Progressive Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Progressive Corp. has filed its 2023 10-K report, detailing its financial performance and investment holdings.</b>

AI Summary

PROGRESSIVE CORP/OH/ (PGR) filed a Annual Report (10-K) with the SEC on February 26, 2024. Progressive Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Ohio and operates in the Fire, Marine & Casualty Insurance sector. Key executives mentioned include Karen B. Bailo and Patrick K. Callahan. The filing details various investment securities held as of December 31, 2023, including U.S. Treasury, state and local government, and corporate debt securities. The report covers financial data for the parent company for fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking PROGRESSIVE CORP/OH/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Progressive's financial health, operational performance, and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's investment portfolio, including its fixed maturities and equity securities, which are crucial for its insurance operations.

Risk Assessment

Risk Level: medium — PROGRESSIVE CORP/OH/ shows moderate risk based on this filing. The company operates in the highly regulated insurance industry, facing risks related to market fluctuations, underwriting, and claims, as detailed in its 10-K filing.

Analyst Insight

Monitor Progressive's investment portfolio performance and underwriting results in upcoming quarterly reports to gauge its financial stability and growth prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (Report period)
• 2024-02-26 — Filing Date (Date of submission)
• 136 — Public Document Count (Number of documents in the filing)
• 6.625 — Interest Rate (Likely related to debt securities)

Key Players & Entities

• PROGRESSIVE CORP/OH/ (company) — Filer name
• 0000080661 (company) — Central Index Key
• 6331 (company) — Standard Industrial Classification
• OH (company) — State of Incorporation
• Karen B. Bailo (person) — Executive
• Patrick K. Callahan (person) — Executive
• USD (dollar_amount) — Currency
• 2023-12-31 (date) — Fiscal Year End

FAQ

Risk Factors

• Investment Portfolio Risks [medium — financial]: The company's financial results are subject to risks associated with its investment portfolio, including fluctuations in market value and interest rates.
• Insurance Industry Regulation [medium — regulatory]: Progressive operates in a highly regulated industry, and changes in laws and regulations could adversely affect its business.
• Competitive Market Conditions [medium — market]: The property and casualty insurance market is highly competitive, and increased competition could impact pricing and market share.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-26: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial overview for Progressive Corp.)

Key Financial Figures

• $1.00 — nge on which registered Common Shares, $1.00 Par Value PGR New York Stock Exchange
• $2.5 billion — uto insurers, each of which writes over $2.5 billion of premiums annually, comprise 84% of t
• $200 million — large companies/groups, each with over $200 million of commercial auto premiums written ann
• $800 million — large companies/groups, each with over $800 million of premiums written annually, comprise
• $2.4 billion — at December 31, 2023, were as follows: $2.4 billion for a first event in Florida; and $2.0
• $2.0 billion — lion for a first event in Florida; and $2.0 billion for a first event outside of Florida.
• $200 m — reducing our maximum coverage limits by $200 million, irrespective of the location of
• $125 million — n our reinsurance program that provided $125 million of coverage for named storms (hurricane
• $175 million — 4 (i.e., the 2024 hurricane season) for $175 million of coverage. During 2023, our Property
• $500 million — retention layer threshold ranging from $500 million to $575 million, excluding named tropic
• $575 m — threshold ranging from $500 million to $575 million, excluding named tropical storms
• $600 m — the second retention layer threshold of $600 million, including named tropical storms.
• $100 million — nd second layers provide coverage up to $100 million and $85 million, respectively. During 2
• $85 m — provide coverage up to $100 million and $85 million, respectively. During 2023, we ex
• $17.9 m — rst layer annual retention threshold by $17.9 million, under this program. Each layer

Filing Documents

• pgr-20231231.htm (10-K) — 1440KB
• pgr-20231231exhibit41.htm (EX-4.1) — 15KB
• pgr-20231231exhibit101.htm (EX-10.1) — 69KB
• pgr-20231231exhibit1014.htm (EX-10.14) — 22KB
• pgr-20231231exhibit1046.htm (EX-10.46) — 10KB
• pgr-20231231_d2.htm (EX-13) — 3669KB
• pgr-20231231exhibit21.htm (EX-21) — 50KB
• pgr-20231231exhibit23.htm (EX-23) — 3KB
• pgr-20231231exhibit24.htm (EX-24) — 42KB
• pgr-20231231exhibit311.htm (EX-31.1) — 10KB
• pgr-20231231exhibit312.htm (EX-31.2) — 11KB
• pgr-20231231exhibit321.htm (EX-32.1) — 4KB
• pgr-20231231exhibit322.htm (EX-32.2) — 4KB
• pgr-20231231exhibit97.htm (EX-97) — 29KB
• pgr-20231231exhibit99.htm (EX-99) — 74KB
• image_1a.jpg (GRAPHIC) — 94KB
• image_2a.jpg (GRAPHIC) — 1KB
• pgr-20231231_g1.jpg (GRAPHIC) — 88KB
• 0000080661-24-000007.txt (&nbsp;) — 23588KB
• pgr-20231231.xsd (EX-101.SCH) — 112KB
• pgr-20231231_cal.xml (EX-101.CAL) — 154KB
• pgr-20231231_def.xml (EX-101.DEF) — 653KB
• pgr-20231231_lab.xml (EX-101.LAB) — 1308KB
• pgr-20231231_pre.xml (EX-101.PRE) — 977KB
• pgr-20231231_htm.xml (XML) — 5154KB

BUSINESS

ITEM 1. BUSINESS General Development of Business The Progressive Corporation, an insurance holding company, has insurance and non-insurance subsidiaries and affiliates (references in this Item to subsidiaries includes affiliates as well). Our insurance subsidiaries write personal and commercial auto insurance, personal residential property insurance, business-related general liability and commercial property insurance predominantly for small businesses, workers' compensation insurance primarily for the transportation industry, and other specialty property-casualty insurance and provide related services. Our non-insurance subsidiaries generally support our insurance and investment operations. We operate throughout the United States. Unless noted, references to "state(s)" throughout this report include the District of Columbia. The Progressive Corporation, together with its insurance and non-insurance subsidiaries and affiliates, comprise what we refer to as Progressive. Progressive's vision is to become consumers', agents', and business owners' number one destination for insurance and other financial needs. Progressive's four strategic pillars of people and culture, broad needs of our customers, leading brand, and competitive prices serve as the foundation of how we will achieve our vision. Description of Business Organization The management team that oversees the business and corporate functions that support all areas of our organization consists of the following: Chief Executive Officer (CEO) Chief Financial Officer Personal Lines President Chief Investment Officer Property General Manager Chief Human Resources Officer Commercial Lines President Chief Information Officer Claims President Chief Legal Officer Customer Relationship Chief Marketing Officer Management President Chief Strategy Officer Our insurance and claims organizations are generally managed on a state-by-state basis due to the nature of insurance, legal and regulatory requ

View Full Filing

View this 10-K filing on SEC EDGAR