LETTER TO SHAREHOLDERS  

致股东的信函

What a Year!  

多么不平凡的一年！

Each year when I choose the theme for the annual report, I have an internal debate with myself over the exact right word or words to help describe that given year. That did not happen this year. I knew very early on that “Resilience” was the perfect expression of 2020.

每年当我为年度报告选择主题时，我都会在内心反复斟酌，寻找最恰当的词语来描述当年。今年却不同。我很早就知道，“韧性”是对 2020 年的完美诠释。

In March 2020, when the first of hundreds of conversations with my team began, we knew that times such as these required a cogent plan with a lot of flexibility as the pandemic unfolded. I imagine that many companies did not have a clear blueprint for managing through these extraordinary events, including the social unrest that soon followed, and scrambled to react to the incoming obstacles. Thankfully, our guidance is very clear and led by our five Core Values. As we made decisions that would impact our employees, customers, agents, communities, and shareholders, we reflected on always striving to do the right thing given the circumstances. Through our newly created Apron Relief Program, a nod to our iconic apron that stands for hard work, progress, and protection, we provided support for our constituents knowing that every dollar of assistance would help to ease their burden.

2020 年 3 月，当我与团队展开数百次对话中的第一次时，我们就意识到，在疫情逐步发展之际，这样的时期需要一个清晰且灵活的计划。我想，许多公司在面对这些非凡事件时，包括随后发生的社会动荡，都没有明确的应对蓝图，而是匆忙应对接踵而来的障碍。幸运的是，我们的指导方针非常明确，并以我们的五项核心价值观为引领。当我们做出影响员工、客户、代理商、社区和股东的决定时，我们始终坚持在特定情况下努力做正确的事情。通过我们新创建的“围裙救助计划”（Apron Relief Program）——这一名称致敬我们标志性的围裙，象征着勤奋、进步和保护——我们为相关各方提供了支持，深知每一美元的援助都将帮助他们减轻负担。

It was clear early on that shelter-in-place orders would limit vehicle miles driven and we saw that happen in April when miles driven reached its nadir. Since then, miles driven have varied based on specific state restrictions and expansion and contraction of COVID-19 cases. That said, early on we knew that the right thing to do, following our Golden Rule core value, was to provide $1.1 billion of relief quickly in the form of credits to our personal auto policyholders. We normally like to be more surgical when approaching a problem, but we knew that time was of the essence. In addition, from April through December, we filed personal auto rate changes that averaged a decrease of approximately 3% in over 40 states that represent approximately 85% of our countrywide personal auto premium, thereby providing our customers aggregate annualized savings estimated at $800 million. Also, during the first couple of months of the pandemic, we granted billing leniency, where we did not cancel policies for nonpayments, and gave options to customers who needed our assistance with paying their premiums. I’ve heard directly from many customers regarding how appreciative they were with how they have been treated during this tumultuous time. I could go on and on, but I thought that sharing this email from a claim representative helps to show how we think about the customers that we are so privileged to serve.

很明显，居家令会限制车辆行驶里程，我们在 4 月份看到了这种情况，当时行驶里程降至最低点。从那时起，行驶里程根据各州具体限制措施以及新冠病例的增减而有所波动。尽管如此，我们很早就意识到，遵循我们“黄金法则”的核心价值观，迅速向个人汽车保单持有人提供 11 亿美元的信用额度援助是正确的做法。通常我们在处理问题时更倾向于精准施策，但我们知道时间至关重要。此外，从 4 月至 12 月，我们在超过 40 个州提交了个人汽车费率调整申请，平均降幅约为 3%，这些州占我们全国个人汽车保费的约 85%，因此为客户提供了预计每年总计 8 亿美元的节省。此外，在疫情最初几个月，我们实施了账单宽限政策，不会因未付款而取消保单，并为需要帮助支付保费的客户提供了多种选择。 我直接听到许多客户表示，他们非常感激在这个动荡时期所受到的对待。我本可以继续讲下去，但我认为分享一封来自理赔代表的邮件，有助于展现我们如何看待这些我们有幸服务的客户。

So, if you’re having a bad day, stressed out, or are going through something yourself, it is always good to stop…take a deep breath…and remind yourself about the golden rule to treat our customers like they are family.”

因此，如果你今天过得不顺心、感到压力或正经历某些困难，不妨停下来……深呼吸一下……提醒自己牢记黄金法则，把客户当作家人一样对待。

This email also reminds us that homelessness happens for many reasons and is always tragic, especially so during a global pandemic. Along with donating to causes to help curb homelessness, in 2019 we decided to partner with a non-profit organization, Humble Design, to address this societal issue.

