After three years of twists and turns, we entered 2023 thinking the worst was behind us. That quickly changed when inflation continued and our loss severity trends kept rising. In addition, we experienced extreme weather and other political and macroeconomic trends that made us rethink the plans we had in place going into the year. We were faced with many challenges and, every time we tackled one, another one reared its ugly head. It was these factors that led me to choose “uncertainty” as the theme for this annual report. I know that it is not the most positive word, but it just seemed to ring so true to define the year. And, in true Progressive fashion, we embraced the uncertainty and did what we do best and faced the challenges head on. We ended 2023 in a much better place than when the year began. Needless to say, proud isn’t a big enough word to describe what we were able to accomplish during the year.  

经过三年曲折，我们以为最坏的日子已经过去，便迎来了2023年。但当通胀持续、我们的损失严重性趋势不断上升时，一切迅速改变。此外，我们还经历了极端天气以及其他政治和宏观经济趋势，这迫使我们重新审视年初制定的计划。我们面临许多挑战，每当解决一个问题时，总有另一个丑陋的问题冒出来。正是这些因素促使我选择“不确定性”作为本年度报告的主题。我知道这不是一个最积极的词，但它确实准确地定义了这一年。以真正的Progressive风格，我们拥抱了不确定性，发挥所长，直面挑战。我们在2023年结束时的局面远比年初好，不用说，“自豪”这个词都不足以形容我们这一年所取得的成就.

We ended 2023 with a combined ratio (CR) of 94.9, which was better than our profitability goal of achieving an aggregate calendar-year CR at or below a 96.0. This achievement was a herculean effort by the entire organization especially since our CR was 99.7 through the first six months of the year.  

我们以94.9的综合成本率（CR）结束了2023年，这一数字优于我们实现全年综合成本率不超过96.0的盈利目标。鉴于我们在年初六个月的CR为99.7，这一成就是整个组织共同付出的巨大努力的结果.

In addition to beating our profitability target, we grew net premiums written (NPW) 20% to end the year with $61.6 billion of NPW, which is $10.5 billion more than 2022 and about the size of the 8th largest private passenger auto insurance carrier. This was a tremendous accomplishment since we intentionally took action to slow new business growth to ensure we met our profitability goal. During the year, we pulled back on our media spend and took other rate and non-rate actions. These results are a tribute to what you can achieve with the right people and culture. The most exciting part is that we believe that our runway continues to be bright and that we are well positioned for excellent growth in 2024.  

除了超越我们的盈利目标外，我们还使新签保费（NPW）增长了20%，年末达到616亿美元，比2022年多出105亿美元，规模大致相当于美国第八大私营乘用车保险公司。这是一项巨大的成就，因为我们有意识地采取措施放缓新业务增长，以确保实现盈利目标。在这一年中，我们减少了媒体支出，并采取了其他费率及非费率措施。这些成果证明了拥有合适的人才和文化可以取得的成就。最令人振奋的是，我们相信前景依然光明，并且我们已具备良好的条件在2024年实现卓越增长.

Because the year did not originally unfold as we anticipated, we decided to double-down on our internal communications so that our employees would understand the multiple external dynamics that we were dealing with and we could give them some details around all aspects of the business and, most importantly, their individual roles in helping to turn things around. Each month, a member of my direct reporting team, along with someone from their business area, produced a short and concise video where they would, in plain English, describe the financial results for the month, the most significant items that were impacting their business area, and the actions that were being taken to address those items so that all of us, in the end, could take ownership for the results. These videos brought us closer together, in a hybrid world, and we believe they were one of the factors that helped us realize success during the year. I’ve always found that being a part of something bigger than myself, and knowing exactly what contributions I could personally make in each role that I had, made ultimate success all the sweeter.  

由于这一年并未如我们预期般展开，我们决定加大内部沟通力度，使员工了解我们所面临的多重外部动态，并向他们详细介绍业务各个方面的情况，最重要的是，让他们明白自己在扭转局面中所扮演的角色。每个月，我直属团队中的一名成员会联同其业务领域的同事制作一段简短的视频，用通俗的英语描述当月的财务业绩、对其业务领域影响最大的事项以及为应对这些问题所采取的措施，最终使我们每个人都能对结果负责。这些视频在混合办公的环境中拉近了我们的距离，我们相信它们是促使我们取得年度成功的因素之一。我一直认为，成为比自己更大的事物的一部分，并清楚自己在每个角色中能做出怎样的贡献，会让最终的成功更加甜美.

I’ve shared different ways that I have endeavored to create and nurture a culture that reduces hierarchy and increases transparency. At the start of the pandemic, I created “At Home with Tricia” videos to keep employees connected and during Progressive’s 85th anniversary year in 2022, I enjoyed lunch with hundreds of people either in person or virtually. In the latter part of 2023, with a lot of help from our incredible internal communications department, we recorded monthly videos we call “Tricia in 2.” During these two-minute videos, I showcase a piece of art from our incredible collection and then quickly answer one personal and one business question submitted by our employees. Despite the brevity of the videos, I have received many notes from people who tell me how they find them valuable.  

我分享了多种努力创建和培育一种降低等级制度、提高透明度的企业文化的方法。在疫情初期，我制作了“与Tricia在家”视频，以保持员工之间的联系；在2022年Progressive85周年纪念年期间，我与数百位员工无论是面对面还是在线共进午餐。2023年后期，在我们卓越的内部沟通部门的大力支持下，我们每月录制了称为“Tricia in 2”的短视频。在这两分钟的视频中，我展示了我们精彩收藏中的一件艺术品，然后迅速回答员工提交的一个个人问题和一个业务问题。尽管视频时长很短，我还是收到了许多反馈，大家纷纷告诉我他们觉得这些视频非常有价值.

These “softer” ways to communicate may not seem to add value if you are looking from the outside in, but I guarantee you that having open access to leadership and knowing where you fit in within a large company are very important aspects of how we measure our success.  

这些“更柔和”的沟通方式，从外部看可能似乎并没有增加什么价值，但我向你保证，能够开放地接触到领导层以及清楚自己在大公司中的定位，是我们衡量成功的重要方面。

毫无含糊（至少在我们需要做的事情上是如此）

Regardless of how the majority of the year unfolded, because we have such a long-standing goal of achieving our profitability goal of a CR at or below a 96, there was a substantial amount of certainty of what we needed to do to accomplish that goal and that we would, as always, work in a synchronized fashion to do so. We did that and more and are enthusiastically heading into 2024 with both intensity and excitement.  

不论这一年大部分时间如何展开，由于我们长期以来的目标是实现综合成本率（CR）达到或低于96，我们对于实现这一目标所需要做的事情具有充分的确定性，并且我们一如既往地协同作战来完成这一任务。我们不仅做到了这一点，还做得更多，并将以满腔热情和激昂的劲头迈向2024年。

All three of our segments earned an underwriting profit in 2023. Our Personal and Commercial Lines businesses earned a profit margin of 6.2% and 1.2%, respectively. After a rough start, our Property business earned a profit margin of 1.1% and, while still not at our target, a great improvement over the prior year.  

2023年，我们的三个业务板块都实现了承保利润。其中，个人险和商业险的利润率分别为6.2%和1.2%。虽然起步艰难，但我们的财产险业务实现了1.1%的利润率，虽然仍未达到目标，但比上一年有了很大改善。

Our NPW growth was incredible across all segments but especially in Personal Lines and Property. Personal Lines and Property grew NPW 24% and 18% over last year, respectively. Commercial Lines had NPW growth of 8%. Our Commercial Lines business was challenged a bit with both growth and profit, but we all agree that we are well positioned to take advantage of opportunities for profitable growth in 2024. The rates we took during 2023 will start to truly earn at a quicker clip in 2024 based on our 12-month policy renewal cadence. In our Property business, we continued to make progress to reduce our exposure in volatile weather states and grow in those states that typically have less weather-related volatility.  

各板块的新签保费（NPW）增长都非常出色，尤其是个人险和财产险，分别实现了24%和18%的增长。商业险的新签保费增长为8%。虽然我们的商业险业务在增长和利润方面遇到了一些挑战，但大家一致认为，我们已具备良好条件，可以在2024年抓住实现盈利性增长的机会。基于我们12个月的保单续保节奏，2023年采取的费率措施将在2024年更快地转化为业绩。在财产险业务方面，我们继续努力降低在极端天气频发州的风险敞口，同时在通常天气波动较小的州实现增长。

As we did last year in Personal Lines, we started 2023 pretty aggressively and put the pedal to the metal for growth. Quickly, we realized that we needed to brush off our playbook, and then some, to slow growth and focus on profitability. While it takes the efforts of the entire organization to achieve our goals, I will say that our media team has shown so much flexibility and solidarity over the past several years that I owe them some special recognition. My hope is that they will be able to spend this year’s budget without any cutback, and I trust they will do so efficiently.  

