2025-03-03 Tricia Griffith’s Letters to PGR Shareholders
Refer To：《PGR-Form 10-K - Annual report-2024》。
LETTER TO SHAREHOLDERS
致股东的信函
Every year when I pick a theme for the annual report, I reflect on what is happening both within Progressive and across the world around us. My strong belief in meliorism aided in choosing the theme Empathy. There is solace in knowing that our efforts can have a very positive effect on our employees, customers, partners, communities, and shareholders. In addition to selecting the theme, it is always an enlightening experience for me to select an artist that accurately reflects what I am trying to portray to all our constituents.
每年当我为年度报告选择主题时，我都会思考 Progressive 内部以及我们周围世界正在发生的事情。我对向善论的坚定信念促使我选择了“同理心”这一主题。知道我们的努力能够对员工、客户、合作伙伴、社区和股东产生非常积极的影响，这让我感到欣慰。除了选择主题之外，挑选一位能够准确反映我想向所有利益相关方传达的信息的艺术家，对我来说也是一次富有启发性的经历。
At first blush, when the team presented this body of work, I saw what I thought were two different women (possibly friends or sisters). I thought the artwork was both interesting and beautiful because the different situations portrayed in the work brought out a variety of emotions. Upon realizing that the artist photographed the same woman, in a collection of scenarios over more than two decades, I was not only intrigued but it made me reflect on the fact that empathy starts with each and every one of us and can vary from day to day.
当团队首次展示这组作品时，我以为看到的是两位不同的女性（可能是朋友或姐妹）。我觉得这件艺术作品既有趣又美丽，因为作品中描绘的不同情境引发了多种情感。当我意识到艺术家拍摄的是同一位女性，记录了她二十多年间的一系列场景时，我不仅感到好奇，也让我反思到，同理心始于我们每个人自身，并且每天都会有所不同。
In the end, empathy is about caring for ourselves and each other in an uncertain world and trying to make positive improvements in a business where people rely on us to get back on their feet. We saw that many times over in 2024 and history tells us that we will need empathy more than ever and that was evident as we saw the California wildfires rage early on in 2025.
归根结底，同理心是在不确定的世界中关爱自己和彼此，并努力在一个人们依靠我们重新站起来的行业中做出积极改善。2024 年我们多次见证了这一点，历史告诉我们，我们比以往任何时候都更需要同理心，这一点在 2025 年初加州野火肆虐时尤为明显。
My hope and expectation is that the people of Progressive will rise to the occasion, again, in 2025, continue to show empathy for all those that we serve, and make progress along the way.
我希望并期待 Progressive 的员工在 2025 年再次挺身而出，继续对我们所服务的所有人展现同理心，并在此过程中取得进步。
Understanding (by the numbers with some stories)
通过数据与案例来理解
What we thought would transpire in 2023, actually happened in 2024. Well, to be fair, by the back half of 2023, we felt we were in a good position, and we used that momentum to catapult us to our success in 2024. Even with that tailwind, 2024 was nothing short of phenomenal. Actually, to be perfectly transparent, this may have been one of the best overall years in the history of Progressive, and I don’t say that lightly based on our many decades of success over the past nearly 90 years.
我们原本预计 2023 年会发生的事情，实际上在 2024 年才实现。公平地说，到 2023 年下半年，我们感觉自己已处于有利位置，并利用这一势头推动我们在 2024 年取得成功。即使有了这样的顺风，2024 年的表现也堪称非凡。坦率地讲，这可能是 Progressive 历史上整体表现最好的一年之一，考虑到我们过去近 90 年中数十年的成功，我并非轻率地做出这一评价。
I am incredibly proud that the 66 thousand plus Progressive team did all that we could possibly do to onboard new customers and to take care of the customers that we have served for many years. We take adding every customer very seriously and treat them as we do our existing policyholders, as if they will be with us for decades as we continue on our path to become more of a destination company. In fact, compared to 2023, we added over 5 million policies in force in 2024. What a privilege to be able to serve all of our policyholders.
我非常自豪，我们超过六万六千人的 Progressive 团队竭尽所能，吸引新客户并照顾我们服务多年的客户。我们认真对待每一位新客户，将他们视作现有保单持有人一样对待，就好像他们将与我们共同走过数十年一样，我们也将继续努力成为一家更具吸引力的公司。事实上，与 2023 年相比，我们在 2024 年增加了超过 500 万份有效保单。能够为所有保单持有人服务，我们深感荣幸。
We ended 2024 with a companywide combined ratio (CR) of 88.8, which reflected our ability to have adequate rates that reflect our risks, favorable reserve development, and our ability to reduce operating expenses while increasing acquisition expenses to leverage our competitive position in the marketplace. We will continue to take the necessary measures to drive growth as we believe that we have yet to reach our zenith.
截至 2024 年底，我们全公司的综合比率（CR）为 88.8，这反映出我们能够制定与风险相匹配的合理费率、实现有利的准备金发展，并在降低运营费用的同时增加获客支出，以巩固我们在市场中的竞争地位。我们将继续采取必要措施推动增长，因为我们相信自己尚未达到巅峰。
Our ability to continue to grow profitably lies in our approach to hiring well in advance of need in our high-volume service areas, such as claims and our call center consultants. These front-line employees are critical to our success, and I am so proud of what they do each day. I am honored to be able to hear, firsthand, stories of how our actions positively affect the lives of those we serve. I thought that I’d share a few accounts for you to get a better picture of the importance of our commitment to our customers.
我们能够持续实现盈利增长的关键在于，我们在索赔处理和呼叫中心顾问等高需求服务领域提前进行人员招聘。这些一线员工对我们的成功至关重要，我为他们每天的工作感到非常自豪。我很荣幸能够亲耳听到我们所采取的行动如何积极影响我们所服务人群生活的故事。我想与大家分享一些案例，以便更好地了解我们对客户承诺的重要性。
Here is a recent note from a customer who paints the picture much better than my words and gives the rightful accolades to three of our claim professionals.
以下是一位客户最近的留言，这段话比我的描述更生动，并对我们三位理赔专业人员给予了应有的赞誉。
I was in a terrible car accident a year ago. My life was turned upside down and inside out. I wanted you to know that you have some of the most amazing, caring, compassionate, patient, respectful people I’ve ever dealt with. In a time in my life where I felt overwhelmed and frustrated, they (Emily, Anna and Kristen) made me feel safe, I could go on and on. In a world with little to no humanity, these women are the epitome of humanity. They made my situation 100% tolerable! They gave me peace...God Bless them...I will forever hold a place in my heart for these women.
一年前，我遭遇了一场严重的车祸，我的生活彻底被颠覆了。我想让你知道，你们拥有一些我所遇到过的最出色、最关心人、最富同情心、最有耐心、最尊重他人的人。在我感到不知所措和沮丧的时刻，她们（Emily、Anna 和 Kristen）让我感到安全，我对她们的感激之情难以言表。在这个几乎没有人情味的世界里，这些女士们是人性的典范。她们让我的处境变得完全可以忍受！她们给了我安宁……愿上帝保佑她们……我心中将永远为这些女士们保留一席之地。
I especially love hearing from consumers who, based on our service, desire to become future Progressive customers.
