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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 FEBRUARY RESULTS

MAYFIELD VILLAGE, OHIO -- March 18, 2026 -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended February 28, 2026:


	February
(millions, except per share amounts and ratios; unaudited)	2026		2025		Change
Net premiums written	$	6,995	$	6,684	5	%
Net premiums earned	$	6,528	$	6,036	8	%
Net income	$	943	$	928	2	%
Per share available to common shareholders	$	1.61	$	1.58	2	%
Total pretax net realized gains (losses) on securities	$	(5)	$	(110)	(95)	%
Combined ratio	85.7		82.6		3.1	pts.
Average diluted equivalent common shares	586.8		587.6		0	%


	February 28,
(thousands; unaudited)	2026	2025	% Change
Policies in Force
Personal Lines
Agency – auto	10,959	9,950	10
Direct – auto	16,383	14,395	14
Special lines	7,041	6,568	7
Property	3,649	3,556	3
Total Personal Lines	38,032	34,469	10
Commercial Lines	1,188	1,151	3
Total	39,220	35,620	10

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 February 28, 2026

(millions)

(unaudited)


	Current Month		Comments on Monthly Results1
Net premiums written	$	6,995

Revenues:
Net premiums earned	$	6,528
Investment income	293
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales	10
Net holding period gains (losses) on securities	(15)

Total net realized gains (losses) on securities	(5)
Fees and other revenues	95
Service revenues	40
Total revenues	6,951

Expenses:
Losses and loss adjustment expenses	4,247
Policy acquisition costs	478
Other underwriting expenses	963

Investment expenses	3
Service expenses	43
Interest expense	23
Total expenses	5,757

Income before income taxes	1,194
Provision for income taxes	251
Net income	943

Other comprehensive income (loss):

Change in total net unrealized gains (losses) on fixed-maturity securities	581



Total comprehensive income (loss)	$	1,524

1 See the Monthly Commentary at the end of this release for additional discussion. 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.

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

COMPREHENSIVE INCOME STATEMENTS

For the year-to-date periods ended February 28,

(millions)

(unaudited)


	Year-to-Date
	2026		2025
Net premiums written	$	13,730	$	13,165

Revenues:
Net premiums earned	$	13,449	$	12,622
Investment income	604		527
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales	59		(26)
Net holding period gains (losses) on securities	39		25

Total net realized gains (losses) on securities	98		(1)
Fees and other revenues	194		189
Service revenues	80		69
Total revenues	14,425		13,406

Expenses:
Losses and loss adjustment expenses	8,648		7,993
Policy acquisition costs	990		950
Other underwriting expenses	1,994		1,770

Investment expenses	5		5
Service expenses	84		73
Interest expense	46		46
Total expenses	11,767		10,837

Income before income taxes	2,658		2,569
Provision for income taxes	552		524
Net income	2,106		2,045

Other comprehensive income (loss):

Change in total net unrealized gains (losses) on fixed-maturity securities	451		835



Total comprehensive income (loss)	$	2,557	$	2,880

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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 February 28,

(millions – except per share amounts)

(unaudited)


The following table sets forth the computation of per share results:
	February		Year-to-Date
	2026		2026		2025

Net income	$	943	$	2,106	$	2,045
Per common share:
Basic	$	1.61	$	3.59	$	3.49
Diluted	$	1.61	$	3.59	$	3.48

Comprehensive income (loss)	$	1,524	$	2,557	$	2,880
Per common share:
Diluted	$	2.60	$	4.35	$	4.90

Average common shares outstanding - Basic	585.7		585.9		586.0
Net effect of dilutive stock-based compensation	1.1		1.4		1.7
Total average equivalent common shares - Diluted	586.8		587.3		587.7


The following table sets forth the investment results for the period:
	February	Year-to-Date
	2026	2026	2025
Fully taxable equivalent (FTE) total return:
Fixed-income securities	1.2%	1.4%	2.0%
Common stocks	(0.5)%	1.0%	1.1%
Total portfolio	1.1%	1.4%	2.0%

Pretax annualized investment income book yield	4.0%	4.1%	4.0%

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

For the month ended February 28, 2026

($ in millions)

(unaudited)


