FalsePROGRESSIVE CORP/OH/000008066100000806612025-01-292025-01-29

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) January 29, 2025
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, Ohio 44143
(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 2.02 Results of Operations and Financial Condition.

On January 29, 2025, The Progressive Corporation (the “Company”) issued a news release containing financial results for the Company and its consolidated subsidiaries for the month and year ended December 31, 2024, and selected quarterly financial results. 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.
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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:January 29, 2025
THE PROGRESSIVE CORPORATION
By:/s/ Mariann Wojtkun Marshall
Name:Mariann Wojtkun Marshall
Title:Vice President and Chief Accounting Officer
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EXHIBIT INDEX


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

Description
9999
104104Cover Page Interactive Data File (the cover page tags are
embedded within the Inline XBRL document).

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image0a04a01a67.jpg
NEWS RELEASE
The Progressive CorporationCompany Contact:
300 North Commons Blvd.Douglas S. Constantine
Mayfield Village, Ohio 44143(440) 395-3707

PROGRESSIVE REPORTS DECEMBER RESULTS

MAYFIELD VILLAGE, OHIO -- January 29, 2025 -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month and quarter ended December 31, 2024:
DecemberQuarter
(millions, except per share amounts and ratios; unaudited)20242023Change20242023Change
Net premiums written$5,964 $4,876 22 %$18,105 $15,130 20  %
Net premiums earned$6,717 $5,310 26 %$19,144 $15,773 21  %
Net income$942 $901 5 %$2,356 $1,988 19  %
  Per share available to common shareholders$1.60 $1.53 5 %$4.01 $3.37 19  %
Total pretax net realized gains (losses) on securities$(140)$144 (197)%$(53)$303 (117) %
Combined ratio84.183.40.7 pts.87.988.7(0.8) pts.
Average diluted equivalent common shares587.7587.40%587.7587.50 %


December 31,
(thousands; unaudited)20242023% Change
Policies in Force
Personal Lines
     Agency – auto9,7788,33617
     Direct – auto13,99611,19025
     Special lines6,5205,9699
     Property3,5173,09614
     Total Personal Lines33,81128,59118
Commercial Lines1,1411,0994
Companywide34,95229,69018
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, other property owners, 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.
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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
COMPREHENSIVE INCOME STATEMENT
For the month ended December 31, 2024
(millions)
(unaudited)
December 2024
Comments on Monthly Results1
Net premiums written
$5,964 
Revenues:
Net premiums earned
$6,717 
Investment income
269 
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales
(31)
Net holding period gains (losses) on securities
(108)
Net impairment losses(1)Represents write down of securities in an unrealized loss position that we do not intend to hold until recovery.
Total net realized gains (losses) on securities
(140)
Fees and other revenues
94 
Service revenues
34 
Total revenues
6,974 
Expenses:
Losses and loss adjustment expenses
4,326 
Policy acquisition costs
511 
Other underwriting expenses
904 
Investment expenses
3 
Service expenses
37 
Interest expense
23 
Total expenses
5,804 
Income before income taxes
1,170 
Provision for income taxes
228 Includes $17 million of tax benefits primarily related to dividends that were declared in December on shares held in our ESOP that are deductible for income tax purposes.
Net income
942 
Other comprehensive income (loss):
Change in total net unrealized gains (losses) on fixed-maturity securities
(456)
Total comprehensive income (loss)
$486 
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 2023 audited consolidated financial statements included in our 2023 Shareholders’ Report, which can be found at www.progressive.com/annualreport.
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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
COMPREHENSIVE INCOME STATEMENTS
For the year ended December 31,
(millions)
(unaudited)

Full Year
20242023
Net premiums written$74,424 $61,550 
Revenues:
Net premiums earned$70,799 $58,665 
Investment income2,832 1,892 
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales(414)14 
Net holding period gains (losses) on securities679 348 
Net impairment losses(1)(9)
Total net realized gains (losses) on securities264 353 
Fees and other revenues1,064 889 
Service revenues413 310 
Total revenues75,372 62,109 
Expenses:
Losses and loss adjustment expenses49,060 45,655 
Policy acquisition costs5,383 4,665 
Other underwriting expenses9,462 6,242 
Investment expenses29 26 
Service expenses446 349 
Interest expense279 268 
Total expenses64,659 57,205 
Income before income taxes10,713 4,904 
Provision for income taxes2,233 1,001 
Net income8,480 3,903 
Other comprehensive income (loss):
Change in total net unrealized gains (losses) on fixed-maturity securities
193 1,186 
Total comprehensive income (loss)$8,673 $5,089 

