2022-02-28 Tricia Griffith’s Letters to PGR Shareholders
Refer To：《PGR-Form 10-K - Annual report-2021》。
LETTER TO SHAREHOLDERS
致股东的信函
If anyone would have signaled that 2021 would be even more challenging than 2020, we would not have believed it, but alas it was, however in a much different way. Driving returned to near pre-pandemic levels and severity outpaced our sophisticated models, especially during the latter half of the year. Whilst these trends reversed themselves from what we experienced during the heart of the pandemic, we reacted quickly to these fluctuations, knowing that our actions in the form of rate increases, would take time to earn in. We have a history of being a “first-mover” when we see trends change, and this time appears to be no different.
如果有人曾表示 2021 年会比 2020 年更具挑战性，我们本不会相信，但遗憾的是，事实确实如此，只是挑战的方式截然不同。驾驶活动恢复到接近疫情前的水平，事故严重程度超出了我们复杂模型的预测，尤其是在下半年。尽管这些趋势与疫情高峰期的情况截然相反，但我们迅速应对了这些波动，并清楚我们的行动（如提高费率）需要一定时间才能见效。当趋势发生变化时，我们一贯率先采取行动，这次似乎也不例外。
In light of all the reversions, we had the opportunity at every turn to show how flexible we were as a company. In fact, choosing the theme of flexibility for this year’s annual report aptly reflected 2021 and all of the twists and turns we navigated during the year. Peter Lewis, our longest running CEO, and the son of one of our founders, started using artwork and themes for our annual reports back in 1988, which was also the year I started with the company as a claim rep. That year, Peter chose seven artists to visually represent seven themes, of which flexibility was one of those themes. I always review the past annual reports to avoid duplication of themes, but I am quite certain that the flexibility that Peter wrote about versus the prodigious amount of what we had to adapt to this year do not compare 34 years later.
鉴于所有的反复变化，我们在每个转折点都有机会展现公司出色的灵活性。事实上，今年年报选择“灵活性”作为主题，恰当地反映了 2021 年我们所经历的各种曲折变化。我们任职时间最长的首席执行官、公司创始人之一的儿子彼得·刘易斯，从 1988 年开始就在年报中使用艺术作品和主题，而那一年也是我作为理赔代表加入公司的年份。当年，彼得选择了七位艺术家来视觉化呈现七个主题，其中之一就是灵活性。我总是回顾过去的年报，以避免主题重复，但我相当确定，彼得当年所描述的灵活性与我们今年不得不适应的大量变化相比，34 年后的今天已不可同日而语。
Aside from attempting to not duplicate a theme, I also only share the theme with a few select individuals involved in the process of selecting the artist and artwork that will be presented in the report. This year, we decided to approach things a little differently in our quest to be increasingly flexible. The artist we commissioned, Katy Fischer, created a nearly 560-piece mosaic made from colorful ceramic tiles to represent the theme in the report. The massive piece is magnificent and will be captured in photos to memorialize the artwork in its entirety and, of course, you can see it as part of the main fold-out in this report. That said, we determined that given the theme, as well as how incredibly flexible Progressive employees have been facing so many headwinds last year, we would share the art, piece by piece, with 560 deserving employees. To select the recipients, we invited employees to submit a story of how they, or a co-worker, exhibited flexibility in their interactions with our customers, each other, and/or those they care about. We had over 700 participants and the stories were so heartwarming that I wanted to share a few with you in my letter to our shareholders.
除了尽量避免主题重复之外，我也只会与少数参与挑选艺术家和报告中呈现艺术作品的相关人士分享主题。今年，为了追求更大的灵活性，我们决定以稍微不同的方式进行。我们委托的艺术家凯蒂·费舍尔（Katy Fischer）创作了一幅由近 560 块色彩缤纷的陶瓷瓷砖组成的马赛克，以体现报告中的主题。这件巨大的作品非常壮观，我们将通过照片记录下整个艺术品，当然，你也可以在本报告的主要折页部分看到它。话虽如此，我们认为，鉴于今年的主题，以及 Progressive 员工在过去一年中面对诸多阻力时所表现出的非凡灵活性，我们将把这件艺术品逐块赠送给 560 名值得表彰的员工。为了选出获赠者，我们邀请员工提交他们自己或同事在与客户、彼此之间或关心的人互动时展现灵活性的故事。共有 700 多名员工参与，这些故事非常温暖人心，我想在致股东的信中与你们分享其中的一些。
Michelle is such a shining light and positive addition to this organization. I can’t think of anyone more deserving of this artwork than her, given her adaptability and her true nature.
Michelle 是这个组织中一位耀眼的光芒和积极的成员。考虑到她的适应能力和真诚的本性，我想不出还有谁比她更配得上这件艺术品。
Michelle has continued to be an example of flexibility while dealing with her own personal challenges. She was directly impacted by Hurricane Laura in 2020, like so many others in the region, but continued to be a supportive leader that was always available and encouraging to others. She was also the person who cooked and served meals to the linemen in the region during the early recovery efforts as she knew these workers were away from their families for extended periods of time to aid our local communities. In addition, Michelle’s sense of humor has helped our team to stay connected and laugh with each other during the pandemic.
Michelle 在面对个人挑战时，始终展现出灵活应变的典范。2020 年，她与该地区许多人一样，直接受到了飓风劳拉的影响，但她依然是一位随时给予支持和鼓励的领导者。此外，在灾后初期恢复工作期间，她还亲自为该地区的线路工人烹制并提供餐食，因为她知道这些工人为帮助当地社区而长时间远离家人。此外，Michelle 的幽默感也帮助我们的团队在疫情期间保持联系，并相互欢笑。
It is difficult to describe Michelle, but she is a cross between a well-oiled machine, a cheerleader, and the Energizer bunny – dedicated and full of energy! She is a fantastic supervisor who has a drive and a desire to connect with people, bring them together, inspire them, and push them towards their goals. She is a wonderful asset to our Progressive culture.
很难用语言来形容 Michelle，但她就像一台运转顺畅的机器、一名啦啦队员和劲量兔的结合体——敬业且充满活力！她是一位出色的主管，充满动力，渴望与人沟通交流，将大家凝聚在一起，激励他们，并推动他们实现目标。她是我们 Progressive 企业文化中的宝贵财富。
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Charley brings out the best of everyone she interacts with. She has maintained check ins with me even after I moved to another team. For our customers, she taught me how to not just say empathy but demonstrate empathy. She came up with creative ways to still follow our process but be empathetic with our customers when they were having a difficult time with the claim. She has also reached out to me and other co-workers when we were going through difficult times and sent us flowers or cards to show that she cares. In addition, Charley created an Employee Appreciation Day where the leaders highlighted what was special about their organization. Charley is a leader who is not afraid to be vulnerable and reach out to others. She has always been a strong ally and always encouraging Employee Resource Group involvement and participating in events. Her passion for Diversity & Inclusion initiatives is so evident. Charley displays care with every interaction she has with people. That care creates trust and allows us to be our true selves.