我尤其喜欢听到消费者表示，由于我们的服务，他们希望未来成为 Progressive 的客户。
Dear Ms. Griffith,
尊敬的格里菲斯女士：
Hope all is well. I am writing to express my sincere gratitude for all your help as well for the outstanding customer service I recently received from Leah in the Consumer help department. The knowledge, patience, willingness to assist was truly commendable and made significant positive impact to my customer service experience. The customer service I received from both of you exceed above a ten plus and I will be using Progressive Insurance in the future, when I buy my car. Thank you once again to you and Leah for the excellent service. May this 2025 New Year be filled with abundance and prosperity for both of you.
希望一切顺利。我写信是为了衷心感谢您的帮助，以及最近我从消费者服务部门的 Leah 那里获得的出色客户服务。她的专业知识、耐心和乐于助人的态度令人称赞，极大地提升了我的客户服务体验。你们二人提供的客户服务远超满分十分，我将来购买汽车时一定会选择 Progressive 保险公司。再次感谢您和 Leah 提供的卓越服务。祝愿你们二人在 2025 新的一年里富足兴旺。
Lastly, we can’t do our work without reliance on many others, including mortgage lenders, who help our customers seal the deal with insurance when they buy a home. I loved this comment we received from a lender who summed up her experiences calling into Progressive like this:
最后，我们的工作离不开许多其他人的支持，包括抵押贷款机构，他们在客户购房时帮助客户完成保险交易。我很喜欢一位贷款机构人员给我们的反馈，她这样总结了自己致电 Progressive 的经历：
“One call is a fluke with good customer service, two is a trend, three, obviously it’s a culture at Progressive.”
“一次电话是偶然的优质客户服务，两次是趋势，三次显然就是 Progressive 的企业文化。”
这一任CEO从理赔条线上提拔起来的，如果理赔服务是保险的核心，那么这种安排也是一种精明。
We must continue to make customer obsession our core focus and will invest in making sure we meet the needs and exceed the expectations of those customers.
我们必须继续以客户为中心，并将投入资源确保满足客户需求并超越他们的期望。
During 2024, we wrote $74 billion of companywide net premiums written (NPW), which is an amazing 21% increase over the prior year. This growth came from an 18% increase in policies in force (PIF) and average written premium increases.
在 2024 年，我们全公司的净保费收入（NPW）达到 740 亿美元，较上一年显著增长 21%。这一增长源于有效保单数量（PIF）增加了 18%以及平均保费的上涨。
I’ll give some brief highlights of the functional areas because there are more details of each area under the Operations Summary section.
我将简要介绍一下各个职能领域的亮点，因为在运营总结部分有每个领域的更多细节。
Our Personal Lines (PL) organization, which includes our personal auto, special lines, and personal property products, ended 2024 with a CR of 88.6 and NPW growth of 23%. Our PL PIFs grew 18% over the prior year, with personal auto growth leading the way at 22%. Given our strong profitability throughout the year, we were able to increase our companywide media spend 150%, compared to 2023, which greatly enabled us to strengthen our growth.
我们的个人业务（PL）部门，包括个人汽车、特殊险种和个人财产产品，在 2024 年末的综合比率（CR）为 88.6，净保费收入（NPW）增长了 23%。我们的个人业务有效保单数（PIFs）同比增长 18%，其中个人汽车业务以 22%的增长率领先。鉴于全年强劲的盈利能力，我们得以将全公司的媒体支出较 2023 年提高了 150%，这极大地帮助我们巩固了增长。
We continued to focus on de-risking our property book of business during the year and are ahead of plan. We ended 2024 in the black with a CR of 98.3 and, while not at our target profit margin, we are delighted in our trajectory and have very clearly signaled that getting to where we want to be will take time.
今年，我们继续专注于降低财产业务组合的风险，并已超前完成计划。我们在 2024 年实现盈利，综合赔付率为 98.3，虽然尚未达到目标利润率，但我们对当前的发展轨迹感到满意，并已明确表示，实现理想目标还需要一定时间。
In Commercial Lines (CL), our NPW growth was 8% and very influenced by the macroeconomic environment. Our CR for 2024 was a solid 89.4. The wonderful part of our CL business is that we are very diversified across business market targets and when things slow down in one area, they typically pick up in another and we are able to quickly capitalize on that.
在商业保险（CL）方面，我们的净保费增长率为 8%，受到宏观经济环境的显著影响。2024 年我们的综合比率（CR）稳健地达到 89.4%。我们商业保险业务的优势在于，我们在不同的业务市场目标中拥有高度多元化，当某一领域放缓时，通常另一领域会有所增长，我们能够迅速抓住这些机会。
For a financial services company growing as fast as Progressive, it is incredibly important that we maintain a very strong capital position. In 2024, even as we saw premium growth of over 20%, we were able to redeem our outstanding preferred shares for $500 million in the first quarter, announce a $4.50 per share annual-variable dividend, and still finish the year with a debt-to-total capital ratio of 21.2%, which is near the lower end of our historical range.
对于像 Progressive 这样快速增长的金融服务公司而言，保持非常稳健的资本状况至关重要。2024 年，即使我们的保费增长超过 20%，我们仍能在第一季度赎回 5 亿美元的优先股，宣布每股 4.50 美元的年度浮动股息，并且年末债务占总资本的比例仍为 21.2%，接近我们历史区间的低端。
The combination of strong profitability in our operating businesses along with the positive return in our investment portfolio allowed us to achieve these outcomes. We have no debt maturities until 2027 and will remain opportunistic regarding issuing debt in forthcoming years. We believe that entering 2025 with a robust capital position will serve us well as we encounter a dynamic insurance marketplace as well as a potential increase in financial market volatility.
我们运营业务的强劲盈利能力以及投资组合的积极回报使我们实现了这些成果。我们在 2027 年之前没有债务到期，并将在未来几年内继续灵活地考虑发行债务。我们相信，以稳健的资本状况进入 2025 年，将有助于我们应对充满活力的保险市场以及可能增加的金融市场波动。
In 2024, our investment portfolio saw a return of 4.6%. Our fixed-income return was 3.8% for the year and our equity portfolio returned 22.9%. While our capital position is strong, our investment portfolio remains in a conservative position to allow for potentially attractive investment opportunities in the future.
2024 年，我们的投资组合实现了 4.6%的回报率。其中，固定收益投资的年度回报率为 3.8%，股票投资组合的回报率为 22.9%。尽管我们的资本状况稳健，但投资组合仍保持保守，以便未来把握潜在的有吸引力的投资机会。
股票投资组合或许不需要特殊人才，只需要以定投的方式慢慢配置S&P500，超过平均水平就可以大幅提升PGR的整体实力。
OUR FOUR CORNERSTONES
我们的四大基石
Because we have spoken about these for years, I’m confident that 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. Since these cornerstones are highlighted in their own section, I will not elaborate on them here. Rather, I will take this opportunity to give an update on how we executed on our Strategy over the last year, focusing on our four strategic pillars.
由于我们多年来一直在讨论这些内容，我相信大家都熟悉我们的四个基石——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。由于这些基石已在专门章节中强调，我在此不再赘述。相反，我将借此机会向大家介绍过去一年我们如何执行战略，重点关注我们的四大战略支柱。
Our People and Culture
我们的员工与文化
Every year, I’ve underscored that our success depends on our people. Our people and our culture are the driving force behind our strong long-term business results. To achieve our Vision, we need to grow and sustain a workplace culture that enables us to attract the best people and empower them to learn, grow, and reach their career aspirations in service to our customers. This is how we anticipate, understand, meet our customers’ needs and exceed their expectations.
