42 slides from Progressive Corporation (the)'s earnings presentation, Aug 4, 2026
Slide 1: Investor Relations Q2 2026: The Robinsons
INVESTOR RELATIONS Q2 Investor 2026 Q2 Relations The Robinsons 1
Slide 2: Information Relevant to this Presentation
Information Relevant to this Presentation Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 Investors are cautioned that certain statements in this presentation and related comments by management during the earnings call not based upon historical fact are forward-looki
Slide 3: Information Relevant to this Presentation
Information Relevant to this Presentation Regulation FD Disclosure Outlets Progressive disseminates information to the public about Progressive, its products, services, and other matters through various outlets in order to achieve broad, non-exclusionary distribution of information to the public. Th
Slide 4: Lori Niederst, Chief Personal Lines Officer
Lori Niederst Chief Personal Lines Officer INVESTOR RELATIONS Q2 4
Slide 5: Progressive's four strategic pillars
INVESTOR RELATIONS Q2 People and Broad Leading Competitive culture needs brand prices Progressive’s four strategic pillars Ensuring that our people Meeting the broader Maintaining a leading Offering competitive and culture collectively needs of our customers brand recognized for prices driven by rem
Slide 6: Pat Callahan, Personal Lines President
Pat Callahan Personal Lines President 01 / Robinsons opportunity 02 / Property 03 / Auto 6
Slide 7: Leveraging segmentation and efficiency to drive Auto growth
INVESTOR RELATIONS Q2 We continue to leverage leading segmentation and operational efficiency to drive Auto growth through highly competitive products and pricing PRIVATE PASSENGER AUTO (PPA) DIRECT WRITTEN PREMIUM (DWP) BY TRAILING FOUR QUARTERS 2025 U.S. PPA DWP GROWTH (2022–2025) IN MILLIONS 80,0
Slide 8: Auto household share and growth skewed toward Sam, Diane, and Wrights
INVESTOR RELATIONS Q2 Our Auto household share and growth rates are heavily skewed toward Sam, Diane, and Wrights 2025 PROGRESSIVE TOTAL AUTO MARKET SHARE AUTO POLICY IN FORCE (PIF) GROWTH (2025) Sam 11% Diane 13% Wrights 15% Robinsons 9% 0 X 2X 3X 4X 5X Source: S&P Market Intelligence and Progressi
Slide 9: Independent Agent channel Robinsons opportunity remains untapped
INVESTOR RELATIONS Q2 Drilling down by channel, the unit growth opportunity in Independent Agent channel Robinsons remains massive and largely untapped 2025 PGR DIRECT CHANNEL AUTO MARKET SHARE AUTO PIF 2025 PGR AGENCY CHANNEL AUTO MARKET SHARE AUTO PIF (% DWP) GROWTH (% DWP) GROWTH (2025) (2025) Sa
Slide 10: Wrights' and Robinsons' Auto PIFs have nearly 3x the value of Sam
INVESTOR RELATIONS Q2 LEP BY CONSUMER SEGMENT ($) Wrights’ and Robinsons’ Auto PIFs have nearly 3x Agency Robinsons (Auto + Home) the value of our Sam segment Robinsons Auto Bundled Robinsons in Agency have ~5x higher combined auto/home Wrights Auto lifetime earned premium (LEP) Diane Auto Sam Auto
Slide 11: Growing Robinsons share represents a >$45B opportunity
INVESTOR RELATIONS Q2 The Robinsons segment is Putting it all together, growing the Robinsons share to ~$230B across channels and match Diane/Wrights represents a >$45B opportunity we’re underpenetrated Robinsons’ lifetime Auto 2025 ESTIMATED PPA AND PROPERTY and Property premium is ~5x Sams’ 85% of
Slide 12: Property: John Curtiss
INVESTOR RELATIONS Q2 Property John Curtiss National Property Leader
Slide 13: Property mission and financial objectives
INVESTOR RELATIONS Q2 Property mission and financial objectives FINANCIAL OBJECTIVES WHO WE ARE Achieve a return on capital in our Property business similar to other lines of business. Progressive Home primarily offers products for owner-occupied properties bundled with Progressive Auto. We’ll maint
Slide 14: Property premium grown 3.7x since 2015
INVESTOR RELATIONS Q2 Progressive has grown Property premium by 3.7x since 2015 and is now a top 12 property carrier PROPERTY DWP ($ M) $4,000 $3,500 $3,000 In 2024 and 2025, PGR $2,500 deliberately slowed growth to address profitability issues $2,000 $1,500 $1,000 $500 $0 2015 2016 2017 2018 2019 2
Slide 15: Substantially completed Property turnaround
INVESTOR RELATIONS Q2 We have substantially WHERE WE’VE BEEN Improve profitability completed our Property Restoring the health of our Property business turnaround and are Reduce volatility pursuing a disciplined STATUS NEARING COMPLETION Advance capabilities approach to growth WHERE WE’RE HEADED Bec