正如去年在个人险业务中那样，我们在2023年初采取了非常激进的增长策略，全力以赴地追求增长。但很快，我们意识到必须彻底放弃旧有的作战手册，甚至超越它，以放缓增长速度并将重心转向盈利。虽然实现目标需要整个组织的共同努力，但我必须特别表扬我们的媒体团队，在过去几年中，他们展现出了极大的灵活性和团结精神。我希望他们能够在今年的预算中不受任何削减，并且我相信他们会高效地做到这一点。

As we have in the past years, we sought out additional rate in order to get closer to our objectives. For the full year of 2022, we increased personal auto rates 13% after prior years of rate increases based on rising severity trends. That was no different in 2023 and we ended the year with personal auto rate increases of 19%, some of which still needs to earn into our book. We still have a number of states where we need rate and will continue to manage that throughout the year since we strive to meet our targets in each state and do not expect any state to subsidize another.  

正如往年一样，为了更接近我们的目标，我们寻求了额外的费率提升。2022年全年，在以往基于损失严重性上升趋势而逐年提价后，我们将个人汽车费率提高了13%。2023年情况亦然，我们以个人汽车费率增长19%结束了这一年，其中部分费率仍需在我们的账面中体现。我们仍有多个州需要提价，并将持续管理这一问题，因为我们努力在每个州达到目标，并且不期望任何一个州为另一个州提供补贴。

In addition to rate, we focused on expenses and leveraging non-rate actions in order to exceed our goals. Our product and pricing teams are second to none and we could not have achieved this without their speed and dedication.  

除了费率，我们还着重于控制费用并利用非费率措施以超越目标。我们的产品和定价团队首屈一指，没有他们的速度与奉献，我们无法取得这样的成绩.

In 2023, our investment portfolio saw a return of 6.3%. We continued to see swings in market sentiment and volatility throughout the year, but a market rally in November and December drove both our fixed-income and equity returns higher. At year-end 2023, our fixed-income portfolio return was 5.4%, as a higher portfolio yield and tighter credit spreads drove strong portfolio performance. As market consensus moved towards a soft landing rather than a recession, equity returns increased significantly with our equity portfolio producing a 26.7% return. We maintained a conservative allocation throughout the year and continued to reduce risks related to commercial real estate securities. In the fourth quarter 2023, we raised our duration back up to 3.0 years to take advantage of higher yields in the market. As we head towards 2024 and beyond, we believe that Progressive has an opportunity to continue to generate capital from both our operating business and investment portfolio.  

2023年，我们的投资组合实现了6.3%的回报。全年我们持续经历市场情绪和波动性的大幅波动，但11月和12月的市场反弹推动了固定收益和股票投资的回报。2023年末，我们的固定收益组合回报为5.4%，这得益于组合收益率的提高和信用利差的收窄，从而推动了强劲的业绩。随着市场共识从衰退转向软着陆，股票回报显著上升，我们的股票组合实现了26.7%的回报。我们全年保持了保守的资产配置，并继续降低与商业房地产证券相关的风险。2023年第四季度，我们将投资组合的久期提高到3.0年，以利用市场上更高的收益率。展望2024年及以后，我们相信Progressive有机会通过运营业务和投资组合继续创造资本。

As we continued to experience the effects of inflation on both our operating and investing sectors of our business in 2023, we maintained a conservative approach to our capital. We limited our share repurchase activity to mainly offset dilution from employee equity grants. In addition, we declared a $0.75 per common share annual-variable dividend for 2023, which was lower than the annual-variable dividends we had paid historically, which averaged $2.15 for the five years prior to 2023. We also maintained our investment portfolio with a more defensive posture that included a greater allocation to U.S. Treasuries. In addition, we issued $500 million of corporate bonds in 2023 to provide us with an extra cushion of capital as we navigated this volatility. We feel this conservative approach was well received by our stakeholders and we are pleased that we have been able to maintain our high investment-grade bond ratings. As we enter 2024, we feel very comfortable with our capital position and believe it will provide us the foundation to significantly grow in the future. With our debt-to-total capital ratio ending the year at 25.4% and the significant capital generation we saw in the fourth quarter 2023, we believe that we are in a great place to find growth opportunities in all areas of our business.

2023 年，由于我们持续感受到通货膨胀对公司运营和投资领域的影响，我们在资本管理上保持了谨慎的态度。我们限制了股票回购活动，主要用于抵消员工股权授予带来的稀释。此外，我们宣布 2023 年每股普通股年度浮动股息为 0.75 美元，低于历史上支付的年度浮动股息（2023 年前五年平均为 2.15 美元）。我们还保持了投资组合的防御性姿态，加大了对美国国债的配置。此外，我们在 2023 年发行了 5 亿美元的公司债券，以在应对市场波动时提供额外的资本缓冲。我们认为这种保守的做法得到了利益相关方的认可，并且很高兴能够保持高投资级别的债券评级。进入 2024 年，我们对自身的资本状况感到非常满意，并相信这将为我们未来的显著增长奠定基础。 由于我们的债务占总资本比率在 2023 年年底达到 25.4%，并且在 2023 年第四季度实现了显著的资本增长，我们相信我们正处于一个极佳的位置，能够在业务的各个领域找到增长机会。

Overall, even with the continued uncertainty that we have encountered during these last several years, we have our eye on the ultimate goal of achieving our Vision and always with the caveat of doing so in the right way with our values and culture underpinning all that we do.

总体而言，即使在过去几年中我们持续面临不确定性，我们仍然关注实现愿景这一最终目标，并始终坚持以正确的方式行事，以我们的价值观和文化作为一切行动的基础。

我们的四大基石

You are all familiar with our four cornerstones – who we are, why we are here, where we are headed, and how we will get there – as the construct Progressive uses to think about having a competitive advantage. We start with our five Core Values that clearly outline who we are. Next is our Purpose, which helps to provide clarity around why Progressive exists and the role we play within Progressive, society, and our communities. The third cornerstone is our Vision that provides us guidance to help us make the right investments to achieve our ultimate goal of becoming a Destination company. Lastly, and the more tactical of all the cornerstones, is Strategy, which is supported by our four strategic pillars that have been our resolute 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.

你们都熟悉我们的四大基石——我们是谁、我们为何在此、我们要去往何处以及我们如何到达那里，这是 Progressive 用来思考如何获得竞争优势的框架。我们首先从清晰阐明我们身份的五个核心价值观开始。其次是我们的宗旨，它帮助我们明确 Progressive 存在的原因，以及我们在 Progressive、社会和社区中所扮演的角色。第三个基石是我们的愿景，它为我们提供指引，帮助我们做出正确的投资，以实现我们成为目标公司的终极目标。最后，也是所有基石中更具战术性的，是战略，它由我们的四大战略支柱所支持，这些支柱一直是我们坚定不移的方针，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的领域进行投资。

CORE VALUES > These values, which remain unchanged and continue to serve as the foundation for our culture are Integrity, Golden Rule, Objectives, Excellence, and Profit.

核心价值观 > 这些价值观始终如一，是我们文化的基石，包括诚信、黄金法则、目标、卓越和盈利。

PURPOSE > Our Purpose statement is “We exist to help people move forward and live fully.” One can easily insert employee, customer, community, independent agent partners, etc. in the place of people because it is really all about every constituent and we know they all have different needs. This statement provides that flexibility. I have added more details at the end of the letter regarding this very exciting initiative.

目的 > 我们的宗旨声明是：“我们的存在是为了帮助人们不断前进，充实生活。” 在这里，“人们”可以轻松替换为员工、客户、社区、独立代理合作伙伴等，因为我们的宗旨涵盖了所有相关群体，而我们也清楚他们各自拥有不同的需求。这一声明提供了这样的灵活性。我已在信件末尾添加了更多关于这一激动人心举措的详细信息。

VISION > Our Vision is to “Become consumers’, agents’, and business owners’ #1 destination for insurance and other financial needs.”

愿景 > 我们的愿景是“成为消费者、代理人和企业主在保险及其他金融需求方面的首选之地。”

STRATEGY > Our strategic pillars serve as the foundation of how we will achieve our Vision and are discussed in more detail below.

战略 > 我们的战略支柱是实现愿景的基础，下文将对此进行更详细的讨论。

人文与文化

We strongly feel that to achieve our Vision, we need to understand and anticipate the needs of our customers. For us, Diversity, Equity, and Inclusion (DEI) are business imperatives required to sustain our incredible business model. It’s this model, and especially our goal to grow as fast as we can subject to meeting our profit target and our ability to provide high-quality customer service, which generates additional career opportunities for all of us. We continually focus on a culture that empowers everyone to learn, grow, and reach toward their career aspirations.

