PROGRESSIVE REPORTS FEBRUARY RESULTS (Form 8-K)

PROGRESSIVE REPORTS FEBRUARY RESULTS

MAYFIELD VILLAGE, OHIO -- March 18, 2026 -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended February 28, 2026:

			February
(millions, except per share amounts and ratios; unaudited)			2026						2025						Change
Net premiums written			$	6,995					$	6,684					5			%
Net premiums earned			$	6,528					$	6,036					8			%
Net income			$	943					$	928					2			%
Per share available to common shareholders			$	1.61					$	1.58					2			%
Total pretax net realized gains (losses) on securities			$	(5)					$	(110)					(95)			%
Combined ratio			85.7						82.6						3.1			pts.
Average diluted equivalent common shares			586.8						587.6						0			%

			February 28,
(thousands; unaudited)			2026						2025						% Change
Policies in Force
Personal Lines
Agency - auto			10,959						9,950						10
Direct - auto			16,383						14,395						14
Special lines			7,041						6,568						7
Property			3,649						3,556						3
Total Personal Lines			38,032						34,469						10
Commercial Lines			1,188						1,151						3
Total			39,220						35,620						10

Progressive offers personal and commercial insurance throughout the United States. Our Personal Lines business writes insurance for personal vehicles (auto and special lines products) and personal property insurance for homeowners and renters. Our Commercial Lines business writes auto-related liability and physical damage insurance, business-related general liability and commercial property insurance predominantly for small businesses, and workers' compensation insurance primarily for the transportation industry.

			Current Month						Comments on Monthly Results1
Net premiums written			$	6,995
Revenues:
Net premiums earned			$	6,528
Investment income			293
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales			10
Net holding period gains (losses) on securities			(15)
Total net realized gains (losses) on securities			(5)
Fees and other revenues			95
Service revenues			40
Total revenues			6,951
Expenses:
Losses and loss adjustment expenses			4,247
Policy acquisition costs			478
Other underwriting expenses			963
Investment expenses			3
Service expenses			43
Interest expense			23
Total expenses			5,757
Income before income taxes			1,194
Provision for income taxes			251
Net income			943
Other comprehensive income (loss):
Change in total net unrealized gains (losses) on fixed-maturity securities			581
Total comprehensive income (loss)			$	1,524

1 See the Monthly Commentary at the end of this release for additional discussion. For a description of our financial reporting and accounting policies as it applies to information contained throughout this release, see Note 1 to our 2025 audited consolidated financial statements included in our 2025 Shareholders' Report, which can be found at www.progressive.com/annualreport.

			Year-to-Date
			2026						2025
Net premiums written			$	13,730					$	13,165
Revenues:
Net premiums earned			$	13,449					$	12,622
Investment income			604						527
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales			59						(26)
Net holding period gains (losses) on securities			39						25
Total net realized gains (losses) on securities			98						(1)
Fees and other revenues			194						189
Service revenues			80						69
Total revenues			14,425						13,406
Expenses:
Losses and loss adjustment expenses			8,648						7,993
Policy acquisition costs			990						950
Other underwriting expenses			1,994						1,770
Investment expenses			5						5
Service expenses			84						73
Interest expense			46						46
Total expenses			11,767						10,837
Income before income taxes			2,658						2,569
Provision for income taxes			552						524
Net income			2,106						2,045
Other comprehensive income (loss):
Change in total net unrealized gains (losses) on fixed-maturity securities			451						835
Total comprehensive income (loss)			$	2,557					$	2,880

The following table sets forth the computation of per share results:
			February						Year-to-Date
			2026						2026						2025
Net income			$	943					$	2,106					$	2,045
Per common share:
Basic			$	1.61					$	3.59					$	3.49
Diluted			$	1.61					$	3.59					$	3.48
Comprehensive income (loss)			$	1,524					$	2,557					$	2,880
Per common share:
Diluted			$	2.60					$	4.35					$	4.90
Average common shares outstanding - Basic			585.7						585.9						586.0
Net effect of dilutive stock-based compensation			1.1						1.4						1.7
Total average equivalent common shares - Diluted			586.8						587.3						587.7

The following table sets forth the investment results for the period:
			February						Year-to-Date
			2026						2026						2025
Fully taxable equivalent (FTE) total return:
Fixed-income securities			1.2%						1.4%						2.0%
Common stocks			(0.5)%						1.0%						1.1%
Total portfolio			1.1%						1.4%						2.0%
Pretax annualized investment income book yield			4.0%						4.1%						4.0%

Current Month
			Personal Lines Business																								Commercial
			Vehicles																								Lines						Companywide
			Agency						Direct						Property						Total						Business						Total
Net Premiums Written			$	2,509					$	3,538					$	225					$	6,272					$	722					$	6,995
% Growth in NPW			3%						9%						(7)%						6%						(4)%						5%
Net Premiums Earned			$	2,331					$	3,151					$	242					$	5,724					$	803					$	6,528
% Growth in NPE			7%						14%						0%						10%						(5)%						8%
GAAP Ratios
Loss/LAE ratio			63.9						67.8						41.5						65.1						63.8						65.0
Expense ratio			18.1						21.6						29.2						20.5						22.2						20.7
Combined ratio			82.0						89.4						70.7						85.6						86.0						85.7
Net catastrophe loss ratio1			0.4												7.0						0.6						0.1						0.6
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years																																	$	41
Current accident year																																	(1)
Calendar year actuarial adjustment			$	10					$	15					$	(5)					$	20					$	20					$	40
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment																																	$	41
All other development																																	31
Total development																																	$	72
Calendar year loss/LAE ratio																																	65.0
Accident year loss/LAE ratio																																	66.1

1 Represents catastrophe losses incurred during the period, including development on prior events and the impact of reinsurance, if any, as a percent of net premiums earned.