这封邮件也提醒我们，无家可归的发生有许多原因，并且总是令人悲痛的，在全球疫情期间尤其如此。除了向帮助减少无家可归现象的事业捐款外，我们在 2019 年决定与非营利组织 Humble Design 合作，共同应对这一社会问题。

This new relationship extends our community outreach platform to include furnishing homes for the homeless, in addition to our annual veteran vehicle giveaways through our Keys to Progress® program. Humble Design’s mission is to serve individuals, families, and veterans emerging from homelessness by furnishing empty homes with donated furniture and household goods. Statistics show that approximately 50% of homeless families placed in permanent housing return to shelters within 12 months. According to Humble Design, its transformation of empty houses into warm and welcoming homes has reduced that number to less than 1% for the more than 1,500 homes transformed since its inception in 2009. Humble Design’s dedication to helping homeless families move forward aligns very well with Progressive’s commitment to making progress and continuously striving to do better.

这一新的合作关系扩展了我们的社区外展平台，除了通过“Keys to Progress®”项目每年向退伍军人赠送车辆外，还包括为无家可归者提供家居布置服务。Humble Design 的使命是通过用捐赠的家具和家居用品布置空房，帮助个人、家庭和退伍军人摆脱无家可归的状态。数据显示，大约 50%的无家可归家庭在入住永久住房后 12 个月内会重返收容所。据 Humble Design 称，自 2009 年成立以来，其将空房转变为温暖舒适的家园，已为超过 1,500 个家庭提供帮助，使这一比例降至不到 1%。Humble Design 致力于帮助无家可归家庭向前迈进，这与 Progressive 致力于取得进步并不断追求更好的承诺高度契合。

Despite the COVID pandemic and with our assistance, Humble Design established a Cleveland presence in 2020 – setting up its fifth local operation (they also have locations in Chicago, Detroit, San Diego, and Seattle). By mid-summer, Progressive employees were helping them fill the Cleveland warehouse with furnishings and household goods to enable Humble Design Cleveland to serve several local families through either curbside delivery of furniture and needed household items or a full home design experience (called “home decos”).

尽管面临新冠疫情，但在我们的协助下，Humble Design 于 2020 年在克利夫兰建立了据点，这是其第五个本地运营中心（他们还在芝加哥、底特律、圣地亚哥和西雅图设有分支）。到仲夏时，Progressive 的员工已协助他们为克利夫兰仓库配备家具和家居用品，使 Humble Design 克利夫兰分部能够通过路边交付家具和所需家居用品，或提供完整的家居设计体验（称为“home decos”），为当地多个家庭提供服务。

Humble Design is on pace to do at least one curbside delivery or full home deco throughout Cleveland weekly throughout 2021. Providing funding for expansion into other cities where Progressive operates is under consideration as we better understand the pandemic situation and the local needs of the homeless population in those communities.

Humble Design 计划在 2021 年内每周至少在克利夫兰地区进行一次路边配送或完整的家居装饰服务。随着我们更好地了解疫情形势以及这些社区无家可归人群的本地需求，我们正在考虑为其扩展到 Progressive 运营的其他城市提供资金支持。

As if a pandemic headwind wasn’t enough, as a country we encountered many tragic events during 2020 that highlighted the need for Progressive to make an even greater commitment to equality. I highlighted some of our initiatives in my third quarter letter to shareholders and thought it was important to reiterate our assurance that we will aggressively work on the following:

仿佛疫情带来的阻力还不够，我们国家在 2020 年经历了许多悲剧事件，凸显了 Progressive 需要更加致力于实现平等。我在致股东的第三季度信函中强调了我们的一些举措，并认为有必要再次重申我们的承诺，即我们将积极致力于以下事项：

•maintaining a fair and inclusive work environment

•保持公平且包容的工作环境

•contributing to our communities

• 为我们的社区做贡献

•reflecting the customers we serve

•体现我们所服务的客户

•having our leadership reflect the people they lead

•让我们的领导层反映他们所领导的群体

We know that when people can bring their whole selves to work, we all benefit and it just makes work seem a lot less like, well work. Having been at Progressive for over 33 years, it has been a joy to be a part of getting the company to where it is with our Diversity and Inclusion initiatives, and I’m thrilled to lead, alongside the entire Progressive leadership team, the next wave of objectives. Make no mistake that we still have much work to do, and our commitment has never been stronger.

我们知道，当人们能够将完整的自我带入工作时，我们所有人都会受益，这也会让工作感觉不像是在工作。我在 Progressive 工作了超过 33 年，很高兴能够参与公司多元化与包容性倡议的发展，并与整个 Progressive 领导团队一起领导下一阶段的目标。毫无疑问，我们仍有许多工作要做，而我们的承诺也从未如此坚定。

Creating a better future for our employees, agents, communities, shareholders, and the millions of customers who trust us to protect what’s most important to them is very important to us. Recently, we published our inaugural Corporate Sustainability Report. We’ve made considerable progress over the years, and we believe now is the time to publicly share what we’ve accomplished and the work that lies ahead of us. Please take the time to view the report on our Investor Website at progressive.com/sustainability.

