The Progressive Company Contact:
The Progressive Company Contact: Corporation 300 North Commons Blvd. Julianna Paterra, CFA Mayfield Village, Ohio (719) 432-2509 44143 http://www.progressive… investor_relations@prog…
MAYFIELD VILLAGE, OHIO -- October 14, 2026 -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month and quarter ended September 30, 2026:
Progressive offers personal and commercial insurance throughout the United States. Our Personal Lines business writes insurance for personal vehicles (auto and special lines products) and personal property insurance for homeowners and renters. Our Commercial Lines business writes auto-related liability and physical damage insurance, business-related general liability and commercial property insurance predominantly for small businesses, and workers’ compensation insurance primarily for the transportation industry. - 1 -
Comments on Monthly Current Month Results1 ────────────────────────────────────────────────────────────────────────────── Net premiums written $ 7,255 Revenues: Net premiums earned $ 7,160 Investment income 352 Net realized gains (losses) on securities: Net realized gains (losses) on security -3 sales Net holding period gains (losses) on -228 securities Total net realized gains (losses) on -231 securities Fees and other revenues 105 Service revenues 48 Total revenues 7,434 Expenses: Losses and loss adjustment 4,959 expenses Policy acquisition costs 528 Other underwriting expenses 1,066 Investment expenses 3 Service expenses 49 Interest expense 29 Total expenses 6,634 Income before income taxes 800 Provision for income taxes 170 Net income 630 Other comprehensive income (loss): Change in total net unrealized gains -1,309 (losses) on fixed-maturity securities Total comprehensive income $ -679 (loss)
1 For a description of our financial reporting and accounting policies as it applies to information contained throughout this release, see Note 1 to our 2025 audited consolidated financial statements included in our 2025 Shareholders’ Report, which can be found at www.progressive.com/annualreport. - 2 -
Year-to-Date 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net premiums written $ 67,019 $ 63,666 Revenues: Net premiums earned $ 64,410 $ 60,568 Investment income 2,931 2,609 Net realized gains (losses) on securities: Net realized gains (losses) on security 103 32 sales Net holding period gains (losses) on 211 438 securities Total net realized gains (losses) on 314 470 securities Fees and other revenues 913 896 Service revenues 421 382 Total revenues 68,989 64,925 Expenses: Losses and loss adjustment expenses 43,303 39,854 Policy acquisition costs 4,712 4,522 Other underwriting expenses 9,253 8,423 Policyholder credit expense 0 950 Investment expenses 28 26 Service expenses 437 400 Interest expense 245 209 Total expenses 57,978 54,384 Income before income taxes 11,011 10,541 Provision for income taxes 2,340 2,184 Net income 8,671 8,357 Other comprehensive income (loss): Changes in: Total net unrealized gains (losses) on -2,847 1,611 fixed-maturity securities Net unrealized losses on forecasted 0 1 transactions Other comprehensive income (loss) -2,847 1,612 Total comprehensive income (loss) $ 5,824 $ 9,969
1 Basic earnings per share is disclosed where a comprehensive loss is reported since diluted comprehensive earnings per share are antidilutive.
The following table sets forth the investment results for the period: September Year-to-Date 2026 2026 2025 Fully taxable equivalent (FTE) total return: Fixed-income securities (1.6)% (0.9)% 5.8% Common stocks (0.5)% 13.0% 13.8% Total portfolio (1.5)% (0.3)% 6.1% Pretax annualized investment income book 4.3% 4.2% 4.2% yield
1 Represents catastrophe losses incurred during the period, including development on prior events and the impact of reinsurance, if any, as a percent of net premiums earned.
2 Represents adjustments solely based on our normally scheduled actuarial reviews. For our Personal Lines property business, the actuarial reserving methodology includes changes to catastrophe losses, while the reviews in our personal and commercial vehicle businesses do not include catastrophes. - 5 -
1 Represents catastrophe losses incurred during the year, including development on prior events and the impact of reinsurance, as a percent of net premiums earned.