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
COMPUTATION OF NET INCOME AND COMPREHENSIVE INCOME PER SHARE
&
INVESTMENT RESULTS
For the month and year ended December 31,
(millions – except per share amounts)
(unaudited)



The following table sets forth the computation of per share results:
DecemberFull Year
202420242023
Net income
$942 $8,480 $3,903 
Less: Preferred share dividends and other1
0 17 38 
Net income available to common shareholders
$942 $8,463 $3,865 
Per common share:
Basic
$1.61 $14.45 $6.61 
Diluted
$1.60 $14.40 $6.58 
Comprehensive income (loss)
$486 $8,673 $5,089 
Less: Preferred share dividends and other1
0 17 38 
Comprehensive income (loss) attributable to common shareholders
$486 $8,656 $5,051 
Per common share:
Diluted
$0.83 $14.73 $8.60 
Average common shares outstanding - Basic
585.7585.5584.9
Net effect of dilutive stock-based compensation
2.02.22.6
Total average equivalent common shares - Diluted
587.7587.7587.5
1 Includes the underwriting discounts and commissions on issuance, initial issuance costs, and excise tax related to the preferred share redemption in February 2024.

The following table sets forth the investment results for the period:
DecemberFull Year
202420242023
Fully taxable equivalent (FTE) total return:
Fixed-income securities
(0.4)%3.8%5.4%
Common stocks
(3.0)%22.9%26.7%
     Total portfolio
(0.5)%4.6%6.3%
Pretax annualized investment income book yield
4.1%3.9%3.1%


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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
For the month ended December 31, 2024
($ in millions)
(unaudited)


December 2024
Personal Lines Business1
Commercial
VehiclesLinesCompanywide
AgencyDirectPropertyTotalBusinessTotal
Net Premiums Written$2,284 $2,831 $222 $5,337 $626 $5,964 
% Growth in NPW2
22%32%(8)%25%0%22%
Net Premiums Earned$2,445 $3,063 $256 $5,764 $952 $6,717 
% Growth in NPE27%34%10%30%10%26%
GAAP Ratios
Loss/LAE ratio64.9 67.9 10.8 64.2 65.0 64.3 
Expense ratio18.1 20.6 30.0 19.9 19.1 19.8 
Combined ratio83.0 88.5 40.8 84.1 84.1 84.1 
Net catastrophe loss ratio3
(0.3)(19.9)(1.2)0.2 (1.0)
Actuarial Adjustments4
Reserve Decrease/(Increase)
Prior accident years$22 
Current accident year81 
Calendar year actuarial adjustment$28 $39 $55 $122 $(19)$103 
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment$22 
All other development34 
Total development$56 
Calendar year loss/LAE ratio64.3 
Accident year loss/LAE ratio65.1 
1 Starting in December 2024, our personal property products will be reported along with our personal vehicle products as part of our Personal Lines operating segment, based on our regular analysis of reportable operating segments.
2 In Commercial Lines, our transportation network company (TNC) business experienced a decrease in the monthly adjustment for projected mileage, which is the basis for computing premiums. Excluding the TNC business, our total Commercial Lines net premiums written growth rate would have been 5% for the month.
3 Represents catastrophe losses incurred during the period, including development on prior events and the impact of reinsurance, as a percent of net premiums earned. The negative Personal Lines catastrophe loss ratio was primarily due to favorable development attributable to Hurricanes Helene and Milton, in excess of current month storm losses, in both our vehicle and property products.
4 Represents adjustments solely based on our normally scheduled actuarial reviews. For our Personal Lines property business, the actuarial reserving methodology includes changes to catastrophe losses, while the reviews in our personal and commercial vehicle businesses do not include catastrophes.
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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
For the year ended December 31, 2024
($ in millions)
(unaudited)