为我们的员工、代理商、社区、股东以及数百万信任我们保护其最重要资产的客户创造更美好的未来，对我们而言至关重要。最近，我们发布了首份企业可持续发展报告。多年来，我们取得了显著进展，我们认为现在是时候公开分享我们的成就以及未来的工作。请抽出时间访问我们的投资者网站 progressive.com/sustainability 查看该报告。

Details of the Year  

年度详情

The information provided in the business unit operating summaries gives more complete particulars but suffice it to say that 2020 was a year of uncertainty and that uncertainty remains as we head into 2021. The key, of course, is to focus on being nimble while concentrating on our customers. We are doing our best to personalize every conversation when customers need our help and we are being as flexible with them as we can during these trying times. We also provide our usage-based insurance offerings (Snapshot®, SmartHaul®, and Snapshot Proview®), in both our Personal and Commercial Lines businesses, as another way that consumers and customers are able to help control the cost of their vehicle policies based on their driving behaviors. In turn, we hope that they will show support with their decision to choose, and stay, with Progressive. Our retention (measured by policy life expectancy or PLE) shows consistent improvement throughout the year, although we believe a portion of the PLE increase is due to billing leniency efforts in place during part of 2020.

业务部门运营摘要中提供的信息更加详细，但可以说，2020 年是不确定性的一年，而这种不确定性在我们进入 2021 年时仍然存在。当然，关键在于保持灵活性，同时专注于我们的客户。在客户需要帮助时，我们尽最大努力使每次沟通都个性化，并在这个艰难时期尽可能为他们提供灵活的服务。此外，我们在个人和商业业务中均提供基于使用情况的保险产品（Snapshot®、SmartHaul® 和 Snapshot Proview®），这是消费者和客户根据自身驾驶行为控制车辆保单成本的另一种方式。相应地，我们希望他们通过选择并继续留在 Progressive 来表达支持。从我们的客户留存率（以保单预期寿命或 PLE 衡量）来看，全年持续改善，尽管我们认为部分 PLE 的增长是由于 2020 年部分时间实施的账单宽限措施所致。

The year ended with a companywide combined ratio (CR) of 87.7 and year-over-year net premiums written (NPW) growth of 8%. We are delighted with these results given both the amazing prior year results and all that came our way during this turbulent year. Our ultimate measure of growth is policies in force (PIFs). On a companywide basis, PIFs increased 11%, and we continue to narrow the gap on the competition. We know we have a long way to go but are more than up for that challenge.

本年度公司整体综合比率（CR）为 87.7，净承保保费（NPW）同比增长 8%。考虑到前一年出色的业绩以及在这一动荡年份所面临的各种挑战，我们对这些成果感到非常满意。衡量我们增长的最终指标是有效保单数（PIFs）。公司整体有效保单数增长了 11%，我们与竞争对手之间的差距继续缩小。我们清楚前方还有很长的路要走，但我们已做好充分准备迎接挑战。

Our Personal Lines CR ended the year at an 86.8, reflecting lower frequency of accidents partially offset by higher severity and the credits we gave personal auto policyholders. NPW growth was 7% and personal auto PIF growth was 11%. Special lines, our recreational vehicle products, had a good year as well, with very strong PIF growth of 8%, reflecting the desire for people to enjoy the outdoors while also social distancing.

我们的个人险综合赔付率（CR）年终为 86.8，反映出事故频率降低，但部分被事故严重程度增加以及我们给予个人汽车保单持有人的保费抵免所抵消。净保费（NPW）增长 7%，个人汽车有效保单数（PIF）增长 11%。特殊险种，即我们的休闲车辆产品，今年表现也很好，有效保单数强劲增长 8%，反映出人们希望在保持社交距离的同时享受户外活动。

Commercial Lines wrapped up the year with solid NPW growth of 11% at a CR of 87.0; however, it was a tale of two cities. We had very impressive growth in our for-hire transportation business market target, reflecting the greater demand for shipping services in light of the pandemic. In addition, our Business Owners Policy (BOP) was active in 17 states in the agency channel at year end and, during the fourth quarter 2020, BOP was added to our BusinessQuote Explorer® (BQX) platform in the direct channel. On the other hand, our transportation network company (TNC) premiums declined during the year because premiums for this product are based on actual miles driven, which decreased significantly as the shelter-in-place restrictions were in effect. Nevertheless, it is very exciting to see our investments in many of our Horizon Two initiatives come to fruition.

