Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a)(1) Listing of Financial Statements

The following consolidated financial statements are included in our Annual Report and are incorporated by reference in Item 8:

• Report of Independent Registered Public Accounting Firm (PCAOB ID: 238)

• Consolidated Statements of Comprehensive Income - For the Years Ended December 31, 2024, 2023, and 2022

• Consolidated Balance Sheets - December 31, 2024 and 2023

• Consolidated Statements of Changes in Shareholders’ Equity - For the Years Ended December 31, 2024, 2023, and 2022

• Consolidated Statements of Cash Flows - For the Years Ended December 31, 2024, 2023, and 2022

• Notes to Consolidated Financial Statements

• Supplemental Information (Unaudited)

(a)(2) Listing of Financial Statement Schedules

The following financial statement schedules, Report of Independent Registered Public Accounting Firm, and Consent of Independent Registered Public Accounting Firm are included in Item 15(c):

• Schedule I - Summary of Investments - Other than Investments in Related Parties

• Schedule II - Condensed Financial Information of Registrant

• Schedule III - Supplementary Insurance Information

• Schedule IV - Reinsurance

• Report of Independent Registered Public Accounting Firm on Financial Statement Schedules

• No other schedules are required to be filed herewith pursuant to Article 7 of Regulation S-X.

(a)(3) Listing of Exhibits

See exhibit index contained herein beginning at page 47, which is incorporated by reference from information with respect to this item. Management contracts and compensatory plans and arrangements are identified in the Exhibit Index as Exhibit Nos. 10.1 through 10.48.

(b) Exhibits

The exhibits in response to this portion of Item 15 are submitted concurrently with this report.

(c) Financial Statement Schedules

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SCHEDULE I — SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN RELATED PARTIES

THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

(millions)

			December 31, 2024
Type of Investment			Cost						Fair Value						Amount At Which Shown In The Balance Sheet
Fixed maturities:
Bonds:
United States Government and government agencies and authorities			$	47,103					$	45,988					$	45,988
States, municipalities, and political subdivisions			2,893						2,778						2,778
Foreign government obligations			16						16						16
Public utilities			1,432						1,412						1,412
Corporate and other debt securities			12,679						12,542						12,542
Asset-backed securities			13,003						12,596						12,596
Total fixed maturities			77,126						75,332						75,332
Equity securities:
Common stocks:
Public utilities			38						121						121
Banks, trusts, and insurance companies			143						579						579
Industrial, miscellaneous, and all other			564						2,875						2,875
Nonredeemable preferred stocks			756						728						728
Total equity securities			1,501						4,303						4,303
Short-term investments			615						615						615
Total investments			$	79,242					$	80,250					$	80,250

Progressive did not have 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 December 31, 2024.

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SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

THE PROGRESSIVE CORPORATION (PARENT COMPANY)

(millions)

			Years Ended December 31,
			2024						2023						2022
Revenues
Dividends from subsidiaries			$	3,667					$	399					$	541
Undistributed income from subsidiaries			4,947						3,572						325
Equity in net income of subsidiaries			8,614						3,971						866
Intercompany investment income			149						205						92
Total revenues			8,763						4,176						958
Expenses
Interest expense			280						270						246
Deferred compensation1			54						20						25
Other operating costs and expenses			8						8						7
Total expenses			342						298						278
Income before income taxes			8,421						3,878						680
Benefit for income taxes			59						25						42
Net income			8,480						3,903						722
Other comprehensive income (loss)			193						1,186						(2,843)
Comprehensive income (loss)			$	8,673					$	5,089					$	(2,121)

1 See Note 4 – Employee Benefit Plans in these condensed financial statements.

See notes to condensed financial statements.

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SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued)

CONDENSED BALANCE SHEETS

THE PROGRESSIVE CORPORATION (PARENT COMPANY)

(millions - except per share amounts)

