10-Q 1 pgr-20240930.htm 10-Q pgr-20240930
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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, 2024
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.)
300 North Commons Blvd.,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: 585,811,503 outstanding at October 3, 2024



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,
2024202320242023
(millions — except per share amounts)    
Revenues
Net premiums earned$18,296.7 $14,894.3 $51,654.8 $42,891.8 
Investment income739.5 510.2 2,042.1 1,384.3 
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales68.0 (66.2)(304.9)38.6 
Net holding period gains (losses) on securities219.4 (80.5)621.6 17.9 
Net impairment losses recognized in earnings0 (2.3)0 (6.8)
Total net realized gains (losses) on securities287.4 (149.0)316.7 49.7 
Fees and other revenues278.1 223.7 774.4 656.6 
Service revenues117.3 81.4 307.8 234.9 
Total revenues19,719.0 15,560.6 55,095.8 45,217.3 
Expenses
Losses and loss adjustment expenses12,510.3 11,387.9 36,077.2 34,182.0 
Policy acquisition costs1,390.2 1,173.2 3,930.0 3,442.6 
Other underwriting expenses2,669.9 1,420.7 6,781.1 4,710.3 
Investment expenses7.2 7.2 20.2 18.8 
Service expenses126.7 91.7 333.1 264.6 
Interest expense69.9 69.7 209.1 198.7 
Total expenses16,774.2 14,150.4 47,350.7 42,817.0 
Net Income
Income before income taxes2,944.8 1,410.2 7,745.1 2,400.3 
Provision for income taxes611.4 288.9 1,621.6 485.7 
Net income2,333.4 1,121.3 6,123.5 1,914.6 
Other Comprehensive Income (Loss)
Changes in:
Total net unrealized gains (losses) on fixed-maturity securities1,561.2 (388.6)1,461.1 (241.0)
Net unrealized losses on forecasted transactions0.1 0.2 0.3 0.4 
Foreign currency translation adjustment0.1 0 (0.1)0.2 
Other comprehensive income (loss)1,561.4 (388.4)1,461.3 (240.4)
Comprehensive income (loss)$3,894.8 $732.9 $7,584.8 $1,674.2 
Computation of Earnings Per Common Share
Net income$2,333.4 $1,121.3 $6,123.5 $1,914.6 
Less: Preferred share dividends and other1
0 10.4 17.0 27.2 
Net income available to common shareholders$2,333.4 $1,110.9 $6,106.5 $1,887.4 
Average common shares outstanding - Basic585.6 584.8 585.5 584.9 
Net effect of dilutive stock-based compensation2.0 2.7 2.2 2.6 
Total average equivalent common shares - Diluted587.6 587.5 587.7 587.5 
Basic: Earnings per common share$3.98 $1.90 $10.43 $3.23 
Diluted: Earnings per common share $3.97 $1.89 $10.39 $3.21 
1 All of our outstanding Serial Preferred Shares, Series B, were redeemed in February 2024. See Note 9 – Dividends 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)202420232023
Assets
Available-for-sale securities, at fair value:
Fixed maturities (amortized cost: $74,595.2, $60,490.6, and $62,441.9)
$74,411.2 $56,591.9 $60,378.2 
Short-term investments (amortized cost: $756.5, $1,795.2, and $1,789.9)
756.5 1,795.2 1,789.9 
Total available-for-sale securities75,167.7 58,387.1 62,168.1 
Equity securities, at fair value:
Nonredeemable preferred stocks (cost: $759.7, $976.9, and $977.1)
735.0 868.9 902.1 
Common equities (cost: $733.5, $662.6, and $706.0)
3,497.0 2,614.5 2,928.4 
Total equity securities4,232.0 3,483.4 3,830.5 
Total investments79,399.7 61,870.5 65,998.6 
Cash and cash equivalents136.1 123.5 84.9 
Restricted cash and cash equivalents10.9 14.9 14.7 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents147.0 138.4 99.6 