Charley 能激发出与她互动的每个人的最佳状态。即使在我转到另一个团队后，她仍持续与我保持联系。对于我们的客户，她教会我如何不仅仅表达同理心，更要展现同理心。她提出了富有创意的方法，既能遵循我们的流程，又能在客户处理索赔遇到困难时表现出同理心。当我和其他同事经历困难时期时，她也主动关心我们，送花或卡片表达关怀。此外，Charley 还创立了员工感谢日，让领导们突出展示各自团队的特别之处。Charley 是一位不惧展现脆弱、主动关心他人的领导者。她一直是坚定的盟友，始终鼓励员工资源小组的参与并积极参加相关活动。她对多元化与包容性倡议的热情显而易见。Charley 在与每个人的互动中都表现出关怀，这种关怀建立了信任，让我们能够展现真实的自我。
I will share several more of these amazing stories of flexibility, throughout this letter and within the report, so that you can really get a sense of how we confront adversity by embracing each challenge directly and adapt as we need to along the way. I won’t predict what we might face in 2022, but I guarantee you we will face it with energy, optimism, and nimbleness.
在本信函及报告中，我将分享更多这些体现灵活性的精彩故事，以便您真正了解我们如何通过直接迎接每个挑战并根据需要随时调整来应对逆境。我不会预测 2022 年我们可能面临什么，但我向您保证，我们将以充沛的精力、乐观的态度和灵活的应变能力来面对。
The year of adapting to volatile trends
适应波动趋势的一年
The first quarter of 2021 was relatively calm as we were still enjoying strong margins reporting a combined ratio (CR) of 89.3, even given the fact that during 2020 we had lowered our personal auto rates in 40 states producing estimated average savings for our customers of $800 million. April 2021 was the first month where we posted a 96 CR, and we were beginning to see developments that turned out not to be temporary. Fast forward to the end of the quarter where we reported a 100.5 CR for the month of June and 96.5 for the second quarter 2021, versus an 87.7 in the same period the prior year. For the year, we reported a 95.3 CR and fulfilled our publicly stated financial goal of making at least 4 cents of aggregate underwriting profit in any given calendar year. Hitting our goal did not come without some challenges (reducing our marketing spend) and hard work on the part of many within the company.
2021 年第一季度相对平稳，我们仍保持强劲的利润率，综合比率（CR）为 89.3，尽管在 2020 年期间，我们在 40 个州降低了个人汽车保险费率，为客户带来了估计共计 8 亿美元的平均节省。2021 年 4 月是我们首次公布 96 的综合比率的月份，我们开始看到一些后来被证明并非暂时的变化。到该季度末，我们 6 月份的综合比率为 100.5，2021 年第二季度为 96.5，而上一年同期为 87.7。全年而言，我们报告的综合比率为 95.3，实现了我们公开声明的财务目标，即在任何日历年度至少实现每股 4 美分的承保利润总额。实现这一目标并非毫无挑战（例如减少营销支出），公司内部许多人也付出了艰苦的努力。
We never like to find ourselves in this position, but we do whatever we can to try to live up to our commitment to our shareholders. The severity trends changed in more of a step function, rather than gradually over time, and we reacted in kind. We have stated many times over the years that our preference is to take “small bites of the apple” as it pertains to rate increases. We know consumers appreciate stable rates and we aim to provide that for them and to retain our current customer base. That said, given what we were seeing during the year, specifically in our severity trends, we knew we needed to take “larger bites” to get ahead of this fast-moving train. Profit and growth are inextricably connected yet occasionally we need to pull back on one to focus on the other and in the second half of 2021 our focus was on profit. We are swift in our decision making, and in getting the right rates on the street quickly, to put ourselves in the best position to grow when the opportunity arises.
我们从不希望自己处于这种境地，但我们会竭尽所能履行对股东的承诺。严重程度趋势的变化更像是阶梯式的，而非逐渐发生的，我们也相应地做出了反应。多年来，我们多次表示，在提高费率方面，我们更倾向于“逐步小幅调整”。我们知道消费者喜欢稳定的费率，我们的目标是为他们提供这种稳定性，并保留现有客户群。然而，鉴于我们在这一年中观察到的情况，尤其是严重程度趋势，我们意识到需要采取“更大幅度的调整”，以赶在这一快速变化的形势之前。利润和增长密不可分，但有时我们需要暂时放缓其中一项，以专注于另一项；在 2021 年下半年，我们的重点是利润。我们决策迅速，快速实施适当的费率调整，以便在机会出现时处于最佳增长位置。
You will see more details of results, across each functional area, in our Operations Summary section. I do want to share a few highlights that we would be proud of in any business environment let alone the current situation.
您将在我们的运营摘要部分看到各个职能领域的更多详细结果。我想分享一些亮点，这些亮点无论在任何商业环境下都值得我们自豪，更不用说当前的形势了。
Across our Personal Lines organization, we added more than 1.3 million policies, ending 2021 with 22.7 million Personal Lines policies in force. We grew our Personal Lines net premiums written (NPW) and net premiums earned by nearly $3 billion, crossing the $36 billion NPW milestone to end the year at a stunning $36.2 billion. While new applications will likely be more of a challenge as we increase rates, we believe we will be well positioned when the industry catches up with trends.
在我们的个人业务部门，我们新增了超过 130 万份保单，截至 2021 年底，个人业务有效保单数量达到 2270 万份。我们的个人业务净承保保费（NPW）和已赚净保费增长了近 30 亿美元，跨越了 360 亿美元的 NPW 里程碑，年末达到令人瞩目的 362 亿美元。尽管随着费率的提高，新申请可能会面临更多挑战，但我们相信，当行业追赶上趋势时，我们将处于有利位置。
A big congratulations goes to the entire Commercial Lines organization for a terrific year. The Commercial Lines business reached $8.0 billion in NPW, achieving 51% growth at an 88.9 CR in 2021, in large part due to growth in our commercial auto business. Not only have we achieved profitable double-digit premium growth for the 7th consecutive year, but our 2021 premium growth alone equates to almost the size of the #2 commercial auto insurer based on 2020 statutory results.
热烈祝贺整个商业险部门取得了卓越的一年。2021 年，商业险业务的净承保保费（NPW）达到 80 亿美元，实现了 51%的增长，综合赔付率（CR）为 88.9%，这在很大程度上得益于我们商业汽车保险业务的增长。我们不仅连续第七年实现了盈利性的两位数保费增长，而且仅 2021 年的保费增长规模就几乎相当于 2020 年法定业绩排名第二的商业汽车保险公司的规模。
Our Commercial Lines business provides one of our greatest opportunities to expand our addressable market and grow. We expanded our business owners policy (BOP) product to 17 additional states in 2021, bringing our footprint to 34 states that represent more than 60% of the commercial multi-peril market based on 2020 industry statutory results.