Slide 16: Improve profitability
INVESTOR RELATIONS Q2 PROGRESSIVE PROPERTY NET COMBINED RATIO (CR) Improve profitability 106.9 107.1 115.3 110.5 105.1 101.7 98.9 98.3 2022 IR CALL: “Property has not achieved target 78.1 75.1 profit margin, driven by weather losses above expectations.” TODAY Profitability has improved due to a comb
Slide 17: Reduce volatility
INVESTOR RELATIONS Q2 23% reduction Reduce volatility since 2022 HIGH WEATHER RISK STATES AS A PERCENTAGE OF COUNTRYWIDE TOTAL 2022 IR CALL: INSURED VALUE “We will shrink Florida exposure and limit growth in states exposed to heavy CAT risk to reduce volatility as 2022 2025 the overall Property book
Slide 18: Advance our capabilities
INVESTOR RELATIONS Q2 Advance our Distribution capabilities strategy 6 1 Pricing accuracy 2022 IR CALL: “We’ve invested in organizational capability to build best-in-class Property products.” Advance segmentation “We have improved price Exposure and increase speed to market segmentation, but we’re n
Slide 19: Advance our capabilities
INVESTOR RELATIONS Q2 Capability Key tactic 2024 Current Advance our capabilities 1 Pricing accuracy By-peril targets ~39% ~99.9% premium premium Advance segmentation and ~59% ~93% 2 increase speed to market 5.0+ product deployment premium premium Countrywide Enhanced prebinding 3 Risk selection mod
Slide 20: Advance our capabilities: segmentation and speed to market
INVESTOR RELATIONS Q2 Capability Key tactic 2024 Current Advance our capabilities 1 Pricing accuracy By-peril targets ~39% ~99.9% premium premium Advance segmentation and ~59% ~93% 2 increase speed to market 5.0+ product deployment premium premium Countrywide Enhanced prebinding 3 Risk selection mod
Slide 21: Advance our capabilities: risk selection models
INVESTOR RELATIONS Q2 Capability Key tactic 2024 Current Advance our capabilities 1 Pricing accuracy By-peril targets ~39% ~99.9% premium premium Advance segmentation and ~59% ~93% 2 increase speed to market 5.0+ product deployment premium premium Countrywide Enhanced prebinding 3 Risk selection mod
Slide 22: Advance our capabilities: cost-sharing
INVESTOR RELATIONS Q2 Capability Key tactic 2024 Current Advance our capabilities 1 Pricing accuracy By-peril targets ~39% ~99.9% premium premium Advance segmentation and ~59% ~93% 2 increase speed to market 5.0+ product deployment premium premium Countrywide Enhanced prebinding 3 Risk selection mod
Slide 23: Advance our capabilities: exposure management
INVESTOR RELATIONS Q2 Capability Key tactic 2024 Current Advance our capabilities 1 Pricing accuracy By-peril targets ~39% ~99.9% premium premium Advance segmentation and ~59% ~93% 2 increase speed to market 5.0+ product deployment premium premium Countrywide Enhanced prebinding 3 Risk selection mod
Slide 24: Advance our capabilities: distribution strategy
INVESTOR RELATIONS Q2 Capability Key tactic 2024 Current Advance our capabilities 1 Pricing accuracy By-peril targets ~39% ~99.9% premium premium Advance segmentation and ~59% ~93% 2 increase speed to market 5.0+ product deployment premium premium Countrywide Enhanced prebinding 3 Risk selection mod
Slide 25: Business health and growth readiness
INVESTOR RELATIONS Q2 Business health and growth readiness 18 GREEN STATES AS OF MAY 2025 Disciplined execution to improve May 2025: 40% of property insurance market Well-positioned for growth profitability, reduce volatility, and Cautious approach to growth advance our capabilities has positioned P
Slide 26: Substantially completed Property turnaround
INVESTOR RELATIONS Q2 We have substantially WHERE WE’VE BEEN Improve profitability completed our Property Restoring the health of our Property business turnaround and are Reduce volatility pursuing a disciplined STATUS NEARING COMPLETION Advance our capabilities approach to growth WHERE WE’RE HEADED
Slide 27: Steps to broaden availability and expand distribution
INVESTOR RELATIONS Q2 KEY ACTIONS TAKEN As our health improves, we’ve taken steps to broaden availability and expand distribution… Increase availability: • Enable quoting/binding if previously HO3 COUNTRYWIDE AVAILABILITY restricted 2.2x • Retire obsolete restrictions increase since June 2024 • Expa
Slide 28: Disciplined approach to improving competitive position
INVESTOR RELATIONS Q2 … and a disciplined approach to improving our TACTICS TO IMPROVE competitive position PRICE AND NON-PRICE Actions taken to achieve the Property turnaround have adversely impacted both COMPETITIVENESS: price and non-price competitiveness. We are taking actions to address both. P
