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, 2025, 2024, and 2023

• Consolidated Balance Sheets - December 31, 2025 and 2024

• Consolidated Statements of Changes in Shareholders’ Equity - For the Years Ended December 31, 2025, 2024, and 2023

• Consolidated Statements of Cash Flows - For the Years Ended December 31, 2025, 2024, and 2023

• Notes to Consolidated Financial Statements

• Supplemental Information (Unaudited)

(a)(2) Listing of Financial Statement Schedules

The following financial statement schedules and Report 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 the Exhibit Index contained herein beginning at page 46, 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 10.37.

(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, 2025
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			$	43,114					$	43,298					$	43,298
States, municipalities, and political subdivisions			3,342						3,303						3,303
Foreign government obligations			17						17						17
Public utilities			1,832						1,859						1,859
Corporate and other debt securities			17,941						18,132						18,132
Asset-backed securities			16,458						16,257						16,257
Total fixed maturities			82,704						82,866						82,866
Equity securities:
Common stocks:
Public utilities			34						128						128
Banks, trusts, and insurance companies			145						611						611
Industrial, miscellaneous, and all other			640						3,359						3,359
Nonredeemable preferred stocks			419						404						404
Total equity securities			1,238						4,502						4,502
Short-term investments			10,005						10,005						10,005
Total investments			$	93,947					$	97,373					$	97,373

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, 2025.

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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,
			2025						2024						2023
Revenues
Dividends from subsidiaries			$	10,151					$	3,667					$	399
Undistributed income from subsidiaries			1,222						4,947						3,572
Equity in net income of subsidiaries			11,373						8,614						3,971
Intercompany investment income			166						149						205
Total revenues			11,539						8,763						4,176
Expenses
Interest expense			280						280						270
Deferred compensation1			18						54						20
Other operating costs and expenses			8						8						8
Total expenses			306						342						298
Income before income taxes			11,233						8,421						3,878
Benefit for income taxes			75						59						25
Net income			11,308						8,480						3,903
Other comprehensive income (loss)			1,526						193						1,186
Comprehensive income (loss)			$	12,834					$	8,673					$	5,089

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)

			December 31,
			2025						2024
Assets
Investment in affiliate			$	5					$	5
Investment in subsidiaries			31,821						28,850
Receivable from investment subsidiary			12,524						5,812
Intercompany receivable			899						641
Net federal deferred income taxes			90						82
Other assets			163						176
Total assets			$	45,502					$	35,566
Liabilities and Shareholders’ Equity
Dividends payable on common shares			$	7,972					$	2,695
Accounts payable, accrued expenses, and other liabilities			310						387
Debt1			6,897						6,893
Total liabilities			15,179						9,975
Common shares, $1.00 par value (authorized 900; issued 798, including treasury shares of 212)			586						586
Paid-in capital			2,307						2,145
Retained earnings			27,327						24,283
Total accumulated other comprehensive income (loss)			103						(1,423)
Total shareholders’ equity			30,323						25,591
Total liabilities and shareholders’ equity			$	45,502					$	35,566

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,
			2025						2024						2023
Cash Flows From Operating Activities
Net income			$	11,308					$	8,480					$	3,903
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed income from subsidiaries			(1,222)						(4,947)						(3,572)
Amortization of equity-based compensation			3						4						3
Changes in:
Intercompany receivable			(258)						246						(421)
Accounts payable, accrued expenses, and other liabilities			(86)						26						12
Income taxes			1						(318)						301
Other, net			97						28						10
Net cash provided by operating activities			9,843						3,519						236
Cash Flows From Investing Activities
Additional investments in equity securities of consolidated subsidiaries			(94)						(182)						(621)
Received from (paid to) investment subsidiary			(6,712)						(2,021)						307
Net cash used in investing activities			(6,806)						(2,203)						(314)
Cash Flows From Financing Activities
Dividends paid to common shareholders			(2,871)						(674)						(234)
Acquisition of treasury shares for restricted stock tax liabilities			(92)						(121)						(95)
Acquisition of treasury shares acquired in open market			(74)						(13)						(46)
Redemption of preferred shares			0						(500)						0
Dividends paid to preferred shareholders			0						(8)						(43)
Net proceeds from debt issuance			0						0						496
Net cash provided by (used in) financing activities			(3,037)						(1,316)						78
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, 2025, 2024, and 2023, $13.0 billion, $6.2 billion, and $4.2 billion, respectively, of marketable securities were available in this subsidiary.

For the years ended December 31, 2025, 2024, and 2023, non-cash activity included declared but unpaid common share dividends of $7,972 million, $2,695 million, and $498 million, respectively. See Note 14 – Dividends in the Annual Report for further discussion.

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

(millions)			2025						2024						2023
Income taxes			$	3,022					$	2,540					$	800
Interest			276						276						265

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 and net unrealized losses on forecasted transactions.

Note 6. Dividends — The information relating to our dividend policy is incorporated by reference from Note 14 – Dividends in the Annual Report.

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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, 2025:
Personal Lines																											$	70,778											$	46,662					$	5,070					$	11,252					$	72,558
Commercial Lines																											10,881												7,296						1,026						1,279						10,613
Other indemnity																											2												1						0						22						3
Total			$	2,044					$	43,310					$	25,219					$	0					$	81,661					$	3,549					$	53,959					$	6,096					$	12,553					$	83,174
Year ended December 31, 2024:
Personal Lines																											$	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 Lines																											$	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

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.

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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, 2025
Premiums earned:
Property and liability insurance			$	82,847					$	1,186					$	0					$	81,661					0		%
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		%

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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 2, 2026 appearing in the 2025 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 schedule of condensed financial information of registrant as of December 31, 2025 and 2024 and for each of the three years in the period ended December 31, 2025, schedule of supplementary insurance information as of and for each of the three years in the period ended December 31, 2025, schedule of reinsurance for each of the three years in the period ended December 31, 2025, and schedule of summary of investments – other than investments in related parties as of December 31, 2025 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 2, 2026

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