scale, is building experience for long-term growth; the collector car market value continues to rise, with modern supercars and hypercars commanding higher prices, thereby supporting the overall premium base.

Guidance and outlook: Management maintains full-year guidance, expecting State Farm conversions to drive significant growth in 2026-2027 while the core business sustains steady momentum. Next quarter (Q2) will see the first update to full-year guidance, with current trends leaning positive.

Risk/highlight signals: Management's tone is optimistic, emphasizing differentiated claims capabilities and potential market share gains; the long-term goal of doubling PIF to 3 million by 2030 reflects strong confidence in the company's growth model.