Accrued investment income560.3 378.1 438.0 
Premiums receivable, net of allowance for credit losses of $388.0, $361.2, and $369.1
15,135.4 12,408.0 11,958.2 
Reinsurance recoverables4,881.5 5,331.2 5,093.9 
Prepaid reinsurance premiums224.0 235.0 249.8 
Deferred acquisition costs2,031.6 1,732.1 1,687.4 
Property and equipment, net of accumulated depreciation of $1,589.7, $1,596.9, and $1,655.1
688.8 919.8 880.8 
Net federal deferred income taxes598.0 1,357.1 936.0 
Other assets1,536.2 1,282.4 1,348.5 
Total assets$105,202.5 $85,652.6 $88,690.8 
Liabilities and Shareholders’ Equity
Unearned premiums$24,772.5 $20,761.7 $20,133.7 
Loss and loss adjustment expense reserves38,061.5 33,577.3 34,389.2 
Accounts payable, accrued expenses, and other liabilities8,317.4 7,030.7 7,002.2 
Debt1
6,891.8 6,887.6 6,888.6 
Total liabilities78,043.2 68,257.3 68,413.7 
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 of 0, 0.5, and 0.5)
0 493.9 493.9 
Common shares, $1.00 par value (authorized 900.0; issued 797.6, including treasury shares of 211.8, 212.6, and 212.3)
585.8 585.0 585.3 
Paid-in capital2,096.2 1,977.9 2,013.1 
Retained earnings24,631.7 17,380.9 18,800.5 
Accumulated other comprehensive income (loss):
Net unrealized gains (losses) on fixed-maturity securities(139.7)(3,027.3)(1,600.8)
Net unrealized losses on forecasted transactions(13.7)(14.1)(14.0)
Foreign currency translation adjustment(1.0)(1.0)(0.9)
Total accumulated other comprehensive income (loss) (154.4)(3,042.4)(1,615.7)
Total shareholders’ equity27,159.3 17,395.3 20,277.1 
Total liabilities and shareholders’ equity$105,202.5 $85,652.6 $88,690.8 
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 30,2024202320242023
(millions — except per share amounts)
Serial Preferred Shares, No Par Value
Balance, beginning of period$0 $493.9 $493.9 $493.9 
 Redemption of Serial Preferred Shares, Series B1
0 0 (493.9)0 
Balance, end of period0 493.9 0 493.9 
Common Shares, $1.00 Par Value
Balance, beginning of period585.7 585.3 585.3 584.9 
Treasury shares purchased(0.4)(0.3)(0.7)(0.6)
Net restricted equity awards issued/vested0.5 0 1.2 0.7 
Balance, end of period585.8 585.0 585.8 585.0 
Paid-In Capital
Balance, beginning of period2,060.5 1,935.7 2,013.1 1,893.0 
Amortization of equity-based compensation37.3 42.9 85.8 86.7 
Treasury shares purchased(1.3)(1.1)(2.3)(2.1)
Net restricted equity awards issued/vested(0.5)0 (1.2)(0.7)
Reinvested dividends on restricted stock units0.2 0.4 0.8 1.0 
Balance, end of period2,096.2 1,977.9 2,096.2 1,977.9 
Retained Earnings
Balance, beginning of period22,410.0 16,350.4 18,800.5 15,721.2 
Net income2,333.4 1,121.3 6,123.5 1,914.6 
Treasury shares purchased(84.1)(38.3)(130.8)(77.1)
Cash dividends declared on common shares ($0.10, $0.10, $0.30, and $0.30 per share)1
(58.6)(58.5)(175.6)(175.4)
Cash dividends declared on Serial Preferred Shares, Series B ($0, $20.67700, $15.688377, and $39.60163 per share)1
0 (10.3)(7.8)(19.8)
Reinvested dividends on restricted stock units(0.2)(0.4)(0.8)(1.0)
Other, net31.2 16.7 22.7 18.4 
Balance, end of period24,631.7 17,380.9 24,631.7 17,380.9 
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period(1,715.8)(2,654.0)(1,615.7)(2,802.0)
Other comprehensive income (loss)1,561.4 (388.4)1,461.3 (240.4)
Balance, end of period(154.4)(3,042.4)(154.4)(3,042.4)