我们的商业险业务为我们提供了拓展潜在市场和实现增长的最大机遇之一。2021 年，我们将企业主保单（BOP）产品扩展到另外 17 个州，使我们的业务覆盖范围达到 34 个州，根据 2020 年行业法定业绩，这些州占据了商业多险种市场 60%以上的份额。
We are excited to also expand our core commercial auto capabilities with the acquisition of Protective Insurance Corporation in 2021. Protective offers expertise in larger fleet and affinity programs and brings additional product lines for us to add to our portfolio.
我们也很高兴通过 2021 年收购 Protective 保险公司，进一步拓展了我们的核心商业汽车业务能力。Protective 在大型车队和关联项目方面拥有专业知识，并为我们带来了更多可纳入产品组合的产品线。
Our Property business continued to help us attract more Robinson customers (i.e., people who want to bundle their home and auto insurance). While we met our growth goals in Property, we were again disappointed by underwriting losses in this business. Underwriting expenses and non-weather losses were both below our forecasts for the year, but weather-related catastrophe losses were substantially higher than we expected.
我们的财产保险业务继续帮助我们吸引更多的 Robinson 客户（即希望将房屋和汽车保险捆绑购买的客户）。尽管我们实现了财产保险业务的增长目标，但该业务的承保亏损再次令我们失望。全年承保费用和非天气相关损失均低于我们的预期，但与天气相关的灾害损失却远高于我们的预期。
Improving profitability is our top priority for the Property business. In addition to disciplined underwriting and accurate pricing at the individual risk level, we have decided to take action to shift the overall mix of our Property business away from coastal and hail prone states to reduce volatility. We began implementing underwriting changes during the second half of 2021 and will continue to make changes in 2022 where we believe it is necessary to accomplish this goal.
提高盈利能力是我们财产保险业务的首要任务。除了在个体风险层面实施严格的承保标准和精准定价外，我们还决定采取措施，将财产保险业务的整体结构从沿海地区和易受冰雹影响的州转移出去，以降低波动性。我们已于 2021 年下半年开始实施承保调整，并将在 2022 年继续进行我们认为实现这一目标所必需的调整。
Our operating growth and positive investment returns, along with the acquisition and integration of Protective, drove our investment portfolio above $50 billion at year-end 2021. Our investment portfolio achieved a total return of 2.6% for the year. Our returns decelerated from the previous two years as higher interest rates drove down results in our fixed-income portfolio. While fixed-income results were slightly negative, our equity index replication strategy saw 27% returns due to expansion in both corporate profits and equity multiples. Overall, returns were much less volatile than during 2020. While interest rates moved higher, they traded in a fairly narrow range and equities moved higher with only a few minor downturns throughout the year.
我们的业务增长和积极的投资回报，以及对 Protective 公司的收购和整合，使我们的投资组合在 2021 年年底超过了 500 亿美元。我们的投资组合全年实现了 2.6%的总回报率。由于利率上升导致固定收益投资组合的业绩下降，我们的回报率较前两年有所放缓。尽管固定收益投资组合的表现略为负面，但我们的股票指数复制策略因企业利润和股票估值倍数的双重增长而实现了 27%的回报。总体而言，回报的波动性远低于 2020 年。尽管利率有所上升，但其波动范围相对较窄，股票市场全年整体上涨，仅出现了几次小幅回调。
We exited the year as we had started it, with our capital in a strong position. The capital strength allowed us to opportunistically repurchase our shares throughout the year when we believed they were trading below our determination of long-term fair value. In August 2021, we paid off $500 million of 3.75% Senior Notes at maturity with cash on hand. Lastly, we declared and paid a $1.50 per share variable dividend in December on top of the $0.40 per share aggregate quarterly dividends that we paid throughout the year. We feel good about our ability to maintain a strong capital position and still be able to deliver these actions even in a year when we saw margins compress in our operating business.
我们以资本状况强劲的姿态结束了这一年，就如同年初一样。资本实力使我们能够在全年内择机回购股票，当时我们认为股票交易价格低于我们对长期公允价值的判断。2021 年 8 月，我们利用手头现金偿还了到期的 5 亿美元、利率为 3.75%的优先票据。最后，除了全年支付的每股共计 0.40 美元的季度股息外，我们还在 12 月宣布并支付了每股 1.50 美元的特别股息。尽管今年我们的运营业务利润率有所压缩，我们仍对保持强劲的资本状况并实现上述举措的能力充满信心。
Our Strategic Pillars
我们的战略支柱
We continue to use our four cornerstones as the construct that guides us as we think about our future and continuing to become a destination for our customers and consumers (or as we like to call them future customers). We start with “who we are” and that is clearly outlined in our five Core Values. Next is “why we’re here,” which is our Purpose. The third cornerstone is “where we’re headed,” which we’ve outlined in our Vision. Lastly, and the more tactical of all of the cornerstones, is “how we’ll get there,” which falls under four strategic pillars that have been our steadfast approach to making sure we invest in the most critical elements of People and Culture, Broad Needs of our Customers, our Leading Brand, and having Competitive Prices.
我们继续以四个基石作为指导框架，思考未来发展方向，持续成为客户和消费者（或者我们喜欢称之为未来客户）的首选之地。首先是“我们是谁”，这一点在我们的五个核心价值观中有明确阐述。其次是“我们为何存在”，即我们的宗旨。第三个基石是“我们前进的方向”，我们已在愿景中明确了这一点。最后，也是所有基石中更具战术性的，是“我们如何实现目标”，这体现在我们一直坚持的四大战略支柱上，以确保我们在人员与文化、客户的广泛需求、领先品牌以及具有竞争力的价格等最关键领域进行投资。
Even as we endured challenges from COVID-19 and then the subsequent variants of Delta and Omicron, we never took our eye off the long-term vision we laid out many years ago, and we face these ongoing hurdles unflinchingly. It’s just who we are and how we perform. In fact, even though much of what we have focused on in 2021 had been due to the pandemic, we have a very clear 5-year plan and don’t intend to miss a beat, and rather confront any roadblocks, known and unknown, that will come our way.
尽管我们经历了新冠疫情及随后出现的德尔塔和奥密克戎变异株带来的挑战，但我们从未偏离多年前制定的长期愿景，并毫不畏惧地面对这些持续的困难。这正是我们的本色和行事方式。事实上，尽管 2021 年我们关注的许多事项都是由疫情引起的，但我们拥有一个非常清晰的五年计划，不会放慢脚步，而是会直面未来可能遇到的任何已知或未知的障碍。
People and Culture
人员与文化
When I think of a group that has adapted to so many changes and with such a positive approach, I think of all of the nearly 50 thousand dedicated and hard-working Progressive employees. We’ve communicated our desire to open our offices many times only to retract that directive based on a new COVID variant. We knew our top priority was to continue to protect the health and welfare of our people, while still serving our customers the way in which they deserve to be treated. I’m proud of our flexibility and we know that we will need to continue to be flexible as we watch the remainder of this pandemic unfold.