商业险业务全年表现稳健，净保费增长 11%，综合比率为 87.0；然而，这是一种冰火两重天的局面。我们的出租运输业务市场目标实现了非常显著的增长，反映出疫情期间对运输服务需求的增加。此外，截至年底，我们的企业主保单（BOP）已在代理渠道覆盖 17 个州，并于 2020 年第四季度在直销渠道的 BusinessQuote Explorer®（BQX）平台上线了 BOP 产品。另一方面，我们的运输网络公司（TNC）保费在年内有所下降，因为该产品的保费基于实际行驶里程，而在居家令实施期间，实际行驶里程显著减少。尽管如此，看到我们在多个“第二地平线”（Horizon Two）项目上的投资取得成果，令人非常振奋。

The 2020 Atlantic hurricane season was the most active on record with 30 named storms through November. Twelve of these storms made landfall in the contiguous United States, breaking the record of nine set in 1916. These storms contributed to the underwriting loss in our Property segment, which ended the year with a CR of 107.1. Our Property NPW growth continued to be strong at 13% and we feel confident that we have the pricing and product enhancements in place to get closer to our target margins.

2020 年大西洋飓风季是有记录以来最活跃的一年，截至 11 月共有 30 个已命名风暴。其中 12 个风暴在美国本土登陆，打破了 1916 年创下的 9 个风暴登陆的纪录。这些风暴导致了我们财产险部门的承保亏损，该部门全年综合赔付率（CR）为 107.1。我们的财产险净保费（NPW）增长继续保持强劲，达到 13%，我们相信已实施的定价和产品改进措施将使我们更接近目标利润率。

In 2020, our investment portfolio achieved a fully taxable equivalent total return of 7.9%. The returns were very similar to last year, however the path to achieving those gains was very different. While 2019 saw steadily increasing markets, 2020 saw heightened volatility brought on by the COVID pandemic and the economic shutdowns that followed. We were fortunate to enter the year with a relatively conservatively structured portfolio that allowed us to add some very attractive investments during the sharp market selloff. Our fixed-income portfolio earned a 6.7% return as lower interest rates, and our ability to navigate volatile credit markets drove strong performance. Our equity portfolio earned an annual return of 24.3%, as a large first quarter decline was followed by gains throughout the rest of the year.

2020 年，我们的投资组合实现了 7.9%的完全应税等值总回报率。这一回报率与去年非常接近，但实现这些收益的路径却截然不同。2019 年市场稳步上涨，而 2020 年则因新冠疫情及随之而来的经济停摆导致市场剧烈波动。幸运的是，我们在年初时投资组合结构相对保守，使我们能够在市场大幅下跌期间增加一些非常有吸引力的投资。我们的固定收益投资组合实现了 6.7%的回报率，较低的利率环境以及我们在波动的信贷市场中的灵活应对推动了强劲表现。我们的股票投资组合实现了 24.3%的年度回报率，尽管第一季度大幅下跌，但随后全年持续上涨。

Another year of strong, profitable growth on both the operating and investing sides of our business pushed the size of our portfolio to over $47 billion by the end of the year. With this continued growth in the portfolio, we are expanding our investment team to ensure a continued focus on both protecting the balance sheet and earning a strong risk-adjusted return on our investments.

在业务运营和投资方面又一年的强劲盈利增长，使我们的投资组合规模在年底超过了 470 亿美元。随着投资组合的持续增长，我们正在扩大投资团队，以确保继续专注于保护资产负债表，并在投资中获得强劲的风险调整后回报。

During each quarter in 2020, we paid a regular dividend of 10 cents per common share. In December 2020, the Board of Directors declared an additional $4.50 per share, or $2.6 billion. Both the fourth quarter and annual 2020 dividends were paid on January 15, 2021.

在 2020 年的每个季度，我们支付了每股普通股 10 美分的常规股息。2020 年 12 月，董事会宣布额外派发每股 4.50 美元，总计 26 亿美元。2020 年第四季度及全年股息已于 2021 年 1 月 15 日支付。

Our Strategic Pillars  

我们的战略支柱

Our quest to having an enduring business through questioning everything and having an always growing mindset was even more critical in 2020. At every turn, we challenged ourselves on how we wanted to connect with all of our constituents employing the successful four cornerstone construct that we put into place many years ago.

在 2020 年，通过质疑一切并保持持续成长的心态来追求持久的业务变得更加重要。在每个关键时刻，我们都以多年前建立的成功的四大基石框架为基础，不断挑战自己，思考如何与所有利益相关方建立联系。

At the heart of everything are our Core Values (who we are) and our Purpose (why we are here). These two tenets serve as the underpinnings of our special culture. We overlap that with our Vision (where we are headed) and then, where the ultimate rubber meets the road, with our Strategy (how we are going to get there).

我们一切工作的核心是我们的核心价值观（我们是谁）和我们的宗旨（我们为何存在）。这两项原则构成了我们独特文化的基础。在此基础上，我们结合愿景（我们的前进方向），最终通过战略（我们如何实现目标）将其付诸实践。

We make investments in each of our four strategic pillars and regularly debate and discuss tradeoffs to ensure that we are driving closer to our ultimate goal, while remaining flexible in an ever-changing environment like we witnessed this year.