Full Year
Personal Lines BusinessCommercial
VehiclesLinesCompanywide
AgencyDirectPropertyTotalBusiness Total
Net Premiums Written$26,967 $33,432 $3,071 $63,470 $10,953 $74,424 
% Growth in NPW21%27%8%23%8%21%
Net Premiums Earned$25,640 $31,458 $2,993 $60,091 $10,707 $70,799 
% Growth in NPE21%26%17%23%8%21%
GAAP Ratios
Loss/LAE ratio67.7 69.8 69.3 68.9 70.1 69.1 
Expense ratio18.4 19.9 29.0 19.7 19.3 19.7 
Combined ratio86.1 89.7 98.3 88.6 89.4 88.8 
Net catastrophe loss ratio1
3.024.8 4.1 0.7 3.6 
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years$(123)
Current accident year530 
Calendar year actuarial adjustment$97 $72 $450 $619 $(212)$407 
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment$(123)
All other development539 
Total development$416 
Calendar year loss/LAE ratio69.1 
Accident year loss/LAE ratio69.7 
1 Represents catastrophe losses incurred during the year, including 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.



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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
BALANCE SHEET AND OTHER INFORMATION
(millions - except per share amounts and common shares repurchased)
(unaudited)
December 31, 2024
CONDENSED GAAP BALANCE SHEET:
Investments, at fair value:
Available-for-sale securities:
Fixed maturities1 (amortized cost: $77,126)
$75,332 
Short-term investments (amortized cost: $615)
615 
Total available-for-sale securities75,947 
Equity securities:
Nonredeemable preferred stocks (cost: $756)
728 
Common equities (cost: $745)
3,575 
Total equity securities4,303 
Total investments2, 3
80,250 
Net premiums receivable14,369 
Reinsurance recoverables (including $4,487 on unpaid loss and LAE reserves)
4,765 
Deferred acquisition costs1,961 
Other assets4,400 
Total assets$105,745 
Unearned premiums$23,858 
Loss and loss adjustment expense reserves39,057 
Other liabilities2
10,346 
Debt6,893 
Total liabilities80,154 
Shareholders’ equity
25,591 
Total liabilities and shareholders’ equity
$105,745 
Common shares outstanding586 
Common shares repurchased - actual79 
Average cost per common share$266.98 
Book value per common share$43.67 
Trailing 12-month return on average common shareholders’ equity
Net income 35.5  %
Comprehensive income36.4 %
Net unrealized pretax gains (losses) on fixed-maturity securities$(1,790)
Increase (decrease) from November 2024$(577)
Increase (decrease) from December 2023$245 
Debt-to-total capital ratio21.2 %
Fixed-income portfolio duration3.3 
Weighted average credit quality
AA- .
1 As of December 31, 2024, we held certain hybrid securities and recognized a change in fair value of $4 million as a realized loss during the period we held these securities.
2 Includes $2,695 million of dividends payable on common shares and $125 million of net unsettled security transactions; the common share dividends were paid on January 16, 2025.
3 Includes $6 billion, net of unsettled transactions, of investments in a consolidated, non-insurance subsidiary of the holding company.


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Monthly Commentary
•The Company has no additional commentary regarding December’s results.
Events
Our fourth quarter Investor Relations conference call is currently scheduled to be held on Tuesday, March 4, 2025, at 9:30 a.m. eastern time. This conference call, which will consist of both a conference call and webcast, is scheduled to last 90 minutes and will begin with an approximate 45-minute presentation on our claims process and technology, followed by a question and answer session with Tricia Griffith, our CEO, and John Sauerland, our CFO. We plan to post our 2024 Shareholders’ Report online and file our Annual Report on Form 10-K with the SEC on Monday, March 3, 2025. 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 January results on Wednesday, February 19, 2025, 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 the second largest personal auto insurer in the country, a leading seller of commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers.
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.
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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;
•our ability to attract, develop, and retain talent and maintain appropriate staffing levels;
•the impact of misconduct or fraudulent acts by employees, agents, and third parties to our business and/or exposure to regulatory assessments;
•the highly competitive nature of property-casualty insurance markets;
•whether we adjust claims accurately;
•compliance with complex and changing laws and regulations;
•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 environmental, social, governance 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 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, 2023.

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.
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v3.24.4
Cover Page
Jan. 29, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 29, 2025
Entity Registrant Name PROGRESSIVE CORP/OH/
Entity Incorporation, State or Country Code OH
Entity File Number 001-09518
Entity Tax Identification Number 34-0963169
Entity Address, Address Line One 300 North Commons Blvd.,
Entity Address, City or Town Mayfield Village,
Entity Address, State or Province OH
Entity Address, Postal Zip Code 44143
City Area Code 440
Local Phone Number 461-5000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $1.00 Par Value
Trading Symbol PGR
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000080661
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