我们深信，要实现我们的愿景，就必须理解并预见客户的需求。对我们而言，多元化、公平和包容（DEI）是维持我们卓越商业模式所必需的业务要素。正是这种模式，尤其是我们在满足利润目标和提供高质量客户服务能力的前提下尽可能快速增长的目标，为我们所有人创造了更多的职业机会。我们持续专注于打造一种文化，使每个人都能学习、成长并实现自己的职业抱负。

In a period when much has been written and said about what diversity, equity, and inclusion mean, I thought it important to start this year by sharing how we define diversity, equity, and inclusion at Progressive:

在一个关于多样性、公平性和包容性的含义已有大量讨论的时期，我认为有必要在今年年初分享一下我们在 Progressive 公司如何定义多样性、公平性和包容性：

•Diversity is what makes us unique, and we recognize that these differences influence how we work with each other and our customers.

• 多样性使我们与众不同，我们认识到这些差异会影响我们彼此之间以及与客户的合作方式。

•Equity is treating people fairly and ensuring that we all have access to the resources and opportunities that help us learn, grow, and be successful. Equity means that we meet people where they are to help them get to where they want to go.

•公平是公正地对待每个人，确保我们所有人都能获得帮助我们学习、成长和取得成功的资源和机会。公平意味着我们要从人们的实际情况出发，帮助他们实现自己的目标。

•Inclusion is our daily commitment to make the people around us feel valued, welcomed, and respected for who they are as individuals.

•包容是我们每天的承诺，让身边的人感受到自身作为个体的价值，受到欢迎和尊重。

We’ve shared these definitions with our employees to help focus our work together, and they are the framework for our ongoing objectives and efforts.

我们已将这些定义分享给员工，以帮助我们共同专注于工作，这些定义也是我们持续目标和努力的框架。

Our four Diversity, Equity, and Inclusion objectives remain as follows:

我们的四个多元化、公平与包容性目标仍然如下：

•Reflect the customers we serve.

•反映我们所服务的客户。

•Leadership reflects the people they lead.

•领导力反映了他们所领导的员工。

•Maintain a fair and inclusive work environment.

•保持公平且包容的工作环境。

•Contribute to our communities.

• 为我们的社区做贡献。

I will briefly describe our efforts of each objective below.

我将在下面简要描述我们针对每个目标所做的努力。

After multiple years of significant growth and hiring, the gender and racial demographics of our workforce are closely aligned with the U.S. adult population. As I have stated on many occasions, there’s obviously more to diversity than just gender and race, like diversity of thought and demographics, such as disability, ethnicity, religion, and veteran status, but these are the two demographic factors that we currently measure for all Progressive people. As we gain success, we will likely revise and outline other opportunities to continue to better understand the remarkable dimension of our people.

经过多年显著的增长和招聘，我们员工的性别和种族构成已与美国成年人口密切一致。正如我多次提到的，显然多样性不仅限于性别和种族，还包括思想多样性以及其他人口统计因素，如残疾、族裔、宗教和退伍军人身份，但目前我们只针对所有 Progressive 员工测量了性别和种族这两个因素。随着我们取得成功，我们可能会重新审视并确定其他机会，以继续更好地理解员工群体的多样性维度。

Aside from our companywide financial success, this also shows us that our recruiting and development efforts are working, but we recognize it will take an ongoing effort to continue to attract and retain a richly diverse workforce. We plan to do this by continuing to refine our recruiting and development efforts that have proven to be most successful over the past few years. We have made concerted efforts to invest in many programs to assist people with achieving the next step in their career goals. One example is our Analyst Boot Camp (ABC) where we support our people who have an interest in data analytics but aren’t sure how to get started on this path. I’m sharing just two of the many quotes from individuals who have gone through the boot camp to show you how critical we believe it is to identify talent and then take action to help talented individuals grow and achieve their aspirations.

除了公司整体财务上的成功之外，这也表明我们的招聘和人才培养工作是有效的，但我们也意识到，要持续吸引并留住多元化的人才队伍，需要不断付出努力。我们计划继续完善过去几年已被证明最为成功的招聘和人才培养措施。我们一直致力于投资多个项目，帮助员工实现职业目标的下一步发展。其中一个例子是我们的分析师训练营（ABC），我们通过该项目支持那些对数据分析感兴趣但不确定如何开始的人。我在此分享两条来自参加过训练营的员工的反馈，以展示我们认为识别人才并采取行动帮助他们成长和实现抱负是多么重要。

Oscar, who is an ABC graduate and now a data engineer states:

毕业于 ABC 大学、现为数据工程师的 Oscar 表示：

“Thanks to ABC [Analyst Boot Camp], I am developing into the professional I’ve always aspired to be and at the same time it helped me find something I am passionate about and enjoy. I am eternally grateful for all of the people that support this program, for them believing in me from day one and for allowing me the opportunity to be part of the program. This program has changed my life in many ways and has helped me develop and grow into the professional I am today.”

“感谢 ABC（分析师训练营），我正逐渐成长为自己一直渴望成为的专业人士，同时它也帮助我找到了自己热爱并享受的事业。我永远感激所有支持这个项目的人，感谢他们从第一天起就相信我，并给予我参与该项目的机会。这个项目在很多方面改变了我的人生，帮助我成长为今天的专业人士。”

And Cherie shares how pivotal ABC was at the exact right time in her career:

Cherie 分享了 ABC 在她职业生涯关键时刻所起的重要作用：

“I was at a point in my career where the desire for me personally to contribute was so strong and I had a need to satisfy that desire for more challenging work. I started from being a temporary employee to going to sales, to going to underwriting. The Analyst Boot Camp was pivotal in getting to a career direction decision. I felt like it changed so much in my life in general. I get to be somewhere I love, with people that I actually like and actually do a job that I love. I do feel like I’m on a path to stay here forever. I feel like I have the options that are endless. I’m where I’m supposed to be. I found my people. I feel like I can retire now from Progressive. I feel like I’ll be here forever. I’ll probably be old and gray still running a query or something like that.”

“我的职业生涯曾经处于这样一个阶段：我个人渴望做出贡献的愿望非常强烈，我需要满足这种渴望，去从事更具挑战性的工作。我从临时员工开始，后来转到销售，再到核保工作。分析师训练营对我确定职业方向起到了关键作用。我觉得它总体上改变了我的生活。我现在能待在我热爱的地方，和我真正喜欢的人一起工作，做着我真正热爱的工作。我确实觉得自己正走在一条可以永远待下去的道路上。我觉得自己的选择是无限的。我现在就在我应该在的地方。我找到了属于我的人群。我觉得我现在可以在 Progressive 退休了。我觉得我会永远待在这里。也许到我年老头发花白的时候，还会继续运行查询之类的工作。”

Engagement is another crucial element of our success as evidenced from how we prevailed during another tumultuous year. Picture over 60,000 employees working tirelessly hand-in-glove in order to achieve our goals and you can get a sense of our strong “get it done” culture. When engaged people rise into leadership roles, they tend to inspire others to lead. I know that I have had countless mentoring sessions over the years sharing my leadership principles, successes, and mistakes that I have made to encourage others to consider leading. Sharing experiences gives leaders a better concept of the importance of serving others they lead, and our leaders pass on their experiences and insights every day to develop our future leaders.

敬业精神是我们成功的另一个关键因素，这一点在我们又一次度过动荡的一年中得到了证明。想象一下，超过六万名员工齐心协力、不懈努力地实现我们的目标，你就能感受到我们强大的“使命必达”文化。当敬业的人晋升到领导岗位时，他们往往会激励他人也成为领导者。我知道，多年来我进行了无数次指导交流，分享我的领导原则、成功经验以及所犯的错误，以鼓励他人考虑承担领导责任。分享经验能让领导者更好地理解为所领导的人服务的重要性，而我们的领导者每天都在传递他们的经验和见解，以培养未来的领导者。

One goal of our talent management and acquisition team is to remove any barriers candidates may face to accessing our jobs and any barriers we may face to accessing candidates, including any obstacles that could affect the representation of women and people of color in management. This is why, in 2020, we stated an aspiration to increase the representation of people of color in senior leadership positions. We did this to challenge ourselves to reach far and wide to attract diverse, highly qualified applicant pools when recruiting opportunities arose and to invest broadly in developing our internal talent. We are proud to say that this deliberate effort to increase the diversity of our candidate pools has been successful in attracting and developing incredible talent throughout our organization.

我们的人才管理与招聘团队的目标之一是消除候选人在获取职位时可能面临的任何障碍，以及我们在接触候选人时可能遇到的任何障碍，包括可能影响女性和有色人种在管理层代表性的任何阻碍。因此，我们在 2020 年提出了增加高级领导职位中有色人种代表性的愿望。我们这样做是为了激励自己在招聘机会出现时广泛吸引多元化、高素质的候选人群体，并广泛投资于内部人才的培养。我们很自豪地表示，这种有意识地增加候选人群体多样性的努力已成功地在整个组织内吸引并培养了杰出的人才。

We will keep this momentum by remaining disciplined in our development of deep, diverse candidate pools through new and existing recruiting networks and internal talent. This year, our second cohort of aspiring leaders entered Progressive’s Multicultural Leadership Development Program (MLDP), which is open to every eligible employee at Progressive, across every demographic and business area. Building off both the MLDP brand and its past success, we developed this new program for emerging leaders and other high-potential employees. Participants in the first cohort completed leadership-development coursework and simulations, presented business cases, and more to build their capabilities for their first leadership role. By graduation, some had already interviewed for, and successfully obtained, roles as leaders.

