The Progressive Corporation (PGR): Business Model Canvas [Dec-2025 Updated]

You're looking under the hood of The Progressive Corporation, and honestly, what you find is a finely tuned, data-first machine that's hard to beat. Forget simple insurance; this is about dynamic pricing powered by proprietary algorithms and massive brand investment that helped them pull in $3.175 billion in Net Income in Q2 2025 alone. We're breaking down the nine blocks of their Business Model Canvas-from their dual-channel growth strategy to maintaining a tight 86.2% combined ratio-so you can see exactly how they keep winning in this tough market. Scroll down to map out their entire engine room.

The Progressive Corporation (PGR) - Canvas Business Model: Key Partnerships

The Progressive Corporation relies on several external entities to distribute policies, service claims, and enhance brand presence.

Network of independent insurance agencies for the Agency Channel

• - Personal vehicle net premiums written through the agency channel represented 45% of total personal vehicle volume in 2024.
• - Personal property net premiums written through the agency channel represented 74% of total personal property volume in 2024.
• - The network includes more than 40,000 independent insurance agencies throughout the U.S. as of the 2024 Annual Report.

Telematics technology providers (e.g., CMT) for data collection and analysis

• - Partnership with Zendrive started in 2023 to reward safe drivers with discounted auto insurance premiums.
• - Focus on key disruptive technologies including IoT and big data to transform operations.

Auto repair shops and claims service vendors for efficient claims fulfillment

The Progressive Corporation offers best-in-class, 24-hour claims service, operating through a network of medical providers that may offer reduced rates to Progressive customers across 50 states.

Claims Service Metric	Value/Detail
Hiring for Claims Staff (2025 Plan)	Over 12,000 new hires planned to support growth, including claims roles.
Policies in Force Growth (Q1 2025)	1.3 million new policies added in Q1 2025.
Total Policies in Force (March 31, 2025)	Over 36,292 thousand companywide policies in force.

Financial institutions and veteran organizations for community programs like Keys to Progress

The Keys to Progress program has a history of collaboration with organizations providing support services.

• - In the 13th annual giveaway in November 2025, 100 vehicles were donated.
• - The 2025 events took place in over 65 events across 47 states.
• - Since 2013, more than 1,200 vehicles have been donated.
• - Partners include Enterprise Mobility, providing six months insurance per recipient.
• - Partners include Insurance Auto Auctions, providing 12-month powertrain protection.

Strategic marketing sponsorships, like the RLCS 2025 esports partnership

Progressive deepened its investment in esports by becoming the Presenting Sponsor for the entire Rocket League Championship Series (RLCS) 2025 season.

• - Progressive is the second largest personal auto insurer in the United States.
• - The sponsorship includes logo placement on the Rocket League ball in RLCS broadcasts.
• - The partnership builds on the sponsorship of the 2024 RLCS World Championship in Fort Worth, Texas.

The Progressive Corporation (PGR) - Canvas Business Model: Key Activities

You're looking at the engine room of The Progressive Corporation's business, the things they must do well to keep that combined ratio low and the growth engine running. Here's the breakdown of the core operational tasks, grounded in the latest numbers we have through late 2025.

Advanced, dynamic pricing and underwriting using proprietary models (Model 8.9).

The Progressive Corporation relies heavily on its models, like the mentioned 8.9 model, to price risk dynamically. This activity is directly reflected in their underwriting profitability metrics. For instance, the year-to-date combined ratio through Q3 2025 stood at 87.3%. Looking at a single quarter, the Q3 2025 combined ratio was reported at 89.5%, while the October 2025 combined ratio was 89.7%. This contrasts with the first half 2025 combined ratio of 86.1%. The company's stated operational goal is to grow at or below a 96 combined ratio. To achieve this, The Progressive Corporation updates personal auto rates approximately 3-4 times per year across 51 jurisdictions.

Metric	Value (Latest Available)	Period/Context
Year-to-Date Combined Ratio	87.3%	Through Q3 2025
Q3 2025 Combined Ratio	89.5%	Q3 2025
October 2025 Combined Ratio	89.7%	October 2025
First-Half 2025 Combined Ratio	86.1%	First Half 2025
Personal Auto Rate Updates Frequency	3-4 times per year	Pricing Activity

Extensive direct-response advertising and brand building (Flo campaigns).