每一年，我都强调我们的成功取决于我们的员工。我们的员工和企业文化是推动我们长期取得卓越业务成果的动力。为了实现我们的愿景，我们需要培育并保持一种职场文化，使我们能够吸引最优秀的人才，并赋予他们学习、成长和实现职业抱负的能力，以更好地服务客户。正是如此，我们才能预见、理解并满足客户的需求，超越他们的期望。
Last year, I started this section of my letter by noting the way Progressive defines the terms diversity, equity, and inclusion. To level-set again, at Progressive, we recognize that people are individuals and that our differences are a source of strength; we appreciate that each of us wants and deserves to be treated fairly and afforded access to the resources and opportunities to learn, grow, and succeed; and we welcome, value, and respect our colleagues for who they are and what they bring to work each and every day. Over many years, we’ve committed to seeing, hearing, and knowing each other, learning from and with each other, and ensuring that every one of us lives by our shared Core Values in everything we do.
去年，我在信函的这一部分开头提到了 Progressive 对多元化、公平和包容这些术语的定义。为了再次明确，在 Progressive，我们认识到每个人都是独特的个体，我们的差异是力量的源泉；我们理解每个人都希望并应当得到公平对待，并获得学习、成长和成功所需的资源和机会；我们欢迎、珍视并尊重每一位同事，尊重他们的本真以及他们每天为工作所做的贡献。多年来，我们一直致力于彼此看见、倾听和了解，相互学习，共同进步，并确保我们每个人在所做的一切中都践行我们共同的核心价值观。
I’ve been asked whether we’ll retire the words diversity, equity, and inclusion, as these terms have taken on different meanings in different contexts outside our walls. To be sure, these aren’t the only words I could use to describe the value we place on being kind to each other, being open to new people and ideas, welcoming respectful disagreement, and capitalizing on our individual differences to make us stronger as a team. Regardless of the words we use, we’ll never change our commitment to each other and to sustaining a culture where every one of us can risk, learn, and grow.
有人问我，我们是否会停止使用多样性、公平和包容这些词汇，因为这些术语在公司之外的不同情境中已具有不同的含义。当然，这些并非我唯一可以用来描述我们所珍视的价值观的词汇，即善待彼此、对新的人和想法保持开放态度、欢迎尊重的不同意见，并利用我们的个体差异使团队更加强大。不论我们使用什么词汇，我们对彼此的承诺以及对维持一种让每个人都能勇于尝试、学习和成长的文化的坚持，都不会改变。
Following is a brief description of our efforts to support our many and diverse people, nurture our inclusive culture, and contribute to the communities we’re proud to serve.
以下简要介绍了我们为支持众多多元化的员工、培育包容性文化以及为我们引以为豪的社区做出贡献所付出的努力。
Our people reflect the customers we serve, and our leaders reflect the people they lead.
我们的员工体现了我们所服务的客户，而我们的领导者则体现了他们所领导的员工。
For us, “diversity” means far more to us than just race, ethnicity, and gender. It covers a host of visible and invisible traits, including work experience, communication style, physical ability, educational background, family status, and so much more. Some of these traits are, of course, more easily quantifiable than others. For that reason, we look at race/ethnicity and gender—demographics we’re required by law to track and report—to get a view of our overall workforce.
对我们而言，“多元化”的含义远不止种族、民族和性别。它涵盖了许多可见和不可见的特质，包括工作经验、沟通风格、身体能力、教育背景、家庭状况等等。当然，其中一些特质比其他特质更容易量化。因此，我们关注种族/民族和性别——这些是法律要求我们追踪和报告的人口统计数据，以了解我们整体员工队伍的情况。
After multiple years of significant growth and hiring, the gender and racial demographics of our workforce closely aligned with the U.S. adult population at the end of 2024. This tells us that our recruiting and development efforts reach far and wide and that our work and culture are broadly attractive to candidates and fulfilling to our people. We’re confident that if our recruiting, retention, and development efforts are successful, and if we hire the best candidate for each of our openings, then we’ll naturally find diversity—in all its dimensions—in our candidate pools and, ultimately, in our workforce. And our outstanding business results tell us that we have the right people in the right roles, executing together in the right ways.
经过多年显著的增长和招聘，截至 2024 年底，我们员工的性别和种族构成已与美国成年人口密切一致。这表明我们的招聘和发展工作覆盖广泛，我们的工作和文化对求职者具有广泛吸引力，并能让员工感到充实。我们相信，只要我们的招聘、留任和发展工作取得成功，并且为每个职位空缺聘用最合适的候选人，我们自然会在候选人群体乃至最终的员工队伍中实现多元化——涵盖各个维度。我们卓越的业务成果也表明，我们拥有合适的人才担任合适的职位，并以正确的方式共同执行任务。
现在有可能是犯法的，教条主义在哪里都能吸引大量白痴。
We believe our culture thrives when our people rise into leadership roles and inspire others to lead, and when our talent management and acquisition processes remove any barriers that women, people of color, people with disabilities, or others might face when seeking to advance into leadership roles. In this spirit, we’ve thoughtfully challenged ourselves to seek out diverse, highly qualified candidate pools and to invest broadly in talent development. We’re pleased that these deliberate efforts to broaden and deepen our candidate pools, driven by the goal of enabling our hiring managers to select the very best people to lead our organization, have proven successful in attracting and developing incredible leadership talent throughout Progressive. Again, we’ll hire the right people for the right roles, and we’ll judge our success by our business results.
我们相信，当员工晋升到领导岗位并激励他人发挥领导作用时，当我们的人才管理和招聘流程消除女性、有色人种、残障人士或其他群体在寻求晋升领导岗位时可能面临的任何障碍时，我们的企业文化将蓬勃发展。秉持这一精神，我们积极挑战自我，努力寻找多元化且高素质的候选人群体，并广泛投资于人才发展。我们很高兴，这些旨在拓宽和深化候选人群体的刻意努力，以使招聘经理能够选择最优秀的人才领导我们的组织为目标，已成功地在整个 Progressive 吸引并培养了卓越的领导人才。再次强调，我们将为合适的岗位聘用合适的人才，并以业务成果来衡量我们的成功。
We maintain a fair and inclusive work environment.
我们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. Inclusion focuses on the feelings of acceptance, security, and belonging.
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。包容强调的是接纳感、安全感和归属感。
One key measure of success is participation in one of our nine Employee Resource Groups (ERGs). Each ERG is open to all Progressive people. Over the past several years, our ERG membership grew faster than the growth of our employee population. Participation in ERG events is on the rise, as well, as 26% of employees attended an event in 2024, up from 19% in the prior year. The increase occurred for both members of an ERG and non-members. 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.
衡量成功的一个关键指标是参与我们九个员工资源小组（ERGs）之一。每个 ERG 对所有 Progressive 员工开放。在过去几年中，我们 ERG 的成员增长速度超过了员工总数的增长速度。ERG 活动的参与度也在上升，2024 年有 26%的员工参加了活动，高于前一年的 19%。ERG 成员和非成员的参与度均有所增加。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，也更可能申请晋升。
During a roundtable discussion of our Military Network ERG, members were able to share how Progressive’s Core Values translated to what they did in the military and how they have been able to draw on that to move forward in their careers. They also shared how Progressive, and the ERG, not only supported and understood those that served but extended that support to the military families. In one example, a military spouse was able to continue her career development journey despite having to relocate to six different states in about that many years due to a family member being deployed. This is just one of many instances of how we continue to foster an inclusive environment and encourage employees to bring their authentic selves to work each and every day.