我们将继续保持这一势头，通过新的和现有的招聘网络以及内部人才，以严谨的态度开发深入、多元化的候选人储备。今年，我们第二批有抱负的领导者加入了 Progressive 的多元文化领导力发展计划（MLDP），该计划面向 Progressive 所有符合条件的员工，不论其人口统计特征和业务领域。在 MLDP 品牌及其过去成功经验的基础上，我们为新兴领导者和其他高潜力员工开发了这一新项目。第一批参与者完成了领导力发展课程和模拟训练，进行了商业案例展示等活动，以提升他们担任首个领导职位的能力。在毕业时，一些参与者已经参加了领导职位的面试，并成功获得了领导岗位。

We’re committed to creating an environment where all our people feel welcomed, valued, and respected. One key measure of success is participation in our Employee Resource Groups (ERG), which we have sponsored for over a decade. In fact, over the past several years, our ERG membership grew even faster than the accelerated rate of growth of our employee population. Membership in ERGs is broad and every ERG is open to every Progressive person with members of each ERG proudly reflecting both people who identify with the demographic focus of the ERG and the many others who join ERGs in order to learn from experiences and perspectives that might be different from their own.

我们致力于营造一个让所有员工感到受欢迎、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（ERG）的参与度，我们对这些小组的支持已有十多年。事实上，在过去几年中，我们 ERG 成员的增长速度甚至超过了员工总数的快速增长速度。ERG 成员范围广泛，每个 ERG 都向 Progressive 的所有员工开放，每个 ERG 的成员既包括与该 ERG 人口特征相关联的人，也包括许多其他加入 ERG 以学习与自身不同的经验和观点的人。

We believe our ERGs and our outsized participation rates are a significant contributing factor to several people metrics at Progressive. We have learned over the past several years that our ERG members are more engaged, more likely to stay at Progressive, and more likely to apply for promotions.

我们相信，我们的员工资源小组（ERG）及其较高的参与率是 Progressive 公司多项人员指标的重要影响因素。过去几年，我们了解到 ERG 成员的敬业度更高，更倾向于留在 Progressive 公司，并更有可能申请晋升。

To highlight the importance our longstanding ERG programs, I’d like to share a story from a woman who I have mentored, over the years, and I have really seen flourish. I have witnessed that happen even more rapidly as she got involved with our PAAN (Progressive African American Network) ERG. We now have lunch once a year to catch up and stay connected. Her time as the chair of our PAAN board is ending and I asked her to share with me her experiences.

为了强调我们长期以来的员工资源小组（ERG）项目的重要性，我想分享一位我多年来指导过并亲眼见证其成长的女性的故事。我注意到，自从她参与了我们的 PAAN（进步非裔美国人网络）ERG 后，她的成长速度变得更快。现在我们每年都会共进一次午餐，以保持联系并了解近况。她担任 PAAN 董事会主席的任期即将结束，我请她与我分享她的经历。

These are Alana’s words and I believe that they speak for themselves:

以下是阿拉娜的话，我相信这些话本身就足以说明一切：

Prior to handing over the PAAN chairperson’s torch to Janaul, I began to reflect on my time leading the PAAN ERG as the vice-chair and chair. I thought back on the many roles I have had here at Progressive and in life and none of them compared to this one.

在将 PAAN 主席的职责交接给 Janaul 之前，我开始回顾自己担任 PAAN ERG 副主席和主席期间的经历。我回想起自己在 Progressive 公司以及生活中担任过的许多角色，没有一个能与这个角色相提并论。

I owe the momentum of my operational career to PAAN. Today I am a claims director and just eight years ago, I had earned my first operational leadership role as a supervisor in New Jersey. For that interview, I used many examples of my Ambassadorship with PAAN to demonstrate my leadership capabilities. If I am being completely transparent, this was at a time where DEI examples were not generally acceptable responses in operational role interviews. I then took a full year off to learn my operational role and then applied to be on the PAAN board. I moved up rather quickly on the board because the leaders in place recognized my drive and desire to inspire and lead. In 2020 earned the vice chair role and in 2022, the chair. I navigated through in-person, virtual and now hybrid work environments. I supported our employees during some very tragic experiences that struck our country, particularly those impacting the Black community. I was able to support our Executive and Senior leadership teams through some difficult conversations and communications. I was able to share stories of my journey and my failures in hopes to give strength to others. I was able to work with an amazing team of people who roll up their sleeves day and night to ensure that the PAAN brand is solid and makes our company proud.

我职业生涯的发展动力归功于 PAAN。如今，我是一名理赔总监，而就在八年前，我才刚刚在新泽西州获得了我的第一个运营领导职位——主管。在那次面试中，我使用了许多我在 PAAN 担任大使的经历，来展示我的领导能力。坦率地说，在那个时候，多元、公平和包容（DEI）的例子通常并不被视为运营职位面试中的合适回答。随后，我花了一整年时间学习运营岗位的职责，然后申请加入 PAAN 董事会。我在董事会中迅速晋升，因为当时的领导们认可我的动力以及激励和领导他人的意愿。2020 年，我担任了副主席，2022 年成为主席。我经历了面对面、虚拟以及现在的混合工作环境。我在一些严重影响我们国家、尤其是对黑人群体造成冲击的悲剧事件中，为我们的员工提供了支持。我协助我们的高管和高级领导团队进行了许多艰难的对话和沟通。我分享了自己一路走来的经历和失败，希望能给予他人力量。 我有幸与一支出色的团队合作，他们日以继夜地努力工作，确保 PAAN 品牌稳固可靠，让公司引以为豪。

I want to leave you with this: Many of us who work in this space do it because at our core, we want everyone to shine, and we understand the value in the content that is shared in all ERGs and the DEI group. This is not just something outside of our “day job” because this IS our day job, night job and weekend job. We live and breathe inclusion and use this stage to produce content to help others be the best version of themselves. We have an operational role and a DEI role – both are equal in impact. Both are necessary. Both are what makes Progressive…Progressive.

最后，我想与你们分享的是：我们许多从事这一领域工作的人之所以投身其中，是因为在内心深处，我们希望每个人都能闪耀，我们深知所有员工资源小组（ERGs）和多元、公平与包容（DEI）团队所分享内容的价值。这不仅仅是我们“日常工作”之外的事情，因为这就是我们的日常工作、夜晚工作和周末工作。我们以包容为生命，利用这个平台创造内容，帮助他人成为最好的自己。我们既承担运营职责，也承担 DEI 职责，两者同样重要，同样必要，共同成就了 Progressive 的独特之处。

While it is more important for our employees to feel that they are working for a great company, it is always nice to be recognized by others as well. For a third consecutive year, Progressive was named a Gallup Exceptional Workplace. We also received accolades as Forbes® America’s Best Employers for Diversity® (#1), Fortune® Best Large Workplaces for Women (#10), People® Companies that Care (#31), Newsweek America’s Greatest Workplaces for Parents & Families (five stars), and TIME World’s Best Companies (#351), to name just a few of the dozens of workplace-related awards bestowed upon Progressive in 2023.

尽管让员工感受到自己在为一家优秀的公司工作更为重要，但能得到外界的认可也总是令人欣慰的。Progressive 连续第三年被盖洛普评为卓越职场。此外，我们还获得了多项荣誉，包括福布斯“美国最佳多元化雇主”（排名第 1）、《财富》“最佳女性大型职场”（排名第 10）、《人物》杂志“关爱员工企业”（排名第 31）、《新闻周刊》“美国最佳亲子家庭职场”（五星评级）以及《时代》杂志“全球最佳公司”（排名第 351）等，这些仅是 2023 年 Progressive 所获得的数十项职场相关奖项中的一部分。

Another important measure of our fair and inclusive work environment is our record of pay equity. Our pay equity analysis shows that for Progressive employees with similar performance, experience, and job responsibilities, women earn one dollar for every dollar earned by men, and people of color earn one dollar for every dollar earned by their white co-workers.

衡量我们公平包容的工作环境的另一个重要指标是薪酬公平记录。我们的薪酬公平分析表明，在 Progressive 公司中，绩效、经验和工作职责相似的员工中，女性与男性的薪酬比例为一比一，有色人种与白人员工的薪酬比例也为一比一。

To maintain a fair and inclusive environment, we believe that consistent communications and employee involvement are critical. To support this, we refreshed our approach to DEI awareness by revamping our annual Inclusion Week to become IQ: Inclusion QuarterlySM, which includes a day and a half of shorter-duration presentations and programs four times a year.

