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Progressive August premiums rise as profit falls

Progressive’s August 2026 premiums and policies in force grew, but monthly profit and the combined ratio deteriorated versus a strong prior-year month.

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

Rhea-AI Filing Summary

PROGRESSIVE CORP (PGR) released unaudited August 2026 results, showing strong premium growth but lower monthly profit. Net premiums written for August were $7.61 billion, up 6% from August 2025, and net premiums earned rose 5% to $7.35 billion. Total revenues for the month were $7.96 billion.

August net income declined to $951 million from $1.22 billion, with diluted EPS falling to $1.63 from $2.07. The August combined ratio weakened to 89.3 from 83.1, reflecting higher loss and expense ratios, including catastrophe losses from severe weather. Policies in force grew 7% year over year to 40.5 million, led by growth in personal auto. Year-to-date through August, net premiums written reached $59.76 billion and net income was $8.04 billion, essentially flat versus the prior year, while the year-to-date combined ratio improved to 87.2. Book value per share was $60.92, trailing 12‑month ROE was 33.4%, and the company repurchased about 631 thousand shares in August at an average price of $210.93.

Positive

  • Net premiums written rose 6% year over year in August 2026 to $7.61 billion, with both Agency and Direct personal auto and Commercial Lines contributing to growth.
  • Total policies in force increased 7% to 40.5 million, indicating continued expansion across Personal and Commercial Lines.
  • Year-to-date through August 2026, the combined ratio improved to 87.2 from 2025, while net income of $8.04 billion remained roughly in line with the prior-year period.
  • Book value per share reached $60.92 and trailing 12‑month ROE was 33.4%, reflecting strong overall profitability over the past year.

Negative

  • August 2026 net income fell 22% to $951 million, and diluted EPS declined 21% to $1.63 compared with August 2025.
  • The August combined ratio deteriorated to 89.3 from 83.1, driven by higher loss and expense ratios, including catastrophe losses from severe weather.
  • Year-to-date total comprehensive income decreased to $6.50 billion from $9.70 billion, largely reflecting unfavorable changes in unrealized gains on fixed-maturity securities.

Insights

Analyzing...

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, or exhibit attachments filed with this report.
Net premiums written (August 2026) $7.61 billion Month ended August 31, 2026; up 6% from $7.20 billion in August 2025
Net income (August 2026) $951 million Month ended August 31, 2026; down from $1.22 billion in August 2025
Diluted EPS (August 2026) $1.63 per share Available to common shareholders; down 21% from $2.07 in August 2025
Combined ratio (August 2026) 89.3 Month ended August 31, 2026; higher than 83.1 in August 2025
Net premiums written (YTD 2026) $59.76 billion Year-to-date through August 31, 2026; versus $56.54 billion in 2025
Net income (YTD 2026) $8.04 billion Year-to-date through August 31, 2026; essentially flat versus $8.05 billion in 2025
Policies in force 40.49 million As of August 31, 2026; up 7% from 37.89 million a year earlier
Book value per common share $60.92 As of August 31, 2026
combined ratio financial
"Combined ratio | 89.3 | | 83.1 | | 6.2 | | 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 | 5,065"
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 catastrophe loss ratio financial
"Net catastrophe loss ratio 1 | 1.8 | | 7.8"
fully taxable equivalent (FTE) total return financial
"Fully taxable equivalent (FTE) total return:"
actuarial adjustment financial
"Actuarial adjustment | $ | 44 | All other development"
book value per common share financial
"Book value per common share | $ | 60.92"
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.
Net premiums written (August 2026) $7.61 billion Up 6% from August 2025
Net income (August 2026) $951 million Down 22% from August 2025
Diluted EPS (August 2026) $1.63 Down 21% from August 2025
Combined ratio (August 2026) 89.3 Higher than 83.1 in August 2025
Net premiums written (YTD 2026) $59.76 billion Higher than $56.54 billion YTD 2025
Net income (YTD 2026) $8.04 billion In line with $8.05 billion YTD 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Progressive (PGR) perform financially in August 2026?
Progressive reported August 2026 net income of $951 million on $7.96 billion in total revenues. Net premiums written were $7.61 billion, up 6% year over year, but net income declined 22% and diluted EPS fell to $1.63.

What happened to Progressive (PGR)’s combined ratio in August 2026?
The August 2026 combined ratio was 89.3, compared with 83.1 in August 2025. The increase reflects higher loss and expense ratios, including the impact of catastrophe losses from severe weather events during the month.