在我们军事网络员工资源小组的一次圆桌讨论中，成员们分享了 Progressive 的核心价值观如何与他们在军队中的经历相契合，以及他们如何利用这些经验推动职业发展。他们还分享了 Progressive 及该员工资源小组不仅支持并理解服役人员，还将这种支持延伸到军人家庭。例如，一位军人配偶尽管由于家庭成员被派驻而在大约六年内搬迁到六个不同的州，仍能继续她的职业发展之旅。这只是我们持续营造包容性环境、鼓励员工每天都以真实自我投入工作的众多实例之一。
For a fourth consecutive year, Progressive was named a Gallup Exceptional Workplace. We also received accolades as Fortune’s 2024 World's Most Admired Companies in the insurance sector (#5), Forbes America’s Best Employers for Women (#2), and Newsweek America’s Most Admired Workplaces (4.5 out of 5 stars), to name just a few of the 50 workplace-related awards bestowed upon Progressive in 2024.
Progressive 连续第四年被评为盖洛普卓越职场。此外，我们还荣获了《财富》2024 年全球最受赞赏公司保险行业第 5 名、《福布斯》美国最佳女性雇主第 2 名，以及《新闻周刊》美国最受赞赏职场（4.5 星，共 5 星）等荣誉，这些仅是 2024 年 Progressive 所获得的 50 项职场相关奖项中的一部分。
Another important measure of our fair and inclusive work environment is our history of pay equity. For many consecutive years, our annual pay equity analysis has shown that for Progressive employees with similar performance, experience, and job responsibilities, women earned one dollar for every dollar earned by men, and people of color earned one dollar for every dollar earned by their white co-workers. We share the results of this analysis publicly on our website every year along with additional detail about our methodology.
衡量我们公平和包容性工作环境的另一个重要指标是我们在薪酬公平方面的历史。多年来，我们每年的薪酬公平分析表明，在绩效、经验和工作职责相似的 Progressive 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。我们每年都会在公司网站上公开分享这一分析结果，并提供有关我们方法的更多细节。
很奇怪的指标，不讲谁做得更好。
We continue to take steps to enhance our support of employees who are impacted by natural disasters. Three years ago, we began a systematic approach to allow us to confirm the safety of employees in affected areas. Over that time, we have added clear disaster pay practices, offered disaster paid time off, provided emergency shelter, funded employee relief payments, and more. In 2024, we added $500 instant employee relief payments to provide for cash costs like gasoline and lodging during evacuations. This approach has helped Progressive employees remove themselves from harm’s way. In total, we invested almost $10 million in these employee relief efforts during 2024.
我们持续采取措施，加强对受自然灾害影响员工的支持。三年前，我们开始采用系统化方法，以确认受灾地区员工的安全状况。在此期间，我们明确了灾害薪资政策，提供了灾害带薪休假、紧急避难场所、员工救济金等多项支持。2024 年，我们新增了 500 美元的即时员工救济金，用于支付撤离期间的汽油、住宿等现金开支。这一举措帮助 Progressive 员工远离危险。2024 年全年，我们在这些员工救济工作上的总投入接近一千万美元。
As we work to provide more offerings to help all Progressive employees live fully, in 2024, we launched three new pilot programs within the Financial Wellness space and laid the groundwork for another program to launch in 2025. These programs were developed based on feedback from employees, especially those in entry level roles. The pilot programs cover backup care for children, adults, and pets, student loan coaching, and support. During 2024, we also laid the groundwork to launch a Progressive 401(k) match for qualified student debt payments. Prior to the program’s official launch on January 1, 2025, we already had about 800 enrollments, which highlighted the enthusiasm for this new offering.
为了帮助所有 Progressive 员工更充实地生活，我们在 2024 年推出了三个新的财务健康领域试点项目，并为 2025 年推出另一个项目奠定了基础。这些项目是根据员工的反馈意见开发的，尤其是来自初级职位员工的反馈。试点项目涵盖了儿童、成人和宠物的备用照护、学生贷款咨询和支持。此外，在 2024 年，我们还为推出 Progressive 401(k)计划匹配符合条件的学生债务支付奠定了基础。在该项目于 2025 年 1 月 1 日正式启动之前，我们已有约 800 人报名参加，这凸显了员工对这一新项目的热情。
We contribute to our communities.
我们为社区做出贡献。
With a few exceptions, we’ve concentrated our community support to causes that align with our business—simply put, cars and homes.
除了少数例外，我们将社区支持集中在与我们业务相关的领域——简单来说，就是汽车和住房。
We provide vehicles to veterans with our Keys to Progress® (KtP) program, help furnish homes for the homeless, and provide grants to small businesses. We also continued donations to the national organizations identified by our ERGs to help support the communities they represent.
我们通过“Keys to Progress® (KtP)”项目为退伍军人提供车辆，帮助无家可归者布置住所，并为小型企业提供资助。我们还继续向由我们的员工资源小组（ERGs）确定的全国性组织捐赠，以帮助支持他们所代表的社区。
In addition, The Progressive Insurance Foundation (Foundation) continued to increase employee participation for Name Your Cause® (NYC), an innovative and one-of-a-kind giving program. With NYC, each employee can recommend a charity of their choice to receive a fixed donation amount from the Foundation without a required donation by the employee. Not only has this form of equitable giving garnered praise from Progressive people, but it has further diversified the Foundation’s charitable footprint and increased employee recommendations from about 10% to nearly 40%.
此外，Progressive 保险基金会（基金会）继续提高员工对“Name Your Cause®”（NYC）项目的参与度，这是一个创新且独特的捐赠计划。通过 NYC，每位员工都可以推荐自己选择的慈善机构，由基金会向该机构捐赠固定金额，而无需员工本人捐款。这种公平的捐赠方式不仅赢得了 Progressive 员工的赞赏，还进一步丰富了基金会的慈善足迹，并使员工推荐率从约 10%提高到近 40%。
We’ve committed to expanding our charitable giving levels to reach $25 million in 2025. We achieved this goal in 2024 and more than doubled our charitable giving to causes linked to reducing shelter insecurity, donating vehicles for veterans, and supporting employee-chosen causes they feel impact their communities the most.
我们曾承诺在 2025 年将慈善捐赠规模扩大至 2500 万美元。我们已在 2024 年实现了这一目标，并将慈善捐赠金额增加了一倍以上，用于支持减少住房不稳定性、向退伍军人捐赠车辆，以及员工选择的、他们认为对所在社区影响最大的慈善事业。
One of our KtP recipient stories especially touched me this year. As a proud single mom of two incredible sons, Shaniece’s journey is one of incredible resilience, determination, and love. A former squad leader in the United States Marine Corps, she graduated in the top 10 of her company. Despite facing health challenges that led to her discharge, Shaniece has remained dedicated to her family and committed to overcoming life’s hurdles.
今年，我们的一位 KtP 获奖者的故事尤其打动了我。作为一名单身母亲，骄傲地抚养着两个出色的儿子，Shaniece 的经历展现了非凡的韧性、决心和爱。她曾是美国海军陆战队的一名班长，以公司前十名的成绩毕业。尽管因健康问题而退役，Shaniece 依然全心全意地照顾家庭，坚定地克服生活中的种种困难。
Living in California, she works tirelessly to provide for her family. With her 10-year-old attending school an hour away and her younger son needing frequent doctor’s appointments, the daily struggle to ensure their needs were met, while managing the challenges of unreliable transportation, became overwhelming. From flat tires to engine problems, she often found herself scrambling to borrow cars or arrange rides just to get through the day.