为了保持一个公平且包容的环境，我们认为持续的沟通和员工参与至关重要。为此，我们更新了多元、公平与包容（DEI）意识的推广方式，将原本每年一次的“包容周”改进为每季度一次的“IQ：季度包容性”活动（Inclusion QuarterlySM），每次活动包括一天半的短时长演讲和项目。

Also, as part of this DEI objective, we added a Low-Cost Plan (LCP) to our employee medical insurance offerings designed to increase participation and improve engagement in preventative health care among our lowest-paid employees. I am happy to report that as of the end of the year, just over 80% of employees with an annual salary of less than $50,000 are enrolled in one of the medical insurance plans that Progressive offers, with the majority in the LCP.

此外，作为这一多元、公平与包容（DEI）目标的一部分，我们在员工医疗保险方案中增加了一项低成本计划（LCP），旨在提高最低薪资员工的参与度，并促进他们积极参与预防性医疗保健。我很高兴地报告，截至年底，年薪低于 5 万美元的员工中，略高于 80%已加入 Progressive 提供的医疗保险计划，其中大部分选择了低成本计划（LCP）。

A final, and important, cultural initiative is our Chosen Name Program. In this program, we are allowing employees to use the first name that most appropriately represents them, rather than their legal name, on the majority of our internal platforms (e.g., email, video chats). The overwhelming response has been positive with many sharing that they no longer need to explain their name or feel embarrassed when meeting a fellow employee for the first time. This was meaningful to me, since my legal first name is Susan, yet I prefer to be called Tricia, which is short for my middle name, Patricia. It’s a long story…

最后一项重要的文化举措是我们的自选姓名计划。在该计划中，我们允许员工在大部分内部平台（如电子邮件、视频聊天）上使用最能代表自己的名字，而非法定姓名。这项举措获得了极大的积极反响，许多人表示他们不再需要解释自己的名字，也不再在首次与同事见面时感到尴尬。这对我个人也很有意义，因为我的法定名字是 Susan，但我更喜欢别人叫我 Tricia，这是我中间名 Patricia 的简称。这是个很长的故事……

With a few exceptions, we have concentrated our community support to causes that align with our business—simply put, vehicles and homes—in addition to causes that each individual employee wishes to support. We provide vehicles to veterans with our Keys to Progress® initiative, furnish homes for the homeless, and provide grants to small and minority-owned businesses. We also continued to fund donations, some through The Progressive Insurance Foundation, to the national organizations identified by our ERGs to help support the communities they represent.

除了少数例外，我们的社区支持主要集中在与我们业务相关的领域——简单来说，就是车辆和住房，以及每位员工个人希望支持的事业。我们通过“Keys to Progress®”项目为退伍军人提供车辆，为无家可归者提供住房，并向小型和少数族裔拥有的企业提供资助。此外，我们还继续通过 Progressive 保险基金会向由我们的员工资源小组（ERGs）确定的全国性组织提供捐赠，以帮助支持他们所代表的社区。

During our 2023 Keys to Progress veteran vehicle giveaway events held on November 8, 2023, we were delighted to celebrate a major program milestone – the gifting of our 1,000th vehicle since the program’s inception in 2013. We’re proud to have helped veterans in all 50 states and D.C. over the years by providing transportation support through this program to individuals and veteran non-profit organizations. Whether a vehicle is needed to obtain employment, get to medical appointments, or take children to and from school, our goal is to improve the lives of those in the military who have served and sacrificed for our country and us. I’m including a few quotes from a vehicle recipient, a partner, and an employee that gives you a sense of how important this program is for all involved.

在我们于 2023 年 11 月 8 日举办的“2023 年迈向进步之钥退伍军人车辆捐赠”活动中，我们非常高兴地庆祝了一个重要的里程碑——自 2013 年该项目启动以来，我们已赠送了第 1000 辆汽车。多年来，我们很自豪地通过该项目为全美 50 个州和哥伦比亚特区的退伍军人及退伍军人非营利组织提供交通支持。无论是需要车辆来获得就业机会、前往医疗预约，还是接送孩子上下学，我们的目标都是改善那些为国家和我们做出奉献与牺牲的军人们的生活。我还附上了一些来自车辆受赠者、合作伙伴和员工的引言，以便您了解该项目对所有参与者的重要意义。

When expressing his appreciation for receiving a vehicle, 2023 program recipient Luis, from San Antonio, TX, shared that he’s immensely grateful for those who consistently stand by veterans during their transition to civilian life. “The journey is not easy,” he said, “but your unwavering support in various ways makes a significant difference.”

在表达对获赠车辆的感激之情时，来自德克萨斯州圣安东尼奥市的 2023 年项目受助者路易斯表示，他非常感谢那些在退伍军人转向平民生活过程中始终陪伴他们的人。“这段旅程并不容易，”他说，“但你们以各种方式给予的坚定支持产生了重大影响。”

“This new minivan isn’t just a vehicle, it’s a symbol of the invaluable support that Progressive is extending to Warrior Canine Connection (WCC),” said Rick, the WCC executive director and founder. “With this addition, our team can enhance its reach, ensuring that we can safely and efficiently bring the comfort and companionship of man’s best friends to support veterans in need.”

“这辆新的小型货车不仅仅是一辆交通工具，它更象征着 Progressive 对勇士犬类联结组织（WCC）提供的宝贵支持，”WCC 执行董事兼创始人 Rick 说道。“有了这辆车，我们的团队可以扩大服务范围，确保我们能够安全高效地将人类最好的朋友所带来的安慰与陪伴送到需要帮助的退伍军人身边。”

Undoubtedly, Progressive people may enjoy gifting the vehicles as much as the veterans appreciate receiving them. This comment from Progressive manager Julie, who serves on the Keys to Progress program team, encapsulates how our employees feel about this program: “Being part of Keys to Progress allows me to honor and celebrate those who signed on that line to protect the rest of us, it’s one of the very best days at Progressive for me.”

毫无疑问，Progressive 的员工们赠送车辆时所感受到的喜悦，与退伍军人们收到车辆时的感激之情同样强烈。Progressive 经理朱莉是“Keys to Progress”项目团队的一员，她的这段话概括了我们员工对该项目的感受：“能够参与‘Keys to Progress’，让我有机会向那些签下名字保护我们所有人的人致敬并表达感激，这对我来说是 Progressive 最美好的日子之一。”

In 2023, Progressive people supported two organizations focused on helping those who are homeless or at risk of being homeless: Humble Design and Family Promise.

2023 年，Progressive 人士支持了两个致力于帮助无家可归者或面临无家可归风险者的组织：Humble Design 和 Family Promise。

In March 2023, Humble Design Cleveland celebrated its 200th home makeover since Progressive helped to bring their services to the Cleveland area. After setting up operations in northeast Ohio in July 2020, Humble Design, with the help of Progressive and community volunteers, has transformed 260 homes and served over 750 individuals.

2023 年 3 月，Humble Design 克利夫兰分部庆祝了自 Progressive 协助将其服务引入克利夫兰地区以来的第 200 次房屋改造。自 2020 年 7 月在俄亥俄州东北部开展业务以来，Humble Design 在 Progressive 和社区志愿者的帮助下，已改造了 260 个家庭，服务超过 750 人。

Our own employee, Terri, shared her experience saying: “When you volunteer at Humble you actually SEE the difference you are making in the lives of their clients, and it is amazing to be a part of that. Helping families become whole and providing a beautiful space for them to heal, live fully and grow is priceless.”

我们的员工 Terri 分享了她的经历：“当你在 Humble 做志愿者时，你能真正看到自己为客户生活带来的改变，能参与其中真是太棒了。帮助家庭重获完整，为他们提供一个美好的空间，让他们疗愈、充实地生活并成长，这是无价的。”

I concur with her completely as my team and I participated in decorating a home for a family that lost everything in a fire and it was an amazing experience to help those in our Cleveland community.

我完全同意她的观点，因为我和我的团队曾参与为一个在火灾中失去一切的家庭布置房屋，能够帮助我们克利夫兰社区的人们，这是一段非常棒的经历。

In 2023, Progressive introduced Family Promise to employees countrywide as another way to help support people who are experiencing homelessness move forward in life. Family Promise is the nation’s leading nonprofit organization working to prevent and end family homelessness using a holistic approach that includes three key areas of focus: prevention and diversions services before families reach crisis, shelter when they become houseless, and stabilization programs once they secure housing. With 200+ Family Promise Affiliates across the country, we’ve expanded opportunities for Progressive’s 60,000+ employees to assist in addressing the homelessness crisis beyond our efforts with Humble Design in our Cleveland headquarters city.