我们在四大战略支柱上进行投资，并定期讨论和权衡各种取舍，以确保我们更接近最终目标，同时在今年所经历的不断变化的环境中保持灵活性。

There are so many elements that are essential and need to fall into place in order to be successful, and that starts with my team. In a normal year, I wouldn’t call out this team, but I feel so honored and am privileged to work side-by-side with this incredible group of leaders. We worked together on a daily basis with great alacrity, while also having lively discussions where we challenged each other, making the ultimate outcomes on so many topics better. The power in having these discussions is that, in the end, we are unified as a team and are able to swiftly achieve more collectively.

要取得成功，需要许多关键因素相互配合，而这一切都始于我的团队。在平常年份，我不会特别提及这个团队，但我感到非常荣幸，能够与这样一群出色的领导者并肩工作。我们每天都以极大的热情共同努力，同时也进行充满活力的讨论，彼此挑战，使许多议题的最终结果更加完善。这些讨论的力量在于，最终我们作为一个团队团结一致，能够迅速地共同取得更多成就。

People and Culture:  

人员与文化：

People and our culture are our most important sources of competitive advantage, and these are advantages that are earned and nurtured over the long-term. When I present to new hire classes or interview people who wish to join Progressive, the primary topic that I attempt to explain is our amazing culture. I give concrete examples of how we live our Core Values and share our efforts around Diversity, Inclusion, and the importance of personal development. The stories resonate, but there is nothing like living through a crisis or two, as a country and company, to bring an already magnificent culture to life. It is times such as these that we shine.

人才和我们的企业文化是我们最重要的竞争优势来源，而这些优势需要长期积累和培育。当我向新员工培训班授课或面试希望加入 Progressive 的人时，我首要讲解的主题就是我们卓越的企业文化。我会举出具体实例，说明我们如何践行核心价值观，并分享我们在多元化、包容性以及个人发展的努力。这些故事引起共鸣，但没有什么比作为一个国家和公司共同经历一两次危机，更能让本已卓越的文化焕发出生命力。正是在这样的时刻，我们才更加闪耀。

During the pandemic, we were proud to be able to continue to keep Progressive people employed and our primary goal has been, and continues to be, their health and safety. Due to decreased driving and shopping for insurance, there were certainly periods, especially early in the pandemic, when we had more than ample staff. We quickly pivoted and stopped hiring for a period and ensured our people had adequate time to plan for their and their families’ personal safety and security. In addition, we provided financial relief, including advances on a portion of our annual bonus program, additional vacation days, and paid time off for those who were unable to work.

在疫情期间，我们很自豪能够继续保持 Progressive 员工的就业，我们的首要目标一直是并将继续是他们的健康与安全。由于驾驶和保险购买活动减少，尤其是在疫情初期，我们确实经历了一些时期人员过剩。我们迅速做出调整，暂停了一段时间的招聘，并确保员工有充足的时间规划自己及家人的个人安全。此外，我们还提供了经济援助，包括提前发放部分年度奖金、增加休假天数，以及为无法工作的员工提供带薪休假。

We also established the Progressive Employee Relief Fund that currently grants from $500 to $2,500 to eligible employees facing unforeseen personal hardship. Employees with ongoing needs are eligible to seek assistance from the Progressive Insurance Foundation twice in a 12-month period. This program was something we have talked about creating for some time and we sprang into action to get it set up in 2020.

我们还设立了 Progressive 员工救助基金，目前向面临意外个人困难的符合条件的员工提供 500 至 2500 美元的资助。有持续需求的员工可在 12 个月内向 Progressive 保险基金会申请两次援助。我们曾经讨论过设立这一项目已有一段时间，并在 2020 年迅速采取行动将其建立起来。

Here are a few anonymous quotes that tell the story better than I can.

以下是一些匿名引用，它们比我所能表达的更能说明问题。

In addition, Progressive employees donated over $1 million of their vacation time to their co-workers in need, providing additional paid time off for employees who need to care for themselves or their families.

此外，Progressive 的员工向有需要的同事捐赠了价值超过 100 万美元的假期时间，为需要照顾自己或家人的员工提供了额外的带薪休假。

During this time, we also invested in other stakeholders that we expected needed assistance, specifically our agents, body shops, and first responders.

在此期间，我们还对其他预计需要援助的利益相关方进行了投入，特别是我们的代理商、汽车修理厂和急救人员。

While agents are independent from Progressive, they often feel like family and, just as our Core Values state, we treat them in the way that they want to be treated. This note that we received from a valued West Virginia agent is a fitting example of how our employees bring their whole selves to work each and every day.