How are Progressive (PGR)’s year-to-date 2026 results versus 2025?
Year-to-date through August 31, 2026, Progressive generated net income of $8.04 billion versus $8.05 billion in 2025. Net premiums written were $59.76 billion versus $56.54 billion, and the combined ratio improved to 87.2.

How many policies in force does Progressive (PGR) have as of August 31, 2026?
As of August 31, 2026, Progressive reported 40.49 million policies in force, up 7% from 37.89 million a year earlier. Personal Lines totaled 39.25 million policies and Commercial Lines totaled 1.25 million.

What is Progressive (PGR)’s current book value per share and ROE?
At August 31, 2026, Progressive’s book value per common share was $60.92. The trailing 12‑month return on average common shareholders’ equity based on net income was 33.4%, and based on comprehensive income was 28.5%.

Did Progressive (PGR) repurchase any shares in August 2026?
Yes. Progressive repurchased 630,912 common shares in August 2026 at an average cost of $210.93 per share. Common shares outstanding at month-end were 580.4 million.

How did Progressive’s (PGR) investments perform year-to-date 2026?
Year-to-date 2026, Progressive’s fully taxable equivalent total return was 0.7% for fixed-income securities, 13.5% for common stocks, and 1.3% for the total portfolio. The pretax annualized investment income book yield was 4.2%.

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FalsePROGRESSIVE CORP/OH/000008066100000806612026-09-182026-09-18

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) September 18, 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 September 18, 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 August 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:September 18, 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 September 18, 2026, containing financial results of The Progressive Corporation and its consolidated subsidiaries for the month and year-to-date periods ended August 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 AUGUST RESULTS

MAYFIELD VILLAGE, OHIO -- September 18, 2026 -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended August 31, 2026:
August
(millions, except per share amounts and ratios; unaudited)20262025Change
Net premiums written$7,605 $7,199 6 %
Net premiums earned$7,354 $7,036 5 %
Net income$951 $1,220 (22)%
Per share available to common shareholders$1.63 $2.07 (21)%
Total pretax net realized gains (losses) on securities$108 $78 38 %
Combined ratio89.383.16.2 pts.
Average diluted equivalent common shares582.1588.1(1)%

August 31,
(thousands; unaudited)20262025% Change
Policies in Force
Personal Lines
Agency – auto11,34310,5757
Direct – auto16,87915,5249
Special lines7,3786,9556
Property3,6473,6390
Total Personal Lines39,24736,6937
Commercial Lines1,2451,1974
Total40,49237,8907
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 August 31, 2026
(millions)
(unaudited)
Current Month
Comments on Monthly Results1
Net premiums written
$7,605 
Revenues:
Net premiums earned
$7,354 
Investment income
346 
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales
(11)
Net holding period gains (losses) on securities
119 
Total net realized gains (losses) on securities
108 
Fees and other revenues
102 
Service revenues
50 
Total revenues
7,960 
Expenses:
Losses and loss adjustment expenses
5,065 
Policy acquisition costs
541 
Other underwriting expenses
1,061 
Investment expenses
3 
Service expenses
52 
Interest expense
29 
Total expenses
6,751 
Income before income taxes
1,209 
Provision for income taxes
258 
Net income
951 
Other comprehensive income (loss):
Change in total net unrealized gains (losses) on fixed-maturity securities
(74)
Total comprehensive income (loss)
$877 
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 August 31,
(millions)
(unaudited)

Year-to-Date
20262025
Net premiums written$59,764 $56,538 
Revenues:
Net premiums earned$57,250 $53,741 
Investment income2,579 2,298 
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales106 30 
Net holding period gains (losses) on securities439 302 
Total net realized gains (losses) on securities545 332 
Fees and other revenues808 796 
Service revenues373 337 
Total revenues61,555 57,504 
Expenses:
Losses and loss adjustment expenses38,344 35,362 
Policy acquisition costs4,184 4,013 
Other underwriting expenses8,187 7,418 
Investment expenses25 23 
Service expenses388 353 
Interest expense216 186 
Total expenses51,344 47,355 
Income before income taxes10,211 10,149 
Provision for income taxes2,170 2,097 
Net income8,041 8,052 
Other comprehensive income (loss):
Changes in:
Total net unrealized gains (losses) on fixed-maturity securities
(1,538)1,643 
Net unrealized losses on forecasted transactions
0 1 
Other comprehensive income (loss)(1,538)1,644 
Total comprehensive income (loss)$6,503 $9,696 

