2025-05-05 Tricia Griffith’s Letters to PGR Shareholders
Refer To：《PGR-Form 10-Q1 - Annual report-2025》。
Letter to Shareholders
First Quarter 2025
I would characterize the first quarter of 2025 as very successful and, more importantly, stable. With all that is going on outside of our walls related to foreign trade and tariffs, we have really focused on trying to maintain stable rates for our customers and taking care of them in their time of need. As I had stated in the last investor relations call, we have a team that crunches the data on anticipated magnitude and severity and what increased tariffs might mean to our loss costs. We have a variety of scenarios that we are running and, as it plays out in real time, we plan to react swiftly should we need to.
我认为 2025 年第一季度非常成功，更重要的是保持了稳健。鉴于外部关于对外贸易与关税的种种变动，我们重点致力于为客户维持稳定费率，并在他们需要时提供支持。正如我在上一场投资者关系电话会上所说，我们的团队正分析关税上调对损失成本的潜在幅度和严重性影响。我们已建立多种情景并实时跟踪，以便在必要时迅速采取行动。
For the quarter, companywide net premiums written (NPW) grew 17%, compared to the first quarter last year, and the combined ratio (CR) was 86.0. We also had very impressive policies in force (PIF) growth, with nearly 5.5 million more PIFs than the end of the first quarter last year, bringing our total PIF count to over 36 million at March 31, 2025. Even with this level of unit growth, because we hire in advance of need in claims and our call centers, this massive growth hasn’t strained our ability to provide high-quality customer service.
本季度集团净保费收入（NPW）同比增长 17%，综合成本率（CR）为 86.0。我们的在保保单数（PIF）也大幅增长，比去年同期增加近 550 万张，截至 2025 年 3 月 31 日，PIF 总数已超过 3,600 万张。尽管增量巨大，但由于我们在理赔与呼叫中心环节采取超前招聘策略，高质量客户服务能力并未受到影响。
In Personal Lines (auto, special lines, and property), the first quarter 2025 delivered another period of exceptional growth and profitability. The quarter ended with over 35 million PIFs, representing 18% year-over-year (YOY) growth. NPW grew 20% YOY at a CR of 85.7. During the first quarter, our personal vehicle businesses continued to experience both strong policy and premium growth, while personal property remained focused on profitable growth in less volatile areas and reducing concentration in regions more prone to catastrophes.
在个人险业务（汽车、特种和财产）方面，2025 年第一季度再度实现卓越增长与盈利。季度末 PIF 超过 3,500 万张，同比增幅 18%；NPW 同比增长 20%，CR 为 85.7。期间，个人车辆险业务的保单和保费均保持强劲增长；个人财产险则专注于在低波动市场实现盈利增长，并降低对灾害高风险地区的敞口。
We began 2025 open for business in almost all states for our personal auto product. Since the first quarter of the year is peak shopping season, we invested heavily in advertising and used agent reward incentives to drive consumer shopping. As a result of these efforts, new personal auto applications grew 32% YOY. While rate activity was minimal during the first quarter, we are closely monitoring the tariffs that might impact the auto sector, as well as other aspects of our business, and are regularly modeling how those could impact our loss costs, the supply chain, the availability of parts, and general inflation.
2025 年伊始，我们的个人汽车险几乎在所有州全面营业。鉴于一季度是投保高峰期，我们加大广告投入并通过代理激励推动消费者比价投保，由此个人汽车险新保单申请同比增长 32%。虽然本季度费率动作有限，但我们正密切关注可能影响汽车行业及其他业务领域的关税，并定期建模评估其对损失成本、供应链、零部件可得性及整体通胀的影响。
Our latest auto product offering, model 8.9, was in 21 states that represented 40% of companywide personal auto premium, on a trailing 12-month basis, at the end of the first quarter 2025. The 8.9 model contains new and expanded use of external data and introduces Progressive vehicle protection, a new mechanical breakdown coverage that runs concurrent with Progressive auto insurance to help consumers manage the cost of unforeseen vehicle repairs. Our preferred business is showing the most promising response to the model. Overall, we are seeing favorable conversion results in both the agency and direct auto channels. At quarter end, continuous monitoring in our Snapshot® product model 5.0, which includes a feature in the Progressive app that can detect major accidents and quickly connect customers to towing and emergency services, was deployed in 41 states that represented 78% of our trailing 12-month personal auto NPW (excluding California).