			December 31,
			2024						2023
Assets
Investment in affiliate			$	5					$	5
Investment in subsidiaries			28,850						23,410
Receivable from investment subsidiary			5,812						3,791
Intercompany receivable			641						887
Net federal deferred income taxes			82						66
Other assets			176						165
Total assets			$	35,566					$	28,324
Liabilities and Shareholders’ Equity
Dividends payable on common shares			$	2,695					$	498
Accounts payable, accrued expenses, and other liabilities			387						660
Debt1			6,893						6,889
Total liabilities			9,975						8,047
Serial Preferred Shares, Series B, no par value (cumulative, liquidation preference of $1,000 per share) (authorized, issued, and outstanding 0 and 0.5)			0						494
Common shares, $1.00 par value (authorized 900; issued 798, including treasury shares of 212 and 213)			586						585
Paid-in capital			2,145						2,013
Retained earnings			24,283						18,801
Total accumulated other comprehensive income (loss)			(1,423)						(1,616)
Total shareholders’ equity			25,591						20,277
Total liabilities and shareholders’ equity			$	35,566					$	28,324

1 Consists solely of long-term debt. See Note 4 – Debt in the Annual Report for further discussion.

See notes to condensed financial statements.

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SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued)

CONDENSED STATEMENTS OF CASH FLOWS

THE PROGRESSIVE CORPORATION (PARENT COMPANY)

(millions)

			Years Ended December 31,
			2024						2023						2022
Cash Flows From Operating Activities:
Net income			$	8,480					$	3,903					$	722
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed income from subsidiaries			(4,947)						(3,572)						(325)
Amortization of equity-based compensation			4						3						3
Changes in:
Intercompany receivable			246						(421)						(79)
Accounts payable, accrued expenses, and other liabilities			26						12						(22)
Income taxes			(318)						301						29
Other, net			28						10						60
Net cash provided by operating activities			3,519						236						388
Cash Flows From Investing Activities:
Additional investments in equity securities of consolidated subsidiaries			(182)						(621)						(798)
Received from (paid to) investment subsidiary			(2,021)						307						(716)
Net cash used in investing activities			(2,203)						(314)						(1,514)
Cash Flows From Financing Activities:
Redemption of preferred shares			(500)						0						0
Dividends paid to common shareholders			(674)						(234)						(234)
Dividends paid to preferred shareholders			(8)						(43)						(27)
Acquisition of treasury shares for restricted stock tax liabilities			(121)						(95)						(77)
Acquisition of treasury shares acquired in open market			(13)						(46)						(22)
Net proceeds from debt issuance			0						496						1,486
Net cash provided by (used in) financing activities			(1,316)						78						1,126
Change in cash			0						0						0
Cash - beginning of year			0						0						0
Cash - end of year			$	0					$	0					$	0

See notes to condensed financial statements.

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SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued)

NOTES TO CONDENSED FINANCIAL STATEMENTS

The accompanying condensed financial statements of The Progressive Corporation (parent company) should be read in conjunction with the consolidated financial statements and notes thereto in the Annual Report, which is included as Exhibit 13 to this Form 10-K.

Note 1. Statements of Cash Flows — For the purpose of the condensed statements of cash flows, cash includes only bank demand deposits. The Progressive Corporation does not hold any cash but has unrestricted access to funds maintained in a non-insurance investment subsidiary to meet its holding company obligations. At December 31, 2024, 2023, and 2022, $6.2 billion, $4.2 billion, and $4.4 billion, respectively, of marketable securities were available in this subsidiary; a portion of these securities were used to pay the $2.7 billion common share dividends accrued at December 31, 2024.

For the years ended December 31, non-cash activity included the following:

(millions)			2024						2023						2022
Common share dividends1			$	2,695					$	498					$	58
Preferred share dividends and redemption1			3						0						13

1 Includes declared but unpaid dividends and unpaid excise taxes on redemption. See Note 14 – Dividends in the Annual Report for further discussion.

For the years ended December 31, The Progressive Corporation paid the following:

(millions)			2024						2023						2022
Income taxes1			$	2,540					$	800					$	705
Interest			276						265						229

1 The increase in income taxes paid in 2024 was primarily driven by higher profitability, compared to the prior years.

Note 2. Income Taxes — The Progressive Corporation files a consolidated federal income tax return with its eligible subsidiaries and acts as an agent for the consolidated tax group when making payments to the Internal Revenue Service. The Progressive Corporation consolidated group’s net income taxes currently payable/recoverable are included in accounts payable, accrued expenses, and other liabilities or other assets, respectively, in the accompanying condensed balance sheets based on the balance at the end of the year. The Progressive Corporation and its eligible subsidiaries have adopted, pursuant to a written agreement, a method of allocating consolidated federal income taxes. Amounts allocated to the eligible subsidiaries under the written agreement are included in intercompany receivable in the accompanying condensed balance sheets.

