...Our credit view of The Progressive Corporation's (Progressive, NYSE: PGR) A2 senior debt rating and the Aa2 insurance financial strength ratings of its insurance subsidiaries reflects the group's strong presence in the US auto insurance market, superior underwriting and claims management supported by data analytics, balanced distribution channels, and favorable expense ratios. Progressive has good risk-adjusted capitalization, a high-quality, liquid investment portfolio and short-tail insurance liabilities. These strengths are partly offset by relatively high operating leverage and significant payments to shareholders through dividends and share buybacks. Progressive is also exposed to losses from severe storms and other catastrophes primarily in its homeowners' business, although reinsurance reduces this exposure. The company faces persistent competition and potential adverse regulation in personal lines. For 2021, Progressive reported net income of $3.4 billion, down from $5.7 billion...