Current Month
	Personal Lines Business								Commercial
	Vehicles								Lines		Companywide
	Agency		Direct		Property		Total		Business		Total
Net Premiums Written	$	2,509	$	3,538	$	225	$	6,272	$	722	$	6,995
% Growth in NPW	3%		9%		(7)%		6%		(4)%		5%
Net Premiums Earned	$	2,331	$	3,151	$	242	$	5,724	$	803	$	6,528
% Growth in NPE	7%		14%		0%		10%		(5)%		8%

GAAP Ratios
Loss/LAE ratio	63.9		67.8		41.5		65.1		63.8		65.0
Expense ratio	18.1		21.6		29.2		20.5		22.2		20.7
Combined ratio	82.0		89.4		70.7		85.6		86.0		85.7
Net catastrophe loss ratio1	0.4				7.0		0.6		0.1		0.6

Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years											$	41
Current accident year											(1)
Calendar year actuarial adjustment	$	10	$	15	$	(5)	$	20	$	20	$	40

Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment											$	41
All other development											31
Total development											$	72

Calendar year loss/LAE ratio											65.0
Accident year loss/LAE ratio											66.1

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.

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

For the year-to-date period ended February 28, 2026

($ in millions)

(unaudited)


Year-to-Date
	Personal Lines Business								Commercial
	Vehicles								Lines		Companywide
	Agency		Direct		Property		Total		Business		Total
Net Premiums Written	$	4,876	$	6,991	$	416	$	12,283	$	1,445	$	13,730
% Growth in NPW	2%		8%		(5)%		6%		(5)%		4%
Net Premiums Earned	$	4,810	$	6,488	$	502	$	11,800	$	1,648	$	13,449
% Growth in NPE	5%		12%		(1)%		9%		(7)%		7%

GAAP Ratios
Loss/LAE ratio	62.9		66.5		43.3		64.1		64.9		64.2
Expense ratio	18.3		21.9		29.3		20.7		21.5		20.8
Combined ratio	81.2		88.4		72.6		84.8		86.4		85.0
Net catastrophe loss ratio1	0.4				7.8		0.7		0.2		0.6

Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years											$	37
Current accident year											15
Calendar year actuarial adjustment	$	14	$	21	$	(6)	$	29	$	23	$	52

Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment											$	37
All other development											273
Total development											$	310

Calendar year loss/LAE ratio											64.2
Accident year loss/LAE ratio											66.5

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.

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

BALANCE SHEET AND OTHER INFORMATION

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

(unaudited)


	February 28, 2026
CONDENSED GAAP BALANCE SHEET:
Investments, at fair value:
Available-for-sale securities:
Fixed maturities1 (amortized cost: $83,987)	$	84,722
Short-term investments (amortized cost: $3,572)	3,572
Total available-for-sale securities	88,294
Equity securities:
Nonredeemable preferred stocks (cost: $391)	376
Common equities (cost: $819)	4,130
Total equity securities	4,506
Total investments2	92,800
Net premiums receivable	15,651
Reinsurance recoverables (including $3,771 on unpaid loss and LAE reserves)	4,016
Deferred acquisition costs	2,040
Other assets	3,747
Total assets	$	118,254

Unearned premiums	$	25,497
Loss and loss adjustment expense reserves	43,698
Other liabilities2	9,599
Debt	6,898
Total liabilities	85,692
Shareholders’ equity	32,562
Total liabilities and shareholders’ equity	$	118,254


Common shares outstanding	585.2
Common shares repurchased in the current month	755,662
Average cost per common share	$	204.58
Book value per common share	$	55.64
Trailing 12-month return on average common shareholders’ equity
Net income	34.7		%
Comprehensive income	38.2		%
Net unrealized pretax gains (losses) on fixed-maturity securities	$	719
Increase (decrease) from the previous month	$	735
Increase (decrease) from December 2025	$	571
Debt-to-total capital ratio	17.5		%
Fixed-income portfolio duration	3.5
Weighted average credit quality	AA- .

1 As of February 28, 2026, we held certain hybrid securities and recognized a change in fair value of $16 million as a realized gain during the period we held these securities.

2 Includes $367 million of net unsettled security transactions classified in “other liabilities.”

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Monthly Commentary

•The companywide net premiums written growth rate for February is lower by about 2-3 percentage points due to February 28 being reported in March 2026, compared to February 2025, as a result of a nuance with our monthly closing process. We expect that our total March premium growth rate will be higher by a similar amount and that our first quarter 2026 growth rate will be unaffected.

Events

We plan to release March results on Wednesday, April 15, 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 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, 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.

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