Total shareholders’ equity$27,159.3 $17,395.3 $27,159.3 $17,395.3 
1 See Note 9 – Dividends for further discussion.
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 30,20242023
(millions)
Cash Flows From Operating Activities
Net income$6,123.5 $1,914.6 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation208.2 212.0 
Net amortization (accretion) of fixed-income securities(23.5)(7.6)
Amortization of equity-based compensation85.8 86.7 
Net realized (gains) losses on securities(316.7)(49.7)
Net (gains) losses on disposition of property and equipment(1.9)23.0 
Changes in:
Premiums receivable(3,177.2)(1,991.1)
Reinsurance recoverables212.4 500.9 
Prepaid reinsurance premiums25.8 60.5 
Deferred acquisition costs(344.2)(187.7)
Income taxes(366.8)73.6 
Unearned premiums4,638.8 3,468.1 
Loss and loss adjustment expense reserves3,672.3 3,218.0 
Accounts payable, accrued expenses, and other liabilities1,600.3 1,089.1 
Other, net(225.1)(204.4)
Net cash provided by operating activities12,111.7 8,206.0 
Cash Flows From Investing Activities
Purchases:
Fixed maturities(35,835.5)(18,956.2)
Equity securities(110.6)(23.2)
Sales:
Fixed maturities18,582.5 4,780.3 
Equity securities221.9 745.5 
Maturities, paydowns, calls, and other:
Fixed maturities4,749.8 3,693.2 
Equity securities110.2 65.3 
Net (purchases) sales of short-term investments1,070.3 1,132.0 
Net change in unsettled security transactions514.1 201.7 
Purchases of property and equipment(174.8)(169.9)
Sales of property and equipment64.5 35.0 
Net cash used in investing activities(10,807.6)(8,496.3)
Cash Flows From Financing Activities
Redemption of Serial Preferred Shares, Series B(500.0)0 
Dividends paid to common shareholders(615.1)(175.5)
Dividends paid to preferred shareholders(7.8)(33.2)
Acquisition of treasury shares for equity award tax liabilities(120.7)(52.3)
Acquisition of treasury shares acquired in open market(13.1)(27.5)
Net proceeds from debt issuances0 496.3 
Net cash provided by (used in) financing activities(1,256.7)207.8 
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents47.4 (82.5)
Cash, cash equivalents, restricted cash, and restricted cash equivalents – January 199.6 220.9 
Cash, cash equivalents, restricted cash, and restricted cash equivalents – September 30
$147.0 $138.4 
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 and 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, 2024, 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, 2023 (2023 Annual Report to Shareholders).
Premiums Receivable
We perform analyses to evaluate our premiums receivable for expected credit losses. See our 2023 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)2024202320242023
Allowance for credit losses, beginning of period$327.9 $343.9 $369.1 $343.3 
Increase in allowance1
167.6 157.5 402.4 399.7 
Write-offs2
(107.5)(140.2)(383.5)(381.8)
Allowance for credit losses, end of period$388.0 $361.2 $388.0 $361.2 
1 Represents the incremental increase in other underwriting expenses.
2 Represents the portion of allowance that is reversed when the premiums receivable is written off. Premiums receivable balances are written off once we have exhausted our collection efforts.
Property – Held for Sale
Included in other assets in our consolidated balance sheets are properties that are classified as held for sale (HFS). At September 30, 2024 and 2023, and December 31, 2023, we had HFS properties of $150.4 million, $81.6 million, and $77.2 million, respectively. When properties are determined to be HFS, the property is written down to its fair value less estimated costs to sell, as applicable. The increase in HFS properties since December 31, 2023, primarily reflects a decision in the first quarter 2024 to sell certain regional properties to optimize our real estate portfolio by consolidating employees into existing alternative properties.
Earnings Per Share
We redeemed all of our outstanding Serial Preferred Shares, Series B, in February 2024. See Note 9 – Dividends for further discussion. To determine net income available to common shareholders, which is used in the calculation of the per common share amounts, we reduced net income by preferred share dividends, and, for 2024,
•underwriting discounts and commissions on the preferred share issuance,
•initial issuance costs related to the preferred shares, and
•excise taxes related to the preferred share redemption.

