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Progressive (NYSE: PGR) keeps 34% ROE even as July profit slips

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

PROGRESSIVE CORP (PGR) reported July 2026 results showing modest premium growth but lower monthly profitability. Net premiums written for July were $7.44 billion and net premiums earned were $7.36 billion, both up 5% year over year. July net income declined to $961 million from $1.09 billion, and diluted earnings per share were $1.65, down 11%. The July combined ratio was 86.8 versus 85.3 a year ago, reflecting a 1.5-point increase in overall loss and expense ratios. Total policies in force reached 40.3 million, up 7%.

For the year-to-date period ended July 31, 2026, net premiums written were $52.16 billion and net premiums earned were $49.90 billion, increases of 6% and 7%, respectively. Year‑to‑date net income rose to $7.09 billion from $6.83 billion, while total revenues reached $53.60 billion. Investment income was $2.23 billion, up 12%. Year‑to‑date the combined ratio was 86.9. Shareholders’ equity was $34.66 billion with book value per share of $59.64, and trailing 12‑month return on average common equity based on net income was 34.2%.

Positive

  • Investment income up 12% year-to-date to $2.23 billion, supporting overall earnings and capital generation.
  • Year-to-date net premiums earned rose 7% to $49.90 billion, indicating continued topline growth across the book.
  • Net realized gains on securities year-to-date increased to $437 million from $254 million, materially boosting reported earnings.
  • Trailing 12‑month ROE of 34.2% based on net income, reflecting strong profitability relative to common equity.

Negative

  • July net income fell 12% year over year to $961 million, with diluted EPS down 11% to $1.65.
  • July combined ratio worsened by 1.5 points to 86.8, signaling higher underwriting costs versus the prior year month.
  • Year-to-date comprehensive income declined to $5.63 billion from $7.86 billion, driven by lower unrealized investment gains.
  • Total net unrealized pretax losses on fixed-maturity securities were $1.70 billion at July 31, 2026, reflecting mark‑to‑market pressure on the bond portfolio.

Filing Explained

July repurchases totaled 650,241 shares; common shares were outstanding at July 31, 2026.

Form 8-Ks report specified material events within four business days, and this filing uses Item 7.01 to report the company’s unaudited July and year-to-date results for the period ended July 31, 2026, with the news release attached as Exhibit 99.

The disclosure is at the reported-results stage, and its directly disclosed common-share mechanics are 650,241 shares repurchased during July, an average cost of $209.46 per share, and common shares outstanding on July 31, 2026.

The supplied dilution definition concerns issuing additional shares; this filing reports repurchases, so that definition does not establish dilution from this event or a holder-specific ownership change.

The next named resolution point is the company’s planned release of August results on September 18, 2026, before the market opens.

Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
July 2026 Net Premiums Earned $7,355 million Month ended July 31, 2026, up 5% from $6,986 million in 2025
July 2026 Net Income $961 million Month ended July 31, 2026, versus $1,090 million in prior year
Year-to-Date Net Income $7,090 million Year-to-date period ended July 31, 2026, versus $6,832 million in 2025
Year-to-Date Net Premiums Written $52,159 million Year-to-date period ended July 31, 2026, versus $49,339 million in 2025
July 2026 Combined Ratio 86.8 Month ended July 31, 2026, compared with 85.3 in July 2025
Shareholders’ Equity $34,658 million As of July 31, 2026, per condensed GAAP balance sheet
Book Value Per Share $59.64 As of July 31, 2026
Trailing 12-Month ROE (Net Income) 34.2% Return on average common shareholders’ equity based on net income
combined ratio financial
"Combined ratio | 86.8 | | 85.3 | | 1.5 | | pts."
The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.
loss and loss adjustment expenses financial
"Losses and loss adjustment expenses | 4,880"
Loss and loss adjustment expenses are the money an insurer pays out for claims (losses) plus the additional costs of handling those claims, such as investigation, legal fees, adjusters and claims processing. Think of it like the bill for fixing a damaged car plus the tow, mechanic diagnostics and paperwork — the total cost is what the insurer must cover. Investors watch this because high or rising claim-handling costs reduce profit, drain cash, and may signal that a company is underpricing risk or underestimating future payouts.
net premiums written financial
"Net premiums written | $ | 7,441"
Net premiums written is the total amount of insurance premium a company has agreed to collect from customers for new and renewed policies during a period, after subtracting premiums it passes on to other insurers (reinsurance) and cancellations. It matters to investors because it shows the insurer’s actual sales growth and risk retained—like a retailer’s sales after returns and wholesale transfers—so rising net premiums written can signal stronger future revenue and underwriting exposure.
net catastrophe loss ratio financial
"Net catastrophe loss ratio 1 | 1.9"
book value per common share financial
"Book value per common share | $ | 59.64"
The amount of a company’s net worth that is allocable to each common share, calculated by taking the company’s total assets minus its liabilities and dividing that net figure by the number of common shares outstanding. Investors use it as a back‑of‑the‑envelope measure of what each share would be worth if the company’s assets were converted to cash and debts paid; it’s especially useful for spotting stocks that may be cheap relative to their underlying assets, much like checking the estimated resale value of a house per room.
fully taxable equivalent (FTE) total return financial
"Fully taxable equivalent (FTE) total return:"
Offering Type IPO/secondary/shelf/ATM