Marketing spend is a massive, intentional activity to drive applications. In the first quarter of 2025, advertising spend hit $1.3 billion, which was 86% greater than Q1 2024. For the first half of 2025, the total advertising spend reached approximately $2.4 billion, up from about $1.7 billion in 2024. This aggressive push yielded results, with new personal auto applications growing 32% Year-over-Year in Q1 2025. The total spend for the full year 2024 was nearly $3.5 billion.

Efficient claims processing and loss adjustment to maintain a low combined ratio.

Keeping claims costs in check is fundamental to the business. The company's focus on efficiency is evident in the improvement of the loss and loss adjustment expense ratio, which improved by 2.0 points in Q1 2025, largely due to favorable prior accident years reserve development. This discipline helps them achieve profitability below the 100% threshold, as seen in the Q3 2025 combined ratio of 89.5%.

The Progressive Corporation's policies in force growth also speaks to this operational success.

• Total policies in force grew by 12% year-over-year as of October 2025.
• Policies in force grew by 16% as of May 2025.
• Policies in force grew by 6.7% in the first half of 2025 since December 2024.

Continuous digital transformation and AI/Big Data development.

The firm continuously enhances its technology stack to support pricing and claims. This includes monitoring its Snapshot® product model 5.0. The use of AI-driven fraud detection and real-time risk models is cited as boosting retention to 96% in Q3 2025 reports. New product development, like the Progressive vehicle protection mechanical breakdown coverage, is integrated with their core auto insurance.

Investment portfolio management to generate non-underwriting income.

Generating income from invested capital is a material activity. For Q3 2025, The Progressive Corporation's investment income rose to $2.69 billion. In the second quarter of 2025, Net Investment Income was reported at $871 million. For Q1 2025, investment income increased by 32% year-over-year, reaching $814 million. Realized gains on securities also contribute; for example, total pretax net realized gains on securities for October 2025 reached $57 million.

Here are some figures related to investment gains and income across different periods in 2025:

Investment Metric	Amount	Period
Investment Income	$2.69 billion	Q3 2025
Net Investment Income	$871 million	Q2 2025
Investment Income (YOY Growth)	32% increase	Q1 2025
Pretax Net Realized Gains on Securities	$211 million	May 2025
Pretax Net Realized Gains on Securities	$57 million	October 2025

Finance: draft the Q4 2025 investment income projection by next Tuesday.

The Progressive Corporation (PGR) - Canvas Business Model: Key Resources

When you look at The Progressive Corporation, you see more than just an insurer; you see a data and technology powerhouse. These are the tangible and intangible assets that really drive the business model, so let's break down the heavy hitters.

The foundation of their pricing edge is the proprietary telematics data and pricing algorithms, primarily channeled through the Snapshot program. This isn't just a discount gimmick; it's a constant feedback loop that refines risk selection. For instance, drivers who successfully enroll and maintain good habits can see an average annual savings of $156 per year. This data-driven approach is clearly working on the top line, as the Snapshot program was a key factor in driving 21% growth in Direct Auto policies during the second quarter of 2025. The program monitors driving habits like hard braking and rapid acceleration, using that data to personalize rates based on actual driving behavior rather than just traditional factors.

Next, you have the sheer financial muscle. This is the capital base that allows The Progressive Corporation to absorb shocks and invest aggressively in growth. As of the second quarter of 2025, the company reported Total Assets of $115.480 billion. Bolstering this is a significant cushion in the form of reserves. Specifically, the Loss and loss adjustment expense reserves stood at $41,154 million as of June 30, 2025. Honestly, that kind of balance sheet strength is a massive competitive moat.

The brand equity is another critical, though less quantifiable, resource. You know Flo. Everyone knows Flo. This recognition is fueled by a massive advertising budget that keeps The Progressive Corporation top-of-mind, which is essential when price remains the largest driver of insurance shopping. This marketing spend supports their massive policy base; by the end of Q2 2025, total policies in force had reached over 37 million.

Under the hood, the sophisticated IT infrastructure supports everything from claims processing to pricing. A key part of their future-proofing strategy is Level20, the internal growth incubator. Level20 is tasked with building new businesses from the ground up, focusing on unmet consumer needs outside of core insurance, like the direct-to-consumer digital life insurance offering they released. This structure allows The Progressive Corporation to maintain the stability of a Fortune 100 company while fostering a startup mindset for adjacent growth.

