10-Q 1 pgr-20230930.htm 10-Q pgr-20230930
PROGRESSIVE 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
(Mark One)
☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2023
or
☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                     to                     
Commission File Number: 001-09518
THE PROGRESSIVE CORPORATION
(Exact name of registrant as specified in its charter)
Ohio 34-0963169
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
6300 Wilson Mills Road,Mayfield Village, Ohio 44143
(Address of principal executive offices) (Zip Code)
(440) 461-5000
(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, $1.00 Par ValuePGRNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  ☒  Yes    ☐  No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  ☒  Yes    ☐  No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ☐  Yes   ☒ No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Shares, $1.00 par value: 585,040,907 outstanding at September 30, 2023


PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
The Progressive Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income
(unaudited)
Three MonthsNine Months
Periods Ended September 30,2023202220232022
(millions — except per share amounts)    
Revenues
Net premiums earned$14,894.3 $12,398.9 $42,891.8 $36,349.7 
Investment income510.2 333.6 1,384.3 868.2 
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales(66.2)(62.1)38.6 430.0 
Net holding period gains (losses) on securities(80.5)(152.1)17.9 (2,262.9)
Net impairment losses recognized in earnings(2.3)(2.2)(6.8)(6.5)
Total net realized gains (losses) on securities(149.0)(216.4)49.7 (1,839.4)
Fees and other revenues223.7 181.4 656.6 531.9 
Service revenues81.4 82.7 234.9 230.5 
Total revenues15,560.6 12,780.2 45,217.3 36,140.9 
Expenses
Losses and loss adjustment expenses11,387.9 10,018.7 34,182.0 28,298.2 
Policy acquisition costs1,173.2 970.9 3,442.6 2,867.9 
Other underwriting expenses1,420.7 1,496.4 4,710.3 4,433.9 
Investment expenses7.2 5.8 18.8 17.4 
Service expenses91.7 82.8 264.6 221.5 
Interest expense69.7 63.1 198.7 180.4 
Goodwill impairment0 0 0 224.8 
Total expenses14,150.4 12,637.7 42,817.0 36,244.1 
Net Income (Loss)
Income (loss) before income taxes1,410.2 142.5 2,400.3 (103.2)
Provision for income taxes288.9 18.4 485.7 1.7 
Net income (loss)1,121.3 124.1 1,914.6 (104.9)
Other Comprehensive Income (Loss)
Changes in:
Total net unrealized gains (losses) on fixed-maturity securities(388.6)(920.3)(241.0)(3,170.0)
Net unrealized losses on forecasted transactions0.2 0.1 0.4 0.3 
Foreign currency translation adjustment0 (0.7)0.2 (0.9)
Other comprehensive income (loss)(388.4)(920.9)(240.4)(3,170.6)
Comprehensive income (loss)$732.9 $(796.8)$1,674.2 $(3,275.5)
Computation of Earnings Per Common Share
Net income (loss)$1,121.3 $124.1 $1,914.6 $(104.9)
Less: Preferred share dividends1
10.4 6.7 27.2 20.1 
Net income (loss) available to common shareholders$1,110.9 $117.4 $1,887.4 $(125.0)
Average common shares outstanding - Basic584.8 584.5 584.9 584.4 
Net effect of dilutive stock-based compensation2.7 2.6 2.6 2.7 
Total average equivalent common shares - Diluted587.5 587.1 587.5 587.1 
Basic: Earnings per common share$1.90 $0.20 $3.23 $(0.21)
Diluted: Earnings per common share $1.89 $0.20 $3.21 $(0.21)
1 Changed to a floating dividend rate in March 2023. See Note 1 – Basis of Reporting and Accounting for further discussion.
See notes to consolidated financial statements.
1

