⚠ AI-Generated

The summary below was generated by an AI language model and may contain errors or omissions. All other content on this page is deterministically extracted from the original SEC EDGAR filing.

Progressive Corporation substantively modified four risk disclosures between its 2025 and 2026 10-K filings, including heightened emphasis on intellectual property competitiveness, expanded discussion of generative and agentic artificial intelligence risks, and strengthened language around sustainability regulations and their potential impact on investment strategies. The company maintained 30 unchanged risk factors while introducing no new risk categories and eliminating none from the prior year.

Classification is based on semantic text similarity scoring and may include approximations. “No match” means no high-confidence textual match was found — not necessarily that a section was removed.

🟡 Modified

Intellectual property rights could affect our competitiveness and our business operations.

high match confidence

Sentence-level differences:

Reworded sentence: "There continues to be a proliferation of patents, both inside and outside the insurance industry, that significantly impacts our businesses."
Added sentence: "- 22 - - 22 - - 22 - - 22 - - 22 - - 22 -"

Current (2026):

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There continues to be a proliferation of patents, both inside and outside the insurance industry, that significantly impacts our businesses. The existence of such patents, and other claimed intellectual property rights, from time to time has resulted in legal challenges to certain of our business practices by other insurance companies and non-insurance entities alleging that we are violating their rights. Such legal challenges could result in costly legal proceedings, substantial monetary damages, or expensive changes in our business processes and practices. Similarly, we may seek or obtain patent protection for innovations developed by us. However, we may not be able to obtain patents on these processes and practices, and defending our patents and other intellectual property rights against challenges, and enforcing and defending our rights, including, if necessary, through litigation, can be time consuming and expensive, and the results are inherently uncertain, which can further complicate business plans. - 22 - - 22 - - 22 - - 22 - - 22 - - 22 -

View prior text (2025)

There has been a proliferation of patents, both inside and outside the insurance industry, that significantly impacts our businesses. The existence of such patents, and other claimed intellectual property rights, from time to time has resulted in legal challenges to certain of our business practices by other insurance companies and non-insurance entities alleging that we are violating their rights. Such legal challenges could result in costly legal proceedings, substantial monetary damages, or expensive changes in our business processes and practices. Similarly, we may seek or obtain patent protection for innovations developed by us. However, we may not be able to obtain patents on these processes and practices, and defending our patents and other intellectual property rights against challenges, and enforcing and defending our rights, including, if necessary, through litigation, can be time consuming and expensive, and the results are inherently uncertain, which can further complicate business plans.

🟡 Modified Our development and use of new technology, such as generative and agentic artificial intelligence, may present additional risks, may not be successful, and could have a material adverse effect on our business. 🔒

🟡 Modified New regulations and societal pressures relating to Sustainability and other public policy matters could negatively impact our returns or cause us to change our investing strategies in ways that could negatively impact our results. 🔒

🟡 Modified Our business and results of operations could be adversely affected by epidemics, pandemics, or other widespread health risks. 🔒

3 more changes in this filing

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