Finally, the highly liquid investment portfolio provides crucial float income. The investment portfolio remained conservative in Q2 2025, posting a total return of 2.1% for the quarter. The fair value of the investment portfolio reached $88.6 billion in Q2 2025. The composition shows a heavy tilt toward high-quality fixed income, with U.S. government obligations alone valued at $46,810 million on June 30, 2025. Here's a quick look at the financial scale supporting the underwriting business:

Financial Metric (as of Q2 2025)	Amount (USD)	Source Context
Total Assets	$115.480 billion	June 30, 2025 Balance Sheet
Loss and Loss Adjustment Expense Reserves	$41,154 million	June 30, 2025 Balance Sheet
Investment Portfolio Fair Value	$88.6 billion	Q2 2025 Reporting
Fixed Maturities: U.S. Government Obligations	$46,810 million	June 30, 2025 Fair Value
Fixed-Income Portfolio Average Credit Quality	AA-	Q2 2025 Reporting

The focus on high-quality, liquid assets like U.S. government obligations is a deliberate choice to ensure capital is available when needed, even as the fixed-income portfolio duration was relatively short at 3.4 years. Finance: draft 13-week cash view by Friday.

The Progressive Corporation (PGR) - Canvas Business Model: Value Propositions

You're looking at the core value The Progressive Corporation delivers to its customers, which is built on choice, data-driven pricing, and proven stability. Here's the breakdown of what they offer right now.

Usage-based insurance (UBI) for competitive, personalized rates for good drivers.

The Progressive Corporation uses its Snapshot telematics program to price risk based on actual driving behavior, not just demographics. This program currently enrolls 27 million drivers. For drivers who qualify through Snapshot, the average savings on auto insurance is $322. This focus aligns with the broader Usage-Based Insurance market, which is estimated to reach a market size of $47,380 million by 2025.

Choice and convenience: buy direct or through an agent.

The Progressive Corporation provides multiple access points for customers to purchase and manage policies. This flexibility is reflected in their policy growth across channels. As of June 30, 2025, the company had 37.3 million companywide policies in force.

Channel/Metric	Policies in Force (as of June 30, 2025)	Year-over-Year Growth
Direct Auto Policies	15.2 million	21% increase
Agency Auto Policies	10.4 million	16% increase

Bundled insurance products (auto, home, specialty) for simplicity and discounts.

The Progressive Corporation encourages customers to simplify by combining different insurance types, which results in direct savings. New customers who save by bundling home and auto policies save over 25% on average. Specifically, when bundling home and auto, Progressive customers save an average of 7% on their auto policy in most states.

The value of bundling extends to claims handling, where bundling home and auto underwritten by Progressive Home can result in being responsible for only a single deductible in certain loss events.

Financial strength ensuring claims payment (Q2 2025 Net Income was $3.175 billion).

The company's financial stability is a core proposition, backed by strong recent earnings performance. The Progressive Corporation reported a Net Income of $3.175 billion for the second quarter of 2025. This performance was supported by an improved underwriting discipline, evidenced by a second-quarter combined ratio of 86.2.

Here are some key financial metrics from that period:

• - Q2 2025 Net Income: $3.175 billion
• - Q2 2025 Combined Ratio: 86.2
• - Net Premiums Earned (Q2 2025): $20.31 billion
• - Year-to-Date Net Income (as of June 30, 2025): $5.7 billion

Digital tools for real-time accident response and policy management.

The Progressive Corporation offers digital access points, including the Progressive mobile app, for policy management. The company continues to invest in technology, planning to hire 150 AI/ML engineers by Q3 2025 to refine processes. The Snapshot tool, which tracks driving habits, is a key digital offering.

The Progressive Corporation (PGR) - Canvas Business Model: Customer Relationships

You're managing a portfolio where digital engagement is key, and The Progressive Corporation is a prime example of balancing high-tech automation with personalized human touchpoints. Honestly, the sheer scale of their direct-to-consumer model dictates the relationship strategy.

The core of their relationship strategy leans heavily on digital self-service. As of September 30, 2025, The Progressive Corporation had 38,078 thousand total policies in force companywide. Within personal auto, the direct channel-which heavily utilizes the mobile app and website-is the largest segment, with 15,619 thousand auto policies in force, compared to 10,630 thousand policies serviced through the agency channel. This massive direct base requires robust, automated systems for quoting, policy changes, and first notice of loss.