Slide 29: Meaningful progress from the disciplined approach to growth
INVESTOR RELATIONS Q2 We’re starting to see meaningful progress from WHERE WE’VE BEEN Improve profitability Restoring the health of our the disciplined approach Property business to growth STATUS Reduce volatility NEARING COMPLETION Advance our capabilities HO3 NEW BUSINESS VOLUME PROFITABILITY CORR
Slide 30: Auto: Lori Niederst
INVESTOR RELATIONS Q2 Auto Lori Niederst Chief Personal Lines Officer
Slide 31: Growth opportunity in Independent Agent channel Robinsons
INVESTOR RELATIONS Q2 Drilling down by channel, the growth opportunity in Independent Agent channel Robinsons remains massive and largely untapped 2025 PGR DIRECT CHANNEL AUTO MARKET SHARE AUTO PIF 2025 PGR AGENCY CHANNEL AUTO MARKET AUTO PIF (% DWP) GROWTH SHARE (% DWP) GROWTH (2025) (2025) Sam 13%
Slide 32: Industry channel share is shifting
INVESTOR RELATIONS Q2 AGENCY/DIRECT INDUSTRY MIX Agency Direct 80% Industry channel share is shifting, 70% 74% creating an opportunity for Progressive 60% 68% 50% Market trends 40% • Consumers have shifted from the Agency channel to the Direct 30% 32% channel 26% 20% • Within Agency, the market is s
Slide 33: We benefit when shopping is auto led
INVESTOR RELATIONS Q2 We benefit when shopping is auto led Shopping trigger Shop auto Rate actions or Digital becomes household events the front door prompt shopping Nearly half of auto Shopping is significantly insureds shop vs. less elevated compared to than 10% of history homeowners 45% of auto s
Slide 34: We continue to grow Robinsons
INVESTOR RELATIONS Q2 AUTO ROBINSONS PIF TOTAL 1.6 We continue to 1.5 grow Robinsons 1.4 1.3 • Auto continues to grow 1.2 Robinsons with continued 1.1 potential to gain market share 1 Q4 '23 Q2 '23 Q2 '24 Q4 '24 Q4 '25 Q1 '23 Q3 '23 Q1 '24 Q2 '25 Q1 '26 Q3 '24 Q1 '25 Q3 '25 • Direct has consistently
Slide 35: Choice is a growth driver; Direct multicarrier model
INVESTOR RELATIONS Q2 Our Customers Choice is a growth Meeting their insurance needs with robust coverage from dependable carriers driver, and our Direct multicarrier Our Network of Carriers model is built for it Driving profitable growth through access to Progressive customers and experiences HomeQ
Slide 36: Extending capabilities for a better Property and bundled experience
INVESTOR RELATIONS Q2 We’re extending current capabilities to create a better Property and bundled experience • We have a broadly distributed Agency footprint with over 90,000 locations countrywide • Our national brand is an asset in the channel and drives consideration • Our Auto product is designe
Slide 37: Robinson investment: agency ease of use
INVESTOR RELATIONS Q2 Robinson investment Agency ease of use EASY-TO-BIND 100% AUTO POLICIES 89% 84% 80% Recent enhancements 64% 66% 60% • Property bind 36% 38% • Improved cross-sell experience 40% • Improved replacement cost estimator 20% • Full integration in FAO portal 0% Progressive Carrier A Ca
Slide 38: Robinsons investment: agency value proposition
INVESTOR RELATIONS Q2 Robinsons investment BLUE LEVEL Agency value proposition INCREASED GROWTH CRITERIA SILVER LEVEL GROWTH CRITERIA Blue level bonus award BASE LEVEL COMMITMENT TO SELL BUNDLES Recognition events for top Base level plus additional agencies commission Enhanced base commission Additi
Slide 39: Scale provides an advantage in pricing and experience
MATCHING RATE TO RISK INVESTOR RELATIONS Q2 PIF MIX INDEX Like our Agency PAID IN FULL MULTI distribution position, Robinsons FULL 2.8 COVERAGE 1.7 CAR 2.5 our scale provides an Wrights 2.4 1.6 2.3 advantage in pricing Diane 1.4 1.4 1.2 and experience Sam 1.0 1.0 1.0 • We price to a wide range of PR
Slide 40: Creating Robinsons by graduating customers
TRAILING 12-MONTH GRADUATION GROWTH INVESTOR RELATIONS Q2 1.4 We are also creating 1.3 Robinsons by graduating 1.2 customers as their needs 1.1 change 1.0 5/26 4/24 5/24 12/24 5/25 6/24 8/24 9/24 10/24 11/24 8/25 1/25 4/25 6/25 9/25 10/25 11/25 12/25 1/26 4/26 6/26 2/26 2/25 3/24 7/24 3/25 7/25 3/26
Slide 41: The Robinsons opportunity is significant and within reach
INVESTOR RELATIONS Q2 • We’re capturing share of Direct Robinsons leveraging a panel of The Robinsons competitive property carriers opportunity is significant • We’re underpenetrated the Independent Agent Robinsons but and within reach. We’re are well positioned given our investments in Property and
Slide 42: Thank you
INVESTOR RELATIONS Q2 Thank you INVESTOR RELATIONS Q2 42