PROGRESSIVE CORP/OH/
For the period ended Jun 30, 2025. Filed Aug 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 4, 2025
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Item 1A. Risk Factors
There have been no material changes in the risk factors from those discussed in Item 1A, Risk Factors included in our Annual Report on Form 10-K for the year ended December 31, 2024.
(c) Share Repurchases
| ISSUER PURCHASES OF EQUITY SECURITIES | ||||
|---|---|---|---|---|
| 2025 Calendar Month | TotalNumber ofSharesPurchased | AveragePricePaidPer Share | Total Number of SharesPurchased as Part ofPublicly AnnouncedPlans or Programs | Maximum Number ofShares That May Yet bePurchased Under thePlans or Programs |
| April | 9,183 | $267.93 | 655,131 | 24,344,869 |
| May – prior authorization | 6,000 | 282.61 | 661,131 | — |
| May – current authorization | 15,795 | 280.87 | 15,795 | 24,984,205 |
| June | 14,367 | 272.33 | 30,162 | 24,969,838 |
| Total | 45,345 | $275.78 | ||
Progressive’s financial policies state that we will repurchase shares to neutralize dilution from equity-based compensation in the year of issuance and as an option to effectively use under-leveraged capital.
In May 2025, the Board of Directors approved an authorization for the company to repurchase up to 25 million of its common shares. This authorization, which does not have an expiration date, terminated the 24,338,869 shares that remained under the Board’s May 2024 authorization to repurchase 25 million shares.
Share repurchases under this authorization may be accomplished through open market purchases, including trading plans entered into with one or more brokerage firms in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, through privately negotiated transactions, pursuant to our equity incentive awards, or otherwise. During the second quarter 2025, all repurchases were accomplished in conjunction with our equity incentive awards or through the open market at the then-current market prices.
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