当我想到一个能够以如此积极的态度适应众多变化的团队时，我想到的是近五万名敬业且勤奋工作的 Progressive 员工。我们曾多次表达希望重新开放办公室，但由于新的新冠病毒变种出现，又不得不撤回这一指令。我们清楚，首要任务是继续保护员工的健康与福祉，同时以客户应得的方式为他们提供服务。我为我们的灵活性感到自豪，并且我们知道，随着疫情的后续发展，我们仍需继续保持灵活性。
As we reacted to all of the external forces, we didn’t lose momentum on other very critical initiatives that we believe are imperative to the success of our business. We feel very strongly that in order to be consumers’ and agents’ number one choice and destination for auto, home, and other insurance, we need to understand and anticipate the needs of our customers and, in order to really understand our customers, we need to reflect them. For us, diversity, equity, and inclusion are business imperatives required to sustain our incredible growth and it’s our growth that generates additional career opportunities for all of us.
在应对所有外部因素的同时，我们并未失去在其他关键举措上的动力，我们相信这些举措对我们业务的成功至关重要。我们坚信，要成为消费者和代理商在汽车、家庭及其他保险方面的首选和首要目的地，我们需要理解并预见客户的需求，而要真正理解客户，我们自身也需要体现客户的多样性。对我们而言，多元化、公平和包容是维持卓越增长所必需的业务要素，而正是这种增长为我们所有人创造了更多的职业机会。
As I have said before, we’ve been at our Diversity and Inclusion efforts for nearly 15 years. Like every other part of our business, we have objectives, which have largely remained unchanged for over a decade, although we now represent our efforts as Diversity, Equity, and Inclusion (DE&I). Each year we measure our performance against these objectives and reassess our initiatives.
正如我之前所说，我们在多元化与包容性方面的努力已持续近 15 年。与我们业务的其他部分一样，我们设有目标，这些目标在过去十多年中基本保持不变，尽管我们现在将这些努力称为多元化、公平与包容性（DE&I）。每年，我们都会根据这些目标衡量绩效，并重新评估我们的举措。
Our four Diversity, Equity, and Inclusion Objectives are as follows:
我们的四个多元化、公平与包容目标如下：
1) Reflect the customers we serve:
1）体现我们所服务的客户：
After almost a decade of efforts, we are close to achieving our workforce goal to have a gender and racial composition that’s representative of the United States adult population—our proxy for the demographics of our current and potential customers. Our hiring volume over the past five years has given us significant opportunity to add diverse talent, particularly at the entry level, which accounts for much of our hiring. We will continue with the recruiting and development efforts that have proven to be most successful over the past few years.
经过近十年的努力，我们即将实现员工队伍的目标，即在性别和种族构成上代表美国成年人口的情况——这是我们衡量当前和潜在客户人口结构的参考标准。过去五年中，我们的招聘规模为我们提供了大量机会来增加多元化人才，尤其是在占招聘大部分的初级岗位上。我们将继续采用过去几年已被证明最成功的招聘和人才培养措施。
有合理逻辑的策略。
2) Leadership to reflect the people they lead:
2）领导层应反映其所领导的群体：
Our ability to lead and motivate a diverse workforce requires an engaged team of diverse managers and senior leaders. Our efforts continue to increase the representation of women and people of color in these leadership ranks. To focus our efforts, we set a goal in late 2020 to double representation of people of color in senior leadership. A concerted effort to increase the diversity of our candidate pools has proven effective. We have increased representation from 10%—where we had been for almost a decade—to 16%, more than halfway to our goal. We will maintain our momentum largely by maintaining our discipline in developing deep, diverse candidate pools through new and existing recruiting networks.
我们领导和激励多元化员工队伍的能力，需要一支积极投入且多元化的管理团队和高级领导团队。我们持续努力提高女性和有色人种在这些领导层中的代表性。为集中精力，我们在 2020 年底设定了一个目标，即将高级领导层中有色人种的比例提高一倍。通过集中精力扩大候选人群体的多样性已被证明是有效的。我们已将代表性从过去近十年一直保持的 10%提高到 16%，已超过目标的一半。我们将继续保持这一势头，主要通过新建和现有的招聘网络，严格培养广泛且多元化的候选人群体。
3) Maintain a fair and inclusive work environment:
3）保持公平且包容的工作环境：
We’re committed to creating an environment where our people feel welcomed, valued, and respected. One key measure of success is participation in our Employee Resource Groups (ERGs). We believe our ERGs, and our outsized participation rates compared to benchmarks (Diversity Inc’s Top 50), are a significant contributing factor to several people metrics at Progressive. Our ERG members are more engaged and more likely to both stay at Progressive and apply for promotions. This will fuel even more momentum as we think about our future leaders and DE&I initiatives.
我们致力于创造一个让员工感到受欢迎、被重视和受尊重的环境。衡量成功的一个关键指标是员工资源小组（ERGs）的参与度。我们相信，我们的 ERGs 及其相较于基准（Diversity Inc 的前 50 名）更高的参与率，是 Progressive 公司多项人员指标的重要推动因素。我们的 ERG 成员参与度更高，更倾向于留在 Progressive 并申请晋升。这将进一步推动我们未来领导者的发展以及多元、公平与包容（DE&I）倡议的势头。
In addition to our ERG participation, we use our annual Engagement and Culture survey as one measure of inclusion. Engagement at Progressive remains extremely high, placing us in the 97th percentile of all companies that use the Gallup survey. Comparing the results by gender and race, we see slight, non-meaningful gaps in scores for men and women. The scores for Black and Asian employees lag behind their white coworkers but were relatively consistent with the prior year.
除了参与员工资源小组（ERG）之外，我们还使用年度敬业度与文化调查作为衡量包容性的指标之一。Progressive 的员工敬业度持续保持极高水平，使我们位列所有使用盖洛普调查公司的第 97 百分位。按性别和种族比较结果，我们发现男女员工的得分存在轻微但无实质意义的差距。黑人和亚裔员工的得分落后于白人员工，但与上一年相比相对稳定。
4) Contribute to our communities:
4）为我们的社区做贡献：
With a few exceptions, we’ve narrowed the focus of our community support to causes that align with our business, simply put, cars and homes. We provide vehicles to veterans with our Keys to Progress® initiative and help furnish homes for the homeless. For the first time in 2020, we asked each of our ERGs to identify a national charitable organization that supports the communities they represent. During 2021, we continued that funding, further linking our community and DE&I efforts.