她住在加利福尼亚州，为了养家糊口而不知疲倦地工作。她 10 岁的孩子就读的学校距离家有一小时路程，小儿子又需要频繁就医。在交通工具不可靠的情况下，她每天都要努力确保孩子们的需求得到满足，这种日常挣扎变得难以承受。从轮胎漏气到发动机故障，她经常不得不四处借车或安排搭车，才能勉强度过一天。
After receiving a vehicle through KtP, Shaniece shared an emotional update:
在通过 KtP 获得一辆车后，Shaniece 分享了一则感人的最新消息：
This car has already made such a profound difference in our lives. In just a short time, it has brought us stability, reliability, and a sense of freedom I haven’t felt in years. I no longer have to worry about how I’ll get my boys to school or myself to work, nor do I fear the stress of being stranded on the side of the road. The peace of mind this car has given me is something I will cherish every single day.
这辆车已经深刻地改变了我们的生活。在短短的时间内，它为我们带来了稳定性、可靠性，以及一种我多年未曾感受到的自由感。我不再需要担心如何送孩子们去上学或自己去上班，也不再害怕被困在路边的压力。这辆车带给我的安心感是我每天都会珍惜的。
Your kindness has not only provided us with a vehicle but has also renewed my hope and belief in brighter days ahead. It’s an indescribable feeling to know that someone cared enough to make such an extraordinary impact on my family’s life. Please know that your efforts and compassion have truly changed our world for the better.
您的善意不仅为我们提供了一辆车，也重新点燃了我对未来美好日子的希望和信念。知道有人如此关心我们，给我家庭的生活带来了非凡的影响，这种感觉难以言表。请相信，您的付出和同情心确实让我们的世界变得更加美好。
From the bottom of my heart, thank you. I will forever hold this blessing close and honor it by striving to pay your kindness forward whenever I can.
我由衷地感谢你们。我将永远珍惜这份祝福，并努力在任何可能的时候将你们的善意传递下去，以此表达我的敬意。
Spreading kindness is something our employees also embrace. One way they are able to do this is through our Volunteer Time Off (VTO) program that started in 2024 and recognizes that Progressive employees want to give their time to their community but may not always have the means – available paid time off – to do so. VTO provides the opportunity for employees to support 501(c)(3) charitable organizations in their community.
传播善意也是我们员工所倡导的理念。他们实现这一目标的途径之一是通过我们于 2024 年启动的志愿者带薪休假（VTO）计划。该计划认识到 Progressive 的员工希望为社区贡献自己的时间，但可能并不总是具备相应的条件——即可用的带薪休假时间。VTO 为员工提供了支持所在社区 501(c)(3)慈善组织的机会。
From food insecurity to housing, education, and more, how employees use their volunteer time off reflects their passion for a wide range of causes. During 2024, about 20% of our people participated with just over 80,000 of VTO hours used to support hundreds of organizations. Importantly, about 30% of Customer Relationship Management (CRM) consultants have participated in VTO. Our data shows that there is a disproportionate use of VTO among non-exempt and lower-tenured employees, which reassures us that our goal to empower those in lower-income brackets to be able to give back is working.
从粮食短缺到住房、教育等领域，员工如何利用志愿者休假时间反映了他们对各种公益事业的热情。在 2024 年，我们约 20%的员工参与了志愿活动，共使用了超过 80,000 小时的志愿者休假时间，支持了数百个组织。值得注意的是，约 30%的客户关系管理（CRM）顾问参与了志愿者休假。我们的数据显示，非豁免员工和资历较浅员工使用志愿者休假的比例较高，这使我们确信，我们赋能低收入群体回馈社会的目标正在实现。
For CRM learning consultant Jill F., it was the devastating impact of hurricanes Helene and Milton that compelled her to volunteer in her community.
对于 CRM 学习顾问 Jill F.来说，正是飓风 Helene 和 Milton 的毁灭性影响促使她在社区中担任志愿者。
“While I was incredibly fortunate to experience only minimal damage, it got me thinking about how I could help those who weren’t as lucky. I decided to volunteer at my local FEMA pop-up drive-through, where people affected by the hurricanes could receive critically needed supplies,” Jill shares.
“虽然我非常幸运，只遭受了轻微损失，但这让我开始思考如何帮助那些没那么幸运的人。我决定在当地的联邦紧急事务管理署（FEMA）临时驾车领取点做志愿者，那里为受飓风影响的人们提供急需的物资，”吉尔说道。
After volunteering, Jill felt called to continue helping in any way she could, so she began collecting donations for her community. When a friend turned their damaged restaurant into a temporary distribution center, she was able to bring four donation drop-offs, her truck overflowing with supplies each time.
志愿服务后，吉尔感到自己有责任继续尽己所能提供帮助，于是她开始为社区募集捐赠物资。当一位朋友将自己受损的餐厅改造成临时物资分发中心时，她成功地进行了四次捐赠，每次她的卡车都装满了物资。
As Jill puts it, “In times of need like these, it feels incredibly rewarding to be able to make a difference.”
正如吉尔所说：“在这样需要帮助的时刻，能够发挥作用让人感到无比欣慰。”
Volunteering has always been close to my heart as well. In October, my team and I used our VTO and spent a day together at the Greater Cleveland Food Bank packing lunches for school children and weekend snacks for them to take home. It was awesome to spend a day together to help our neighbors who experience food insecurity. I’ve always found that volunteering brings out the empathy in me and this experience was no different.
志愿服务也一直是我非常关心的事情。去年十月，我和团队利用志愿服务假期（VTO），在大克利夫兰食品银行一起度过了一天，为学童打包午餐以及供他们周末带回家的零食。能够共同度过一天，帮助面临粮食短缺的邻居们，感觉非常棒。我一直觉得志愿服务能激发我的同理心，这次经历也不例外。
Broad Needs of Our Customers
客户的广泛需求
We continue to invest in becoming a destination company for our customers’ personal and small business insurance needs. With our customer commitment as our roadmap, we’re focused on making insurance easy, showing our customers we care, and giving them the confidence they’ve got the coverage they need at a fair price. We do this by enabling customers to shop, purchase, and service online, over the phone, or in person with one of our 40,000 plus independent agents.
我们持续投入，致力于成为客户个人及小型企业保险需求的首选公司。以对客户的承诺为指引，我们专注于让保险变得简单，向客户展现我们的关怀，并让他们确信自己以合理的价格获得所需的保障。我们通过线上、电话或亲自与我们超过 40,000 名独立代理人之一联系的方式，使客户能够轻松地咨询、购买和享受服务。
Our HomeQuote Explorer® (HQX) and BusinessQuote Explorer® (BQX) platforms provide homeowners, condo, manufactured home, general liability, professional liability, workers’ compensation, and business owners’ policy (BOP) products. By offering our own manufactured products alongside products underwritten by a network of unaffiliated carriers, we’re providing customers more choice while taking the hassle out of shopping for insurance.