FAQ

How did PROGRESSIVE CORP (PGR) perform financially in July 2026?
In July 2026, Progressive reported net income of $961 million on net premiums earned of $7.36 billion. Net income declined 12% year over year, while net premiums written and earned each increased 5%, reflecting solid growth but lower monthly profitability.

What were PROGRESSIVE CORP (PGR)’s year-to-date results through July 31, 2026?
Year-to-date through July 31, 2026, Progressive generated net income of $7.09 billion on total revenues of $53.60 billion. Net premiums earned grew 7% to $49.90 billion, and the combined ratio was 86.9, indicating profitable underwriting for the period.

How did PROGRESSIVE CORP (PGR)’s underwriting metrics change in July 2026?
Progressive’s July 2026 combined ratio was 86.8, versus 85.3 a year earlier, a 1.5‑point deterioration. The company reported a calendar‑year loss and loss adjustment expense ratio of 66.3 and an expense ratio of 20.5 for the month.

What was PROGRESSIVE CORP (PGR)’s investment performance year-to-date 2026?
Year-to-date 2026, Progressive recorded investment income of $2.23 billion, up 12% from 2025. Fully taxable equivalent total portfolio return was 0.9%, with fixed-income at 0.5% and common stocks at 10.5%, plus $437 million in net realized gains on securities.

How many policies in force does PROGRESSIVE CORP (PGR) have as of July 31, 2026?
As of July 31, 2026, Progressive reported 40.30 million policies in force, up from 37.63 million a year earlier. Personal Lines totaled 39.07 million policies and Commercial Lines 1.24 million, representing 7% overall year‑over‑year growth.

What is PROGRESSIVE CORP (PGR)’s capital position and book value per share?
At July 31, 2026, Progressive reported shareholders’ equity of $34.66 billion and debt of $8.39 billion. Book value per common share was $59.64, and the debt-to-total capital ratio was 19.5%, with common shares outstanding of 581.1 million.

Did PROGRESSIVE CORP (PGR) repurchase any shares in July 2026?
Yes. In July 2026, Progressive repurchased 650,241 common shares at an average cost of $209.46 per share. Total common shares outstanding at month‑end were 581.1 million, supporting per‑share metrics such as earnings and book value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FalsePROGRESSIVE CORP/OH/000008066100000806612026-08-192026-08-19

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 19, 2026
THE PROGRESSIVE CORPORATION
(Exact name of registrant as specified in its charter)
Ohio001-0951834-0963169
(State or other jurisdiction of
incorporation)		(Commission File Number)(IRS Employer
Identification No.)
300 North Commons Blvd.,Mayfield Village, Ohio44143
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code (440) 461-5000
Not Applicable
(Former name or former address, if changed since last report.)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 Par ValuePGRNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 7.01 Regulation FD Disclosure.

On August 19, 2026, The Progressive Corporation (the “Company”) issued a news release containing financial results of the Company and its consolidated subsidiaries for the month and year-to-date periods ended July 31, 2026. A copy of the news release is attached hereto as Exhibit 99.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

See exhibit index on page 3.
- 1 -


SIGNATURES


    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date:August 19, 2026
THE PROGRESSIVE CORPORATION
By:/s/ Carl G. Joyce
Name:Carl G. Joyce
Title:Vice President and Chief Accounting Officer
- 2 -

EXHIBIT INDEX


Exhibit No. Under Reg. S-K Item 601Form 8-K Exhibit No.