除了少数例外，我们已将社区支持的重点缩小到与我们业务相关的领域，简单来说，就是汽车和住房。我们通过“Keys to Progress®”项目为退伍军人提供车辆，并帮助无家可归者布置住所。2020 年，我们首次要求每个员工资源小组（ERG）确定一个支持其所代表社区的全国性慈善组织。2021 年，我们继续提供资金支持，进一步将我们的社区与多元、公平和包容（DE&I）工作联系起来。
We’ve gained considerable ground on our DE&I objectives over the past few years, and we’re encouraged by the momentum, particularly in diversifying our senior leadership ranks. We will continue to focus on diversity, equity, and inclusion to measure our culture and achieve our shared vision for the future.
在过去几年中，我们在多元化、公平与包容（DE&I）目标方面取得了显著进展，这种势头令人鼓舞，尤其是在高层领导团队的多元化方面。我们将继续专注于多元化、公平与包容，以衡量我们的企业文化，并实现我们共同的未来愿景。
Another important part of our culture is to work toward creating a better future for not only our employees but also for our agent partners, communities, shareholders, and the millions of customers who trust us to protect what’s most important to them. We produce a sustainability report to allow investors and these key stakeholders to review financial and nonfinancial information about our environmental, social, and governance activities. One highlight during 2021, was the addition of a large solar array at one of our main campus locations, which we expect will ultimately reduce that location’s carbon emissions by 1,500 metric tons per year. This is just one part of our growing renewable power program that will help us toward our goal of being carbon neutral (for scope 1 and 2 emissions) by 2025 and we are working to chart a course with the goal of being net-zero the following decade. For further information on our progress, check out our complete report at progressive.com/sustainability.
我们企业文化的另一个重要组成部分是努力为我们的员工，以及代理合作伙伴、社区、股东和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。我们发布了一份可持续发展报告，让投资者和这些关键利益相关方能够审阅我们在环境、社会和治理方面的财务和非财务信息。2021 年的一个亮点是在我们的一个主要园区安装了大型太阳能电池阵列，预计最终每年将减少该地点 1,500 公吨的碳排放。这只是我们不断扩大的可再生能源计划的一部分，该计划将帮助我们实现到 2025 年实现碳中和（范围 1 和范围 2 排放）的目标，我们也正在努力规划路线，以期在下一个十年实现净零排放目标。有关我们进展的更多信息，请访问 progressive.com/sustainability 查看完整报告。
I’ll close this section with another story from an artwork recipient.
我将以另一位艺术品接收者的故事结束本节。
Eileen has epitomized flexibility in the workplace and has found numerous ways to ensure that everyone remains engaged and productive, and has fostered a healthy work/life balance for our team. She always finds ways to make herself available and is willing to change her plans to match the reality of the situation. As a result of her incredible flexibility, she is able to ensure that we maintain productivity during transitions. She embraces change and encourages the team to provide their thoughts and ideas, which has led to changes in processes that work for everyone. I can’t think of anyone more deserving of this unique honor than Eileen.
Eileen 体现了职场中的灵活性，她找到了许多方法确保每个人都保持积极投入和高效工作，并为我们的团队营造了健康的工作与生活平衡。她总能设法让自己随时可用，并愿意根据实际情况调整自己的计划。由于她出色的灵活性，她能够确保我们在过渡期间保持生产力。她拥抱变化，鼓励团队提出自己的想法和建议，从而促成了适合所有人的流程改进。我想不出还有谁比 Eileen 更值得获得这一特殊荣誉。
Broad Needs of our Customers
客户的广泛需求
We strive to be where, when, and how customers want to purchase and service their policies. We follow the customers’ desires and attempt to make everything easy for them to obtain protection as they go through their insurance journeys. We want to be an insured’s destination company and will continue to invest in making that happen.
我们致力于在客户希望购买和管理保单的地点、时间和方式上提供服务。我们遵循客户的需求，努力让他们在整个保险过程中轻松获得保障。我们希望成为被保险人的首选公司，并将继续为实现这一目标而投入。
We can meet the needs of consumers through both HomeQuote Explorer® (HQX), our online Property offering, and our in-house agency with about a dozen carriers covering property, renters, and umbrella insurance.
我们可以通过我们的在线房产产品 HomeQuote Explorer®（HQX）以及我们的内部代理机构（拥有约十几家承保房产、租房和伞式保险的保险公司）来满足消费者的需求。
We offer products from Progressive Home, along with several unaffiliated partners, through HQX in order to give our customers the choice that best fits their needs. The ability to buy online is now available through at least one carrier in 48 states making it available to over 90% of consumers quoted.
我们通过 HQX 平台提供来自 Progressive Home 及数家非关联合作伙伴的产品，以便为客户提供最符合其需求的选择。目前，至少有一家保险公司已在 48 个州实现在线购买功能，使超过 90%的报价消费者能够使用此服务。
We ended 2021 with growth of nearly 13% of our bundled auto and home customers we refer to as Robinsons. Currently, 21% of our customers are either Robinsons or have more than one product with Progressive (e.g., car and motorcycle).
截至 2021 年底，我们称为 Robinsons 的汽车与房屋捆绑客户增长了近 13%。目前，我们 21%的客户属于 Robinsons 或在 Progressive 拥有一种以上产品（例如汽车和摩托车）。
On the direct Commercial Lines side of the house, we work with a number of carriers to offer business insurance products (including our Progressive BOP) on BusinessQuote Explorer® (BQX). As we and our carrier partners continued product rollouts and state expansion, we were able to increase our reach and meet the insurance needs of more customers. In 2021, over 90 carrier/product/state expansions took place across BQX. Furthermore, in collaboration with these carriers, we were able to expand their acceptability of additional risk types by over 175 small business classes. With our rebuild and refresh of our consumer BQX website, we’ve adopted state-of-the-art accessibility capabilities and are extremely mobile-friendly.
在直接商业保险业务方面，我们与多家保险公司合作，通过 BusinessQuote Explorer®（BQX）平台提供商业保险产品（包括我们的 Progressive BOP）。随着我们与合作保险公司持续推出新产品并扩大州际覆盖范围，我们得以扩大业务范围，更好地满足更多客户的保险需求。2021 年，BQX 平台上进行了超过 90 次保险公司/产品/州际扩展。此外，通过与这些保险公司的合作，我们能够将其可承保的风险类型扩大到超过 175 个小型企业类别。通过重建和更新我们的消费者 BQX 网站，我们采用了先进的无障碍功能，并极大地提升了移动端的友好性。
Leading Brand
领先品牌
Amid the ever-changing business climate, our Marketing team flexed to deliver meaningful content to our target audiences. Thoughtfully, we adjusted our media spend when necessary to ensure our expenses and growth aligned with our profitability goals. Reducing our advertising spend is not something we like to do but was necessary under the circumstances. The great news is that our Progressive Brand is one that consumers readily recognize and respect. Our data-based approach to media provided us flexibility to alter our spend while minimizing long-term impact and it also gave us the opportunity to better understand what was and was not working. The learnings we’ve gained will make us more agile and even more precise when we return to growing our advertising.