The Progressive Corporation and Subsidiaries
Consolidated Balance Sheets
(unaudited)
 September 30,December 31,
(millions — except per share amounts)202320222022
Assets
Available-for-sale securities, at fair value:
Fixed maturities (amortized cost: $60,490.6, $48,205.7, and $50,264.0)
$56,591.9 $44,173.1 $46,651.9 
Short-term investments (amortized cost: $1,795.2, $4,237.6, and $2,861.7)
1,795.2 4,237.6 2,861.7 
Total available-for-sale securities58,387.1 48,410.7 49,513.6 
Equity securities, at fair value:
Nonredeemable preferred stocks (cost: $976.9, $1,417.6, and $1,364.2)
868.9 1,254.4 1,213.2 
Common equities (cost: $662.6, $803.7, and $826.1)
2,614.5 2,665.3 2,821.5 
Total equity securities3,483.4 3,919.7 4,034.7 
Total investments61,870.5 52,330.4 53,548.3 
Cash and cash equivalents123.5 350.9 203.5 
Restricted cash and cash equivalents14.9 14.4 17.4 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents138.4 365.3 220.9 
Accrued investment income378.1 217.4 282.5 
Premiums receivable, net of allowance for credit losses of $361.2, $295.0, and $343.3
12,408.0 10,867.7 10,416.9 
Reinsurance recoverables5,331.2 6,306.8 5,832.1 
Prepaid reinsurance premiums235.0 367.5 295.5 
Deferred acquisition costs1,732.1 1,585.2 1,544.4 
Property and equipment, net of accumulated depreciation of $1,596.9, $1,499.0, and $1,551.1
919.8 1,067.1 1,034.0 
Goodwill227.9 227.9 227.9 
Intangible assets, net of accumulated amortization of $170.0, $153.1, and $158.6
74.9 91.8 86.3 
Net federal deferred income taxes1,357.1 1,269.5 1,131.5 
Other assets979.6 827.6 844.7 
Total assets$85,652.6 $75,524.2 $75,465.0 
Liabilities and Shareholders’ Equity
Unearned premiums$20,761.7 $17,796.9 $17,293.6 
Loss and loss adjustment expense reserves33,577.3 30,631.8 30,359.3 
Accounts payable, accrued expenses, and other liabilities7,030.7 5,931.9 5,532.8 
Debt1
6,887.6 6,387.4 6,388.3 
Total liabilities68,257.3 60,748.0 59,574.0 
Serial Preferred Shares (authorized 20.0)
Serial Preferred Shares, Series B, no par value (cumulative, liquidation preference $1,000 per share) (authorized, issued, and outstanding 0.5)
493.9 493.9 493.9 
Common shares, $1.00 par value (authorized 900.0; issued 797.6, including treasury shares of 212.6, 212.5, and 212.7)
585.0 585.1 584.9 
Paid-in capital1,977.9 1,839.6 1,893.0 
Retained earnings17,380.9 14,987.5 15,721.2 
Accumulated other comprehensive income (loss):
Net unrealized gains (losses) on fixed-maturity securities(3,027.3)(3,113.8)(2,786.3)
Net unrealized losses on forecasted transactions(14.1)(14.6)(14.5)
Foreign currency translation adjustment(1.0)(1.5)(1.2)
Total accumulated other comprehensive income (loss) (3,042.4)(3,129.9)(2,802.0)
Total shareholders’ equity17,395.3 14,776.2 15,891.0 
Total liabilities and shareholders’ equity$85,652.6 $75,524.2 $75,465.0 
1 Consists of long-term debt. See Note 4 – Debt for further discussion.
See notes to consolidated financial statements.
2

The Progressive Corporation and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity
(unaudited)
 
Three MonthsNine Months
Periods Ended September 30,2023202220232022
(millions — except per share amounts)
Serial Preferred Shares, No Par Value
Balance, beginning of period$493.9 $493.9 $493.9 $493.9 
Balance, end of period493.9 493.9 493.9 493.9 
Common Shares, $1.00 Par Value
Balance, beginning of period585.3 584.9 584.9 584.4 
Treasury shares purchased(0.3)(0.4)(0.6)(0.7)
Net restricted equity awards issued/vested0 0.6 0.7 1.4 
Balance, end of period585.0 585.1 585.0 585.1 
Paid-In Capital
Balance, beginning of period1,935.7 1,815.2 1,893.0 1,772.9 
Amortization of equity-based compensation42.9 26.0 86.7 69.7 
Treasury shares purchased(1.1)(1.3)(2.1)(2.2)
Net restricted equity awards issued/vested0 (0.6)(0.7)(1.4)
Reinvested dividends on restricted stock units0.4 0.3 1.0 0.6 
Balance, end of period1,977.9 1,839.6 1,977.9 1,839.6 
Retained Earnings
Balance, beginning of period16,350.4 14,967.7 15,721.2 15,339.7 
Net income (loss)1,121.3 124.1 1,914.6 (104.9)
Treasury shares purchased(38.3)(47.4)(77.1)(75.7)
Cash dividends declared on common shares ($0.10, $0.10, $0.30, and $0.30 per share)
(58.5)(58.4)(175.4)(175.2)
Cash dividends declared on Serial Preferred Shares, Series B ($20.67700, $26.875, $39.60163, and $26.875 per share)
(10.3)(13.4)(19.8)(13.4)
Reinvested dividends on restricted stock units(0.4)(0.3)(1.0)(0.6)
Other, net16.7 15.2 18.4 17.6 
Balance, end of period17,380.9 14,987.5 17,380.9 14,987.5 
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period(2,654.0)(2,209.0)(2,802.0)40.7 
Other comprehensive income (loss)(388.4)(920.9)(240.4)(3,170.6)
Balance, end of period(3,042.4)(3,129.9)(3,042.4)(3,129.9)
Total shareholders’ equity$17,395.3 $14,776.2 $17,395.3 $14,776.2 
There are 5.0 million Voting Preference Shares authorized; no such shares have been issued.
See notes to consolidated financial statements.
3