Other Assets - Reclassification
Goodwill and intangible assets are included in other assets in our consolidated balance sheets and the amortization of intangible assets in other, net, in cash provided by operating activities in our consolidated statements of cash flows. The September 30, 2023 amounts, which were presented separately in the balance sheet and statement of cash flows in the prior year, were reclassified to conform to the current year presentation.
New Accounting Standards
Adopted – On January 1, 2024, we began amortizing the remaining original cost of tax equity investments to the provision for income taxes, since certain conditions were met, on the modified retrospective basis, pursuant to an Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board. Previously, these investments were accounted for under the equity method of accounting and the amortization was recognized as a net impairment loss on the consolidated statements of income. The adoption of the ASU had no cumulative effect on retained earnings and did not have a material impact on our financial condition or results of operations. The amount of income tax credits and investment amortization recognized for the three and nine months ended September 30, 2024, and the carrying amount of the tax credit investments at September 30, 2024, were not material to our financial condition or results of operations and, therefore, no additional disclosure is provided.
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, 2024
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$44,231.3 $771.4 $(574.2)$0 $44,428.5 56.0 %
State and local government obligations2,681.0 10.7 (90.3)0 2,601.4 3.3 
Foreign government obligations16.9 0 (0.5)0 16.4 0 
Corporate and other debt securities14,969.8 221.9 (155.3)(0.9)15,035.5 18.9 
Residential mortgage-backed securities1,403.5 24.8 (6.4)2.0 1,423.9 1.8 
Commercial mortgage-backed securities4,664.4 4.1 (376.9)0 4,291.6 5.4 
Other asset-backed securities6,628.3 39.4 (53.8)0 6,613.9 8.3 
Total fixed maturities74,595.2 1,072.3 (1,257.4)1.1 74,411.2 93.7 
Short-term investments756.5 0 0 0 756.5 1.0 
Total available-for-sale securities75,351.7 1,072.3 (1,257.4)1.1 75,167.7 94.7 
Equity securities:
Nonredeemable preferred stocks759.7 0 0 (24.7)735.0 0.9 
Common equities733.5 0 0 2,763.5 3,497.0 4.4 
Total equity securities1,493.2 0 0 2,738.8 4,232.0 5.3 
Total portfolio1
$76,844.9 $1,072.3 $(1,257.4)$2,739.9 $79,399.7 100.0 %
($ 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 and other debt securities11,069.8 1.3 (596.1)(53.7)10,421.3 16.9 
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 
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
December 31, 2023
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$37,823.2 $204.1 $(1,157.9)$0 $36,869.4 55.9 %
State and local government obligations2,338.4 2.8 (138.4)0 2,202.8 3.3 
Foreign government obligations17.3 0 (1.0)0 16.3 0.1 
Corporate and other debt securities11,633.7 87.2 (334.7)(28.8)11,357.4 17.2 
Residential mortgage-backed securities426.9 0.2 (10.0)0.1 417.2 0.6 
Commercial mortgage-backed securities4,535.2 2.2 (597.7)0 3,939.7 6.0 
Other asset-backed securities5,667.2 15.7 (107.1)(0.4)5,575.4 8.4 
Total fixed maturities62,441.9 312.2 (2,346.8)(29.1)60,378.2 91.5 
Short-term investments1,789.9 0 0 0 1,789.9 2.7 
Total available-for-sale securities64,231.8 312.2 (2,346.8)(29.1)62,168.1 94.2 
Equity securities:
Nonredeemable preferred stocks977.1 0 0 (75.0)902.1 1.4 
Common equities706.0 0 0 2,222.4 2,928.4 4.4 
Total equity securities1,683.1 0 0 2,147.4 3,830.5 5.8 
Total portfolio1
$65,914.9 $312.2 $(2,346.8)$2,118.3 $65,998.6 100.0 %
1 At September 30, 2024 and 2023, we had $468.5 million and $167.3 million, respectively, of net unsettled security purchase transactions included in other liabilities, compared to $45.6 million included in other assets at December 31, 2023.
