The Progressive Corporation
CH ˙ SWX ˙ US7433151039
SecurityCH:PGR / The Progressive Corporation
InstitutionTwo Sigma Advisers, Lp
Latest Disclosed Ownership2,457,800 shares
Latest Disclosed Value $ 559,690,216
Two Sigma Advisers, Lp reports 61.74% increase in ownership of PGR / The Progressive Corporation

On February 17, 2026 - Two Sigma Advisers, Lp filed a 13F-HR form disclosing ownership of 2,457,800 shares of The Progressive Corporation (CH:PGR) valued at $559,690,216 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 14, 2025 disclosing 1,519,600 shares of The Progressive Corporation. This represents a change in shares of 61.74% during the quarter.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-02-17 2025-12-31 13F PROGRESSIVE COM 743315103 2,457,800 938,200 61.74 559,690 49.15 1.0882
2025-11-14 2025-09-30 13F PROGRESSIVE COM 743315103 1,519,600 1,376,000 958.22 375,265 879.27 0.7510
2025-08-14 2025-06-30 13F PROGRESSIVE COM 743315103 143,600 37,300 35.09 38,321 27.38 0.0785
2025-05-15 2025-03-31 13F PROGRESSIVE COM 743315103 106,300 -1,261,700 -92.23 30,084 -90.82 0.0677
2025-02-14 2024-12-31 13F PROGRESSIVE COM 743315103 1,368,000 -41,200 -2.92 327,786 -8.34 0.7585
2024-11-14 2024-09-30 13F PROGRESSIVE COM 743315103 1,409,200 -112,700 -7.41 357,599 13.12 0.8377
2024-08-14 2024-06-30 13F PROGRESSIVE COM 743315103 1,521,900 1,115,300 274.30 316,114 275.91 0.7049
2024-05-15 2024-03-31 13F PROGRESSIVE COM 743315103 406,600 109,100 36.67 84,093 77.47 0.1948
2024-02-14 2023-12-31 13F PROGRESSIVE COM 743315103 297,500 286,700 2,654.63 47,386 3,050.60 0.1109
2023-11-14 2023-09-30 13F PROGRESSIVE COM 743315103 10,800 -248,000 -95.83 1,504 -95.61 0.0039
2023-08-14 2023-06-30 13F PROGRESSIVE COM 743315103 258,800 -702,100 -73.07 34,257 -75.08 0.0873
2023-05-15 2023-03-31 13F PROGRESSIVE COM 743315103 960,900 57,800 6.40 137,466 17.35 0.3545
2023-02-14 2022-12-31 13F PROGRESSIVE COM 743315103 903,100 521,600 136.72 117,141 164.22 0.3271
2022-11-14 2022-09-30 13F PROGRESSIVE COM 743315103 381,500 381,500 44,334 0.1283
2021-08-16 2021-06-30 13F PROGRESSIVE COM 743315103 0 -36,000 -100.00 0 -100.00
2021-05-17 2021-03-31 13F PROGRESSIVE COM 743315103 36,000 29,900 490.16 3,442 470.81 0.0095
2021-02-16 2020-12-31 13F PROGRESSIVE COM 743315103 6,100 -150,300 -96.10 603 -95.93 0.0016
2020-11-16 2020-09-30 13F PROGRESSIVE COM 743315103 156,400 21,012 15.52 14,806 36.51 0.0423
2020-09-15 2020-06-30 13F/A-1 PROGRESSIVE CORP OHIO COM 743315103 135,388 -193,100 -58.78 10,846 -55.29 0.0319
2020-08-14 2020-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 135,388 -193,100 10,846 31,341.3379
2020-05-15 2020-03-31 13F PROGRESSIVE CORP OHIO COM 743315103 328,488 -1,191,900 -78.39 24,256 -77.96 0.0928
2020-02-14 2019-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 1,520,388 -1,700 -0.11 110,061 -6.40 0.2554
2019-11-14 2019-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 1,522,088 -384,300 -20.16 117,581 -22.84 0.2878
2019-08-14 2019-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 1,906,388 -668,100 -25.95 152,378 -17.90 0.3792
2019-05-15 2019-03-31 13F PROGRESSIVE CORP OHIO COM 743315103 2,574,488 -664,100 -20.51 185,595 -5.01 0.4680
2019-02-14 2018-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 3,238,588 25,500 0.79 195,384 -14.40 0.5336
2018-11-14 2018-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 3,213,088 2,188,900 213.72 228,258 276.78 0.5570
2018-08-14 2018-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 1,024,188 411,600 67.19 60,581 62.31 0.1630
2018-05-15 2018-03-31 13F PROGRESSIVE CORP OHIO COM 743315103 612,588 50,800 9.04 37,325 17.97 0.1012
2018-02-14 2017-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 561,788 -395,435 -41.31 31,640 -31.74 0.0853
2017-11-14 2017-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 957,223 237,375 32.98 46,349 46.04 0.1314
2017-08-14 2017-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 719,848 339,502 89.26 31,738 112.98 0.1047
2017-05-15 2017-03-31 13F PROGRESSIVE CORP OHIO COM 743315103 380,346 91,401 31.63 14,902 45.27 0.0489
2017-02-14 2016-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 288,945 -707,440 -71.00 10,258 -67.32 0.0392
2016-11-14 2016-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 996,385 304,796 44.07 31,386 35.47 0.1337
2016-08-15 2016-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 691,589 691,589 0.00 23,168 0.1177
2016-05-16 2016-03-31 13F PROGRESSIVE COMMON STOCK 743315103 0 0 0 0.0000
2016-02-16 2015-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 0 -9,838 -100.00 0 -100.00
2015-11-16 2015-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 9,838 9,838 0.00 301 0.0019
2015-08-14 2015-06-30 13F PROGRESSIVE COMMON STOCK 743315103 0 -1,230,327 -100.00 0 -100.00
2016-02-09 2015-03-31 13F/A-1 PROGRESSIVE COMMON STOCK 743315103 1,230,327 -651,469 -34.62 33,465 -34.11 0.2568
2015-05-15 2015-03-31 13F PROGRESSIVE COMMON STOCK 743315103 1,177,127 32,010
2016-02-09 2014-12-31 13F/A-1 Progressive Common Stock 743315103 1,881,796 -1,489,900 -44.19 50,790 -40.41 0.4060
2015-02-17 2014-12-31 13F Progressive Common Stock 743315103 1,875,496 50,620
2016-02-09 2014-09-30 13F/A-1 PROGRESSIVE CORP OHIO COM 743315103 3,371,696 1,517,700 81.86 85,236 81.29 0.6717
2014-11-14 2014-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 3,332,796 84,253
2016-02-09 2014-06-30 13F/A-1 PROGRESSIVE COMMON STOCK 743315103 1,853,996 1,853,996 47,017 0.3784
2014-08-14 2014-06-30 13F PROGRESSIVE COMMON STOCK 743315103 1,853,996 47,017 0.3771
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.