在不断变化的商业环境中，我们的营销团队灵活应对，向目标受众提供了有意义的内容。我们谨慎地在必要时调整了媒体支出，以确保费用和增长与我们的盈利目标保持一致。减少广告支出并非我们所愿，但在当时情况下是必要的。好消息是，我们的 Progressive 品牌已被消费者广泛认可并尊重。我们基于数据的媒体策略使我们能够灵活调整支出，同时将长期影响降至最低，也让我们有机会更好地了解哪些有效、哪些无效。我们所获得的经验将使我们在恢复广告增长时更加敏捷和精准。
Progressive is one of the country’s most advertised brands, and we continually challenge ourselves to create marketing rooted in real human insights that resonate with our targeted audience. We leverage our network of well-known and well-loved characters to deliver against that goal. Our campaigns delight consumers and drive our business, and the proof is in our ability to grow specifically in the number of preferred drivers we insure. Our commitment to marketing that drives business growth is unwavering.
Progressive 是美国广告投放最多的品牌之一，我们不断挑战自我，创造基于真实人性洞察的营销内容，以引起目标受众的共鸣。我们利用广受欢迎的知名角色网络来实现这一目标。我们的营销活动令消费者喜爱，并推动业务发展，这一点已通过我们所承保的优质驾驶员数量的增长得到证明。我们对推动业务增长的营销承诺坚定不移。
In the spirit of relevance, in just two years’ time, Dr. Rick has risen through industry and consumer ranks to become one of Progressive’s most well-liked and lauded characters. In fact, the relative newcomer’s likeability and cross-generational appeal earned him a spot-on Ad Age’s most popular insurance ad characters list, taking up residency alongside our Flo and Jamie characters. More broadly, the Parentamorphosis campaign has amassed multiple awards for creative excellence, including two Effies in the insurance category. Pushing reach and relevance even further, Dr. Rick recently published Dr. Rick Will See You Now, a book to help young homeowners keep from turning into their parents. The limited-edition hardbound book sold out and the e-book earned a 4.5 of 5 rating on Amazon. This campaign extension literally brought our advertising character to real life and gave fans a tangible way to experience our brand.
本着与时俱进的精神，仅仅两年时间，Rick 博士便迅速在行业和消费者中脱颖而出，成为 Progressive 最受欢迎和赞誉的角色之一。事实上，这位相对较新的角色凭借其讨喜的形象和跨代吸引力，成功登上了《广告时代》最受欢迎保险广告角色榜单，与我们的 Flo 和 Jamie 角色并列。此外，“Parentamorphosis”广告活动更广泛地获得了多个创意卓越奖项，包括保险类别的两项 Effie 奖。为了进一步扩大影响力和相关性，Rick 博士最近出版了《Dr. Rick Will See You Now》一书，帮助年轻房主避免变成他们的父母。这本限量版精装书迅速售罄，其电子书版本在亚马逊上获得了 4.5 分（满分 5 分）的评分。这一广告活动的延伸真正将我们的广告角色带入现实生活，并为粉丝提供了一种切实体验我们品牌的方式。
In a space defined by many intangibles, how, when, and where we intersect with people has profound importance. To that end, we never rest and will propel forward with data driven, insightful, and innovative marketing that comes alive in both advertising and branded experiences that delight consumers and customers.
在一个充满诸多无形因素的领域，我们与人们互动的方式、时间和地点都具有深远的重要性。为此，我们从不停歇，将继续通过数据驱动、富有洞察力和创新的营销方式向前推进，以生动的广告和品牌体验取悦消费者和客户。
Competitive Prices
有竞争力的价格
A key component of our strategy pillar around competitive prices is operational efficiency. As well recognized, the environment we’ve operated in during the past two years has been quite dynamic, especially around the frequency of claims. This has necessitated balancing operational efficiency in the near-term with our longer-term growth prospects and our desired work environment. I’m proud of our entire team’s flexibility and creativity as we’ve adjusted claims hiring and staffing levels more so perhaps in 2021, than we have in our entire history. Our loss adjustment expense (LAE) ratio for the year was 0.3 points higher than 2020, and approximately equal to 2019 when claims frequency was running more similarly to 2021.
围绕竞争性价格这一战略支柱的一个关键组成部分是运营效率。众所周知，我们过去两年所处的环境变化相当迅速，尤其是在理赔频率方面。这要求我们在短期内的运营效率与长期增长前景及理想的工作环境之间取得平衡。我为整个团队的灵活性和创造力感到自豪，我们在 2021 年对理赔人员招聘和人员配置的调整可能比公司历史上任何时候都更多。我们全年的损失理算费用（LAE）比率比 2020 年高出 0.3 个百分点，大致与 2019 年持平，当时的理赔频率与 2021 年更为相似。
Our key measure of operational efficiency outside of claims is what we call our non-acquisition expense ratio (NAER). This is the typical industry definition of underwriting expense ratio excluding agent commission and advertising expenses. Our growth aspirations require competitive agent commissions, as well as robust, and most likely growing, advertising spend. Consequently, we exclude these costs from our key efficiency metric. In 2020, we recognized over $1 billion of policyholder credits in our NAER as well as substantially higher estimates of bad debt expense. As such, it is more appropriate to compare our 2021 efficiency metrics to 2019. For 2021 relative to 2019, our Personal Lines NAER was down 0.7 points and our Commercial Lines NAER was down 0.9 points.
在理赔之外，我们衡量运营效率的关键指标是非获取费用比率（NAER）。这是一种典型的行业定义，即承保费用比率中不包括代理佣金和广告费用。我们的增长目标需要有竞争力的代理佣金，以及强劲且可能不断增加的广告支出。因此，我们在关键效率指标中排除了这些成本。2020 年，我们在 NAER 中确认了超过 10 亿美元的保单持有人抵免，以及大幅增加的坏账费用估计。因此，将 2021 年的效率指标与 2019 年进行比较更为合适。与 2019 年相比，2021 年我们的个人业务 NAER 下降了 0.7 个百分点，商业业务 NAER 下降了 0.9 个百分点。
Of course, our aggregate cost structure including commissions and advertising must also be competitive and we are pleased to report a Personal Lines expense ratio for 2021 of 19.0 versus 19.9 in 2019. However, some of this improvement is due to spending less on advertising than we would have otherwise preferred, in light of the sudden and dramatic rise in average loss costs that started during the second quarter 2021. Our advertising spend is derived by what we calculate to be allowable given the lifetime profitability of new customers, as well as our aggregate calendar year profitability. In times when we need to raise prices to ensure those profit objectives are met, we reduce advertising spend to reduce expenses until we are once again adequately priced to cover our loss costs.