Description
9999
News release dated August 19, 2026, containing financial results of The Progressive Corporation and its consolidated subsidiaries for the month and year-to-date periods ended July 31, 2026.
104104Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document).

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image0a04a01a67a.jpg
NEWS RELEASE
The Progressive CorporationCompany Contact:
300 North Commons Blvd.Julianna Paterra, CFA
Mayfield Village, Ohio 44143(719) 432-2509
http://www.progressive.com
investor_relations@progressive.com

PROGRESSIVE REPORTS JULY RESULTS

MAYFIELD VILLAGE, OHIO -- August 19, 2026 -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended July 31, 2026:
July
(millions, except per share amounts and ratios; unaudited)20262025Change
Net premiums written$7,441 $7,057 5 %
Net premiums earned$7,355 $6,986 5 %
Net income$961 $1,090 (12)%
Per share available to common shareholders$1.65 $1.85 (11)%
Total pretax net realized gains (losses) on securities$(47)$79 (159)%
Combined ratio86.885.31.5 pts.
Average diluted equivalent common shares582.9588.2(1)%

July 31,
(thousands; unaudited)20262025% Change
Policies in Force
Personal Lines
Agency – auto11,28210,5107
Direct – auto16,80015,3929
Special lines7,3516,9156
Property3,6353,6220
Total Personal Lines39,06836,4397
Commercial Lines1,2361,1944
Total40,30437,6337
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 July 31, 2026
(millions)
(unaudited)
Current Month
Comments on Monthly Results1
Net premiums written
$7,441 
Revenues:
Net premiums earned
$7,355 
Investment income
337 
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales
5 
Net holding period gains (losses) on securities
(52)
Total net realized gains (losses) on securities
(47)
Fees and other revenues
104 
Service revenues
49 
Total revenues
7,798 
Expenses:
Losses and loss adjustment expenses
4,880 
Policy acquisition costs
538 
Other underwriting expenses
1,069 
Investment expenses
4 
Service expenses
51 
Interest expense
29 
Total expenses
6,571 
Income before income taxes
1,227 
Provision for income taxes
266 
Net income
961 
Other comprehensive income (loss):
Changes in:
Total net unrealized gains (losses) on fixed-maturity securities
(515)
Foreign currency translation adjustment
1 
Other comprehensive income (loss)
(514)
Total comprehensive income (loss)
$447 
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 July 31,
(millions)
(unaudited)

Year-to-Date
20262025
Net premiums written$52,159 $49,339 
Revenues:
Net premiums earned$49,896 $46,705 
Investment income2,233 1,989 
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales117 25 
Net holding period gains (losses) on securities320 229 
Total net realized gains (losses) on securities437 254 
Fees and other revenues706 694 
Service revenues323 289 
Total revenues53,595 49,931 
Expenses:
Losses and loss adjustment expenses33,279 30,927 
Policy acquisition costs3,643 3,489 
Other underwriting expenses7,126 6,430 
Investment expenses22 19 
Service expenses336 303 
Interest expense187 163 
Total expenses44,593 41,331 
Income before income taxes9,002 8,600 
Provision for income taxes1,912 1,768 
Net income7,090 6,832 
Other comprehensive income (loss):
Changes in:
Total net unrealized gains (losses) on fixed-maturity securities
(1,464)1,030 
Net unrealized losses on forecasted transactions
0 1 
Other comprehensive income (loss)(1,464)1,031 
Total comprehensive income (loss)$5,626 $7,863 

- 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 July 31,
(millions – except per share amounts)
(unaudited)



The following table sets forth the computation of per share results:
JulyYear-to-Date
202620262025
Net income
$961 $7,090 $6,832 
Per common share:
Basic
$1.65 $12.14 $11.65 
Diluted
$1.65 $12.12 $11.62 
Comprehensive income (loss)
$447 $5,626 $7,863 
Per common share:
Diluted
$0.77 $9.61 $13.37 
Average common shares outstanding - Basic
581.4583.9586.2
Net effect of dilutive stock-based compensation
1.51.31.9
Total average equivalent common shares - Diluted
582.9585.2588.1

The following table sets forth the investment results for the period:
JulyYear-to-Date
202620262025
Fully taxable equivalent (FTE) total return:
Fixed-income securities
(0.4)%0.5%4.2%
Common stocks
(0.1)%10.5%7.7%
     Total portfolio
(0.4)%0.9%4.3%
Pretax annualized investment income book yield
4.3%4.2%4.2%


