The Progressive Corporation, an insurance holding company, underwrites personal and commercial auto insurance, personal residential property insurance, business-related general liability and commercial property insurance (primarily for small businesses), workers' compensation insurance (primarily for the transportation industry), and other specialty property-casualty insurance, and provides related services. The company operates throughout the United States. Progressive aims to be a leading provider of insurance and financial services, prioritizing people and culture, customer needs, brand strength, and competitive pricing. The company emphasizes data-driven decision-making and technological innovation to maintain its competitive edge in a dynamic market.

• Employees: Approximately 61,400 (as of December 31, 2023)
• Geographic Footprint: All 50 U.S. states, District of Columbia, Puerto Rico, Bermuda, and Canada
• Headquarters: Mayfield Village, Ohio
• Founded: 1937
• Number of Locations/Facilities: Owns 65 buildings; leases approximately 2.1 million sq ft
• Revenue: $61.6 billion (FY2023)
• Market Cap: $76.9 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: Progressive, Protective Insurance Corporation, ARX Holding Corp, ASI Limited, Inc., and others

• CEO: Susan Patricia Griffith
• CFO: John P. Sauerland
• Board Chair: Lawton W. Fitt
• Other Key Executives: Karen B. Bailo (Commercial Lines President), Jonathan S. Bauer (Chief Investment Officer), Steven A. Broz (Chief Information Officer), Patrick K. Callahan (Personal Lines President), William L. Clawson II (Chief Human Resources Officer), Remi Kent (Chief Marketing Officer), Mariann Wojtkun Marshall (Chief Accounting Officer), John Murphy (Claims President), Lori Niederst (Customer Relationship Management President), David M. Stringer (Chief Legal Officer), Andrew J. Quigg (Chief Strategy Officer)

Tenure and professional backgrounds are detailed in the 10-K filing.

• Annual Revenue: $61.6 Billion (FY2023)
• Net Income: $3.9 Billion (FY2023)
• Market Cap: $76.9 Billion (as of June 30, 2023)
• Total Assets: $90.5 Billion (FY2023)
• Number of Employees: Approximately 61,400 (as of December 31, 2023)
• Key Financial Highlights: Significant increase in rideshare miles traveled in the TNC business segment compared to 2022. Total investment income of $2.3 billion in 2023 compared to a loss of $0.7 billion in 2022.

Progressive offers a range of insurance products and services, primarily in the personal and commercial lines:

• Personal Auto: Largest product line, ranking second in U.S. market share. Includes usage-based insurance (Snapshot).
• Special Lines: Insurance for motorcycles, RVs, boats, etc. Believed to be a market share leader in several categories.
• Commercial Auto: Largest commercial auto insurer in the U.S. Offers usage-based insurance options (Smart Haul and Snapshot ProView) and caters to various business market targets.
• Property: Homeowners, renters, and other property insurance. Tenth largest homeowners carrier in the U.S.
• Other: Business Owners Policy (BOP), workers' compensation (focused on transportation), umbrella insurance, and other specialty lines.

Progressive operates primarily through two main segments:

• Personal Lines: Personal auto and special lines (79% of FY2023 net premiums written)
• Commercial Lines: Commercial auto, BOP, and workers' compensation (16% of FY2023 net premiums written)
• Property: Residential and renters insurance (5% of FY2023 net premiums written)

Progressive's core strategy is to grow profitably while providing competitive prices and excellent customer service. The "Destination Era" strategy aims to build deeper customer relationships through bundling various insurance products, including property insurance and offerings from unaffiliated third parties. The company emphasizes technology and data analysis for accurate risk assessment and pricing, along with a strong focus on employee engagement and retention. Strategic priorities include refining segmentation, enhancing usage-based insurance programs, and expanding product offerings through partnerships and acquisitions.

Progressive operates in the highly competitive U.S. property and casualty insurance market. Key competitors include large national and international insurers, as well as smaller regional companies. The industry is undergoing rapid technological change, impacting customer behavior and requiring continuous innovation. Market trends include the rise of usage-based insurance, increasing use of data analytics, and growing demand for bundled services. Progressive holds leading market share positions in several segments, including commercial auto.

• Pricing and Underwriting Risks: Challenges in accurately predicting future losses and expenses, impacted by factors like climate change, evolving medical costs, and technological advancements.
• Catastrophe Risk: Exposure to significant losses from severe weather and other catastrophic events, potentially exacerbated by climate change.
• Cybersecurity Risk: Vulnerability to data breaches and cyberattacks, which could disrupt operations, compromise sensitive data, and harm reputation.
• Regulatory and Legal Risks: Complex and evolving insurance regulations, potential for increased costs due to new legislation, and exposure to litigation.
• Talent Management Risk: Competition for skilled employees and potential impact of workforce dynamics on staffing levels and operational efficiency.