PGRProgressive Corporation
The Progressive Corporation, an insurance holding company, has insurance and non-insurance subsidiaries and affiliates (references in this Item to subsidiaries include affiliates as well). 10-K, Item 1
- Employees
- 70,000
- Headquarters
- Mayfield Village, OH
- CEO
- Susan Patricia Griffith
- Next results
- around Jan 27, 2027
2 paragraphs in Risk Factors of the 10-K filed Mar 2, 2026 with nothing like them in the 10-K filed Mar 3, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 75 Financials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
competition in the industry. If we fail to respond appropriately in a timely manner to those innovations and also to the evolving customer preferences, our competitive position and results may be materially adversely affected.
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products. Often, detailed information on our competitors becomes available on a delayed basis, and the nature of the market becomes apparent only in retrospect. Our ability to predict future competitive conditions is also constrained as a result.
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New in the latest 10-Q
12 paragraphs in the 10-Q filed Nov 2, 2026 with nothing like them in the 10-Q filed Aug 3, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
1U. S. Treasury futures positions are utilized to manage portfolio duration. Net realized losses on closed positions, which are included within U.S. government securities, were $ 18 million and $ 69 million for the three and nine months ended September 30, 2026, respectively. Net holding period losses on open positions, which are included within hybrid securities, were $ 199 million and $ 198 million for the three and nine months ended September 30, 2026, respectively. There was no U.S. Treasury futures activity during the corresponding 2025 periods.
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policy remains in force before cancellation or lapse in coverage, is our primary measure of customer retention in both Personal Lines and Commercial Lines.
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1 Included in the underwriting profit of the personal vehicles agency business and the personal vehicles direct business is $436 million and $514 million, respectively, of expense related to Florida policyholder credits for both the three and nine months ended September 30, 2025.
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2 Included in both the underwriting expense and the combined ratios for the personal vehicles agency business are 5.8 points for the third quarter 2025, and 2.0
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points for the nine months ended September 30, 2025, of expense related to the Florida policyholder credits. Included in both the underwriting
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expense and the combined ratios for the personal vehicles direct business are 5.2 points for the third quarter 2025, and 1.8 points for the nine months ended
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September 30, 2025, of policyholder credit expense. Excluding the policyholder credit, the total Personal Lines underwriting expense and combined ratios
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would have been 5.3 points lower for the third quarter 2025, and 1.8 points lower for the nine months ended September 30, 2025.
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business, bringing the year-to-date aggregate rate increase to 2%. We intend to continue to make targeted rate changes in states where we are not achieving our optimal profitability goals.
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Other information
During the third quarter 2026, certain executive officers entered into Rule 10b5-1 trading arrangements that are intended to satisfy the affirmative defense of Rule 10b5-1(c).
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1 Subject to the plan’s earlier expiration or completion in accordance with its terms.
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3 The plan provides for the sale and/or gift of a certain amount of shares held by the executive officer, that are not sold in connection with the vesting of an outstanding equity award, some of which may have been the result of a prior vesting event for the executive.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 2, 2026 against Item 1A of the 10-K filed Mar 2, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
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There have been no material changes in the risk factors from those discussed in Item 1A, Risk Factors included in our Annual Report on Form 10-K for the year ended December 31, 2025.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Work on PGR in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
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