尽管代理人与 Progressive 是独立的，但他们常常感觉像家人一样，正如我们的核心价值观所述，我们以他们希望被对待的方式对待他们。我们从一位备受重视的西弗吉尼亚州代理人那里收到的这封信，就是一个恰当的例子，体现了我们的员工每天如何全身心地投入工作。

Since March, I received thousands of personal notes from the incredible people of Progressive where we shared our fears, vulnerabilities, and hopes for the future. Those notes lifted me up more than they can ever know and cemented what an honor it is to be able to lead the 43,000+ Progressive people.

自三月以来，我收到了来自 Progressive 公司众多杰出员工的数千封个人来信，我们在信中分享了彼此的恐惧、脆弱以及对未来的希望。这些信件给予我的鼓舞远超他们的想象，也让我更加深刻地体会到能够领导 Progressive 公司四万三千多名员工是多么荣幸。

Our ability to communicate and rely on each other, albeit virtually, was our strong suit this year. My team and I sent videos and written documents to Progressive employees and had countless virtual town halls. We talked about the feelings that many of us have experienced during COVID, racial injustice, and a contentious election. We had many sessions on what we call “courageous conversations” where we educated ourselves using hypothetical scenarios that presented diversity and inclusion challenges then discussed how we would and could approach those situations. Those brave conversations helped us to identify our own unconscious biases and turn those biases into change.

尽管是以虚拟方式，我们今年在沟通和相互依靠方面表现突出。我和我的团队向 Progressive 员工发送了视频和书面文件，并举办了无数次线上市政厅会议。我们讨论了许多人在新冠疫情、种族不公和充满争议的选举期间所经历的情绪。我们举办了许多名为“勇敢对话”的会议，通过假设情景来教育自己，这些情景涉及多元化和包容性方面的挑战，然后讨论我们将如何以及能够如何应对这些情况。这些勇敢的对话帮助我们识别自身的无意识偏见，并将这些偏见转化为改变。

I’m elated to report that since we began measuring engagement with Gallup, our 2020 results were at an all-time high. In addition, our employee turnover is the lowest it has been since the labor market disruptions from the great recession and our service levels have been excellent even after we have returned to robust new customer and policyholder growth.

我很高兴地报告，自从我们开始使用盖洛普衡量员工敬业度以来，我们 2020 年的成绩达到了历史最高水平。此外，自大衰退引发劳动力市场动荡以来，我们的员工流失率降至最低，即使在我们恢复强劲的新客户和保单持有人增长后，我们的服务水平依然保持卓越。

Broader Needs of our Customers:

客户更广泛的需求：

We are in the business of trust. Trust is somewhat easy when everything goes right in a relationship. Trust is tested during times when you may need it the most. Enter COVID and financial struggles for so many of our customers.

我们从事的是信任的事业。当一切顺利时，信任相对容易；而当你最需要它时，信任才会受到考验。新冠疫情的到来，让我们的许多客户陷入了财务困境。

Aside from the credits and rate reductions that we have shared publicly, it was about the personal conversations that we had with our customers and where we gave them relief from the stress of what they were experiencing.

除了我们公开分享的信贷和费率下调之外，更重要的是我们与客户进行的个人沟通，以及我们如何帮助他们缓解所经历的压力。

I thought that I would share with you a very small portion of some sentiments from our customers shared by our sales and service consultants who have been on the front line supporting our customers when they have needed us most.

我想与大家分享一些客户的反馈，这些反馈来自于我们的销售和服务顾问，他们一直在一线为客户提供最需要的支持，这里仅摘取了其中很小的一部分。

We continue to invest in serving our customers in the way in which they desire to interact with us. We want the choice of where, when, and how they choose those interactions to be what works best for them.

我们持续投入，以客户期望的方式为他们提供服务。我们希望客户能够自由选择与我们互动的地点、时间和方式，以最适合他们的方式进行互动。

Our investments in our mobile native application, HomeQuote Explorer® on the Personal Lines side and BusinessQuote Explorer® on the Commercial Lines side, are just a few examples of giving our customers choices. We’ve always been about choice from our early days comparing our rates with the rates of the competition, even if our rate wasn’t the lowest, and transparency remains part of our DNA.

我们在移动原生应用程序上的投资，例如个人业务方面的 HomeQuote Explorer® 和商业业务方面的 BusinessQuote Explorer®，只是我们为客户提供选择的几个例子。从早期开始，我们就一直致力于为客户提供选择，比如将我们的费率与竞争对手的费率进行比较，即使我们的费率并非最低，透明度也始终是我们基因的一部分。

Using our product comes in the form of a claim. This year, we were challenged by the inability to physically be by the side of cars to perform inspections. Because we had previously tested using photos and videos as an alternate method of inspection, we didn’t miss a beat in making sure that our estimates were both timely and accurate while working remotely.

使用我们产品的方式体现在理赔过程中。今年，我们面临的挑战是无法亲自到车辆旁进行检查。由于我们之前已测试过使用照片和视频作为替代检查方式，因此在远程工作时，我们仍能确保及时准确地完成估损工作，没有受到任何影响。

Our customers live in the same communities where our employees live, and we took this year to make sure to help out our fellow neighbors and friends through giving to a variety of charities. It was just the right thing to do, and we hope that our involvement helped in some small way.