我们的最新汽车险产品 8.9 模型已在 21 个州推出，这些州在过去 12 个月的个人汽车险保费中占 40%。8.9 模型扩大了外部数据的应用，并新增“Progressive 车辆保护”——一项与汽车险同步生效的机械故障保障，帮助客户应对突发维修费用。优选业务对该模型反应最为积极；在代理和直销渠道的整体转化率均表现良好。截至季度末，Snapshot® 5.0 持续监测功能已在 41 个州上线（不含加州），覆盖我们过去 12 个月个人汽车险 NPW 的 78%，可在重大事故发生时通过 Progressive 应用迅速为客户联络拖车及紧急服务。
Personal property ended the first quarter with a CR of 87.2, which is 6.2 points better than first quarter 2024, and includes about 3.7 points of favorable prior accident year development, primarily related to prior-year weather events. We ended the quarter with over 3.5 million PIFs, which are up 11% over first quarter 2024, driven primarily by growth in our renters business. NPW were flat, compared to first quarter 2024, driven by a shift in mix towards renters, which have lower average written premiums, and our continued actions to deliberately slow growth and non-renew policies in certain geographic regions where we are de-risking.
个人财产险在本季度的 CR 为 87.2，较 2024 年一季度改善 6.2 个百分点，其中约 3.7 个百分点来自旧年事故年的利好发展（主要与去年天气事件相关）。季度末 PIF 超过 350 万张，同比上升 11%，主要受租客险业务增长带动。由于业务组合向平均保费较低的租客险倾斜，以及我们在某些去风险地区刻意放缓增长并不续保的举措，NPW 与去年同期基本持平。
We continue to focus on improving profitability and reducing exposure in markets more susceptible to catastrophic weather events. We also continue to prioritize insuring lower-risk properties (e.g., new construction, existing homes with newer roofs), accepting new business for homeowners/condo products only when bundled with a Progressive personal auto policy, where permitted, and exiting the non-owner-occupied home market. For our homeowners/condo products, PIFs were up about 14% in states where we are looking to expand our footprint and down 12% in higher-risk states where we are looking to reduce our exposure.
我们仍专注于提升盈利能力并降低在易受灾害性天气影响市场的风险敞口。我们优先承保低风险房产（如新建住宅、屋顶较新的现房），且在允许的情况下，只接受与 Progressive 个人汽车险捆绑的业主/公寓产品新业务，并退出非自住住宅市场。对于业主/公寓险，在计划扩张的州，PIF 增长约 14%；而在高风险州，PIF 下降 12%，以减少风险暴露。
不错的策略。
Advancing our segmentation capabilities in personal property is a continued focus and, through the end of the first quarter 2025, we had elevated our next generation product models of 5.0 or higher in 22 states that represented 62% of our trailing 12-month homeowners product NPW. Key features include expanded peril rating and the introduction of new rating variables. We also continued to take rate where needed and increased our personal property rates about 2%, in the aggregate, in the first quarter 2025, bringing the trailing 12-month aggregate rate increase to about 15%.
提升个人财产险细分定价能力仍是我们的重点。截至 2025 年第一季度末，我们已在 22 个州将下一代 5.0 及以上产品模型落地，这些州占过去 12 个月业主险 NPW 的 62%。新版模型的关键特性包括更丰富的危险评级维度及新增定价变量。我们也在必要地区继续调升费率，一季度整体上调约 2%，使过去 12 个月累计费率升幅达到约 15%。
Our Commercial Lines (CL) business finished the quarter with NPW growth of 5% at an 87.5 CR. Premium growth in the business auto and contractor business market targets (BMT) and the transportation network company business were each a notable contributor to overall CL growth during the quarter.
我们的商业险（CL）业务本季度 NPW 增长 5%，CR 为 87.5。业务用车、承包商目标市场（BMT）以及网约车业务的保费增长均对商业险整体增长作出了显著贡献。
Core commercial auto NPW growth was flat for the quarter despite having positive PIF growth due to a shift in the mix of business. We continued to see strong growth in our business auto and contractor BMTs during the quarter, driven by quote and conversion improvements, but also continued to face challenges in our for-hire trucking and for-hire specialty BMTs, which have higher premiums per policy than our business auto and contractor BMTs.
尽管 PIF 实现正增长，但受业务结构变化影响，核心商业车险 NPW 本季度保持持平。报价及转化率提升推动业务用车和承包商 BMT 持续强劲增长；然而，单保费更高的雇佣卡车及雇佣特种运输 BMT 仍面临挑战。
The commercial auto industry (excluding Progressive) ended the year at an estimated 111.4 CR. Industry data indicates competitors are taking rate increases. Council of Insurance Agents & Brokers (CIAB) survey data from the fourth quarter 2024, shows commercial auto rate increases are the highest across all the commercial lines CIAB monitors and were consistently in the high single-digits during 2024. We expect our rates to become more competitive as industry rate levels increase.
