PGR · 10-K filed 2 Mar 2026 · year to 31 Dec 2025

Progressive

19 named things its latest annual report says its results depend on, each in the company's own words. 12 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Uber Technologies

earns from · 14% of our Commercial Lines net premiums written in 2025named as a risk

TNC represented 14% of our Commercial Lines net premiums written in 2025, 15% in 2024, and 13% in 2023.Business (Item 1)

Suppliers

Third-party repair shops

depends on · about 4,700 third-party repair shops

Our employees handle nearly all of our Personal Lines vehicle and Commercial Lines claims from either physical claims offices throughout the U.S. or through a virtual environment, and are supported by centralized functions at our corporate offices and a nationwide network of about 4,700 third-party repair shops.Business (Item 1)

Partners and platforms

Independent insurance agencies

depends on · 43% of our total personal vehicle volume in 2025

The total personal vehicle net premiums written through the agency channel represented 43% of our total personal vehicle volume in 2025, 45% in 2024, and 46% in 2023.Business (Item 1)

Also named by CINF, ERIE

Other companies

U.S. private passenger auto insurance market

concentrated in · 87% of our total net premiums written in 2025named as a risk

The Personal Lines segment accounted for 87% of our total net premiums written in 2025, 85% in 2024, and 84% in 2023.Business (Item 1)

Catastrophe bonds

depends on · $70 millionnamed as a risk

The coverage limits above were reduced by $70 million effective January 8, 2026, with the maturation of a catastrophe bond.Business (Item 1)

A.M. Best

depends onnamed as a risk

Our credit and financial strength are evaluated and rated by various rating agencies, such as Standard & Poor’s, Moody’s Investors Service, Fitch Ratings, and A.M. Best.Risk factors (Item 1A)

Also named by CINF, CNA, KNSL, PRI, UHAL/B, WRB, WTM

Russell 1000 Index

exposed to its pricenamed as a risk

Our common equity portfolio is primarily managed externally to track the Russell 1000 Index, although from time to time we may choose to add exchange-traded funds or similar securities designed to track the Russell 1000 or the Standard & Poor’s 500 (S&P 500) Index.Risk factors (Item 1A)

Places

Florida

concentrated in · $2.2 billion for a first event in Floridanamed as a risk

The 2025 occurrence XOL program has a retention threshold of $200 million of losses and allocated loss adjustment expenses (ALAE) for the first event outside of Florida and $75 million for an event in Florida.Business (Item 1)

Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more

California

operates in

In California, we operate a separate agency auto organization with its own management and customer relationship management organization.Business (Item 1)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Bermuda

subject to

Our insurance subsidiaries are subject to regulation and supervision by state insurance departments in all 50 states, the District of Columbia, Bermuda, and Canada and its provinces.Risk factors (Item 1A)

Also named by AJG, APO, KKR, WTM

Hazards

Hurricanes

concentrated innamed as a risk

In addition, our property business has a concentration of policies in force in states with significant exposure to hurricanes and hailstorms and its results have in the past been impacted by catastrophe events in these states to a greater relative degree than some other insurers.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Hailstorms

concentrated innamed as a risk

Also named by AN

Commodities and inputs

Auto repair costs

exposed to its pricenamed as a risk

unanticipated changes in auto repair costs, auto parts prices, used car prices, construction requirements, labor and materials costs, and the imposition and impacts of tariffsRisk factors (Item 1A)

Regulators

State insurance departments

subject to · 91% of our companywide total net premiums writtennamed as a risk

For 2025, these subsidiaries represented 91% of our companywide total net premiums written.Business (Item 1)

Also named by ABNB

National Association of Insurance Commissioners (NAIC)

subject tonamed as a risk

Nearly half of all departments of insurance have adopted the NAIC AI model bulletin.Risk factors (Item 1A)

Also named by ALL, ARES, BX, FNF, KKR, MET, OWL, PFG and 3 more

Laws and programs

National Flood Insurance Program (NFIP)

depends on · 100% of this business is reinsured with the NFIPnamed as a risk

We also act as a participant in the “Write Your Own” program for the National Flood Insurance Program (NFIP) under which we write flood insurance in virtually all states; 100% of this business is reinsured with the NFIP.Business (Item 1)

Also named by ALL, BRO, TRV

Tariffs

exposed to its pricenamed as a risk

the imposition and impacts of tariffsRisk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Michigan Catastrophic Claims Association

depends onnamed as a risk

These include, for example, agreements with other insurance carriers to sell their products to our customers in bundled packages or otherwise, arrangements for transferring certain of our risks (including indemnification and self-insured retention obligations of Commercial Lines customers, reinsurance arrangements used by us, our corporate insurance policies, and the performance of state reinsurance facilities/associations), and reimbursement obligations under various state or federal programs, such as the Michigan Catastrophic Claims Association or the National Flood Insurance Program.Risk factors (Item 1A)

Also named by ALL

North Carolina Reinsurance Facility

subject to

The regulated programs include several mandatory state pools, such as the Michigan Catastrophic Claims Association, Florida Hurricane Catastrophe Fund (FHCF), and North Carolina Reinsurance Facility, as well as the government-backed NFIP and other reinsurance facilities required by specific states for various lines of business.Business (Item 1)