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



The following table sets forth the computation of per share results:
AugustYear-to-Date
202620262025
Net income
$951 $8,041 $8,052 
Per common share:
Basic
$1.64 $13.78 $13.74 
Diluted
$1.63 $13.75 $13.69 
Comprehensive income (loss)
$877 $6,503 $9,696 
Per common share:
Diluted
$1.51 $11.12 $16.49 
Average common shares outstanding - Basic
580.8583.5586.2
Net effect of dilutive stock-based compensation
1.31.51.9
Total average equivalent common shares - Diluted
582.1585.0588.1

The following table sets forth the investment results for the period:
AugustYear-to-Date
202620262025
Fully taxable equivalent (FTE) total return:
Fixed-income securities
0.2%0.7%5.5%
Common stocks
2.8%13.5%9.9%
     Total portfolio
0.4%1.3%5.6%
Pretax annualized investment income book yield
4.3%4.2%4.2%


- 4 -

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


Current Month
Personal Lines BusinessCommercial
VehiclesLinesCompanywide
AgencyDirectPropertyTotalBusinessTotal
Net Premiums Written$2,675 $3,744 $304 $6,723 $880 $7,605 
% Growth in NPW3%6%6%5%13%6%
Net Premiums Earned$2,594 $3,562 $268 $6,424 $930 $7,354 
% Growth in NPE3%8%(1)%5%(1)%5%
GAAP Ratios
Loss/LAE ratio67.3 69.6 46.8 67.8 75.7 68.8 
Expense ratio18.6 20.9 28.5 20.2 21.8 20.5 
Combined ratio85.9 90.5 75.3 88.0 97.5 89.3 
Net catastrophe loss ratio1
1.87.8 2.1 0.5 1.9 
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years$44 
Current accident year35 
Calendar year actuarial adjustment$46 $48 $4 $98 $(19)$79 
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment$44 
All other development87 
Total development$131 
Calendar year loss/LAE ratio68.8 
Accident year loss/LAE ratio70.6 
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. During the month, we incurred catastrophe losses related to severe weather throughout the United States.
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 August 31, 2026
($ in millions)
(unaudited)


Year-to-Date
Personal Lines BusinessCommercial
VehiclesLinesCompanywide
AgencyDirectPropertyTotalBusiness Total
Net Premiums Written$20,793 $28,688 $2,140 $51,621 $8,134 $59,764 
% Growth in NPW3%8%0%6%5%6%
Net Premiums Earned$20,311 $27,731 $2,081 $50,123 $7,122 $57,250 
% Growth in NPE5%11%0%8%(3)%7%
GAAP Ratios
Loss/LAE ratio66.3 68.6 48.6 66.9 66.9 66.9 
Expense ratio18.3 20.6 29.4 20.0 21.9 20.3 
Combined ratio84.6 89.2 78.0 86.9 88.8 87.2 
Net catastrophe loss ratio1
2.212.1 2.6 0.4 2.3 
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years$416 
Current accident year213 
Calendar year actuarial adjustment$217 $269 $48 $534 $95 $629 
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment$416 
All other development977 
Total development$1,393 
Calendar year loss/LAE ratio66.9 
Accident year loss/LAE ratio69.3 
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)
August 31, 2026
CONDENSED GAAP BALANCE SHEET:
Investments, at fair value:
Available-for-sale securities:
Fixed maturities1 (amortized cost: $94,650)
$92,848 
Short-term investments (amortized cost: $1,915)
1,915 
Total available-for-sale securities94,763 
Equity securities:
Nonredeemable preferred stocks (cost: $292)
276 
Common equities (cost: $871)
4,633 
Total equity securities4,909 
Total investments2
99,672 
Net premiums receivable17,470 
Reinsurance recoverables (including $3,610 on unpaid loss and LAE reserves)
3,852 
Deferred acquisition costs2,277 
Other assets4,556 
Total assets$127,827 
Unearned premiums$27,743 
Loss and loss adjustment expense reserves46,250 
Other liabilities2
10,089 
Debt8,388 
Total liabilities92,470 
Shareholders’ equity
35,357 
Total liabilities and shareholders’ equity
$127,827 
Common shares outstanding580.4 
Common shares repurchased in the current month630,912 
Average cost per common share$210.93 
Book value per common share$60.92 
Trailing 12-month return on average common shareholders’ equity
Net income 33.4  %
Comprehensive income28.5 %
Net unrealized pretax gains (losses) on fixed-maturity securities$(1,799)
Increase (decrease) from the previous month$(95)
Increase (decrease) from December 2025$(1,947)
Debt-to-total capital ratio19.2 %
Fixed-income portfolio duration3.5 
Weighted average credit quality
AA- .
1 As of August 31, 2026, we held certain hybrid securities and recognized a change in fair value of $3 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 August’s results.
Events
We plan to release September results on Wednesday, October 14, 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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