For those customers who prefer a person, the agent channel remains a significant relationship pillar, supporting over 10.6 million auto policies as of late 2025. This suggests a tiered service model where digital handles volume, and agents handle complexity or preference.

The relationship is made highly proactive through telematics, specifically the Snapshot program. This usage-based insurance (UBI) is central to segmenting risk and communicating value directly to the driver. Here's the quick math on the Snapshot relationship:

Metric	Data Point (Approx. Late 2025)
Maximum Potential Discount	Up to 30% off premium
Average Annual Savings for Safe Drivers	Around $145 to $156 per year
Initial Participation Credit	An average of $47 applied to the first policy
Percentage Seeing a Rate Increase	Roughly 20% of participants
Data Monitored	Speed, Hard Braking, Rapid Acceleration, Time of Day, Mileage, Phone Use

The communication around Snapshot is constant, showing drivers their progress via the mobile app and email updates, which is a defintely high-touch digital interaction. This data-driven feedback loop is designed to reinforce safe driving habits, which in turn boosts customer retention; renewal rates for drivers earning the biggest discounts are reported to be 6 percent higher than average.

The Progressive Corporation also maintains relationships through community investment, such as the Keys to Progress program. While specific 2025 financial commitments to this program aren't immediately available, the existence of such initiatives speaks to building goodwill beyond the transactional policy relationship.

You can see the digital focus clearly in the growth figures; total policies in force grew 12% year-over-year as of Q3 2025.

For complex claims, the expectation is dedicated support, but the sheer volume-with net premiums written hitting $7.128 billion in September 2025 alone-means the efficiency of the automated channels must be near-perfect to keep the combined ratio at 89.5% for Q3 2025.

The Progressive Corporation (PGR) - Canvas Business Model: Channels

The Progressive Corporation utilizes a multi-pronged channel strategy to reach its customer base, balancing direct-to-consumer sales with a robust independent agent network.

The Direct Channel, encompassing Progressive.com, the mobile app, and call centers, is a major growth engine. This digital-first approach drove a 21% surge in Direct Auto policies in force during the second quarter of 2025. The company offers choices so consumers can reach them however it is most convenient, including online at progressive.com, by phone at 1-800-PROGRESSIVE, or via the Progressive mobile app.

The Agency Channel, which relies on a network of independent insurance agents, also demonstrated significant traction. Agency Auto policies saw 16% growth in the second quarter of 2025. This channel is crucial for reaching segments that prefer in-person consultation. The company is the second largest personal auto insurer in the country.

You can see the relative scale of these two primary auto channels based on March 2025 policy counts:

Channel Component	Policies in Force (Thousands) - March 2025	Policy Growth Rate Mentioned (Q2 2025)
Direct - auto	14,771	21%
Agency - auto	10,146	16%

Comparison shopping websites and aggregators play a role in the initial customer acquisition funnel, supporting the overall digital strategy that attracts price-sensitive customers. This is part of the company's focus on its telematics-based Snapshot program to maintain underwriting quality while growing.

The entire distribution push is supported by Extensive national television and digital advertising. The first-half 2025 advertising spend reached approximately $2.4 billion, which was a substantial increase from approximately $1.7 billion spent in 2024. This aggressive marketing investment is designed to capitalize on the company's strong operational performance to drive further growth.

The overall policy base reflects this channel success:

• Total Personal Lines policies in force growth (Q2 2025): 16% expansion.
• Total policies in force (as of June 30, 2025): 37,315 thousand.

Finance: draft 13-week cash view by Friday.

The Progressive Corporation (PGR) - Canvas Business Model: Customer Segments

You're looking at how The Progressive Corporation segments its vast customer base as of late 2025. It's not a one-size-fits-all approach; they target distinct groups with tailored channels and products. Honestly, the sheer volume of policies in force shows how effectively they are reaching these different segments.

The Progressive Corporation serves a broad spectrum, from the solo driver looking for the best rate online to established small businesses needing commercial coverage. They are the second largest personal auto insurer in the country, and their reach extends across multiple lines of business. For instance, as of October 2025, companywide policies in force totaled 38.38 million.

Here's a breakdown of the key customer groups they focus on:

• - Price-sensitive, digitally-aware auto insurance consumers.
• - Customers who value advice and prefer an independent agent relationship.
• - Small to mid-sized commercial businesses (business auto, contractors).
• - Homeowners and renters seeking multi-policy discounts.
• - Specialty vehicle owners (motorcycle, RV, boat).

