Progressive Corporation

Capital is strong relative to growth ambitions. Statutory surplus was $27.2B at December 31, 2024; the consolidated net premiums‑to‑surplus ratio was 2.7x; RBC levels were above minimums; and A.M. Best affirmed A+ (Superior) financial strength for operating companies.

The investment portfolio fair value was ~$80.3B at year‑end 2024, predominantly investment‑grade fixed income with short/intermediate duration. Holding company long‑term debt was about $6.9B at year‑end 2024 and remained ~6.9B at September 30, 2025; liquidity sources include access to non‑insurance securities and an undrawn $300M revolver.

Progressive’s short‑tail book limits reserve risk compared with long‑tail lines. Key sensitivities remain market yields (on investment income and fixed‑income marks) and catastrophe aggregations in the property book, which management is actively remediating with footprint and reinsurance.