前进保险 2025年度报告

FORM 10-K (Mark One) ☒Annual Report Pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934For the fiscal year ended December31, 2025 or Transition Report Pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934For the transition period from __________to__________Commission file number 001-09518 THE PROGRESSIVE CORPORATION (Exact name of registrant as specified in its charter) (440) 461-5000(Registrant’s telephone number, including area code) Securities registered pursuant to Section12(b) of the Act: Securities registered pursuant to Section12(g) of the Act:None(Title of class) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the SecuritiesAct.☒Yes☐No Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of theAct.☐Yes☒No Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange 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 submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant 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 smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. AcceleratedfilerSmallerreportingcompanyEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying 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 has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statementsof the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).☐Yes☒No The aggregate market value of the voting common shares held by non-affiliates of the registrant at June30, 2025: $155,911,082,530 The number of the registrant’s Common Shares, $1.00 par value, outstanding as of January31, 2026: 585,906,353 DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Proxy Statement for the Annual Meeting of Shareholders to be held on May8, 2026, and the Annual Reportto Shareholders of The Progressive Corporation and subsidiaries for the year ended December31, 2025, included as Exhibit 13 to thisForm 10-K, are incorporated by reference in Parts I, II, III, and IV hereof. PART I ITEM1. BUSINESS General Development of Business The Progressive Corporation, an insurance holding company, has insurance and non-insurance subsidiaries and affiliates (references inthis Item to subsidiaries include affiliates as well). Our insurance subsidiaries write personal and commercial auto insurance, personalresidential property insurance, and insurance for motorcycles, watercraft, and other recreational vehicles. We also offer business-related general liability and commercial property insurance predominantly for small businesses, workers’ compensation insuranceprimarily for the transportation industry, and other specialty property-casualty insurance and provide related services. Our non-insurance subsidiaries generally support our insurance and investment operations. We operate throughout the United States. Unlessnoted, references to “state(s)” throughout this report include the District of Columbia. The Progressive Corporation, together with itsinsurance and non-insurance subsidiaries, comprise what we refer to as Progressive. Progressive’s vision is to become consumers’, agents’, and business owners’ number one destination for insurance and other financialneeds. Progressive’s four s