- 4 -

THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
For the month ended July 31, 2026
($ in millions)
(unaudited)


Current Month
Personal Lines BusinessCommercial
VehiclesLinesCompanywide
AgencyDirectPropertyTotalBusinessTotal
Net Premiums Written$2,636 $3,761 $287 $6,684 $756 $7,441 
% Growth in NPW3%7%6%5%7%5%
Net Premiums Earned$2,605 $3,564 $266 $6,435 $918 $7,355 
% Growth in NPE4%9%3%6%(1)%5%
GAAP Ratios
Loss/LAE ratio65.5 67.8 51.0 66.1 67.6 66.3 
Expense ratio18.1 21.1 28.6 20.2 22.0 20.5 
Combined ratio83.6 88.9 79.6 86.3 89.6 86.8 
Net catastrophe loss ratio1
1.910.9 2.3 0.7 2.1 
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years$89 
Current accident year33 
Calendar year actuarial adjustment$56 $48 $8 $112 $10 $122 
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment$89 
All other development171 
Total development$260 
Calendar year loss/LAE ratio66.3 
Accident year loss/LAE ratio69.8 
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 July 31, 2026
($ in millions)
(unaudited)


Year-to-Date
Personal Lines BusinessCommercial
VehiclesLinesCompanywide
AgencyDirectPropertyTotalBusiness Total
Net Premiums Written$18,118 $24,944 $1,836 $44,898 $7,254 $52,159 
% Growth in NPW3%9%(1)%6%4%6%
Net Premiums Earned$17,717 $24,169 $1,813 $43,699 $6,192 $49,896 
% Growth in NPE5%12%0%8%(3)%7%
GAAP Ratios
Loss/LAE ratio66.3 68.5 48.8 66.7 65.6 66.7 
Expense ratio18.2 20.5 29.6 20.0 21.9 20.2 
Combined ratio84.5 89.0 78.4 86.7 87.5 86.9 
Net catastrophe loss ratio1
2.212.7 2.7 0.4 2.4 
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years$372 
Current accident year178 
Calendar year actuarial adjustment$171 $221 $44 $436 $114 $550 
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment$372 
All other development890 
Total development$1,262 
Calendar year loss/LAE ratio66.7 
Accident year loss/LAE ratio69.2 
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)
July 31, 2026
CONDENSED GAAP BALANCE SHEET:
Investments, at fair value:
Available-for-sale securities:
Fixed maturities1 (amortized cost: $92,938)
$91,233 
Short-term investments (amortized cost: $1,911)
1,911 
Total available-for-sale securities93,144 
Equity securities:
Nonredeemable preferred stocks (cost: $292)
275 
Common equities (cost: $871)
4,523 
Total equity securities4,798 
Total investments2
97,942 
Net premiums receivable17,030 
Reinsurance recoverables (including $3,642 on unpaid loss and LAE reserves)
3,882 
Deferred acquisition costs2,239 
Other assets4,570 
Total assets$125,663 
Unearned premiums$27,491 
Loss and loss adjustment expense reserves45,772 
Other liabilities2
9,354 
Debt8,388 
Total liabilities91,005 
Shareholders’ equity
34,658 
Total liabilities and shareholders’ equity
$125,663 
Common shares outstanding581.1 
Common shares repurchased in the current month650,241 
Average cost per common share$209.46 
Book value per common share$59.64 
Trailing 12-month return on average common shareholders’ equity
Net income 34.2  %
Comprehensive income31.3 %
Net unrealized pretax gains (losses) on fixed-maturity securities$(1,704)
Increase (decrease) from the previous month$(651)
Increase (decrease) from December 2025$(1,852)
Debt-to-total capital ratio19.5 %
Fixed-income portfolio duration3.5 
Weighted average credit quality
AA- .
1 As of July 31, 2026, we held certain hybrid securities and recognized a change in fair value of $1 million as a realized loss during the period we held these securities.
2 Includes $470 million of net unsettled security transactions classified in “other liabilities.”

- 7 -


Monthly Commentary
•The company has no additional commentary regarding July’s results.
Events
We plan to release August results on Friday, September 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 -

Source: View Original Filing on SEC EDGAR

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