我们的客户与员工生活在同样的社区，今年我们通过向各种慈善机构捐赠，确保为邻居和朋友提供帮助。这是我们应尽的责任，我们希望自己的参与能略尽绵薄之力。

In the end, everything we do is with our customers in mind and this year proved that over and over.

最终，我们所做的一切都是以客户为中心，今年一次又一次地证明了这一点。

Leading Brand:  

领先品牌：

The year 2020 challenged us to define who we are as a brand. Our brand isn’t just an 11-letter company name, it’s over 43,000 employees, 40,000 independent agents, 24 million policyholders, and the millions of people who we share our communities with.

2020 年促使我们重新审视自身品牌的定义。我们的品牌不仅仅是一个由 11 个字母组成的公司名称，更代表着超过 43,000 名员工、40,000 名独立代理人、2,400 万名保单持有人，以及与我们共享社区的数百万民众。

The year 2020 also challenged us to think about why we exist as a company. Our product is insurance, but we’re in the business of protection. Doing what we can to ensure that our employees, agents, customers, and communities are safe and cared for, especially as we embarked upon an unprecedented journey, is why we do what we do.

2020 年也促使我们思考公司存在的意义。我们的产品是保险，但我们的业务是提供保护。尽我们所能确保员工、代理人、客户和社区的安全与关怀，尤其是在我们踏上前所未有的旅程之际，这正是我们工作的初衷。

Marketing is often the most outward expression of a brand. While 2020 certainly brought some unknowns, the year helped us to focus on what matters most. For us, it was about more than words. It was about action. We let our brand promise guide us – When it matters to you. It matters to us. And we’ll help you protect it – and we put our words into action to prove it.

营销通常是品牌最外在的表达方式。尽管 2020 年确实带来了一些未知因素，但这一年帮助我们专注于最重要的事情。对我们而言，这不仅仅是言语，更是行动。我们以品牌承诺为指引——当你在意时，我们也在意。我们将帮助你保护它——并以实际行动证明我们的承诺。

It’s not typically in our nature to talk about our actions, but we thought it was important for our constituents to know how we were responding, so we updated a national TV spot originally aired in 2013, that shared a bit about the importance of our iconic apron and the details of the Apron Relief Program. It was my first time recording a voice-over for a commercial, but it wouldn’t be our last pivot for how to handle marketing in the middle of a pandemic and social distancing.

通常我们不会主动谈论自己的行动，但我们认为让利益相关方了解我们的应对措施非常重要，因此我们更新了一则最初于 2013 年播出的全国电视广告，介绍了我们标志性围裙的重要性以及“围裙救助计划”的细节。这是我第一次为广告录制旁白，但这并不会是我们在疫情和社交距离期间调整营销方式的最后一次尝试。

We embraced our new virtual lifestyle, and virtually headed to Hollywood to create a series of Work from Home spots featuring our beloved Super Store characters. This production was a first of its kind with seamless collaboration between our internal and external advertising agency partners. It was 100% virtually directed, shot on mobile devices, with talent handling their own make up, wardrobe, set, and lighting, from the comfort and safety of their own homes. Work from Home cut through the somber sea of sameness, and its relevance connected with people in an authentically on-brand way. Our funny-because-it’s-true tonality was exactly what people needed, even when what we were living through was anything but funny.

我们拥抱了全新的虚拟生活方式，并以虚拟方式前往好莱坞，制作了一系列以我们深受喜爱的超级商店角色为主角的居家办公广告。这次制作开创了先河，实现了我们内部和外部广告代理合作伙伴之间的无缝协作。整个过程 100%通过虚拟方式指导，用移动设备拍摄，演员们在自己家中舒适安全地自行完成化妆、服装、布景和灯光。居家办公系列广告在一片沉闷单调的氛围中脱颖而出，以真实贴切的品牌方式与人们产生共鸣。我们“因真实而有趣”的基调正是人们所需要的，即使我们所经历的现实并不轻松有趣。

Throughout the year, we relied on strategically led speed to keep our marketing plan in motion. We adjusted and pivoted based on the need of the moment. We reacted in real-time, pushing our own boundaries of where and how we could produce relevant, high-quality content. When we couldn’t shoot in Los Angeles, we did it in Cleveland. As an example, when we needed a specific camera angle but wanted to be distant from our actors, we used a baby monitor to record. Our cast of network characters – Flo, Jamie, Dr. Rick, Sign Spinner, Babyman, Motaur, and Baker Mayfield among others – continued to showcase their relatability and kept fans entertained and craving more. In 2020, we produced more television and online video content than ever before.