2 Represents adjustments solely based on our normally scheduled actuarial reviews. For our Personal Lines property business, the actuarial reserving methodology includes changes to catastrophe losses, while the reviews in our personal and commercial vehicle businesses do not include catastrophes. - 6 -
September 30, 2026 ──────────────────────────────────────────────────────────────────────────── CONDENSED GAAP BALANCE SHEET: Investments, at fair value: Available-for-sale securities: Fixed maturities1(amortized cost: $ 92,247 $95,719) Short-term investments (amortized cost: 2,125 $2,125) Total available-for-sale securities 94,372 Equity securities: Nonredeemable preferred stocks(cost: 193 $212) Common equities (cost: $909) 4,632 Total equity securities 4,825 Total investments2, 3 99,197 Net premiums receivable 17,337 Reinsurance recoverables (including 3,875 $3,592 on unpaid loss and LAE reserves) Deferred acquisition costs 2,300 Other assets 5,035 Total assets $ 127,744 Unearned premiums $ 27,873 Loss and loss adjustment expense 46,786 reserves Other liabilities2 10,211 Debt 8,389 Total liabilities 93,259 Shareholders’ equity 34,485 Total liabilities and shareholders’ $ 127,744 equity Common shares outstanding 579.5 Common shares repurchased in the current 969,262 month Average cost per common share $ 207.92 Book value per common share $ 59.51 Trailing 12-month return on average common shareholders’ equity Net income 34.4 % Comprehensive income 25.7 % Net unrealized pretax gains (losses) on $ -3,455 fixed-maturity securities Increase (decrease) from the previous $ -1,656 month Increase (decrease) from December 2025 $ -3,603 Debt-to-total capital ratio 19.6 % Fixed-income portfolio duration 3.6 Weighted average credit quality AA-.
1 As of September 30, 2026, we held certain hybrid securities and recognized a change in fair value of $17 million as a realized loss during the period we held these securities.
2 Includes $1,160 million of net unsettled security transactions classified in “other liabilities.”
3 Includes $6 billion, net of unsettled transactions, of investments in a consolidated, non-insurance subsidiary of the holding company. - 7 -
Our third quarter Investor Relations conference call is currently scheduled to be held on Tuesday, November 3, 2026, at 9:30 a.m. eastern time. This conference call, which will consist of both a conference call and audio-only webcast, is scheduled to last 60 minutes and will consist of a question and answer session with Tricia Griffith, our CEO, and Andrew Quigg, our CFO. We plan to file our
Quarterly Report on Form 10-Q with the SEC on Monday, November 2, 2026. If the dates of our events, which are always subject to
change, are rescheduled, we will announce the change in a press release as soon as practical and publish it on our investor website.
Details regarding access to the conference call, or any event changes, will be available at: https://investors.progressive.com/events.
We plan to release October results on Wednesday, November 18, 2026, before the market opens.
Progressive Insurance ® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it’s most convenient for them — online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent.
Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is a leading seller of personal auto, commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers in the United States.
Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price ® , Snapshot ® , and HomeQuote Explorer ® .
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio- based holding company, trade publicly at NYSE: PGR.
The Company disseminates information to the public about the Company, its products, services and other matters through various outlets in order to achieve broad, non-exclusionary, distribution of information to the public. These outlets include the Company’s website (progressive.com) and its investor relations website (investors.progressive.com). We encourage investors and others to review the information the Company makes public through these outlets, as such information distributed through these outlets may be considered to be material information. - 8 - Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Investors are cautioned that certain statements in this report not based upon historical fact are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements often use words such as “estimate,” “expect,” “intend,” “plan,” “believe,” “goal,” “target,” “anticipate,” “will,” “could,” “likely,” “may,” “should,” and other words and terms of similar meaning, or are tied to future periods, in connection with a discussion of future operating or financial performance. Forward-looking statements are not guarantees of future performance, are based on current expectations and projections about future events, and are subject to certain risks, assumptions and uncertainties that could cause actual events and results to differ materially from those discussed herein. These risks and uncertainties include, without limitation, uncertainties related to:
• our ability to underwrite and price risks accurately and to charge adequate rates to policyholders;
• the effectiveness of our reinsurance programs and the continued availability of reinsurance and performance by reinsurers;
• the secure and uninterrupted operation of the systems, facilities, and business functions and the operation of various third-party systems that are critical to our business;
• the impacts of a security breach or other attack involving our technology systems or the systems of one or more of our vendors;
• whether we effectively manage complexity as we develop and deliver products and customer experiences;
• the impact of misconduct or fraudulent acts by employees, agents, and third parties to our business and/or exposure to regulatory assessments;
• our ability to attract, develop, and retain talent and maintain appropriate staffing levels;
• litigation challenging our business practices, and those of our competitors and other companies;
• the success of our business strategy and efforts to acquire or develop new products or enter into new areas of business and our ability to navigate the related risks;
• how intellectual property rights affect our competitiveness and our business operations;
• the success of our development and use of new technology and our ability to navigate the related risks;
• the impact on our investment returns and strategies from regulations and societal pressures relating to sustainability and other public policy matters;
• our continued ability to access our cash accounts and/or convert investments into cash on favorable terms;
• the impact if one or more parties with which we enter into significant contracts or transact business fail to perform;
• legal restrictions on our insurance subsidiaries’ ability to pay dividends to The Progressive Corporation;
• our ability to obtain capital when necessary to support our business, our financial condition, and potential growth;
• whether our investments in certain tax-advantaged projects generate the anticipated returns;
• the impact from not managing to short-term earnings expectations in light of our goal to maximize the long-term value of the enterprise;
• other matters described from time to time in our releases and publications, and in our periodic reports and other documents filed with the United States Securities and Exchange Commission, including, without limitation, the Risk Factors section of our Annual Report on Form 10-K for the year ending December 31, 2025.