The Progressive Corporation and Subsidiaries
Consolidated Statements of Cash Flows        
(unaudited)
Nine Months Ended September 30,20232022
(millions)
Cash Flows From Operating Activities
Net income (loss)$1,914.6 $(104.9)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation212.0 227.5 
Amortization of intangible assets11.4 25.5 
Net amortization (accretion) of fixed-income securities(7.6)1.6 
Amortization of equity-based compensation86.7 69.7 
Net realized (gains) losses on securities(49.7)1,839.4 
Net (gains) losses on disposition of property and equipment23.0 5.3 
Goodwill impairment0 224.8 
Changes in:
Premiums receivable(1,991.1)(1,468.2)
Reinsurance recoverables500.9 (1,326.3)
Prepaid reinsurance premiums60.5 90.1 
Deferred acquisition costs(187.7)(229.6)
Income taxes73.6 (591.6)
Unearned premiums3,468.1 2,181.1 
Loss and loss adjustment expense reserves3,218.0 4,467.7 
Accounts payable, accrued expenses, and other liabilities1,089.1 546.5 
Other, net(215.8)(39.4)
Net cash provided by operating activities8,206.0 5,919.2 
Cash Flows From Investing Activities
Purchases:
Fixed maturities(18,956.2)(18,672.7)
Equity securities(23.2)(126.5)
Sales:
Fixed maturities4,780.3 9,737.6 
Equity securities745.5 1,467.0 
Maturities, paydowns, calls, and other:
Fixed maturities3,693.2 4,158.5 
Equity securities65.3 39.3 
Net (purchases) sales of short-term investments1,132.0 (3,266.6)
Net change in unsettled security transactions201.7 (68.7)
Purchases of property and equipment(169.9)(245.0)
Sales of property and equipment35.0 16.0 
Net cash used in investing activities(8,496.3)(6,961.1)
Cash Flows From Financing Activities
Dividends paid to common shareholders(175.5)(175.5)
Dividends paid to preferred shareholders(33.2)(26.8)
Acquisition of treasury shares for restricted stock tax liabilities(52.3)(76.2)
Acquisition of treasury shares acquired in open market(27.5)(2.4)
Net proceeds from debt issuances496.3 1,486.0 
Net cash provided by financing activities207.8 1,205.1 
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents(82.5)163.2 
Cash, cash equivalents, restricted cash, and restricted cash equivalents – January 1220.9 202.1 
Cash, cash equivalents, restricted cash, and restricted cash equivalents – September 30
$138.4 $365.3 
See notes to consolidated financial statements.
4

The Progressive Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(unaudited)
1. BASIS OF REPORTING AND ACCOUNTING
The accompanying consolidated financial statements include the accounts of The Progressive Corporation, our wholly owned insurance subsidiaries and non-insurance subsidiaries and affiliates in which we have a controlling financial interest (Progressive).
The consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, were necessary for a fair statement of the results for the interim periods presented. The results of operations for the period ended September 30, 2023, are not necessarily indicative of the results expected for the full year. These consolidated financial statements and the notes thereto should be read in conjunction with Progressive’s audited financial statements and accompanying notes included in Exhibit 13 to our Annual Report on Form 10-K for the year ended December 31, 2022 (2022 Annual Report to Shareholders).
Insurance Premiums and Receivables
We perform analyses to evaluate our premiums receivable for expected credit losses. See our 2022 Annual Report to Shareholders for a discussion on our premiums receivable allowance for credit loss policy. The following table summarizes changes in our allowance for credit loss exposure on our premiums receivable:
Three Months Ended September 30,Nine Months Ended September 30,
(millions)2023202220232022
Allowance for credit losses, beginning of period$343.9 $265.8 $343.3 $280.4 
Increase in allowance1
157.5 130.9 399.7 320.6 
Write-offs2
(140.2)(101.7)(381.8)(306.0)
Allowance for credit losses, end of period$361.2 $295.0 $361.2 $295.0 
1 Represents the incremental increase in other underwriting expenses.
2 Represents the portion of the allowance that is reversed when premiums receivable are written off. Premiums receivable balances are written off once we have exhausted our collection efforts.
Property and Equipment
Included in other assets in our consolidated balance sheets are “held for sale” property. When property is transferred to held for sale, the property is written down to its fair value less estimated costs to sell the property. At September 30, 2023 and 2022, and December 31, 2022, we had held for sale property of $81.6 million, $47.4 million, and $48.7 million, respectively.

