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前进保险Progressive(PGR)2025年10-K年度报告「NYSE」(英文版)(185页).pdf

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1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549FORM 10-K(Mark One)Annual Report Pursuant to Section 13 or 15(d)of the Securities Exchange Act of 1934For the fiscal year ended December 31,2025orTransition Report Pursuant to Section 13 or 15(d)of the Securities Exchange Act of 1934

2、For the transition period from _to_Commission file number 001-09518THE PROGRESSIVE CORPORATION(Exact name of registrant as specified in its charter)Ohio 34-0963169(State or other jurisdiction ofincorporation or organization)(I.R.S.EmployerIdentification No.)300 North Commons Blvd.,Mayfield Village,O

3、hio 44143(Address of principal executive offices)(Zip Code)(440)461-5000(Registrants telephone number,including area code)Securities registered pursuant to Section 12(b)of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Shares,$1.00 Par ValuePGRNew York St

4、ock ExchangeSecurities registered pursuant to Section 12(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 Securities Act.Yes NoIndicate by check mark if the registrant is not required to file reports pursuant to S

5、ection 13 or Section 15(d)of the Act.Yes NoIndicate by check mark whether the registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 duringthe preceding 12 months(or for such shorter period that the registrant was required to file such re

6、ports),and(2)has been subject to such filing requirements forthe past 90 days.Yes NoIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T(232.405 of this chapter)during the preceding 12 mo

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1. **公司定位与业务**:Progressive Corporation是美国保险控股公司,主营个人及商业车险、住宅财产险等,通过代理和直销渠道销售,2025年个人险业务占比87%。 2. **市场份额**:个人车险美国市场份额第二(2024年),商业车险第一(2015年起);住宅险排名第十二(2024年)。 3. **产品创新**:推出车险UBI程序Snapshot、嵌入式租客保险(模型9.0),以及商业车险UBI程序Smart Haul。 4. **再保险安排**:通过超额损失再保险(XOL)和巨灾债券管理财产险风险,2025年XOL覆盖首事件损失达20亿美元(非佛州)或22亿美元(佛州)。 5. **财务表现**:2025年净保费收入832亿美元,法定盈余284亿美元,保费盈余比2.9:1;投资组合公平价值974亿美元(较2024年增长21%)。
**Progressive的竞争优势是什么?** **保险业面临哪些主要风险?** **如何优化保险产品定价?**
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