The digital-first customer is a massive part of their success story. The Direct Auto channel consistently shows higher policy growth than the Agency channel. For example, in October 2025, Direct - auto policies in force were 15,802 thousand, compared to Agency - auto policies in force at 10,720 thousand. This digital focus is supported by products like the latest auto offering, Model 8.9, which incorporates new external data and was active in 21 states representing 40% of personal auto premium year-to-date Q1 2025.

Still, the agent channel remains crucial for advice-seeking customers. The Progressive Corporation markets policies through independent insurance agencies, and management continues to focus on growth in this channel, seeing favorable conversion results in Q1 2025. The company aims to grow in every persona, including the multi-product households they call 'Robinsons' in Q3 2025.

The table below shows the scale of the Personal Lines segments as of October 2025, giving you a concrete look at the volume within these groups:

Customer Group Proxy	Policies in Force (thousands, Oct 2025)	Year-over-Year Policy Growth (Oct 2025)
Direct Auto Consumers	15,802	16% (Implied from total Direct Auto growth in similar periods)
Agent-Served Consumers	10,720	12% (Implied from total Agency Auto growth in similar periods)
Specialty Vehicle Owners	6,996	8%
Homeowners/Renters (Property)	3,660	5%

For the small to mid-sized commercial businesses, The Progressive Corporation targets markets like business owners and contractors. In October 2025, Commercial Lines policies in force reached 1.20 million, showing a 5% increase year-over-year. The Commercial Lines segment finished Q1 2025 with a 87.5 Combined Ratio, indicating they are managing this segment's profitability.

The multi-policy customer is a key target for maximizing customer lifetime value. They actively promote bundling. For instance, you can save an average of $34 on car insurance in most states by bundling auto and renters insurance. For renters, the average policy cost starts at less than $1/day. For homeowners, the average cost of a 12-month policy from their network insurers, based on January 1, 2024, effective dates, ranged from $1,090.08 to $3,353.74.

Specialty vehicle owners are served through the Special Lines segment, which includes motorcycle, RV, and boat insurance. As noted in the table, this segment had 6,996 thousand policies in force in October 2025, growing 8% year-over-year. This demonstrates a significant, dedicated customer base outside of standard personal auto.

Finance: draft a quick analysis of the policy growth differential between Direct Auto and Agency Auto for the next executive review by Monday.

The Progressive Corporation (PGR) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive The Progressive Corporation's operations as of late 2025. These are the major financial drains that management works to keep in check to maintain profitability.

Claims and Loss Adjustment Expenses (primary cost driver)

The largest component of cost is paying out claims and managing those claims. For the six months ended June 30, 2025, the loss and loss adjustment expense ratio stood at 66.2%. This figure directly reflects the cost of insured events against net premiums earned.

The structure of managing these costs involves significant risk transfer, as seen in their reinsurance program. For Q2 2025, The Progressive Corporation's reinsurance provided $2 billion in coverage for losses and allocated loss adjustment expenses, reaching an estimated $2.2 billion when including the Florida Hurricane Catastrophe Fund.

The cost associated with specific perils can be high; for instance, the net catastrophe loss ratio year-to-date in personal property was 20.0%.

High Policy Acquisition Costs (marketing and advertising spend)

Acquiring new policies requires substantial outlay, which falls under underwriting expenses. The Progressive Corporation aims to keep its overall underwriting expense ratio below 20%. For the second quarter of 2025, the underwriting expense ratio was 19.7%. This ratio includes policy acquisition costs (PAC) like advertising and commissions.

The increase in the underwriting expense ratio for the first quarter of 2025 was primarily due to higher advertising spend. The company continues to use significant advertising to drive growth.

Agent commissions for the Agency Channel

Agent commissions are a component of the Policy Acquisition Costs. The Progressive Corporation is evolving its agent commission structures to specifically reward high-quality business.

Underwriting and administrative expenses (reflected in the Q2 2025 combined ratio of 86.2%)

The overall picture of underwriting profitability is captured by the combined ratio (CR), which sums the loss ratio and the underwriting expense ratio. For the second quarter of 2025, The Progressive Corporation posted a companywide combined ratio of 86.2%. This figure represents the total cost of claims and expenses relative to premiums earned.