Any forward-looking statements are made only as of the date presented. Except as required by applicable law, we undertake no obligation to update any forward- looking statements, whether as a result of new information, future events or developments or otherwise.
In addition, investors should be aware that accounting principles generally accepted in the United States prescribe when a company may reserve for particular risks, including litigation exposures. Accordingly, results for a given reporting period could be significantly affected if and when we establish reserves for one or more contingencies. Also, our regular reserve reviews may result in adjustments of varying magnitude as additional information regarding claims activity becomes known. Reported results, therefore, may be volatile in certain accounting periods. - 9 -
Full text with the tables
NEWS RELEASE
The Progressive Company Contact:
Corporation
300 North Commons Blvd. Julianna Paterra, CFA
Mayfield Village, Ohio (719) 432-2509
44143
http://www.progressive… investor_relations@prog…
PROGRESSIVE REPORTS SEPTEMBER RESULTS
MAYFIELD VILLAGE, OHIO -- October 14, 2026 -- The Progressive Corporation
(NYSE:PGR) today reported the following results for the month and quarter ended
September 30, 2026:
…
…
…
…
…
…
…
… S… … … … … 2… 2… C…
──────────────────────────────────────────────────────────────────────────────
$ … $ … 2 % $ 2… $ 2… 4 %
$ … $ … 5 % $ 2… $ 2… 5 %
$ … $ … … % $ 2… $ 2… -3 %
$ … $ … … % $ 4… $ 4… -2 %
$ … $ … … % $ -… $ 2… -… %
9… 1… … p… … … -… …
5… 5… … % … … -1 %
September 30,
(thousands; 2026 2025 % Change
unaudited)
Policies in Force
Personal Lines
Agency – auto 11,347 10,630 7
Direct – auto 16,848 15,619 8
Special lines 7,390 6,980 6
Property 3,652 3,651 0
Total Personal 39,237 36,880 6
Lines
Commercial Lines 1,252 1,198 5
Total 40,489 38,078 6
Progressive offers personal and commercial insurance throughout the United
States. Our Personal Lines business writes insurance for personal vehicles (auto
and special lines products) and personal property insurance for homeowners and
renters. Our Commercial Lines business writes auto-related liability and
physical damage insurance, business-related general liability and commercial
property insurance predominantly for small businesses, and workers’ compensation
insurance primarily for the transportation industry.
- 1 -
THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
COMPREHENSIVE INCOME STATEMENT
For the month ended September 30, 2026
(millions)
(unaudited)
Comments on Monthly
Current Month Results1
──────────────────────────────────────────────────────────────────────────────
Net premiums written $ 7,255
Revenues:
Net premiums earned $ 7,160
Investment income 352
Net realized gains (losses)
on
securities:
Net realized gains (losses)
on security -3
sales
Net holding period gains
(losses) on -228
securities
Total net realized gains
(losses) on -231
securities
Fees and other revenues 105
Service revenues 48
Total revenues 7,434
Expenses:
Losses and loss adjustment 4,959
expenses
Policy acquisition costs 528
Other underwriting expenses 1,066
Investment expenses 3
Service expenses 49
Interest expense 29
Total expenses 6,634
Income before income taxes 800
Provision for income taxes 170
Net income 630
Other comprehensive income
(loss):
Change in total net
unrealized gains -1,309
(losses) on fixed-maturity
securities
Total comprehensive income $ -679
(loss)
1 For a description of our financial reporting and accounting policies as it
applies to information contained throughout this release, see Note 1 to our 2025
audited consolidated financial statements included in our 2025 Shareholders’
Report, which can be found at www.progressive.com/annualreport.