2 Represents adjustments solely based on our normally scheduled actuarial reviews. For our Personal Lines property business, the actuarial reserving methodology includes changes to catastrophe losses, while the reviews in our personal and commercial vehicle businesses do not include catastrophes.

Year-to-Date
			Personal Lines Business																								Commercial
			Vehicles																								Lines						Companywide
			Agency						Direct						Property						Total						Business						Total
Net Premiums Written			$	4,876					$	6,991					$	416					$	12,283					$	1,445					$	13,730
% Growth in NPW			2%						8%						(5)%						6%						(5)%						4%
Net Premiums Earned			$	4,810					$	6,488					$	502					$	11,800					$	1,648					$	13,449
% Growth in NPE			5%						12%						(1)%						9%						(7)%						7%
GAAP Ratios
Loss/LAE ratio			62.9						66.5						43.3						64.1						64.9						64.2
Expense ratio			18.3						21.9						29.3						20.7						21.5						20.8
Combined ratio			81.2						88.4						72.6						84.8						86.4						85.0
Net catastrophe loss ratio1			0.4												7.8						0.7						0.2						0.6
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years																																	$	37
Current accident year																																	15
Calendar year actuarial adjustment			$	14					$	21					$	(6)					$	29					$	23					$	52
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment																																	$	37
All other development																																	273
Total development																																	$	310
Calendar year loss/LAE ratio																																	64.2
Accident year loss/LAE ratio																																	66.5

1 Represents catastrophe losses incurred during the year, including development on prior events and the impact of reinsurance, as a percent of net premiums earned.

2 Represents adjustments solely based on our normally scheduled actuarial reviews. For our Personal Lines property business, the actuarial reserving methodology includes changes to catastrophe losses, while the reviews in our personal and commercial vehicle businesses do not include catastrophes.

			February 28, 2026
CONDENSED GAAP BALANCE SHEET:
Investments, at fair value:
Available-for-sale securities:
Fixed maturities1 (amortized cost: $83,987)			$	84,722
Short-term investments (amortized cost: $3,572)			3,572
Total available-for-sale securities			88,294
Equity securities:
Nonredeemable preferred stocks (cost: $391)			376
Common equities (cost: $819)			4,130
Total equity securities			4,506
Total investments2			92,800
Net premiums receivable			15,651
Reinsurance recoverables (including $3,771 on unpaid loss and LAE reserves)			4,016
Deferred acquisition costs			2,040
Other assets			3,747
Total assets			$	118,254
Unearned premiums			$	25,497
Loss and loss adjustment expense reserves			43,698
Other liabilities2			9,599
Debt			6,898
Total liabilities			85,692
Shareholders' equity			32,562
Total liabilities and shareholders' equity			$	118,254
Common shares outstanding			585.2
Common shares repurchased in the current month			755,662
Average cost per common share			$	204.58
Book value per common share			$	55.64
Trailing 12-month return on average common shareholders' equity
Net income			34.7		%
Comprehensive income			38.2		%
Net unrealized pretax gains (losses) on fixed-maturity securities			$	719
Increase (decrease) from the previous month			$	735
Increase (decrease) from December 2025			$	571
Debt-to-total capital ratio			17.5		%
Fixed-income portfolio duration			3.5
Weighted average credit quality			AA- .

1 As of February 28, 2026, we held certain hybrid securities and recognized a change in fair value of $16 million as a realized gain during the period we held these securities.

2 Includes $367 million of net unsettled security transactions classified in "other liabilities."

Monthly Commentary

•The companywide net premiums written growth rate for February is lower by about 2-3 percentage points due to February 28 being reported in March 2026, compared to February 2025, as a result of a nuance with our monthly closing process. We expect that our total March premium growth rate will be higher by a similar amount and that our first quarter 2026 growth rate will be unaffected.

Events

We plan to release March results on Wednesday, April 15, 2026, before the market opens.

About Progressive

Progressive Insurance® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it's most convenient for them - online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent.

Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the second largest personal auto insurer in the country, a leading seller of commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers.

Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.

The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.

Regulation FD Disclosure Outlets

The Company disseminates information to the public about the Company, its products, services and other matters through various outlets in order to achieve broad, non-exclusionary, distribution of information to the public. These outlets include the Company's website (progressive.com) and its investor relations website (investors.progressive.com). We encourage investors and others to review the information the Company makes public through these outlets, as such information distributed through these outlets may be considered to be material information.