我们的 HomeQuote Explorer® (HQX)和 BusinessQuote Explorer® (BQX)平台提供房屋、共管公寓、活动房屋、一般责任险、职业责任险、工伤赔偿险和企业主保单（BOP）产品。通过同时提供我们自主开发的产品以及由非关联保险公司网络承保的产品，我们为客户提供了更多选择，同时简化了保险购买流程。
HQX continues to provide the option to purchase homeowners insurance online in 46 states and the District of Columbia. At the end of 2024, HQX was integrated with eight partner carriers, making it accessible to over 90% of quoted consumers.
HQX 继续在 46 个州和哥伦比亚特区提供在线购买房屋保险的选项。截至 2024 年底，HQX 已与八家合作保险公司完成整合，使超过 90%的报价消费者能够使用该平台。
In Commercial Lines, we continue to advance our strategy to meet the broader needs of business owners. BQX, which we introduced in 2019, serves business owners online and provides four products from 10 different carriers in both admitted and excess & surplus markets. We continue to invest in streamlining the customer experience by providing online purchasing capabilities for many product-carrier combinations. Recently we’ve added carrier capacity so our in-house agents can write cyber liability insurance.
在商业保险领域，我们持续推进战略，以满足企业主更广泛的需求。我们于 2019 年推出的 BQX 平台在线服务企业主，提供来自 10 家不同保险公司的四种产品，涵盖标准市场和超额及盈余市场。我们持续投资于优化客户体验，为多种产品与保险公司组合提供在线购买功能。最近，我们增加了承保能力，使我们的内部代理人能够承保网络责任保险。
We’ve also continued to expand the geographic reach of our BOP product, which at the end of 2024 was available in 46 states that represented an estimated 80% of the commercial multi-peril market, through our in-house agency or about 20,000 independent agents at that time. In addition to filling out our geographic footprint, we are also working to expand our risk appetite to new business classes for BOP, deploy ongoing product innovations, and enhance customer experience.
我们还继续扩大了 BOP 产品的地域覆盖范围，截至 2024 年底，该产品已在 46 个州推出，这些州约占商业多重险市场的 80%，通过我们的内部代理机构或当时约 20,000 名独立代理人提供服务。除了完善我们的地域布局外，我们还致力于将 BOP 的风险偏好扩展到新的业务类别，持续推出产品创新，并提升客户体验。
Our objective is to meet the changing insurance needs of our customers throughout their lifetime. We recognize that customers who purchase additional products from us are likely to stay with us longer so bundling to us includes personal auto insurance paired with home, specialty, or commercial products.
我们的目标是满足客户一生中不断变化的保险需求。我们认识到，从我们这里购买额外产品的客户更可能长期与我们合作，因此对我们而言，捆绑销售包括个人汽车保险与房屋、特殊或商业产品的组合。
Leading Brand
领先品牌
We are proud to be the #2 personal auto insurance carrier in the U.S. for the third consecutive year. Our brand and marketing campaigns continue to motivate consumers to not only choose Progressive to help protect their possessions when they need it most but also to trust us to help them move forward and live fully.
我们很自豪连续第三年成为美国第二大个人汽车保险公司。我们的品牌和营销活动持续激励消费者，不仅在最需要时选择 Progressive 来保护他们的财产，也信任我们帮助他们前行，充分享受生活。
Flo and her Squad are iconic and continue to resonate with consumers after all of these years. To remain relevant and novel, we continue to evolve the campaign, such as we did in 2024 when we leveraged the social norm of capturing content. In our ad titled “Unhidden Gems,” we showed a young woman in a pristine natural setting recording herself enjoying nature versus actually enjoying it. Through this and other spots, we tapped into the ever-familiar way that social media can crop out reality and proved that it works because the storytelling is “funny because it’s true.” The longevity and results of our Superstore campaign continually break industry norms and are a testament to our talented marketing team and the marketing agencies with which we partner.
Flo 和她的团队形象深入人心，多年来持续引起消费者共鸣。为了保持相关性和新颖性，我们不断推进这一营销活动，例如 2024 年我们利用了捕捉内容的社会潮流。在名为“未隐藏的宝藏”的广告中，我们展示了一位年轻女性在纯净的自然环境中拍摄自己享受自然，而非真正地去享受自然。通过这一广告及其他类似作品，我们触及了社交媒体经常掩盖现实的现象，并证明这种叙事方式之所以有效，是因为它“真实得令人发笑”。我们的 Superstore 营销活动的持久性和成果持续打破行业惯例，这证明了我们才华横溢的营销团队以及与我们合作的营销机构的实力。
Outside of the Superstore, in 2024, we supercharged our Dr. Rick campaign, which is built on an accepted human truth that we all become our parents one day and how buying a home can kick-start that process. The campaign, which continues to drive business growth, is exceedingly popular and has won both Effie awards that tout its marketing effectiveness and Cannes Lions for creativity. Dr. Rick is even enshrined in the Museum of Modern Art.
除了超级商店之外，2024 年，我们大力加强了 Dr. Rick 广告活动，该活动基于一个被广泛认可的人性真理，即我们终有一天会变成自己的父母，而购买房屋可能会加速这一过程。这一持续推动业务增长的广告活动极受欢迎，不仅因其营销效果获得了艾菲奖，还因其创意获得了戛纳国际创意节奖项。Dr. Rick 甚至被载入了现代艺术博物馆。
Similar to Flo, to appeal to new audiences, our favorite Parenta-Life coach also showed up in a lot of new places during 2024. He was featured on the television shows Hot Ones and Good Morning America, on billboards in key airports during the busy summer travel season, and he was even in Paris for the summer games. We believe that the relatability of Dr. Rick, along with placing the character in culturally relevant moments, helped drive further awareness of our Progressive brand.
与 Flo 类似，为吸引新的受众，我们最喜爱的“Parenta-Life”教练在 2024 年也频繁出现在许多新场合。他登上了电视节目《Hot Ones》和《早安美国》，在繁忙的夏季旅游季期间出现在主要机场的广告牌上，甚至还前往巴黎参加夏季运动会。我们相信，Rick 博士的亲和力以及将这一角色置于具有文化相关性的场景中，有助于进一步提升人们对 Progressive 品牌的认知。
In addition to our Superstore Squad and Dr. Rick characters, we leverage an integrated marketing approach to reach consumers in the right channel, at the right time, and with a meaningful message. Our new Football campaign, Back Up, is based on an insight that directly connects to the supporting role that Progressive wants to play in our customers’ lives. Progressive is your backup and can protect your things when you need it most. Through these ads, we convey that message to sports fans by highlighting well-known NFL backup quarterbacks. This campaign drove digital and social presence when and where consumers, especially football enthusiasts, wanted to hear from us.
除了我们的 Superstore Squad 和 Dr. Rick 角色之外，我们还利用整合营销方式，在合适的渠道、合适的时间，以有意义的信息触达消费者。我们新的橄榄球广告活动“Back Up”基于一个洞察，即 Progressive 希望在客户生活中扮演支持角色。Progressive 是您的后盾，在您最需要时保护您的财产。通过这些广告，我们借助知名的 NFL 替补四分卫向体育迷传达这一信息。这一活动在消费者，尤其是橄榄球爱好者希望听到我们声音的时间和地点，推动了数字和社交媒体的曝光。
In addition to these campaigns, we remain committed to creating marketing that authentically connects with broad audiences and further drives business results. To that end, our multicultural campaigns enable us to broaden our reach, and, during 2024, we developed our second campaign airing on Spanish language TV.