全年中，我们依靠战略引导的快速行动，持续推进营销计划。我们根据当时的需求进行调整和转变，实时做出反应，不断突破自身界限，探索如何以及在哪里制作相关且高质量的内容。当我们无法在洛杉矶拍摄时，我们就在克利夫兰进行。例如，当我们需要特定的拍摄角度但又想与演员保持距离时，我们使用婴儿监视器进行录制。我们的网络角色阵容——Flo、Jamie、Rick 博士、Sign Spinner、Babyman、Motaur 以及 Baker Mayfield 等人——继续展现他们的亲和力，让粉丝们乐在其中并渴望更多内容。2020 年，我们制作了比以往更多的电视和在线视频内容。

We teamed up with Whole Foods Market to introduce the Turkey Protection Plan to keep the most important meal of the year safe from Thanksgiving cooking mishaps, showing our quest for a combination of both relevance and humor.

我们与 Whole Foods Market 合作推出了“火鸡保护计划”，以防止一年中最重要的一餐因感恩节烹饪失误而受损，展现了我们对相关性与幽默感兼具的追求。

COVID challenged us to question everything we knew about marketing. We had to out-create and out-think what could be possible in a world that was feeling sort of impossible. We are fortunate that our brand will come out of this stronger, with unflappable creative resiliency that will benefit us through whatever comes next -- a silver lining to marketing through a pandemic.

新冠疫情促使我们质疑自己对营销的所有认知。我们必须在一个看似不可能的世界中，超越以往的创造力和思考力，探索新的可能性。幸运的是，我们的品牌将因此变得更加强大，拥有坚定的创意韧性，使我们能够应对未来的任何挑战——这正是疫情期间营销所带来的积极一面。

Competitive Prices:  

有竞争力的价格：

Pricing segmentation, cost efficiency, accurate claims handling, and expense management are all key components of this strategic pillar. In 2020, we made very conscious decisions to balance the near-term and long-term across these components.

定价细分、成本效率、准确的理赔处理和费用管理都是这一战略支柱的重要组成部分。在 2020 年，我们在这些方面做出了非常审慎的决策，以平衡短期和长期目标。

I’m also happy to report we are very well-positioned for further growth in 2021. Our expense ratio, excluding policyholder credits, was 21.0 points, which, while up 0.5 points versus 2019, is still very competitive. Our Personal Lines non-acquisition expense ratio (which excludes advertising and commission costs) was down 0.3 points versus 2019. Our loss adjustment expense ratio was also down 0.3 points. And again, and most importantly, we’ve supported our people and retained our culture, which we know pays huge dividends going forward.

我也很高兴地报告，我们已为 2021 年的进一步增长做好了充分准备。我们的费用率（不包括保单持有人抵免）为 21.0 个百分点，尽管较 2019 年上升了 0.5 个百分点，但仍然极具竞争力。我们的个人业务非获取成本费用率（不包括广告和佣金成本）较 2019 年下降了 0.3 个百分点。我们的理赔费用率也下降了 0.3 个百分点。此外，更重要的是，我们持续支持员工并保持了企业文化，我们相信这将在未来带来巨大回报。

As with all decisions that we make, we weigh the importance of expense management with current events and our culture and values.

与我们所做的所有决策一样，我们在费用管理的重要性与当前事件及我们的文化和价值观之间进行权衡。

Let’s wrap up 2020  

让我们总结一下 2020 年

To state the obvious, COVID-19, the emotional toll of social unrest, and a contentious presidential election sure made for a pernicious year. In some way, shape, or form, we were all affected through the loss of loved ones, fear of violent actions, and lives interrupted.

显而易见，新冠疫情、社会动荡带来的情绪冲击以及充满争议的总统选举，使这一年变得尤为艰难。无论以何种方式，我们所有人都经历了亲人离世、对暴力行为的恐惧以及生活被打乱的影响。

However, with all that occurred in 2020 and even into 2021, I remain sanguine about the future of our great country and most of all Progressive.

然而，尽管 2020 年乃至 2021 年发生了诸多事件，我对我们伟大国家的未来，尤其是 Progressive 的未来，依然充满信心。

The resilience that the people of Progressive and this country have shown was not surprising but nonetheless amazing. I’m so proud on many levels.

Progressive 的员工以及这个国家所展现出的韧性并不令人意外，但依然令人惊叹。我在许多方面都感到非常自豪。

I am eager to see what 2021 brings and, while I believe things will never be quite the same, I believe that we will look back on 2020 as a year where there were many silver linings and that the experiences we all lived through gave us time to reimagine an even better and stronger Progressive.

我迫切期待 2021 年将带来什么，虽然我认为事情不会完全恢复原样，但我相信，当我们回顾 2020 年时，会发现这一年有许多积极的一面，我们共同经历的种种体验让我们有机会重新构想一个更好、更强大的 Progressive。

Best,  此致，

Tricia Griffith