当然，包括佣金和广告在内的整体成本结构也必须具有竞争力，我们很高兴地报告，2021 年个人业务的费用率为 19.0，而 2019 年为 19.9。然而，这一改善的部分原因是，由于 2021 年第二季度开始平均损失成本突然大幅上升，我们在广告上的支出低于原本希望的水平。我们的广告支出取决于我们根据新客户的终身盈利能力以及整体日历年度盈利能力所计算出的允许范围。当我们需要提高价格以确保实现这些盈利目标时，我们会减少广告支出来降低费用，直到我们的定价再次足以覆盖损失成本为止。
根据2023年的数据，PGR个人业务的费用率是16.7%（最近10年最低的点），GEICO是9.7%（直销的比率更高），行业平均是27.5%，PGR2024年的数据参考：《PGR-Form 10-K-EX-13》。
GEICO2024年的数据参考：《GEICO ends 2024 with $7.8 billion profit》。
GEICO在盈利能力上已经赶上并超过PGR，巴菲特在2024年有股东信里已经有所提及，参考：《2025-02-22 Warren Buffett's Letters to Berkshire Shareholders》。
Our insurance business also delivered a major increase in earnings, led by the performance of GEICO. In five years, Todd Combs has reshaped GEICO in a major way, increasing efficiency and bringing underwriting practices up to date. GEICO was a long-held gem that needed major repolishing, and Todd has worked tirelessly in getting the job done. Though not yet complete, the 2024 improvement was spectacular.
我们的保险业务同样实现了收益的大幅增长，这主要归功于GEICO的表现。在过去五年中，Todd Combs极大地重塑了GEICO，提高了效率并使承保实践现代化。GEICO一直是一颗被长期珍视但亟需重整的宝石，而Todd一直不懈努力完成这一任务。尽管改造尚未完成，2024年的改善依然十分出色。
当前两者的差距主要体现在增长速度和规模，PGR同比增长速度接近20%，而GEICO只有7.7%，PGR的保费收入已经远超GEICO，707.99对比422.52亿美元。
Profitability in our Commercial Lines business has not been a constraint and we increased advertising spend significantly during 2020 and maintained that level of spend during 2021 in Commercial Lines. Our aggregate expense ratio in this business was 19.6 versus 21.1 in 2019.
我们商业险业务的盈利能力并未受到限制，我们在 2020 年大幅增加了广告支出，并在 2021 年保持了这一支出水平。该业务的总体费用率为 19.6，而 2019 年为 21.1。
The combinations of our Personal and Commercial Lines loss adjustment and underwriting expense ratios are amongst the lowest in the industry and are significant in supporting our strategy of providing competitive prices. Our plan is to balance continually to seek improvements to operational efficiency while making investments that help us to maintain or improve this advantage going forward. Said another way, we sometimes need to spend on investments, like technology, in order to increase efficiency.
我们的个人和商业险种的理赔和承保费用率组合在业内处于最低水平之列，这对我们提供有竞争力的价格战略起到了重要支持作用。我们的计划是持续平衡运营效率的改善，同时进行投资，以帮助我们在未来保持或提升这一优势。换句话说，我们有时需要在技术等方面进行投资，以提高效率。
In addition to efficiency, accuracy is one of our Claims Guiding Principles, which has a profound impact on competitive prices and customer satisfaction. An audit function, independent from the Claims organization, regularly evaluates our work to ensure we are resolving claims quickly, efficiently, and accurately. I’m pleased to say that our accuracy results have been resilient to the many challenges we faced this past year.
除了效率之外，准确性也是我们理赔指导原则之一，对竞争性价格和客户满意度有着深远影响。一个独立于理赔部门的审计职能会定期评估我们的工作，以确保我们快速、高效且准确地处理理赔事务。我很高兴地表示，尽管过去一年我们面临诸多挑战，我们的准确性表现依然稳健。
I also want to extend kudos to our actuarial group. Although we experienced fluctuations in the amount of prior year development recognized during 2021, I am pleased to report that we ended the year with 0% prior accident year development on our outstanding loss reserves. While we have had a great track record over the years, given all the uncertainty brought about by the pandemic, achieving the goal to establish loss and LAE reserves as accurate and timely as possible when we set our reserves was not an easy objective to meet. This accuracy in reserving contributes to more accurate pricing.
我还想向我们的精算团队表示赞赏。尽管我们在 2021 年经历了往年准备金发展金额的波动，但我很高兴地报告，我们在年末实现了未决损失准备金的前事故年度发展为 0%。尽管我们多年来一直保持着良好的记录，但考虑到疫情带来的各种不确定性，要在设定准备金时尽可能准确及时地确定损失和理赔费用准备金，这并非易事。这种准备金的准确性有助于实现更精准的定价。
Another important aspect of having competitive prices is being able to segment rate to risk. Having industry leading segmentation has been critical to our success and allows us to price each customer based on their expected loss experience.
拥有竞争性价格的另一个重要方面是能够根据风险细分费率。行业领先的细分能力对我们的成功至关重要，使我们能够根据每位客户的预期损失经验进行定价。
Along with adjusting rates to match increasing loss costs, during 2021 we continued to deploy enhanced segmentation through product model upgrades that help us accurately match rate to risk, a core element of ensuring we can deliver both competitive prices and solid underwriting profit margins.
除了调整费率以应对不断上升的损失成本外，2021 年我们还继续通过产品模型升级实施更精细的细分，以帮助我们准确地将费率与风险相匹配，这是确保我们能够同时实现有竞争力的价格和稳健的承保利润率的核心要素。
Within our auto product, during the year, we completed 24 auto model upgrades across channels and our latest product design, 8.7, at year end was deployed in 22 states that represented more than half of our countrywide premium. We believe this model improves segmentation and pricing accuracy and is improving quote conversion of more preferred risks which is helping to reduce the growth headwinds we’d typically face when raising rates to deliver target profitability.
在我们的汽车产品方面，今年我们在各渠道共完成了 24 次汽车模型升级，截至年底，我们最新的产品设计 8.7 版本已在 22 个州部署，这些州占我们全国保费的一半以上。我们相信该模型提高了细分和定价的准确性，并改善了更优质风险客户的报价转化率，这有助于减轻我们在提高费率以实现目标盈利能力时通常面临的增长阻力。
In Commercial Lines, product segmentation improvements, along with growing use of our predictive usage-based programs, have improved our competitiveness and helped us be considered more often amongst the most preferred truckers shopping for insurance. The combination of our deep focus on commercial auto, strength in the for-hire transportation business segment, and the shape of the economic recovery enabled us to extend our leadership position in the commercial auto market.
