On this page of StockholderLetter.com we present the latest annual shareholder letter from PROGRESSIVE CORP/OH/ — ticker symbol PGR. Reading current and past PGR letters to shareholders can bring important insights into the investment thesis.

 •  3/24/2025 Letter Continued (Full PDF)
 •  3/27/2023 PGR Stockholder Letter
 •  3/25/2024 PGR Stockholder Letter
 •  More "Insurance Brokers" Category Stockholder Letters
 •  PGR Benford's Law Stock Score = 95

PGR Shareholder/Stockholder Letter Transcript:

Notice of Annual Meeting
of Shareholders and
300 North Commons Blvd.
Mayfield Village, Ohio 44143
440.461.5000
progressive.com
2025 Proxy Statement
including the 2024 Annual
Report to Shareholders
T HE PRO GRE S SI V E C ORP OR AT ION

CONTENTS
Notice of Annual Meeting of Shareholders
Proxy Statement
Appendix
Annual Report to Shareholders
       Consolidated Financial Statements
       Management   s Discussion and Analysis
       Supplemental Information
artwork: Kelli Connell
front cover: Ponder, 2008
inside front cover: Conference, 2025
inside back cover: Studio View, 2019
back cover: Findings, 2010
cover design: Nesnadny + Schwartz
  2025 The Progressive Corporation

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
The Progressive Corporation (NYSE:PGR) will hold its Annual Meeting of Shareholders on Friday,
May 9, 2025, at 10:00 a.m. eastern time. The meeting will be held by online audio webcast only and
there will be no physical location for the meeting. Accordingly, you will not be able to attend the Annual
Meeting in person. You will be able to attend the Annual Meeting, vote, and submit your questions
during the meeting via live audio-only webcast by visiting virtualshareholdermeeting.com/PGR2025. To
participate in the Annual Meeting, you must have your 16-digit control number that is shown on your
proxy card.
At the Annual Meeting, shareholders will be asked to:
1.
Elect as directors the 11 nominees identified in the attached Proxy Statement, each to
serve for a term of one year;
2.
Cast an advisory vote to approve our executive compensation program;
3.
Ratify the appointment of PricewaterhouseCoopers LLP as our independent registered
public accounting firm for 2025; and
4.
Transact such other business as may properly come before the meeting.
The foregoing items of business are described more fully in the Proxy Statement accompanying this
Notice. Only shareholders of record of The Progressive Corporation at the close of business on
March 14, 2025, are entitled to receive notice of and to vote at the meeting or any adjournment or
postponement of the meeting.
Your vote is important. Whether or not you plan to participate in the meeting via the live audio-only
webcast, please vote by Internet or telephone (following the instructions on the enclosed proxy card),
or by completing and returning the proxy card in the enclosed postage-paid envelope. If you later
choose to revoke your proxy or change your vote, you may do so by following the procedures
described in the Proxy Statement   s    Questions and Answers about the Annual Meeting and Voting   
section.
By Order of the Board of Directors,
David M. Stringer, Secretary
March 24, 2025
The Proxy Statement and the 2024 Annual Report to Shareholders
are also available at progressiveproxy.com


A MESSAGE FROM THE BOARD OF DIRECTORS
March 24, 2025
To Progressive   s shareholders:
After navigating several years of challenging business
conditions, we welcomed 2024 with cautious optimism.
We believed Progressive   s deft response to volatility and
profitability concerns in 2023 positioned it well for
profitable growth in 2024. Our optimism proved wellgrounded: The company delivered an appealing mix of
product offerings and customer-focused service, yielding
a year of profitable growth.
The numbers tell a lot of the story. Year over year,
Progressive grew countrywide policies in force and net
written premiums by 18% and 21%, respectively. This
follows strong growth in 2023, marking exceptional
sustained performance. Moreover, both our Personal
Lines and Commercial Lines businesses were
profitable   no small feat in highly competitive markets
and uncertain risk environments. The results are a
testament to Progressive   s unwavering commitment to
growing as fast as possible while delivering outstanding
customer service and earning at least a four percent
profit margin.
While my fellow Directors and I were delighted with the
company   s results, 2024 was about more than numbers.
In a decade filled with change and challenge, obstacles
and opportunities, we believe Progressive   s performance
has been rooted in the team   s clarity of vision, excellence
in execution, and sincerity of culture. We   re confident
these strengths, amplified through over 66,300
Progressive employees, will continue to support an
enduring, thriving business. It is a joy to watch the
Progressive team work together with shared purpose and
cultivated resilience.
I encourage you to read more about Progressive   s
outstanding performance in 2024 in the most recent letter
from Progressive   s Chief Executive Officer, Tricia Griffith,
which accompanies our 2024 Annual Report. As always,
Tricia   s letter provides a view into Progressive   s unique
culture, gives context to its commitments to its
stakeholders, and shares details about Progressive   s
accomplishments, strategies, and goals.
With regard to stakeholders, the Board recognizes the
special role Progressive plays for its customers and
employees during times of need. We saw this firsthand at
our October 2024 Board meeting, which commenced the
morning after Hurricane Milton made landfall in Florida.
Immediately, the Progressive team pivoted to focus on
the storm. We received real-time updates as plans were
made to mobilize thousands of employees to contact
customers and address claims   and to reach out to
employees in the storm   s path to check on their safety
and offer assistance to those needing help. We saw the
urgency of the moment, the concern for everyone   s
welfare, and the desire to be there for both customers
and employees in need. Ultimately, customers were
served, employees were supported, and the company
played its perennially vital role in the process of repairing
and rebuilding. This is just one example of how
Progressive lives up to its brand purpose     coming
together as a team to help our customers move forward
and live fully.
I could fill pages with commentary on the company   s
efforts for other stakeholder groups. For more on that, I
invite you to read Progressive   s Corporate Sustainability
Report, published this past September. In those pages,
you   ll find data and stories that illustrate the driving force
of culture at Progressive. The team strives to understand
each other   s needs, its customers    needs, and the
overarching need to deliver when it counts, always in the
right way.
As a Board, we are ever mindful of the critical role we
play in providing oversight and input. To that end, we
continue to engage with management regularly on overall
business strategy, risk management, and issues relating
to people and culture, among many other matters. This
includes overseeing both    here and now    risks and
strategies and longer-term challenges and opportunities.
Each year, we meet with Progressive leaders across
various business functions to take deep dives into key
company initiatives and to stay informed of business
operations, the competitive landscape, and company
plans. We so enjoy engaging not only with Progressive   s
most senior leaders, but with emerging talent across the
organization. We do this both as a full Board and through
our committees.



 3/24/2025 Letter Continued (Full PDF)