- 2 -
THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
COMPREHENSIVE INCOME STATEMENTS
For the year-to-date periods ended September 30,
(millions)
(unaudited)
Year-to-Date 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net premiums written $ 67,019 $ 63,666
Revenues:
Net premiums earned $ 64,410 $ 60,568
Investment income 2,931 2,609
Net realized gains (losses) on
securities:
Net realized gains (losses) on security 103 32
sales
Net holding period gains (losses) on 211 438
securities
Total net realized gains (losses) on 314 470
securities
Fees and other revenues 913 896
Service revenues 421 382
Total revenues 68,989 64,925
Expenses:
Losses and loss adjustment expenses 43,303 39,854
Policy acquisition costs 4,712 4,522
Other underwriting expenses 9,253 8,423
Policyholder credit expense 0 950
Investment expenses 28 26
Service expenses 437 400
Interest expense 245 209
Total expenses 57,978 54,384
Income before income taxes 11,011 10,541
Provision for income taxes 2,340 2,184
Net income 8,671 8,357
Other comprehensive income (loss):
Changes in:
Total net unrealized gains (losses) on -2,847 1,611
fixed-maturity securities
Net unrealized losses on forecasted 0 1
transactions
Other comprehensive income (loss) -2,847 1,612
Total comprehensive income (loss) $ 5,824 $ 9,969
- 3 -
THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
COMPUTATION OF NET INCOME AND COMPREHENSIVE INCOME PER SHARE
&
INVESTMENT RESULTS
For the month and year-to-date periods ended September 30,
(millions – except per share amounts)
(unaudited)
The
follo…
table
sets
forth
the
compu…
of per
share
resul… Septem… 2026 Year-to… 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 630 $ 8,671 $ 8,357
income
Per
common
share:
Basic $ 1.09 $ 14.87 $ 14.25
Dilut… $ 1.08 $ 14.83 $ 14.21
Compr…
income $ -679 $ 5,824 $ 9,969
(loss)
Per
common
share:
Dilut… $ -1.17 $ 9.96 $ 16.95
Avera…
common
shares 580.4 583.1 586.3
outst…
-
Basic
Net
effect
of 1.3 1.5 1.8
dilut…
stock…
compe…
Total
avera…
equiv…
common 581.7 584.6 588.1
shares
-
Dilut…
1 Basic earnings per share is disclosed where a comprehensive loss is reported
since diluted comprehensive earnings per share are antidilutive.
The following table sets forth the
investment results for the period:
September Year-to-Date
2026 2026 2025
Fully taxable equivalent (FTE) total
return:
Fixed-income securities (1.6)% (0.9)% 5.8%
Common stocks (0.5)% 13.0% 13.8%
Total portfolio (1.5)% (0.3)% 6.1%
Pretax annualized investment income
book 4.3% 4.2% 4.2%
yield
- 4 -
THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
For the month ended September 30, 2026
($ in millions)
(unaudited)
P…
L…
B… C…
… V… L… …
… A… … P… … B… …
──────────────────────────────────────────────────────────────────────────────
…
… $ … $ 3… $ … $ 6… $ … $ 7…
…
%
… 1% … 4% … 6% …
…
…
…
… $ … $ 3… $ … $ 6… $ … $ 7…
…
%
… 3% … 0% … 8% …
…
…
…
…
… … 7… … 6… … 6…
…
… … 2… … 2… … 2…
…
… … 9… … 8… … 9…
…
…
… 1… … 1… … 1…
…
…
…
…
…
…
…
… $ 65
…
…
… 96
…
…
… $ … $ 66 $ … $ 1… $ … $ 1…
…
…
…
…
…
…
…
… $ 65
…
…
… 78
…
… $ 1…
…
…
… 6…
…
…
…
… 7…
…
…
1 Represents catastrophe losses incurred during the period, including
development on prior events and the impact of reinsurance, if any, as a percent
of net premiums earned.
2 Represents adjustments solely based on our normally scheduled actuarial
reviews. For our Personal Lines property business, the actuarial reserving
methodology includes changes to catastrophe losses, while the reviews in our
personal and commercial vehicle businesses do not include catastrophes.