The total fair value of the portfolio at both September 30, 2024 and 2023 included $4.1 billion of securities held in a consolidated, non-insurance subsidiary of the holding company, net of unsettled security transactions, compared to $4.2 billion at December 31, 2023.
Certain fixed-maturity securities previously categorized as redeemable preferred stocks in our footnote disclosures are currently classified as corporate and other debt securities to reflect the accurate categorization based on the underlying features of these securities. The September 30, 2023 and December 31, 2023 amounts, which were presented separately as redeemable preferred stocks in our Note 2 - Investments and Note 3 - Fair Value tables, were reclassified to conform to the current year presentation. The reclassification did not have an impact on our total fixed-maturity securities or our results of operations, financial condition, or cash flows.
At September 30, 2024, bonds and certificates of deposit in the principal amount of $712.0 million were on deposit to meet state insurance regulatory requirements. We did not hold any securities of any one issuer, excluding U.S. government obligations, with an aggregate cost or fair value exceeding 10% of total shareholders’ equity at September 30, 2024 or 2023, or December 31, 2023. At September 30, 2024, we did not hold any debt securities that were non-income producing during the preceding 12 months.
Short-Term Investments Our short-term investments may include commercial paper and other investments that are expected to mature, or are redeemable, within one year.
Hybrid Securities Certain securities in our fixed-maturity portfolio are accounted for as hybrid securities because they contain embedded derivatives that are not deemed to be clearly and closely related to the host investments.
These securities are reported at fair value:
 September 30,
(millions)20242023December 31, 2023
Fixed Maturities:
Corporate and other debt securities$637.3 $647.5 $672.5 
Residential mortgage-backed securities369.0 410.8 323.9 
Other asset-backed securities2.6 19.4 13.9 
Total hybrid securities$1,008.9 $1,077.7 $1,010.3 
Since the embedded derivatives (e.g., change-in-control put option, debt-to-equity conversion, or any other feature unrelated to the credit quality or risk of default of the issuer that could impact the amount or timing of our expected future cash flows) do not have observable intrinsic values, we use the fair value option to record the changes in fair value of these securities through income as a component of net realized gains (losses).
7


Fixed Maturities The composition of fixed maturities by maturity at September 30, 2024, was:
(millions)CostFair Value
Less than one year$7,895.5 $7,852.8 
One to five years53,339.8 53,341.8 
Five to ten years13,103.1 12,954.6 
Ten years or greater256.8 262.0 
Total$74,595.2 $74,411.2 
Asset-backed securities are classified in the maturity distribution table based upon their projected cash flows. All other securities that do not have a single maturity date are reported based upon expected average maturity. Contractual maturities may differ from expected maturities because the issuers of the securities may have the right to call or prepay obligations.
Gross Unrealized Losses The following tables show the composition of gross unrealized losses by major security type and by the length of time that individual securities have been in a continuous unrealized loss position:
 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Unrealized
Losses		No. of Sec.Fair
 Value		Unrealized
Losses
September 30, 2024
U.S. government obligations86 $12,919.6 $(574.2)3 $2,069.3 $(2.9)83 $10,850.3 $(571.3)
State and local government obligations302 1,778.8 (90.3)44 207.8 (0.2)258 1,571.0 (90.1)
Foreign government obligations1 16.4 (0.5)0 0 0 1 16.4 (0.5)
Corporate and other debt securities224 5,250.6 (155.3)14 426.1 (1.9)210 4,824.5 (153.4)
Residential mortgage-backed securities33 244.2 (6.4)4 185.0 (0.2)29 59.2 (6.2)
Commercial mortgage-backed securities177 3,749.9 (376.9)5 169.8 (0.3)172 3,580.1 (376.6)
Other asset-backed securities80 1,530.5 (53.8)16 352.5 (0.1)64 1,178.0 (53.7)
Total fixed maturities903 $25,490.0 $(1,257.4)86 $3,410.5 $(5.6)817 $22,079.5 $(1,251.8)
 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Unrealized
Losses		No. of Sec.Fair
 Value		Unrealized
Losses
September 30, 2023
U.S. government obligations173 $34,293.8 $(2,098.4)37 $16,686.2 $(557.6)