2023 年，Progressive 公司向全国员工推出了 Family Promise 项目，作为帮助无家可归人士重建生活的另一种方式。Family Promise 是美国领先的非营利组织，致力于通过整体方法预防和终结家庭无家可归问题，主要关注三个关键领域：在家庭陷入危机前提供预防和分流服务，在家庭失去住所时提供庇护，以及在家庭获得住房后提供稳定计划。通过遍布全国的 200 多个 Family Promise 分支机构，我们为 Progressive 公司超过 6 万名员工提供了更多机会，以协助解决无家可归危机，这也进一步拓展了我们在克利夫兰总部城市与 Humble Design 合作之外的努力。

For example, in November 2023, a team of Progressive employees volunteered at the Family Promise of Collin County, TX. They created Thanksgiving baskets, donated holiday decorations, and decked out the Affiliate’s Day Center with their donations. Progressive’s support meant a great deal to Family Promise of Collin County’s Executive Director who said: “This was the first time a large corporation volunteered at our Affiliate. The volunteers were local. They were awesome!”

例如，2023 年 11 月，一支由 Progressive 员工组成的团队在德克萨斯州科林县的 Family Promise 组织进行了志愿服务。他们制作了感恩节礼篮，捐赠了节日装饰品，并用这些捐赠品装饰了该机构的日间中心。Progressive 的支持对 Family Promise 科林县分部的执行董事意义重大，他表示：“这是第一次有大型企业在我们分部进行志愿服务。这些志愿者都是本地人，他们非常棒！”

The Progressive Insurance Foundation continued to increase employee participation for Name Your Cause® (NYC), an innovative giving program. With NYC, each Progressive employee can recommend an eligible charity of their choice receive a donation from the Foundation, which is estimated to be about $200 for 2023, without a required matching donation. Not only has this form of equitable giving driven praise from Progressive people, but it has further diversified our charitable portfolio and increased employee participation in the Foundation from about 10% to nearly 40%. There were more than 11,000 unique charities selected by our employees for their donations. I shared many wonderful stories in last year’s letter, and we saw the same incredible response this year. It’s a nice way to let our employees know that what’s important to them is important to leadership at Progressive.

Progressive 保险基金会继续提高员工对“Name Your Cause® (NYC)”这一创新捐赠项目的参与度。通过 NYC，每位 Progressive 员工都可以推荐自己选择的符合条件的慈善机构，由基金会向其捐赠，预计 2023 年每笔捐赠金额约为 200 美元，且无需员工进行配套捐赠。这种公平的捐赠方式不仅赢得了 Progressive 员工的赞赏，还进一步丰富了我们的慈善组合，并将员工对基金会的参与率从约 10%提高到近 40%。员工们选择捐赠的慈善机构超过了 11,000 家。我在去年的信中分享了许多精彩的故事，今年我们也看到了同样令人难以置信的反响。这是一种很好的方式，让我们的员工知道，对他们重要的事情对 Progressive 的领导层同样重要。

We’ve gained considerable ground on our DEI objectives over the past few years, and we’re encouraged by this momentum, particularly in employee engagement through our ERGs, pay equity, and our increasingly diverse 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, all while providing opportunities for everyone to advance.

在过去几年中，我们在多元化、公平与包容（DEI）目标方面取得了显著进展，这种势头令我们备受鼓舞，尤其体现在通过员工资源小组（ERG）提升员工参与度、薪酬公平性以及日益多元化的高层领导团队方面。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，实现我们共同的未来愿景，同时为每个人提供晋升机会。

客户的广泛需求

Our goal of becoming a destination company has us continuing to focus on providing our customers the flexibility to shop, purchase, and service digitally, over the phone, or in person through our independent agent channel. As our customers’ needs change, we seek to provide solutions and choice, instilling confidence in both product and price. We also strive to be able to provide products that will meet both their personal and business insurance needs throughout their lifetimes.

我们致力于成为一家目标型公司，持续专注于通过数字渠道、电话或独立代理渠道，为客户提供灵活的购物、购买和服务方式。随着客户需求的变化，我们力求提供解决方案和选择，让客户对产品和价格充满信心。我们还努力提供能够满足客户终身个人及商业保险需求的产品。

We look to meet the property insurance needs of our customers through our independent agency channel as well as our direct online HomeQuote Explorer® (HQX). This online option provides homeowners, condo, manufactured home, renters, and umbrella policies from Progressive and a network of unaffiliated carriers. The ability to buy online, not typical for homeowners’ insurance, was available through at least one carrier in 47 states and the District of Columbia at year end, making it an option for over 95% of consumers quoted.

我们致力于通过独立代理渠道以及直接在线的 HomeQuote Explorer® (HQX) 满足客户的财产保险需求。这一在线选项提供来自 Progressive 及其非关联保险公司网络的房屋所有者、公寓、活动房屋、租客和伞式保险保单。在线购买房屋保险的方式并不常见，但截至年底，至少有一家保险公司在 47 个州和哥伦比亚特区提供此服务，使超过 95%的报价消费者可以选择此项服务。

In Commercial Lines, we continue to make progress on our strategy to meet the broader needs of small business owners. Since expanding our in-house agency and launching our online BusinessQuote Explorer® (BQX) in 2019, we have advanced our ability to meet the insurance needs of small business owners in this emerging channel through a partnership with 10 different carriers in both admitted and Excess & Surplus markets. Consumers can access four different products including general liability, professional liability, workers’ compensation, and our own manufactured business owners’ policy (BOP) product. In parallel to efforts to optimize our product breadth, we also continued to invest in efforts to streamline the customer experience. This included adding online buy capabilities for three additional product solutions in 2023 and launching our manufactured BOP product in six new states. At year-end 2023, our BOP product was available to small business owners in 44 states representing an estimated 70% of the commercial multi-peril market, through our in-house agency or over 20,000 independent agents. We also received regulatory approval in Florida and expect to begin writing with a select group of agents in early 2024.

在商业保险领域，我们持续推进战略，以满足小企业主更广泛的需求。自 2019 年扩大内部代理机构并推出在线 BusinessQuote Explorer®（BQX）以来，我们通过与 10 家不同的保险公司合作（涵盖许可市场和超额及盈余市场），提升了在这一新兴渠道中满足小企业主保险需求的能力。消费者可以获得四种不同的产品，包括一般责任险、职业责任险、工伤赔偿险，以及我们自主开发的企业主保单（BOP）产品。在优化产品种类的同时，我们也持续投入精力简化客户体验，包括在 2023 年为另外三种产品解决方案增加在线购买功能，并在六个新州推出我们自主开发的 BOP 产品。截至 2023 年底，我们的 BOP 产品已通过内部代理机构或超过 20,000 名独立代理人向 44 个州的小企业主提供服务，这些州约占商业多险种市场的 70%。 我们也已在佛罗里达州获得监管批准，预计将于 2024 年初开始与一批精选代理商合作。

One of our primary objectives is to be able to grow with each customer as their insurance needs change or evolve. We know that as customers acquire additional products with us, they tend to stay longer. While bundling our personal auto insurance with home or special lines products continues to be a focus for us, we also see an opportunity for customers to combine their personal and business insurance needs with Progressive. At the end of the year, about 30% of our Commercial Lines policyholders also had a Personal Lines policy with us.

我们的主要目标之一是能够随着每位客户保险需求的变化或发展而共同成长。我们知道，当客户向我们购买更多产品时，他们往往会停留更长时间。虽然将我们的个人汽车保险与房屋或特殊险种产品捆绑销售仍然是我们的重点，但我们也看到客户将个人和商业保险需求结合在 Progressive 的机会。截至年底，我们约 30%的商业险客户也同时持有我们的个人险保单。

领先品牌

Our goal is to maintain a leading brand that is recognized for innovative offerings and supported by experiences that instill confidence. We are proud to say that we are now the #2 personal auto insurance carrier in the U.S. Our brand continues to motivate consumers to choose Progressive to help protect them when they need it most. Our iconic marketing campaign, Superstore, is on its 56th campaign, and our investment in Flo and her Squad continues to delight and attract our viewers everywhere. Flo’s character holds a strong place in hearts and minds, as demonstrated by her organic appearances in popular culture such as NBC’s Saturday Night Live, the Netflix movie Leo, and in an in-depth article in The New York Times to name a few. Thanks to our marketing partnership with the Barbie movie, our very own Flo and Jamie graced the pink carpet at the LA premiere of the film, along with stars such as Margot Robbie, Ryan Gosling, Nicki Minaj, and Dua Lipa. We co-marketed the film in one of our TV commercials, with Jamie attempting to keep secret his “new client” (who clearly appreciated knowing her Malibu dream house and convertible were protected by Progressive). This partnership came out of the gate with a marked improvement in our brand sentiment. This year it was Barbie’s world, and Progressive protected it. The longevity and continued performance of our Superstore campaign breaks industry norms and is a testament to our talented teams. Its success is something we are very proud of.

