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									NEWS RELEASE

The Progressive Corporation									Company Contact:
300 North Commons Blvd.									Douglas S. Constantine
Mayfield Village, Ohio 44143									(440) 395-3707
http://www.progressive.com									investor_relations@progressive.com

PROGRESSIVE REPORTS OCTOBER RESULTS

MAYFIELD VILLAGE, OHIO -- November 19, 2025 -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended October 31, 2025:

			October
(millions, except per share amounts and ratios; unaudited)			2025						2024						Change
Net premiums written			$	7,002					$	6,578					6			%
Net premiums earned			$	7,078					$	6,387					11			%
Net income			$	846					$	408					107			%
Per share available to common shareholders			$	1.44					$	0.69					107			%
Total pretax net realized gains (losses) on securities			$	57					$	(88)					(165)			%
Combined ratio			89.7						94.1						(4.4)			pts.
Average diluted equivalent common shares			588.1						587.7						0			%

			October 31,
(thousands; unaudited)			2025						2024						% Change
Policies in Force
Personal Lines
Agency – auto			10,720						9,581						12
Direct – auto			15,802						13,653						16
Special lines			6,996						6,504						8
Property			3,660						3,485						5
Total Personal Lines			37,178						33,223						12
Commercial Lines			1,201						1,141						5
Companywide			38,379						34,364						12

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.

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

COMPREHENSIVE INCOME STATEMENT

For the month ended October 31, 2025

(millions)

(unaudited)

			Current Month												Comments on Monthly Results1
Net premiums written			$	7,002
Revenues:
Net premiums earned			$	7,078
Investment income			318
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales			(22)
Net holding period gains (losses) on securities			80
Net impairment losses			(1)
Total net realized gains (losses) on securities			57
Fees and other revenues			100
Service revenues			42
Total revenues			7,595
Expenses:
Losses and loss adjustment expenses			4,853
Policy acquisition costs			529
Other underwriting expenses			994
Policyholder credit expense			73
Investment expenses			2
Service expenses			45
Interest expense			23
Total expenses			6,519
Income before income taxes			1,076
Provision for income taxes			230
Net income			846
Other comprehensive income (loss):
Change in total net unrealized gains (losses) on fixed-maturity securities			72
Total comprehensive income (loss)			$	918

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 2024 audited consolidated financial statements included in our 2024 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-to-date periods ended October 31,

(millions)

(unaudited)

			Year-to-Date
			2025						2024
Net premiums written			$	70,668					$	62,897
Revenues:
Net premiums earned			$	67,646					$	58,042
Investment income			2,927						2,301
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales			10						(347)
Net holding period gains (losses) on securities			518						576
Net impairment losses			(1)						0
Total net realized gains (losses) on securities			527						229
Fees and other revenues			996						877
Service revenues			424						344
Total revenues			72,520						61,793
Expenses:
Losses and loss adjustment expenses			44,707						40,795
Policy acquisition costs			5,051						4,413
Other underwriting expenses			9,417						7,690
Policyholder credit expense			1,023						0
Investment expenses			28						23
Service expenses			445						373
Interest expense			232						232
Total expenses			60,903						53,526
Income before income taxes			11,617						8,267
Provision for income taxes			2,414						1,735
Net income			9,203						6,532
Other comprehensive income (loss):
Changes in:
Total net unrealized gains (losses) on fixed-maturity securities			1,683						449
Net unrealized losses on forecasted transactions			1						0
Other comprehensive income (loss)			1,684						449
Total comprehensive income (loss)			$	10,887					$	6,981

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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-to-date periods ended October 31,

(millions – except per share amounts)

(unaudited)

The following table sets forth the computation of per share results:
			October						Year-to-Date
			2025						2025						2024
Net income			$	846					$	9,203					$	6,532
Less: Preferred share dividends and other			0						0						17
Net income available to common shareholders			$	846					$	9,203					$	6,515
Per common share:
Basic			$	1.44					$	15.70					$	11.13
Diluted			$	1.44					$	15.65					$	11.09
Comprehensive income (loss)			$	918					$	10,887					$	6,981
Less: Preferred share dividends and other			0						0						17
Comprehensive income (loss) attributable to common shareholders			$	918					$	10,887					$	6,964
Per common share:
Diluted			$	1.56					$	18.51					$	11.85
Average common shares outstanding - Basic			586.5						586.3						585.5
Net effect of dilutive stock-based compensation			1.6						1.8						2.2
Total average equivalent common shares - Diluted			588.1						588.1						587.7

The following table sets forth the investment results for the period:
			October						Year-to-Date
			2025						2025						2024
Fully taxable equivalent (FTE) total return:
Fixed-income securities			0.4%						6.2%						3.6%
Common stocks			2.2%						16.3%						19.2%
Total portfolio			0.5%						6.6%						4.3%
Pretax annualized investment income book yield			4.2%						4.2%						3.9%