行业数据显示，剔除 Progressive 后，商业车险行业全年综合成本率估计为 111.4。竞争对手正在上调费率。保险代理与经纪人协会（CIAB）2024 年四季度调查表明，商业车险费率涨幅位列所有商业险种之首，全年保持在高个位数区间。随着行业费率水平提升，我们预计自身费率竞争力将增强。
On the capital management side, we came into 2025 with a robust capital position and that has proved beneficial as we continued to grow during the first quarter. Even as we experienced turbulent markets and strong premium growth during the quarter, we were able to generate significant capital through positive cash flows and investment returns and ended the quarter with a debt-to-total capital ratio of 19.2%, which remains near the lower end of our historical range. We believe that the combination of operational momentum and our strong capital position will continue to allow us to pursue robust profitable growth.
在资本管理方面，我们于 2025 年初保持强劲资本实力，这在一季度的持续增长中发挥了积极作用。尽管市场动荡且保费增长迅速，我们仍通过稳健现金流和投资收益实现可观资本积累，季度末债务资本比为 19.2%，位于历史低位区间。我们相信，经营动能与强大资本基础的结合将持续支持我们实现强劲且盈利的增长。
In the first quarter of 2025, our investment portfolio saw a return of 2.2%. Macroeconomic uncertainty rose significantly during the quarter, impacting market returns. Our fixed-income return was 2.5% for the quarter as yields dropped. Our equity portfolio returned -5.0% as market prices decreased significantly versus a 9.9% increase in first quarter 2024, contributing to a substantial decline in this component of net income. Our investment portfolio remains in a conservative posture and is highly liquid with 56% of our portfolio in short-term securities or treasury bonds.
2025 年一季度，我们的投资组合回报率为 2.2%。宏观经济不确定性显著上升，影响了市场表现。固定收益投资随着收益率下行实现 2.5% 回报；股权投资受价格大幅回调拖累，收益率为 -5.0%，而 2024 年一季度曾上涨 9.9%，该项净收益大幅下滑。我们仍保持投资组合的保守策略和高流动性，其中 56% 配置于短期证券或国债。
As I often do, I like to share comments from our customers. This one felt really special because we spend a lot of time making sure each customer feels confident that they are getting great coverage, service, and rates. We seek to respect each customer as an individual, and not just another number, and to build that care into all aspects of our communications.
一如既往，我喜欢分享客户的反馈。这条留言尤为特别，因为我们投入大量精力确保每位客户都对自身所获保障、服务与费率充满信心。我们希望尊重每一位客户的个体需求，而非将其视为数字，并在沟通的每个环节体现这种关怀。
Courtney’s comments summarize how we want every interaction to be, which is easy, clear, and straightforward.
Courtney 的话精准概括了我们期望的每一次互动——简单、明晰且直接。
Dear Progressive Team,
亲爱的 Progressive 团队，
I just wanted to take a moment to say how easy and stress-free it was to purchase my car and renters insurance through your website. I was expecting a long, complicated process, but instead, everything was super straightforward. The site was simple to navigate, loved the customizable options in the dropdowns, and I really appreciated how clear all the coverage options were—it made choosing the right policy an absolute breeze.
我想花一点时间告诉你们，通过贵公司网站购买汽车险和租客险是多么轻松无压力。我本以为会是一段漫长且复杂的流程，结果却非常直接明了。网站易于浏览，下拉菜单中的自定义选项很贴心，我尤其感谢所有保障选项的清晰展示——让选择合适保单变得轻而易举。
Sure, I can talk about how "Getting a quote was quick" and "Bundling my policies saved me both time and money"... which is always a huge plus, BUT what made your company stand out is - I never once felt lost or confused during the process, which isn't always the case when dealing with insurance!
当然，我可以提到“获取报价很快速”和“捆绑保单为我省时省钱”等优势——这本身已相当出色，但真正让贵公司脱颖而出的是：整个过程中我从未感到迷茫或困惑，这在处理保险事务时并不常见！
So, I just wanted to send a quick "thank you" for making everything so easy. I’ll definitely be recommending Progressive to friends and family!
因此，我只想简短地说声“谢谢”，感谢你们让一切如此简单。我一定会把 Progressive 推荐给亲朋好友！
Tired mom of two 16yr olds, a 15yr old, and 14yr old
两个 16 岁、一个 15 岁和一个 14 岁孩子的疲惫妈妈
能够专注的大概率能做一些简单、有效的设计。
Courtney
We head into the second quarter 2025 excited about the opportunities that lie ahead of us as we aim to remain nimble as events of the world unfold.
我们带着对未来机遇的期待迈入 2025 年第二季度，并将在全球局势演变中保持敏捷应对。
Stay well and be kind to others,
请保重，并善待他人，
/s/ Tricia Griffith
Tricia Griffith
President and Chief Executive Officer
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