我们的目标是保持领先品牌地位，以创新产品著称，并通过令人信赖的体验提供支持。我们自豪地宣布，我们现已成为美国第二大个人汽车保险公司。我们的品牌持续激励消费者选择 Progressive，在他们最需要时提供保护。我们标志性的营销活动“Superstore”已进入第 56 期，我们对 Flo 及其团队的投入持续吸引并取悦各地观众。Flo 这一角色在大众心中占据重要地位，这一点从她在流行文化中的自然出现即可看出，例如 NBC 的《周六夜现场》、Netflix 电影《Leo》以及《纽约时报》的深度报道等。得益于我们与电影《芭比》的营销合作，我们自己的 Flo 和 Jamie 与玛格特·罗比、瑞恩·高斯林、妮琪·米娜和杜阿·利帕等明星共同亮相该片在洛杉矶的首映礼粉红地毯。我们在一则电视广告中与该电影联合营销，Jamie 试图对他的“新客户”保密（显然，这位客户很高兴知道她的马里布梦幻别墅和敞篷车都由 Progressive 提供保护）。 这一合作一开始便显著提升了我们的品牌口碑。今年是芭比的世界，而 Progressive 为其保驾护航。我们的 Superstore 营销活动长期持续表现出色，打破了行业常规，这证明了我们团队的卓越才能。我们为此取得的成功深感自豪。

In addition to Flo and Superstore, we are investing in additional campaigns that resonate with new and different audiences. We like to believe that we have a competitive advantage in our storytelling, where we can introduce multiple story lines that keep our messaging fresh and attract new prospects to the Progressive brand. For example, our Dr. Rick campaign focuses on an accepted human truth that young homeowners start to transform into their parents when they buy a house. This campaign drives business growth and continues to be recognized for its insightfulness and creativity, earning two Golds and a Bronze at the London International Awards, a coveted Cannes Gold Lion, and a Gold Clio in 2023.

除了 Flo 和 Superstore 之外，我们还在投资其他能够引起新受众群体共鸣的营销活动。我们相信，我们在讲故事方面拥有竞争优势，可以引入多条故事线，使我们的信息保持新鲜感，并吸引新的潜在客户关注 Progressive 品牌。例如，我们的 Dr. Rick 营销活动聚焦于一个被广泛认可的人性真相，即年轻的房主在购房后会逐渐变得像自己的父母。这一营销活动推动了业务增长，并因其洞察力和创造力持续获得认可，2023 年荣获伦敦国际奖两项金奖和一项铜奖、备受推崇的戛纳金狮奖以及 Clio 金奖。

We continue to expand our campaign repertoire and are taking a more integrated approach to reach consumers in the right channel, at the right time, with a meaningful message. Our Replay campaign insight continues to deliver in its second season where we doubled down on our social and digital presence to reach football enthusiasts when and where they wanted to hear from us.

我们持续扩展营销活动范围，并采取更为整合的方式，在合适的渠道和时机向消费者传递有意义的信息。我们的 Replay 营销活动洞察在第二季继续发挥作用，我们加大了社交媒体和数字渠道的投入，以便在足球爱好者希望听到我们声音的时间和地点触及他们。

And lastly but importantly, we are staying true to our commitment to create marketing that authentically connects with diverse audiences and drives business results. In line with that commitment, we have broadened our reach beyond the general market with more diversity in our existing campaigns and the development of a new campaign airing on Spanish language TV that has showed strong early results and earned us a Best-in-Culture designation amongst Hispanic/Latinx audiences via the Association of National Advertiser’s CIIM (Cultural Insights and Impact Measure).

最后但同样重要的是，我们始终忠于自己的承诺，致力于打造能够真正与多元受众建立联系并推动业务成果的营销活动。秉持这一承诺，我们在现有营销活动中增加了多样性，扩大了在大众市场之外的影响力，并开发了一项新的西班牙语电视广告活动，该活动初期表现强劲，并通过美国全国广告主协会的 CIIM（文化洞察与影响力衡量标准），在西班牙裔/拉丁裔受众中获得了“最佳文化表现”称号。

And we are not stopping there. We aspire to be the most loved insurance brand in America. We have been reflective about how we want to show up in the lives of our insureds and their communities for years to come. We see it as an honor and humble privilege to strive towards becoming a preferred choice within our communities to financially protect them. We are recognized by consumers for our innovation in the insurance category and as we look for new ways to unlock value and growth, and we are excited about our new brand strategies that will drive more and more love for our brand.

我们并未止步于此。我们立志成为美国最受喜爱的保险品牌。我们一直在思考未来数年如何更好地融入被保险人及其社区的生活。我们将努力成为社区内受青睐的选择，为他们提供财务保障，并视此为一种荣誉和谦卑的特权。我们在保险领域的创新已获得消费者认可，随着我们不断探索新的方式来释放价值和增长，我们对新的品牌战略感到兴奋，这些战略将进一步提升品牌的喜爱度。

有竞争力的价格

Competitive prices are imperative in order to grow in the very competitive markets that we serve. We have a three-prong approach to pursuing competitive prices across our product lines: leading price segmentation, accurate and efficient claims handling, and overall operational efficiency.

在我们所服务的竞争激烈的市场中，具备有竞争力的价格对于实现增长至关重要。我们通过三管齐下的方法，在所有产品线中实现有竞争力的价格：领先的价格细分、准确高效的理赔处理，以及整体运营效率。

Leading price segmentation is a hallmark of Progressive and helps ensure our prices are competitive and adequate to achieve our combined ratio targets. Leading segmentation also means that if our rates are not the lowest in the marketplace, that we expect competitors with lower rates will struggle making money at those price levels, ultimately leading to competitors’ needing to raise their overall rate level to address the profit shortfall.

领先的价格细分是 Progressive 的标志性特征，有助于确保我们的价格既具竞争力，又足以实现我们的综合比率目标。领先的细分还意味着，如果我们的费率不是市场上最低的，我们预计那些费率更低的竞争对手将在这些价格水平上难以盈利，最终迫使竞争对手提高整体费率水平，以解决利润不足的问题。

In our personal and commercial auto programs, we employ a “continuous product model delivery” approach to ensure we are always advancing the science of pricing segmentation and getting those advancements into the marketplace as soon as possible. During 2023, we upgraded new personal auto product models in 17 states representing about 25% of countrywide premium. In our commercial auto business, we did so in 19 states representing about 35% of countrywide commercial auto premium. In our Property business, we are at the front end of building the continuous product model delivery agility and upgraded a homeowners’ product model during 2023 in 14 states representing nearly 20% of countrywide premium. We expect the new model roll-out in Property to accelerate in 2024 and beyond.

在我们的个人和商业汽车项目中，我们采用“持续产品模型交付”的方法，以确保我们始终推进定价细分的科学，并尽快将这些进步推向市场。在 2023 年，我们在 17 个州升级了新的个人汽车产品模型，这些州约占全国保费的 25%。在商业汽车业务方面，我们在 19 个州进行了类似升级，这些州约占全国商业汽车保费的 35%。在财产保险业务方面，我们正处于建立持续产品模型交付敏捷性的初期阶段，并在 2023 年于 14 个州升级了房主保险产品模型，这些州占全国保费的近 20%。我们预计财产保险的新模型推广将在 2024 年及以后加速进行。

Naturally, our primary function and largest expense is compensating customers for their losses and indemnifying third parties in accidents. Ensuring we do this as accurately as possible is essential to having competitive prices. Most changes in loss costs are driven by market-based factors such as the price of parts, labor, and used vehicles. That said, consistency in execution of our claims handling standards supports fair outcomes and costs that do not exceed the overall trends driven by the marketplace. Our claims organization continues to advance claim handling processes and deploy technological innovations capabilities to deliver consistency, fairness, and competitive costs. We also work hard to settle claims not only accurately, but efficiently. Our loss adjustment expense ratio for 2023 was down slightly versus 2022.

当然，我们的主要职能和最大支出是对客户的损失进行赔偿，并对事故中的第三方进行补偿。确保我们尽可能准确地做到这一点，对于保持价格竞争力至关重要。损失成本的大部分变化是由市场因素推动的，例如零部件价格、人工成本和二手车价格。尽管如此，始终如一地执行我们的理赔处理标准，有助于实现公平的结果，并确保成本不会超过市场驱动的整体趋势。我们的理赔部门持续改进理赔处理流程，并部署技术创新能力，以实现一致性、公平性和具有竞争力的成本。我们还努力确保理赔不仅准确，而且高效。2023 年，我们的损失理算费用率较 2022 年略有下降。

Our operational costs are primarily customer service, underwriting, and overhead, or “non-acquisition” related expenses. We view acquisition expenses, such as advertising and agent commissions, as expenses to optimize relative to growth aspirations. We seek to minimize non-acquisition and loss adjustment expenses, balanced with excellent customer service and a positive work environment and culture. In our Personal Lines segment, our non-acquisition expense ratio (NAER) for 2023 was up slightly versus 2022 driven predominantly by employee compensation. In our Commercial Lines business, our NAER was up 0.4 points due, in part, to continued significant investments in new products and systems, as well as employee compensation. In our Property business, NAER was up 1.3 points due to additional investments in underwriting and pricing functions in addition to employee compensation.