在商业险领域，产品细分的改进以及预测性使用型项目的日益普及，提升了我们的竞争力，使我们更频繁地被最受青睐的货运司机在选购保险时考虑。我们对商业汽车的深入专注、在出租运输业务领域的优势，以及经济复苏的态势，使我们得以进一步巩固在商业汽车市场的领先地位。
In our Property business, the story is similar. As we increase rates to match rising overall costs, we’re also simultaneously improving the precision with which we match our prices to individual risks through deployment of our 4.0/4.1 product to 16 states in 2021.
在我们的财产保险业务中，情况类似。当我们提高费率以应对整体成本上涨的同时，也通过在 2021 年向 16 个州推出 4.0/4.1 产品，更精准地实现了价格与个体风险的匹配。
Flexing into the new year
灵活迈入新一年
The work we do and the culture we nurture are inseparable. We strive to take care of our customers when they need us most and we believe that is a noble calling. Our collective groups in Claims and our Sales and Service organizations in both Personal and Commercial Lines have truly risen to the occasion whether it was during the many catastrophic events or just to lend an ear as people shopped and had questions on their policies.
我们的工作与我们培育的文化密不可分。我们致力于在客户最需要我们时给予关怀，我们相信这是一项崇高的使命。无论是在众多灾难事件中，还是在客户咨询和购买保单时，我们理赔部门以及个人和商业保险业务的销售与服务团队都真正做到了挺身而出。
Another group that has really risen to the occasion has been our recruiting team. During 2021, the team helped us hire over 13,000 people to support our growth and to make sure we were able to meet customers’ needs. The team worked hard to ensure that they were sourcing diverse candidates, and their efforts have been critical in helping us meet our DE&I objectives, as discussed above. A big thank you to the team.
另一个真正挺身而出的团队是我们的招聘团队。在 2021 年，该团队帮助我们招聘了超过 13,000 名员工，以支持我们的发展，并确保我们能够满足客户的需求。团队努力确保招聘多元化的候选人，他们的努力对于帮助我们实现上述多元化、公平与包容（DE&I）目标至关重要。在此向该团队表示衷心感谢。
Regardless of what comes our way, our culture is stronger than ever, and we are more motivated than ever to lean into our values and vision.
无论面临何种挑战，我们的企业文化比以往更加强大，我们也比以往更有动力践行我们的价值观和愿景。
A great example of our culture, in action, comes from Arlo, a process specialist out of Nashville. His story is the epitome of how we think about the Golden Rule.
我们的文化在实践中的一个绝佳例子来自纳什维尔的流程专家阿洛。他的故事完美体现了我们对待黄金法则的态度。
My mom, stepdad, and younger sibling’s home burned to the ground on Sunday Jan 9th. It was traumatic and surreal to stand with them as everything they owned burned before our eyes. Thankfully, everyone was okay, and they do have insurance to get them back on their feet. After sharing the tragedy with my leader, I had immediate support on taking time off to help my mom/family. In addition, my leader reached out and said that he’s been working within our group, and they’ve raised nearly $1,500 for my family! I was overwhelmed with emotion. I joined the group a little over a year ago and haven’t met my team in-person. For this team to come together and raise money for my family – confirms my beliefs that we have remarkable and caring people working here. Truly a family, the Progressive family.
1 月 9 日星期天，我妈妈、继父和弟弟妹妹的家被大火彻底烧毁。当我们站在那里，看着他们拥有的一切在眼前化为灰烬时，感到既痛苦又不真实。幸运的是，每个人都平安无事，他们也有保险可以帮助他们重新站起来。在我向领导说明这一悲剧后，我立即得到了休假去帮助妈妈和家人的支持。此外，我的领导主动联系我，说他一直在我们团队内部组织募捐，目前已为我的家人筹集了近 1500 美元！我当时激动万分。我加入这个团队才一年多一点，还没有与团队成员面对面见过面。团队能够团结一致为我的家人筹款，这让我更加确信，我们这里有着非凡而富有爱心的人们。这里真的是一个家庭，一个 Progressive 大家庭。
I also want to welcome the Protective family into the Progressive fold. We are excited to get to know the Protective employees better and devise creative ways to profitably grow their existing business. We truly appreciate the knowledge the Protective team brings to the business and look forward to working collaboratively with them.
我也想欢迎 Protective 大家庭加入 Progressive 的大家庭。我们很高兴能更深入地了解 Protective 的员工，并制定创新的方法来实现其现有业务的盈利增长。我们真诚地感谢 Protective 团队为业务带来的专业知识，并期待与他们携手合作。
I started this letter by saying the flexibility we need now is somewhat different than what was needed 34 years ago. That said, the cover of the 1988 annual report read, “We don’t try to mold our people, we try to develop them, using their individual strengths as a pivot point.” That’s very consistent with how we feel over three decades later. We continue to truly care about each and every Progressive person having the opportunity to bring the best version of themselves to their teams and our customers. That won’t change and we have shown that it works.
我在信的开头提到，我们现在所需的灵活性与 34 年前有所不同。尽管如此，1988 年年度报告的封面写道：“我们不试图塑造员工，而是努力培养他们，以他们各自的优势为支点。” 这与我们三十多年后的想法仍然非常一致。我们始终真诚地关心每一位 Progressive 员工，让他们有机会将自己最好的一面带给团队和客户。这一点不会改变，我们也已证明它行之有效。
In 1988, we ranked 37th when we compared ourselves against the entire property-casualty market and, relative to the $199 billion personal auto insurance market at that time, our market share was 0.6%. Today, we are ranked third in personal auto, with an estimated market share of 14%, not to mention ranking #1 in commercial auto and in the top 15 homeowners carriers. With our new and expanded lines of products, we believe that the opportunity for growth remains solid.
1988 年，当我们与整个财产意外险市场进行比较时，我们排名第 37 位；相对于当时规模为 1990 亿美元的个人汽车保险市场，我们的市场份额为 0.6%。如今，我们在个人汽车保险领域排名第三，市场份额估计为 14%，此外，我们在商业汽车保险领域排名第一，并跻身房屋保险公司前 15 名。随着我们产品线的新增和扩展，我们相信未来的增长机会依然稳固。
To everyone at Progressive that makes this place so special, thank you. I’m more dedicated than ever to lead us successfully into this next chapter and truly can’t wait to see many of you walking the halls of our many locations. For now, stay safe and healthy.
感谢每一位让 Progressive 如此特别的员工。我比以往更加坚定地带领我们成功迈入下一个篇章，并且真心期待着在我们众多办公地点的走廊上看到你们中的许多人。现在，请大家注意安全，保持健康。
Thanks for all that you do.
感谢您所做的一切。
Tricia
/s/ Tricia Griffith
Tricia Griffith
President and Chief Executive Officer
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