Here are some related underwriting metrics:

• Six months ended June 30, 2025, Loss and loss adjustment expense ratio: 66.2%.
• Six months ended June 30, 2025, Underwriting expense ratio: 19.7%.
• Personal Lines year-to-date combined ratio (through June 2025): 85.9%.
• Commercial Lines Q1 2025 combined ratio: 87.5%.
• September 2025 adjusted combined ratio: 86.5%.

Significant investment in technology and data infrastructure (definitely a long-term cost)

Long-term cost structure includes heavy investment in technology to support underwriting, pricing, and operations. While the most recent specific figure is from 2022, the annual ICT spending was estimated at $2.2 billion for that year, with a major share for software, hardware, and ICT services. The company continues to invest in generative AI tools to improve pricing and content optimization.

Cost Component Category	Latest Reported Metric/Ratio	Period/Date
Loss and Loss Adjustment Expense Ratio	66.2%	Six Months Ended June 30, 2025
Underwriting Expense Ratio	19.7%	Q2 2025
Companywide Combined Ratio	86.2%	Q2 2025
Personal Property Catastrophe Loss Ratio (Net)	20.0%	Year-to-Date through June 2025
Estimated Annual ICT Spending (Historical Scale)	$2.2 billion	2022

Finance: draft 13-week cash view by Friday.

The Progressive Corporation (PGR) - Canvas Business Model: Revenue Streams

You're looking at the core ways The Progressive Corporation brings in money as of late 2025. The insurance business is fundamentally about collecting premiums and investing those funds until claims are paid. Here's the quick math on the major components from the second quarter of 2025, based on the latest reports.

The primary engine is underwriting income, which comes from premiums earned. For the second quarter of 2025, the total Net Premiums Earned was reported at \$20.310 billion.

The breakdown of this earned premium revenue is heavily weighted toward the personal insurance side of the house. The specific figure provided for the Personal Lines segment for Q2 2025 was \$20.310 billion. [cite: Provided in outline]

The Commercial Lines and Property segments contribute through their own earned premiums, though the exact Net Premiums Earned split from the total is not explicitly detailed in the same reports that confirm the total. However, we do see the growth trajectory for Net Premiums Written (NPW) for these segments in Q2 2025, which gives you a sense of the revenue momentum.

Also critical is the income generated from the massive investment portfolio, which acts as a float on the premiums collected. Net Investment Income for Q2 2025 was reported at \$871 million. [cite: 1, Provided in outline]

Other smaller, but still relevant, revenue sources include administrative charges. Policy fees and installment charges are part of this, though the specific dollar amount for Q2 2025 is not explicitly itemized in the readily available summaries.

Here is a look at the segment performance that drives the premium revenue streams:

Revenue Component Detail	Q2 2025 Net Premiums Earned (NPE) Amount	Segment Growth Context (Net Premiums Written - NPW)
Net Premiums Earned from Personal Lines	\$20.310 billion	NPW grew 15% year-over-year for the quarter.
Net Premiums Earned from Commercial Lines and Property segments	(Implied residual from total NPE)	Commercial Lines NPW decreased 6% in the quarter.
Net Investment Income	\$871 million	Investment portfolio return was 2.1% for the quarter. [cite: Provided in outline, 2]
Policy fees and installment charges	(Not explicitly itemized)	Total companywide policies in force grew 15% year-over-year as of June 30, 2025.

You can see the Personal Lines segment is the overwhelming driver of the earned premium base. The Commercial Lines segment, while smaller in premium volume, is still a revenue stream, even if its NPW saw a slight contraction in Q2 2025. The investment income stream is substantial, adding hundreds of millions quarterly.

The other fee-based revenue streams are generally smaller in comparison to the massive premium base, but they contribute to the overall top line. For instance, the total revenue for Q2 2025 was reported at \$22.004 billion.

The Progressive Corporation relies on a few key revenue drivers, but the sheer scale of the earned premiums is what defines the business model. You can see the growth in policies in force across the board, which suggests future premium revenue is likely to continue climbing.

• Total Personal Lines Policies in Force (PIF) as of June 30, 2025: 36,126 thousand (or 36.126 million).
• Commercial Lines Policies in Force (PIF) as of June 30, 2025: 1,189 thousand (or 1.189 million).
• Total Companywide Policies in Force (PIF) as of June 30, 2025: 37,315 thousand (or 37.315 million, based on other data points).

Finance: draft 13-week cash view by Friday.