Progressive—ad spending, facts and profile

Overview Progressive Corp. is a U.S. insurance company that sells insurance directly via the internet, mobile devices and over the phone and indirectly through agents. Progressive’s headquarters is in Mayfield Village, Ohio, near Cleveland. Business segments and operations Read more about Progressive Progressive sells personal and commercial auto insurance; personal residential property insurance; business-related general liability and commercial property insurance (mainly for small businesses); workers’ compensation insurance (mainly for the transportation industry); and other specialty property-casualty insurance. Progressive’s primary business is auto insurance. Personal auto insurance represented 94% of Progressive’s total Personal Lines net premiums written in 2023, 2022, and 2021. Progressive sells insurance in the U.S. directly to consumers and through independent insurance agents and brokers. The Direct business includes insurance policies sold on the internet, through the Progressive mobile app and over the phone. Total net premiums written by the Direct business represented 54% of Progressive’s Personal Lines volume in 2023, 53% in 2022, and 52% in 2021. The Agency business includes insurance sold by a network of more than 40,000 independent insurance agencies. Total net premiums written through insurance agents and brokers represented 46% of Progressive’s Personal Lines volume in 2023, 47% in 2022, and 48% in 2021. Marketing spending Worldwide ad spending: Total worldwide ad spending figures shown in the Ad Age World’s Largest Advertisers report are Progressive’s stated “total advertising costs” from its 10-K annual filings. U.S. ad spending: Total U.S. ad spending figures shown in the Ad Age Leading National Advertisers report are Progressive’s stated total advertising costs from its 10-K annual filings. Progressive disclosed total advertising costs of $1.600 billion in 2023, down from $2.033 billion in 2022. Progressive’s disclosed ad spending declined 21.3% in 2023, 5.0% in 2022 and 1.7% in 2021, halting a record of annual spending increases that dated back almost two decades. Progressive previously disclosed year-on-year ad spending increases every year from 2003 through 2020; Progressive said ad spending in 2002 was “approximately the same as 2001.” Progressive’s 10-K filing for the year ended December 2023 said: “During 2023, we maintained discipline in our media budget and reduced targeted media spend in certain types of advertising, based on performance against our media and underwriting targets. Our total advertising spend was 21% lower in 2023, compared to the prior year. Toward the end of 2023 and into 2024, we began to slowly increase certain types of advertising in select markets.” In its 10-K filings, Progressive reported “total advertising costs”: 2023: $1.600 billion 2022: $2.033 billion 2021: $2.140 billion 2020: $2.176 billion 2019: $1.837 billion 2018: $1.422 billion 2017: $1.005 billion 2016: $756.2 million 2015: $748.3 million 2014: $681.8 million 2013: $619.3 million 2012: $546.8 million 2011: $543.0 million Progressive also reports “advertising” expenses on its Combined Annual Statements filed with regulators. Progressive’s “advertising” expenses on its Combined Annual Statements (and Combined Annual Statements’ “advertising” expenses as a share of stated 10-K worldwide “total advertising costs”): 2023: $1,217,837,824 (76.1%) 2022: $1,730,738,438 (85.2%) 2021: $1,873,701,306 (87.6%) 2020: $1,951,974,305 (89.7%) 2019: $1,661,861,749 (90.5%) 2018: $1,285,952,622 (90.4%) 2017: $910,750,465 (90.6%) 2016: $688,697,397 (91.1%) 2015: $696,238,149 (93.0%) 2014: $646,773,731 (94.9%) 2013: $595,375,257 (96.1%) 2012: $525,974,149 (96.2%) Links to Ad Age’s advertiser rankings Latest rankings: U.S. The Ad Age Leading National Advertisers 2024 ranking was released Oct. 28, 2024. Ad Age Leading National Advertisers 2024 U.S. ad spending, rankings, analysis and profiles for the biggest marketers Click here Past rankings: U.S. Ad Age Leading National Advertisers 2023 Ad Age Leading National Advertisers 2022 Latest rankings: worldwide The Ad Age World’s Largest Advertisers 2024 ranking was released Dec. 9, 2024. Ad Age World’s Largest Advertisers 2024 Global ad spending, rankings, analysis and profiles for the biggest marketers Click here Past rankings: worldwide Ad Age World’s Largest Advertisers 2023 Ad Age World’s Largest Advertisers 2022 Financial results See more: Progressive’s financial results Read Progressive’s annual filing Management and employees Tricia Griffith was named president and CEO in 2016. Griffith joined Progressive as a claims representative in 1988. See more: Progressive management See more: Progressive careers Stock Progressive trades on the New York Stock. Ticker: PGR History The Progressive insurance organization began business in 1937. Progressive Corp., an insurance holding company, formed in 1965. See more: Progressive’s history Ad Age Leading National Advertisers 2024 U.S. ad spending, rankings, analysis and profiles for the biggest marketers Click here

Progressive—ad spending, facts and profile

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