Note 3. Debt — The information relating to debt is incorporated by reference from Note 4 – Debt in the Annual Report.

Note 4. Employee Benefit Plans — The information relating to incentive compensation and deferred compensation plans is incorporated by reference from Note 9 – Employee Benefit Plans in the Annual Report.

Note 5. Other Comprehensive Income (Loss) — On the condensed statements of comprehensive income, other comprehensive income (loss) represents activity of the subsidiaries of The Progressive Corporation and includes net unrealized gains (losses) on fixed-maturity securities.

Note 6. Dividends — The information relating to our dividend policy is incorporated by reference from Note 14 – Dividends in the Annual Report. Accrued dividends are recorded as dividends payable on common shares on our condensed balance sheets; the prior year common share dividend accrual was reclassified into this line item from accounts payable, accrued expenses, and other liabilities to conform to the current year presentation.

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SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION

THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

(millions)

Segment			Deferred policy acquisition costs****1						Future policy benefits, losses, claims, and loss expenses****1						Unearned premiums****1						Other policy claims and benefits payable****1						Premium revenue						Net investment income****1,2						Benefits, claims, losses, and settlement expenses						Amortization of deferred policy acquisition costs						Other operating expenses****1						Net premiums written
Year ended December 31, 2024:
Personal Lines3																											$	60,091											$	41,443					$	4,360					$	8,341					$	63,470
Commercial Lines																											10,707												7,610						1,023						1,109						10,953
Other indemnity																											1												7						0						12						1
Total			$	1,961					$	39,057					$	23,858					$	0					$	70,799					$	2,803					$	49,060					$	5,383					$	9,462					$	74,424
Year ended December 31, 2023:
Personal Lines3																											$	48,765											$	37,749					$	3,660					$	5,211					$	51,412
Commercial Lines																											9,899												7,900						1,005						1,020						10,138
Other indemnity																											1												6						0						11						0
Total			$	1,687					$	34,389					$	20,134					$	0					$	58,665					$	1,866					$	45,655					$	4,665					$	6,242					$	61,550
Year ended December 31, 2022:
Personal Lines3																											$	40,150											$	31,572					$	3,003					$	4,904					$	41,680
Commercial Lines																											9,088												6,545						913						948						9,399
Other indemnity																											3												6						1						7						2
Total			$	1,544					$	30,359					$	17,294					$	0					$	49,241					$	1,236					$	38,123					$	3,917					$	5,859					$	51,081

1 Progressive does not allocate assets, liabilities, or investment income to operating segments. Expense allocations are based on certain assumptions and estimates primarily related to revenue and volume; stated segment operating results would change if different methods were applied.

2 Excludes total net realized gains (losses) on securities.

3 Beginning in the fourth quarter 2024, our Personal Lines segment includes insurance for personal autos, special lines products (e.g., recreational vehicles, such as motorcycles, RVs, and watercraft), and personal property insurance, which includes insurance for homeowners and renters, umbrella insurance, and flood products. Personal Lines information for 2023 and 2022 was recast to include our personal property insurance products; these products were reported separately in prior years.

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SCHEDULE IV — REINSURANCE

THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

(millions)

Year Ended:			Gross Amount						Ceded to Other Companies						Assumed From Other Companies						Net Amount						Percentage of Amount Assumed to Net
December 31, 2024
Premiums earned:
Property and liability insurance			$	72,169					$	1,370					$	0					$	70,799					0		%
December 31, 2023
Premiums earned:
Property and liability insurance			$	59,881					$	1,216					$	0					$	58,665					0		%
December 31, 2022
Premiums earned:
Property and liability insurance			$	50,650					$	1,409					$	0					$	49,241					0		%

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Report of Independent Registered Public Accounting Firm on Financial Statement Schedules

To the Board of Directors and Shareholders of The Progressive Corporation

Our audits of the consolidated financial statements referred to in our report dated March 3, 2025 appearing in the 2024 Annual Report to Shareholders of The Progressive Corporation (which report and consolidated financial statements are incorporated by reference in this Annual Report on Form 10-K) also included an audit of the financial statement schedules listed in Item 15(a)(2) of this Form 10-K. In our opinion, these financial statement schedules present fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements.

/s/ PricewaterhouseCoopers LLP

Cleveland, Ohio

March 3, 2025

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