Earnings Per Share
Net income is reduced by preferred share dividends to determine net income available to common shareholders and is used in our calculation of the per common share amounts. Beginning March 15, 2023, the annual dividend rate for our Series B Preferred Shares switched to a floating rate. The floating nature of the dividend rate will impact the amount of the adjustment required to calculate net income available to common shareholders. See Note 9 – Dividends for further discussion.
For periods when a net loss is reported, earnings per common share are calculated using basic average equivalent shares since diluted earnings per share would be antidilutive.

New Accounting Standards
During the first quarter 2023, the Financial Accounting Standards Board issued an Accounting Standards Update (ASU), which permits an election to amortize the cost of tax equity investments to the provision for income taxes if certain conditions are met. Currently, these investments are accounted for under the equity method of accounting. This ASU will be effective for fiscal years (including interim periods within those fiscal years) beginning after December 15, 2023 (2024 for calendar-year companies). If elected, this standard must be applied on either a modified retrospective or a retrospective basis. We intend to adopt the new standard under the modified retrospective basis, however, we do not expect this standard to have a material impact on our financial condition or results of operations.
5

2.  INVESTMENTS
The following tables present the composition of our investment portfolio by major security type. Our securities are reported in our consolidated balance sheets at fair value. The changes in fair value for our fixed-maturity securities (other than hybrid securities) are reported as a component of accumulated other comprehensive income (loss), net of deferred income taxes, in our consolidated
balance sheets. The net holding period gains (losses) reported below represent the inception-to-date changes in fair value for the hybrid and equity securities. The changes in the net holding period gains (losses) between periods are recorded as a component of net realized gains (losses) on securities in our consolidated statements of comprehensive income.
($ in millions)CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Holding
Period
Gains
(Losses)		Fair
Value		% of
Total
Fair
Value
September 30, 2023
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$36,392.2 $0 $(2,098.4)$0 $34,293.8 55.4 %
State and local government obligations2,257.6 0 (203.3)0 2,054.3 3.3 
Foreign government obligations16.9 0 (1.5)0 15.4 0.1 
Corporate debt securities10,880.8 1.3 (591.8)(36.1)10,254.2 16.6 
Residential mortgage-backed securities530.4 0.2 (13.0)(1.8)515.8 0.8 
Commercial mortgage-backed securities4,699.5 2.1 (723.9)0 3,977.7 6.4 
Other asset-backed securities5,524.2 0.1 (210.1)(0.6)5,313.6 8.6 
Redeemable preferred stocks189.0 0 (4.3)(17.6)167.1 0.3 
Total fixed maturities60,490.6 3.7 (3,846.3)(56.1)56,591.9 91.5 
Short-term investments1,795.2 0 0 0 1,795.2 2.9 
Total available-for-sale securities62,285.8 3.7 (3,846.3)(56.1)58,387.1 94.4 
Equity securities:
Nonredeemable preferred stocks976.9 0 0 (108.0)868.9 1.4 
Common equities662.6 0 0 1,951.9 2,614.5 4.2 
Total equity securities1,639.5 0 0 1,843.9 3,483.4 5.6 
Total portfolio1
$63,925.3 $3.7 $(3,846.3)$1,787.8 $61,870.5 100.0 %
6

($ in millions)CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Holding
Period
Gains
(Losses)		Fair
Value		% of
Total
Fair
Value
September 30, 2022
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$24,260.9 $0 $(1,855.4)$0 $22,405.5 42.8 %
State and local government obligations2,140.9 0 (215.4)0 1,925.5 3.7 
Foreign government obligations16.7 0 (1.4)0 15.3 0.1 
Corporate debt securities10,119.8 0 (832.5)(58.9)9,228.4 17.6 
Residential mortgage-backed securities754.2 0.4 (16.5)(15.1)723.0 1.4 
Commercial mortgage-backed securities5,833.9 1.4 (747.4)0 5,087.9 9.7 
Other asset-backed securities4,876.7 0 (268.9)(1.9)4,605.9 8.8 
Redeemable preferred stocks202.6 0 (5.6)(15.4)181.6 0.3 
Total fixed maturities48,205.7 1.8 (3,943.1)(91.3)44,173.1 84.4 
Short-term investments4,237.6 0 0 0 4,237.6 8.1 
Total available-for-sale securities52,443.3 1.8 (3,943.1)(91.3)48,410.7 92.5 
Equity securities:
Nonredeemable preferred stocks1,417.6 0 0 (163.2)1,254.4 2.4 
Common equities803.7 0 0 1,861.6 2,665.3 5.1 
Total equity securities2,221.3 0 0 1,698.4 3,919.7