- 5 -
THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
For the year-to-date period ended September 30, 2026
($ in millions)
(unaudited)
P…
L…
B… C…
V… L… …
… A… … P… … B… …
──────────────────────────────────────────────────────────────────────────────
…
… $ … $ 3… $ … $ 5… $ … $ 6…
…
%
… 3% … 1% … 5% …
…
…
…
… $ … $ 3… $ … $ 5… $ … $ 6…
…
%
… 5% … 0% … (… …
…
…
…
…
… … 6… … 6… … 6…
…
… … 2… … 2… … 2…
…
… … 8… … 8… … 8…
…
…
… 2… … 2… … 2…
…
…
…
…
…
…
…
… $ 4…
…
…
… 3…
…
…
… $ … $ 3… $ … $ 6… $ … $ 7…
…
…
…
…
…
…
…
… $ 4…
…
…
… 1…
…
… $ 1…
…
…
… 6…
…
…
…
… 6…
…
…
1 Represents catastrophe losses incurred during the year, including development
on prior events and the impact of reinsurance, as a percent of net premiums
earned.
2 Represents adjustments solely based on our normally scheduled actuarial
reviews. For our Personal Lines property business, the actuarial reserving
methodology includes changes to catastrophe losses, while the reviews in our
personal and commercial vehicle businesses do not include catastrophes.
- 6 -
THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
BALANCE SHEET AND OTHER INFORMATION
(millions - except per share amounts and common shares repurchased)
(unaudited)
September 30, 2026
────────────────────────────────────────────────────────────────────────────
CONDENSED GAAP BALANCE SHEET:
Investments, at fair value:
Available-for-sale securities:
Fixed maturities1(amortized cost: $ 92,247
$95,719)
Short-term investments (amortized cost: 2,125
$2,125)
Total available-for-sale securities 94,372
Equity securities:
Nonredeemable preferred stocks(cost: 193
$212)
Common equities (cost: $909) 4,632
Total equity securities 4,825
Total investments2, 3 99,197
Net premiums receivable 17,337
Reinsurance recoverables (including 3,875
$3,592 on unpaid loss and LAE reserves)
Deferred acquisition costs 2,300
Other assets 5,035
Total assets $ 127,744
Unearned premiums $ 27,873
Loss and loss adjustment expense 46,786
reserves
Other liabilities2 10,211
Debt 8,389
Total liabilities 93,259
Shareholders’ equity 34,485
Total liabilities and shareholders’ $ 127,744
equity
Common shares outstanding 579.5
Common shares repurchased in the current 969,262
month
Average cost per common share $ 207.92
Book value per common share $ 59.51
Trailing 12-month return on average
common shareholders’ equity
Net income 34.4 %
Comprehensive income 25.7 %
Net unrealized pretax gains (losses) on $ -3,455
fixed-maturity securities
Increase (decrease) from the previous $ -1,656
month
Increase (decrease) from December 2025 $ -3,603
Debt-to-total capital ratio 19.6 %
Fixed-income portfolio duration 3.6
Weighted average credit quality AA-.
1 As of September 30, 2026, we held certain hybrid securities and recognized a
change in fair value of $17 million as a realized loss during the period we held
these securities.
2 Includes $1,160 million of net unsettled security transactions classified in
“other liabilities.”
3 Includes $6 billion, net of unsettled transactions, of investments in a
consolidated, non-insurance subsidiary of the holding company.
- 7 -
Monthly Commentary
• The company has no additional commentary regarding September’s results.
Events
Our third quarter Investor Relations conference call is currently scheduled to
be held on Tuesday, November 3, 2026, at 9:30 a.m. eastern time. This conference
call, which will consist of both a conference call and audio-only webcast, is
scheduled to last 60 minutes and will consist of a question and answer session
with Tricia Griffith, our CEO, and Andrew Quigg, our CFO. We plan to file our
Quarterly Report on Form 10-Q with the SEC on Monday, November 2, 2026. If the
dates of our events, which are always subject to
change, are rescheduled, we will announce the change in a press release as soon
as practical and publish it on our investor website.
Details regarding access to the conference call, or any event changes, will be
available at: https://investors.progressive.com/events.
We plan to release October results on Wednesday, November 18, 2026, before the
market opens.
About Progressive
Progressive Insurance ® makes it easy to understand, buy and use car insurance,
home insurance, and other protection needs. Progressive offers choices so
consumers can reach us however it’s most convenient for them — online at
progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app,
or in-person with a local agent.
Progressive provides insurance for personal and commercial autos and trucks,
motorcycles, boats, recreational vehicles, and homes; it is a leading seller of
personal auto, commercial auto, motorcycle, and boat insurance, and one of the
top 15 homeowners insurance carriers in the United States.
