DEBT

Debt at December 31, consisted of the following Senior Notes:


($ in millions)						2025				2024
Principal Amount		Interest Rate		Issuance Date	Maturity Date	Carrying Value		Fair Value		Carrying Value		Fair Value
$	500	2.45	%	August 2016	2027	$	499	$	493	$	499	$	479
500		2.50		March 2022	2027	499		492		499		479
300		6 5/8		March 1999	2029	299		323		298		320
550		4.00		October 2018	2029	548		551		547		534
500		3.20		March 2020	2030	498		484		498		462
500		3.00		March 2022	2032	497		462		497		439
400		6.25		November 2002	2032	397		442		397		430
500		4.95		May 2023	2033	497		513		497		495
350		4.35		April 2014	2044	347		304		347		298
400		3.70		January 2015	2045	396		314		396		308
850		4.125		April 2017	2047	843		702		842		684
600		4.20		March 2018	2048	591		498		591		490
500		3.95		March 2020	2050	492		392		491		386
500		3.70		March 2022	2052	494		375		494		369
Total						$	6,897	$	6,345	$	6,893	$	6,173

All of the outstanding debt was issued by The Progressive Corporation and includes amounts that were borrowed for general corporate purposes, which may include contributions to the capital of its insurance subsidiaries, payments of debt at maturity, or may be used, or made available for use, for other business purposes. Fair values for these debt instruments are obtained from external sources. There are no restrictive financial covenants or credit rating triggers on the outstanding debt.

Interest on all debt is payable semiannually at the stated rates. All principal is due at the stated maturity. Each note is redeemable, in whole or in part, at any time; however, the redemption price will equal the greater of the principal amount of the note or a “make whole” amount calculated by reference to the present values of remaining scheduled principal and interest payments under the note. There was no short-term debt outstanding at December 31, 2025 or 2024.

Aggregate required principal payments on debt outstanding at December 31, 2025, were as follows:


(millions)	Payments
2026	$	0
2027	1,000
2028	0
2029	850
2030	500
Thereafter	4,600
Total	$	6,950

Prior to certain issuances of our debt securities, we entered into forecasted transactions to hedge against possible changes in interest rates. When the contracts were closed upon the issuance of the applicable debt securities, we recognized the unrealized gains (losses) on these contracts as part of accumulated other comprehensive income. These unrealized gains (losses) are amortized as adjustments to interest expense over the life of the related notes.

The following table shows the original gain (loss) recognized at debt issuance and the unamortized balance at December 31, 2025, on a pretax basis:


(millions)	Unrealized Gain (Loss) at Issuance		Unamortized Balance at December 31, 2025
6 5/8% Senior Notes due 2029	$	(4)	$	(1)
6.25% Senior Notes due 2032	5		2
4.35% Senior Notes due 2044	(2)		(1)
3.70% Senior Notes due 2045	(13)		(10)
4.125% Senior Notes due 2047	(8)		(7)

In 2025, we reclassified $1 million of net pretax unrealized losses from accumulated other comprehensive income to interest expense on our closed debt issuance cash flow hedges, with minimal net reclassifications in 2024 and 2023.

During 2025, The Progressive Corporation renewed its line of credit with PNC Bank, National Association (PNC), in the maximum principal amount of $300 million. Subject to the terms and conditions of the line of credit documents, advances under the line of credit, if any, will bear interest at a variable rate equal to the 1-month term Secured Overnight Financing Rate (SOFR) plus 1.10%. Each advance must be repaid on the 30th day after the date of the advance or, if earlier, on April 30, 2026, the expiration date of the line of credit. Prepayments are permitted without penalty. The line of credit is uncommitted and, as such, all advances are subject to PNC’s discretion. We had no borrowings under the line of credit in 2025 or 2024.

Historical Timeline

Fiscal Year	Filed
2025	Mar 2, 2026	Showing above
2024	Mar 3, 2025

2023	Feb 26, 2024

2022	Feb 27, 2023

2021	Feb 28, 2022

2020	Mar 1, 2021

2019	Mar 2, 2020

2018	Feb 27, 2019

2017	Feb 27, 2018

2016	Mar 1, 2017

2015	Feb 29, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

PROGRESSIVE CORP/OH/ Debt Disclosure

Historical Timeline

About Debt Disclosures

Other Available Disclosures