前进保险Progressive（PGR）2025年年度报告「NYSE」（英文版）（90页）.pdf

1、The Progressive Corporation 2025 Annual Report to Shareholders THE PROGRESSIVE CORPORATION 2025 ANNUAL REPORT TO SHAREHOLDERS Annual Report App.-A-1 The Progressive Corporation and Subsidiaries Consolidated Statements of Comprehensive Income For the years ended December 31,(millions-except per share

2、 amounts)2025 2024 2023 Revenues Net premiums earned$81,661$70,799$58,665 Investment income 3,583 2,832 1,892 Net realized gains(losses)on securities:Net realized gains(losses)on security sales 248(414)14 Net holding period gains(losses)on securities 480 679 348 Net impairment losses(1)(1)(9)Total n

3、et realized gains(losses)on securities 727 264 353 Fees and other revenues 1,196 1,064 889 Service revenues 504 413 310 Total revenues 87,671 75,372 62,109 Expenses Losses and loss adjustment expenses 53,959 49,060 45,655 Policy acquisition costs 6,096 5,383 4,665 Other underwriting expenses 11,329

4、9,462 6,242 Policyholder credit expense1 1,224 00 Investment expenses 34 29 26 Service expenses 528 446 349 Interest expense 278 279 268 Total expenses 73,448 64,659 57,205 Net Income Income before income taxes 14,223 10,713 4,904 Provision for income taxes 2,915 2,233 1,001 Net income 11,308 8,480

5、3,903 Other Comprehensive Income(Loss)Changes in:Total net unrealized gains(losses)on fixed-maturity securities 1,525 193 1,186 Net unrealized losses on forecasted transactions 1 0 0 Other comprehensive income(loss)1,526 193 1,186 Comprehensive income(loss)$12,834$8,673$5,089 Computation of Earnings

6、 Per Common Share Net income$11,308$8,480$3,903 Less:Preferred share dividends and other2 0 17 38 Net income available to common shareholders$11,308$8,463$3,865 Average common shares outstandingBasic 586.3 585.5 584.9 Net effect of dilutive stock-based compensation 1.8 2.2 2.6 Total average equivale