除了这些营销活动之外，我们仍致力于打造能够与广大受众真诚沟通并进一步推动业务成果的营销内容。为此，我们的多元文化营销活动帮助我们扩大了影响力，并且在 2024 年，我们推出了第二个在西班牙语电视台播出的营销活动。
We did not stop there. You may recall that our Purpose states that Progressive exists to help people move forward and live fully. With that in mind, we launched our first campaign, Progress Isn’t Overnight, to communicate our Purpose along with our continued commitment to make a positive impact in our communities. While Progressive is traditionally known for its humorous ads, this campaign showed our heart and also promoted inclusive resonance and earned us multiple Best-in-Culture designations amongst Hispanic, Black, Asian, People with Disabilities, LGBTQ, and Caucasian audiences via the Association of National Advertiser’s CIIM (Cultural Insights and Impact Measure). In addition to the external recognition, Progressive employees shared over one hundred positive responses after they viewed this ad. One employee stated, “27 years in and my favorite ad thus far. Truly speaks to who we are as a company!!! Well done!!!” The positive results from this campaign, which centered on our Purpose, demonstrated that we can drive employee engagement, brand love, and quotes and proved that when we communicate the good we do for our communities it helps us do well in our business and create shareholder value in the long term.
我们并未止步于此。您可能还记得，我们的宗旨表明 Progressive 的存在是为了帮助人们不断前进，充实生活。基于这一理念，我们推出了首个名为“进步非一朝一夕”（Progress Isn’t Overnight）的宣传活动，以传达我们的宗旨以及我们持续致力于为社区带来积极影响的承诺。尽管 Progressive 传统上以幽默的广告著称，但此次活动展现了我们的真心，促进了包容性的共鸣，并通过美国全国广告主协会（Association of National Advertiser）的 CIIM（文化洞察与影响力衡量）获得了西班牙裔、非裔、亚裔、残障人士、LGBTQ 群体和白人观众的多个“最佳文化”称号。除了外部认可外，Progressive 员工在观看此广告后也分享了超过一百条积极反馈。一位员工表示：“在公司 27 年，这是我迄今为止最喜欢的广告。真正体现了我们公司的本质！！！” 干得漂亮！！！这项以我们的宗旨为核心的活动取得了积极成果，表明我们能够推动员工参与度、品牌喜爱度和报价量，并证明当我们传达为社区所做的善举时，有助于我们业务表现良好，并长期创造股东价值。
With every campaign, every story, and every connection we make, we are not just selling insurance; we are building relationships, fostering trust, and making a positive impact in our communities. We are committed to pushing the boundaries of creativity and innovation, ensuring that Progressive remains a brand that people love and rely on and a company that they can count on in their time of need. Together, we will continue to help our customers, employees, and communities to move forward, live fully, and make a difference, and the best is yet to come.
通过每一次活动、每一个故事和每一次建立的联系，我们不仅仅是在销售保险；我们是在建立关系、培养信任，并为我们的社区带来积极影响。我们致力于不断突破创意和创新的界限，确保 Progressive 始终是一个人们喜爱并信赖的品牌，以及在需要时可以依靠的公司。我们将共同继续帮助客户、员工和社区不断前进，充实生活，创造改变，而最好的还在前方。
Competitive Prices
有竞争力的价格
The markets we serve are very competitive and price is a significant consideration for our customers and agents when switching to, or remaining with, Progressive. In aggregate, we target a 4% underwriting profit margin. Deriving our prices entails adding to that margin our acquisition costs (e.g., advertising costs and agent commissions), non-acquisition costs (e.g., policy services and overhead), loss adjustment expenses (e.g., claims representatives), and our largest cost, customer and claimant payments (i.e., loss costs). Our goal in handling claims is to do so as “accurately” as possible, meaning paying the right amount on every claim. We aspire to do so with high-quality customer service and also as efficiently as possible, to optimize loss adjustment expenses (LAE). Again, while delivering high-quality customer service, we work hard to lower our non-acquisition expense ratio (NAER) to facilitate competitive prices. Our acquisition costs are managed to efficiency standards and, as such, increase or decrease commensurate with our new policyholder acquisition.
我们所服务的市场竞争非常激烈，价格是客户和代理商在选择转投或继续留在 Progressive 时的重要考虑因素。总体而言，我们的目标是实现 4%的承保利润率。在确定价格时，我们会在该利润率基础上增加获客成本（例如广告费用和代理佣金）、非获客成本（例如保单服务和管理费用）、理赔费用（例如理赔代表费用），以及我们最大的成本——客户和索赔人的赔付款项（即损失成本）。我们在处理理赔时的目标是尽可能“准确”，即每项索赔支付恰当的金额。我们致力于提供高质量的客户服务，并尽可能提高效率，以优化理赔费用（LAE）。同样，在提供高质量客户服务的同时，我们努力降低非获客费用比率（NAER），以实现有竞争力的价格。我们的获客成本按照效率标准进行管理，因此会随着新保单客户的增加或减少而相应变化。
We have made excellent progress reducing our cost structure. In 2024 alone, we lowered our PL vehicle NAER by 0.4 points and LAE by 0.5 points. Over the past decade, we have reduced our PL vehicle NAER by 2.8 points and LAE by 2.1 points. While competitors have also made progress on improving their cost structures, our continuous focus on efficiency has played a significant role in ensuring profitability and growth. In our PL property business, our NAER increased 0.3 points due, in part, to our investment in headcount and related compensation. Our Commercial Lines business has also made substantial headway on its cost structure. Our Commercial Lines auto products NAER was down 0.6 points in 2024, relative to 2023.
我们在降低成本结构方面取得了卓越进展。仅在 2024 年，我们的个人险车辆 NAER 降低了 0.4 个百分点，LAE 降低了 0.5 个百分点。在过去十年中，我们的个人险车辆 NAER 累计降低了 2.8 个百分点，LAE 累计降低了 2.1 个百分点。尽管竞争对手在改善成本结构方面也取得了进步，但我们持续专注于效率，在确保盈利能力和增长方面发挥了重要作用。在我们的个人险财产业务中，NAER 上升了 0.3 个百分点，部分原因是我们在人力和相关薪酬方面的投入。我们的商业险业务在成本结构方面也取得了显著进展。2024 年，我们的商业险汽车产品 NAER 较 2023 年下降了 0.6 个百分点。
Industry leading pricing segmentation and underwriting is the other key tactic we employ toward our goal of ensuring our prices are competitive and accurate, meaning as closely tied to estimated loss costs as possible, and adequate, meaning we have great confidence we will hit our target combined ratios by product and geography on an annual and lifetime basis. We roll out our latest product models as quickly as we can. In our personal auto business, at year-end 2024, we had nearly 40% of countrywide premium on our latest product model and just over 30% on our previous version. We’ll start rolling out our next product model in mid-2025. We’ve also become more systematic in deploying underwriting efforts. We did so in 2023 in large part to help ensure profitability and be selective about the risks we took on, especially in markets where we were underpriced. In 2024, we have rolled that back substantially as we had achieved adequate rates in most markets and those roll-back efforts have helped fuel growth.