我们的运营成本主要包括客户服务、核保和管理费用，即“非获客”相关费用。我们将广告和代理佣金等获客费用视为需根据增长目标进行优化的支出。我们力求在卓越的客户服务和积极的工作环境与文化之间取得平衡，尽可能降低非获客费用和理赔调整费用。在个人业务领域，我们 2023 年的非获客费用率（NAER）较 2022 年略有上升，主要原因是员工薪酬增加。在商业业务领域，我们的 NAER 上升了 0.4 个百分点，部分原因是持续对新产品和系统的重大投资，以及员工薪酬的增加。在财产业务领域，由于在员工薪酬之外还增加了对核保和定价职能的额外投资，我们的 NAER 上升了 1.3 个百分点。

Our overall expense ratio for 2023 was down 1.2 points primarily reflecting significantly lower advertising costs. Underwriting profitability early in the year did not meet our targets and we consequently took many actions to address that, including cutting advertising spend in the second half by just over 50%, compared to our spend in the first half of 2023. For the year in total, advertising spend was down $433 million, or 1.4 points on the expense ratio.

我们 2023 年的整体费用率下降了 1.2 个百分点，主要反映了广告成本的大幅降低。年初的承保盈利能力未达到我们的目标，因此我们采取了多项措施来解决这一问题，包括在 2023 年下半年将广告支出削减了略高于 50%，相比于上半年的支出。全年广告支出总计减少了 4.33 亿美元，相当于费用率下降了 1.4 个百分点。

We are excited to enter 2024 with adequate and competitive prices in most product and state combinations. We will continue to drive execution across the three prongs of segmentation, claims handling, and operational efficiency with the goal of maintaining or improving that competitiveness and meeting our CR targets.

我们很高兴以在大多数产品和州的组合中具备充足且有竞争力的价格进入 2024 年。我们将继续在细分市场、理赔处理和运营效率这三个方面推动执行，目标是保持或提升竞争力，并实现我们的综合比率目标。

前方的确定感

In January of 2023, I started out by celebrating my 35th Progressive anniversary. It was a wonderful time to reflect on where we’ve been and where we are headed. We had a defined and cogent plan for the year ahead. We were all set with confidence and a solid strategy to execute our plan – enter uncertainty. The year turned out extraordinary, but not without a lot of sleepless nights (on the part of many). That said, these are always times when we excel and this year was no different.

2023 年 1 月，我庆祝了自己在 Progressive 公司的第 35 个周年纪念。这是一个美好的时刻，让我回顾过去，展望未来。我们为未来一年制定了明确而有力的计划，充满信心并拥有扎实的战略来执行我们的计划——然而不确定性随之而来。这一年最终非同寻常，但也伴随着许多人的无数个不眠之夜。尽管如此，每当这种时候，我们总能表现出色，今年也不例外。

I thought that I would wrap up the letter on a fun and uplifting note. In my letter last year, I announced our new purpose statement (see our Four Cornerstones section). This statement clearly conveys the role Progressive plays in society and is meant to better unify and guide our organization.

我想以一种有趣且振奋人心的方式结束这封信。在去年的信中，我公布了我们新的宗旨声明（参见我们的“四大基石”部分）。这一声明清晰地表达了 Progressive 在社会中所扮演的角色，旨在更好地统一和引导我们的组织。

In 2023, we’ve taken steps to bring our purpose to life both within our walls and out in the world, because demonstrating our purpose is not about words, it’s about taking action. When done right, we’ll galvanize our employees to see a deeper meaning in our work. And consumers and customers will see Progressive set apart from other big insurance companies – our purpose serving as a manifestation of our culture, revealing the “secret sauce” that has long been felt by our people.

在 2023 年，我们已采取措施，在公司内部和外部世界中践行我们的宗旨，因为体现我们的宗旨不在于言语，而在于行动。当我们做得正确时，将激励员工在工作中看到更深层次的意义。同时，消费者和客户也会看到 Progressive 与其他大型保险公司的不同之处——我们的宗旨体现了我们的文化，展现出长期以来被员工感受到的“独特秘诀”。

Our first order of business was to rally our people. In addition to socializing our purpose, we announced an exciting new employee benefit for our 60,000+ people: Volunteer Time Off (VTO). Through this program, our employees receive additional paid time to individually support a 501(c)(3) organization that’s meaningful to them. Paired with our Name Your Cause charitable giving program that I mentioned earlier, we’re not only helping our people to move forward, but we’re also propelling our communities ahead.

我们的首要任务是凝聚员工。除了宣传我们的目标外，我们还为公司六万多名员工宣布了一项令人振奋的新福利：志愿者带薪休假（VTO）。通过该计划，我们的员工可获得额外的带薪假期，以个人身份支持对他们有意义的 501(c)(3)非营利组织。结合我之前提到的“指定你的公益事业”（Name Your Cause）慈善捐赠计划，我们不仅帮助员工不断前进，也推动了我们所在社区的发展。

Our employees have been quick to connect with our new purpose. Recently in a companywide leadership town hall, Jeff, one of our Digital Designers, shared how his co-workers helped support him while his daughter faced a major health crisis: “I don’t know how everything got done without me, but I do know that I had so many people checking in on me during this time…and that meant everything.”

我们的员工迅速与新的目标产生了共鸣。最近，在一次面向全公司的领导层大会上，我们的一位数字设计师杰夫分享了他的经历：当他的女儿面临严重的健康危机时，同事们如何给予他支持。“我不知道在我缺席的情况下工作是如何完成的，但我知道在这段时间里有很多人关心我……这对我意义重大。”

Our employees’ passion for these efforts also came through in the latest Engagement & Culture survey, where employees shared what they like most about working here:

员工对这些工作的热情也体现在最新的敬业度与文化调查中，员工们在调查中分享了他们最喜欢在这里工作的哪些方面：

“Coming to work every day with a clear purpose and being encouraged and supported to make that purpose count.”

每天带着明确的目标来工作，并得到鼓励和支持，让这一目标变得有意义。

“The newly added (VTO) Volunteer Time Off to volunteer with a favorite charity! It will help me refresh, re-energize and give back to the community.”

新增加的（VTO）志愿者休假，让我能为自己喜爱的慈善机构做志愿服务！这将帮助我恢复活力、重振精神，并回馈社会。

Outside our walls, we aim to build community resilience by promoting systemic equity in spaces that overlap with our business: on the road, in the home, and for business owners.

在公司之外，我们致力于通过在与我们业务相关的领域（道路、家庭和企业主）推动系统性公平，来增强社区的韧性。

In developing our purpose, we talked a lot about what it is that we’re protecting. On the surface, it’s typically a car or a home—personal property. But often, these are more than just things itemized on a spreadsheet. It’s what you’ve worked and saved for, the things that can’t be replaced, the things that you’ll pass down to your children or use to build generational wealth. We are working on some exciting programs that are not yet ready for prime time but please stay tuned.

在制定我们的目标时，我们深入探讨了我们所保护的究竟是什么。表面上看，这通常是一辆车或一栋房子——个人财产。但很多时候，这些远不只是电子表格上的物品清单，而是你辛勤工作和积蓄所得，是那些无法替代的东西，是你将传给子女或用以建立世代财富的资产。我们正在开发一些令人兴奋的项目，目前尚未准备好正式推出，敬请关注。

At the end of the day, we deal in financial matters, but we’re really protecting people’s individual stories and legacies, and there’s a lot of responsibility in that. A company of our scale cannot simply maximize profits; we have a responsibility to support the communities we serve and, in turn, serve the long-term interests of Progressive.

归根结底，我们处理的是财务事务，但实际上我们保护的是人们各自的人生故事和遗产，这其中蕴含着巨大的责任。像我们这样规模的公司不能只追求利润最大化；我们有责任支持我们所服务的社区，并进而服务于 Progressive 的长期利益。

I’m thrilled about how we closed 2023 and even more delighted to begin 2024. We know there will be components of our business and external factors that we may not be immediately prepared for and also know that we have exercised that muscle so many times over the past four years that our reaction will be swift. That’s just who we are: sagacious, hard working, and focused.

我对我们圆满结束 2023 年感到兴奋，更对开启 2024 年感到欣喜。我们知道业务中会有一些因素以及外部情况，我们可能无法立即做好准备，但我们也清楚，在过去四年中，我们已经多次锻炼了应对能力，因此我们的反应将会迅速。这正是我们的本色：睿智、勤奋且专注。

Lastly, I want to thank each and every Progressive person who made this year successful, our partners, agents, and, most importantly, our customers whom we are so privileged to serve.

最后，我想感谢每一位为今年取得成功而努力的 Progressive 员工、我们的合作伙伴、代理商，以及最重要的是，我们有幸为之服务的客户。

Stay well and be kind to others,

保持健康并善待他人，