Founded in 1937, Progressive continues its long history of offering shopping
tools and services that save customers time and money, like Name Your Price ® ,
Snapshot ® , and HomeQuote Explorer ® .
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-
based holding company, trade publicly at NYSE: PGR.
Regulation FD Disclosure Outlets
The Company disseminates information to the public about the Company, its
products, services and other matters through various outlets in order to achieve
broad, non-exclusionary, distribution of information to the public. These
outlets include the Company’s website (progressive.com) and its investor
relations website (investors.progressive.com). We encourage investors and others
to review the information the Company makes public through these outlets, as
such information distributed through these outlets may be considered to be
material information.
- 8 -
Safe Harbor Statement Under the Private Securities Litigation Reform Act of
1995: Investors are cautioned that certain statements in this report not based
upon historical fact are forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. These statements often use words such
as “estimate,” “expect,” “intend,” “plan,” “believe,” “goal,” “target,”
“anticipate,” “will,” “could,” “likely,” “may,” “should,” and other words and
terms of similar meaning, or are tied to future periods, in connection with a
discussion of future operating or financial performance. Forward-looking
statements are not guarantees of future performance, are based on current
expectations and projections about future events, and are subject to certain
risks, assumptions and uncertainties that could cause actual events and results
to differ materially from those discussed herein. These risks and uncertainties
include, without limitation, uncertainties related to:
• our ability to underwrite and price risks accurately and to charge adequate
rates to policyholders;
• our ability to establish accurate loss reserves;
• the impact of severe weather, other catastrophe events, and climate change;
• the effectiveness of our reinsurance programs and the continued availability
of reinsurance and performance by reinsurers;
• the secure and uninterrupted operation of the systems, facilities, and
business functions and the operation of various third-party systems that are
critical to our business;
• the impacts of a security breach or other attack involving our technology
systems or the systems of one or more of our vendors;
• our ability to maintain a recognized and trusted brand and reputation;
• whether we innovate effectively and respond to our competitors’ initiatives;
• whether we effectively manage complexity as we develop and deliver products
and customer experiences;
• the highly competitive nature of property-casualty insurance markets;
• whether we adjust claims accurately;
• compliance with complex and changing laws and regulations;
• the impact of misconduct or fraudulent acts by employees, agents, and third
parties to our business and/or exposure to regulatory assessments;
• our ability to attract, develop, and retain talent and maintain appropriate
staffing levels;
• litigation challenging our business practices, and those of our competitors
and other companies;
• the success of our business strategy and efforts to acquire or develop new
products or enter into new areas of business and our ability to navigate the
related risks;
• how intellectual property rights affect our competitiveness and our business
operations;
• the success of our development and use of new technology and our ability to
navigate the related risks;
• the performance of our fixed-income and equity investment portfolios;
• the impact on our investment returns and strategies from regulations and
societal pressures relating to sustainability and other public policy matters;
• our continued ability to access our cash accounts and/or convert investments
into cash on favorable terms;
• the impact if one or more parties with which we enter into significant
contracts or transact business fail to perform;
• legal restrictions on our insurance subsidiaries’ ability to pay dividends to
The Progressive Corporation;
• our ability to obtain capital when necessary to support our business, our
financial condition, and potential growth;
• evaluations and ratings by credit rating and other rating agencies;
• the variable nature of our common share dividend policy;
• whether our investments in certain tax-advantaged projects generate the
anticipated returns;
• the impact from not managing to short-term earnings expectations in light of
our goal to maximize the long-term value of the enterprise;
• the impacts of epidemics, pandemics, or other widespread health risks; and
• other matters described from time to time in our releases and publications,
and in our periodic reports and other documents filed with the United States
Securities and Exchange Commission, including, without limitation, the Risk
Factors section of our Annual Report on Form 10-K for the year ending December
31, 2025.
Any forward-looking statements are made only as of the date presented. Except as
required by applicable law, we undertake no obligation to update any forward-
looking statements, whether as a result of new information, future events or
developments or otherwise.
In addition, investors should be aware that accounting principles generally
accepted in the United States prescribe when a company may reserve for
particular risks, including litigation exposures. Accordingly, results for a
given reporting period could be significantly affected if and when we establish
reserves for one or more contingencies. Also, our regular reserve reviews may
result in adjustments of varying magnitude as additional information regarding
claims activity becomes known. Reported results, therefore, may be volatile in
certain accounting periods.
- 9 -