行业领先的定价细分和核保是我们实现目标的另一关键策略，旨在确保我们的定价既具有竞争力又准确，即尽可能贴合预计损失成本，同时也足够充分，即我们高度确信能够在年度和长期基础上实现各产品和地区的目标综合比率。我们尽可能快速地推出最新的产品模型。在个人汽车业务方面，截至 2024 年底，全国范围内近 40%的保费采用了我们最新的产品模型，略高于 30%的保费采用了上一版本。我们将在 2025 年年中开始推出下一代产品模型。此外，我们在部署核保措施方面也变得更加系统化。2023 年，我们这样做的主要目的是确保盈利能力，并在承担风险时有所选择，尤其是在我们定价偏低的市场。到 2024 年，由于大部分市场已实现充分的费率，我们大幅减少了这些措施，这种回调举措也推动了增长。
Markedly higher advertising spend in 2024 also helped fuel growth, especially in our direct channel. Advertising costs were up 150% companywide in 2024, which was the primary reason our PL total expense ratio rose 3.0 points in 2024, even with the reduction in NAER. We build advertising costs into our direct product, which helps ensure we recoup those advertising costs over the life of the direct policies, but we recognize the full advertising expense in the period incurred.
2024 年显著增加的广告支出也推动了增长，尤其是在我们的直销渠道。2024 年公司整体广告成本上涨了 150%，这是我们个人险业务总费用率在 2024 年上升 3.0 个百分点的主要原因，即使非理赔费用率有所下降。我们将广告成本计入直销产品中，这有助于确保我们在直销保单的整个生命周期内收回这些广告成本，但我们会在发生期间确认全部广告费用。
We expect the marketplace to continue to be very competitive and our competitors to pursue greater efficiency and improved rating and underwriting. Remaining competitive is dependent upon our own continuous improvement and we are quite focused on executing against all facets of our competitive prices strategy pillar going forward.
我们预计市场将继续保持激烈竞争，我们的竞争对手将追求更高的效率以及更好的定价和承保能力。保持竞争力取决于我们自身的持续改进，我们将专注于未来全面落实竞争性定价战略支柱的各个方面。
Living Fully
充实生活
All in all, I could not be happier with how we closed out 2024. I feel like it was several years in the making due to all of the unforeseen circumstances with weather, inflation, and a variety of other disruptions. It was worth the wait to play out this year and to do what we do best – profitably grow and win in the right way. It took all of us together to fire on all cylinders and being in this position is such an incredible way to start 2025. I’m more enthusiastic than ever to forge ahead with our cogent strategy and ready to conquer whatever comes our way.
总的来说，我对我们 2024 年的收官表现感到无比满意。我觉得这是经过数年努力才实现的成果，因为我们经历了天气、通货膨胀以及各种其他意外干扰。等待这一年发挥作用并展现我们最擅长的能力——以正确的方式实现盈利增长和胜利，是值得的。我们所有人齐心协力，全力以赴，才能达到今天的状态，以如此出色的姿态开启 2025 年。我比以往任何时候都更有热情，继续推进我们明确的战略，准备好迎接未来的一切挑战。
As I reflect on how empathy was present throughout our interactions, I can’t help but share a couple of examples of how Progressive employees rise to the occasion when they are needed most.
当我回想起我们互动过程中所体现出的同理心时，我忍不住想分享一些例子，展示 Progressive 员工如何在最需要他们的时候挺身而出。
First is a testament to how we are there when and where customers need us the most. We all know that the new year began with extreme weather on both coasts of the United States. With devastating wildfires in California and winter storms throughout the south, our claim representatives once again rose to the challenge.
首先，这证明了我们能在客户最需要的时候及时出现。众所周知，新年伊始，美国东西海岸都遭遇了极端天气。面对加州毁灭性的野火和南部各地的冬季风暴，我们的理赔代表再次迎难而上。
When an insured and his spouse arrived at our Burbank, California claims office, they told us how they watched their 16-year-old home burn to the ground and shared videos and photos of the extent of destruction the devastating fires had on their neighborhood. Our claim representatives in the office empathized with the insured’s frustration about the situation and extended their heartfelt sympathy to all of those affected by the fires. While the insureds appreciated our compassion, they were truly grateful for Progressive’s diligence and being present for the community as well as our timeliness in settling their claims. The insureds left the office happy to receive their payment digitally and once again expressed their satisfaction with our immediate response.
当一名被保险人及其配偶来到我们位于加利福尼亚州伯班克的理赔办公室时，他们告诉我们，他们目睹了自己居住了 16 年的房屋被大火彻底烧毁，并分享了视频和照片，展示了毁灭性火灾对他们所在社区造成的严重破坏。办公室的理赔代表对被保险人所处的困境表示理解，并向所有受火灾影响的人表达了诚挚的慰问。虽然被保险人对我们的同情表示感谢，但他们真正感激的是 Progressive 公司的勤勉、对社区的支持以及我们及时处理理赔的效率。被保险人满意地离开了办公室，通过数字方式收到了赔付款项，并再次表达了对我们迅速响应的满意。
The following is a summary of a story that Karyl, a senior trainer, sent to me and shows how our employees truly embrace the Golden Rule Core Value when faced with hardships.
以下是高级培训师 Karyl 发给我的一个故事摘要，展示了我们的员工在面对困难时如何真正践行黄金法则这一核心价值观。
I am so blessed to be working for a company for 39 years that make family and employees a priority. This was never as prevalent as it was during the second half of 2024, when my 93-year-old mother was diagnosed with liver cancer. When I listen to your “Tricia in 2” monthly videos, you often talk about the three most important things to you of faith, family, and work, in that order. Despite the cancer growing quickly, my mother was never in pain, which she firmly believed was God answering her prayers. When the time came and my mother could no longer live alone, my training supervisor, Sheryl, and manager, Tracy, stepped right in to lighten my schedule and provided the love and support that I needed at that time to be able to focus on my mom. Their virtual impromptu check-ins not only showed that they cared about me and my family but that they too were my family. Sadly, my mom passed the Sunday before Thanksgiving, but we took solace in knowing that she was “going to church,” and I was never so thankful as to have the support of my work family during this trying time.
我非常幸运，能够在一家将家庭和员工放在首位的公司工作了 39 年。这一点在 2024 年下半年尤为明显，当时我 93 岁的母亲被诊断出患有肝癌。当我听您每月的“Tricia in 2”视频时，您经常提到对您而言最重要的三件事依次是信仰、家庭和工作。尽管癌症发展迅速，我母亲却从未感到疼痛，她坚信这是上帝回应了她的祷告。当母亲无法再独自生活时，我的培训主管 Sheryl 和经理 Tracy 立即调整了我的日程安排，给予我所需的关爱和支持，让我能够专注于照顾母亲。她们通过线上临时的关心问候，不仅体现了她们对我和我家人的关怀，也让我感受到她们同样是我的家人。遗憾的是，我母亲在感恩节前的那个星期天去世了，但我们感到安慰的是，她“去教堂”了。在这段艰难的时期，我从未如此感激我的工作家庭给予我的支持。
I think these stories and the interaction between our people and with our customers sums it up. We had a terrific year on the business front and made sure we took care of others. That gives us the fuel to continue to rely on our Core Values in all that we do.
我认为这些故事以及我们员工之间和与客户之间的互动很好地概括了一切。我们在业务方面度过了非常出色的一年，并确保照顾到了他人。这为我们提供了动力，使我们能够继续在所有行动中坚持我们的核心价值观。
Stay well and be kind to others,
保持健康，善待他人，
/s/ Tricia Griffith
Tricia Griffith
President and Chief Executive Officer
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