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

For the month ended October 31, 2025

($ in millions)

(unaudited)

Current Month
			Personal Lines Business																								Commercial
			Vehicles																								Lines						Companywide
			Agency						Direct						Property						Total						Business1						Total
Net Premiums Written			$	2,549					$	3,383					$	252					$	6,184					$	818					$	7,002
% Growth in NPW			9%						16%						(3)%						12%						(23)%						6%
Net Premiums Earned			$	2,543					$	3,369					$	266					$	6,178					$	900					$	7,078
% Growth in NPE			10%						17%						(3)%						13%						(4)%						11%
GAAP Ratios
Loss/LAE ratio			67.1						70.6						39.8						67.9						72.3						68.5
Expense ratio			19.4						22.1						29.6						21.3						20.8						21.2
Combined ratio			86.5						92.7						69.4						89.2						93.1						89.7
Net catastrophe loss ratio2			0.6												1.9						0.6						0.2						0.6
Actuarial Adjustments3
Reserve Decrease/(Increase)
Prior accident years																																	$	(17)
Current accident year																																	45
Calendar year actuarial adjustment			$	36					$	49					$	(24)					$	61					$	(33)					$	28
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment																																	$	(17)
All other development																																	79
Total development																																	$	62
Calendar year loss/LAE ratio																																	68.5
Accident year loss/LAE ratio																																	69.4

1 The decrease in net premiums written was primarily attributable to transportation network company (TNC) business, due to certain policies written in October 2024 not renewing in October 2025. Excluding the TNC business, total Commercial Lines net premiums written would have decreased 2% for the month.

2 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.

3 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-to-date period ended October 31, 2025

($ in millions)

(unaudited)

Year-to-Date
			Personal Lines Business																								Commercial
			Vehicles																								Lines						Companywide
			Agency						Direct						Property						Total						Business						Total
Net Premiums Written			$	25,227					$	33,437					$	2,654					$	61,318					$	9,348					$	70,668
% Growth in NPW			12%						19%						2%						15%						(4)%						12%
Net Premiums Earned			$	24,351					$	31,562					$	2,608					$	58,521					$	9,124					$	67,646
% Growth in NPE			16%						23%						5%						19%						3%						17%
GAAP Ratios
Loss/LAE ratio			64.9						67.6						47.9						65.7						67.9						65.9
Expense ratio			20.2						22.3						29.2						21.7						20.5						21.6
Combined ratio			85.1						89.9						77.1						87.4						88.4						87.5
Net catastrophe loss ratio1			1.9												12.5						2.4						0.4						2.1
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years																																	$	237
Current accident year																																	236
Calendar year actuarial adjustment			$	160					$	181					$	110					$	451					$	19					$	473
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment																																	$	237
All other development																																	893
Total development																																	$	1,130
Calendar year loss/LAE ratio																																	65.9
Accident year loss/LAE ratio																																	67.6

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.

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

BALANCE SHEET AND OTHER INFORMATION

(millions - except per share amounts and common shares repurchased)

(unaudited)

			October 31, 2025
CONDENSED GAAP BALANCE SHEET:
Investments, at fair value:
Available-for-sale securities:
Fixed maturities1 (amortized cost: $89,918)			$	90,272
Short-term investments (amortized cost: $1,427)			1,427
Total available-for-sale securities			91,699
Equity securities:
Nonredeemable preferred stocks (cost: $454)			434
Common equities (cost: $809)			4,132
Total equity securities			4,566
Total investments2			96,265
Net premiums receivable			16,485
Reinsurance recoverables (including $3,884 on unpaid loss and LAE reserves)			4,178
Deferred acquisition costs			2,162
Other assets			4,180
Total assets			$	123,270
Unearned premiums			$	26,742
Loss and loss adjustment expense reserves			42,554
Other liabilities2			10,725
Debt			6,897
Total liabilities			86,918
Shareholders’ equity			36,352
Total liabilities and shareholders’ equity			$	123,270
Common shares outstanding			586.3
Common shares repurchased in the current month			111,240
Average cost per common share			$	219.47
Book value per common share			$	62.00
Trailing 12-month return on average common shareholders’ equity
Net income			36.5		%
Comprehensive income			41.1		%
Net unrealized pretax gains (losses) on fixed-maturity securities			$	341
Increase (decrease) from the previous month			$	92
Increase (decrease) from December 2024			$	2,131
Debt-to-total capital ratio			15.9		%
Fixed-income portfolio duration			3.5
Weighted average credit quality			AA- .

1 As of October 31, 2025, we held certain hybrid securities and recognized a change in fair value of $13 million as a realized gain during the period we held these securities.

2 At October 31, 2025, we had $801 million of net unsettled security transactions classified in “other liabilities.”

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Monthly Commentary

•The Company has no additional commentary regarding October’s results.

Events

We plan to release November results on Wednesday, December 17, 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;

•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 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, 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, 2024.

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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