PROGRESSIVE CORP/OH/ (PGR) Company Report

Net premiums written for October 2025 were $7.002 billion (up 6% YoY), net income was $846 million (up 107% YoY), and the combined ratio was 89.7%
Year-to-date through October 31, 2025, net premiums written reached $70.668 billion (up 12% YoY), with net income of $9.203 billion (up 41% YoY) and a combined ratio of 87.5%
Policies in force as of October 31, 2025 grew 12% YoY to 38.379 million
Progressive will release November results on December 17, 2025, before market open

Nov 19, 2025, 2:07 PM

8-K

Progressive reports Q3 2025 results

PGR

Earnings

Share Buyback

Dividends

Progressive posted 10% premium growth and an 89.5% combined ratio in Q3 2025; year-to-date, the combined ratio was 87.3%, premium growth 13%, and comprehensive income $10 billion, with a trailing 12-month ROE of 37.1%.
Policies in force grew 12% year-over-year, adding 4.2 million policyholders (≈7 million vehicles), reflecting continued market share gains despite moderating growth.
Recognized a $950 million policyholder credit expense reserve for Florida under its Excess Profits Law, as pure premiums fell 10–20% and PIP lawsuits dropped 60% post-HB 837; Florida auto business is now over 50% larger than in 2022.
Management plans another Florida rate reduction in December and aims to manage statewide profitability to avoid future excess profit liabilities.
The company maintains a 10b5-1 share buyback program, is in discussions with its Board regarding a potential dividend, and has a corporate development team scanning for M&A opportunities to deploy excess capital.

Nov 4, 2025, 2:30 PM

Transcript

Progressive reports Q3 2025 results and growth strategy

PGR

Earnings

Share Buyback

Progressive delivered an 89.5 combined ratio, 10% premium growth, and 12% policies-in-force growth (adding 4.2 million policyholders), with YTD combined ratio of 87.3, comprehensive income of $10 billion (30% ahead of 2024), and trailing 12-month ROE of 37.1%.
Recorded a $950 million policyholder credit expense for Florida personal auto under the Florida Excess Profits Law, reflecting 10–20% lower loss costs and a ~60% reduction in PIP lawsuits post–House Bill 837.
Maintains advertising spend by monitoring cost-per-sale efficiency and is focusing growth on underpenetrated multi-product “Robinson’s” households across 33 states, using a state-by-state “new business readiness” framework.
Holds a robust capital position, prioritizing reinvestment in core operations, with excess capital earmarked for share buybacks when undervalued and potential variable dividends; a corporate development team continues to evaluate targeted M&A opportunities.

Nov 4, 2025, 2:30 PM

Transcript

Progressive reports Q3 2025 results

PGR

Earnings

Share Buyback

Progressive delivered a Q3 2025 combined ratio of 89.5, 10% premium growth, and 12% policies-in-force growth (≈4.2 million policyholders; ≈7 million vehicles) Y/Y.
Year-to-date combined ratio stands at 87.3, with 13% premium growth, $10 billion comprehensive income (30% ahead of 2024), and trailing 12-month ROE of 37.1%.
Recognized a $950 million liability for Florida policyholder credits under the Excess Profits Law (2023–2025) following House Bill 837, with monthly expense adjustments ongoing.
Advertising spend held steady versus Q2, emphasizing cost-per-sale efficiency and adjustable auction-based buys amid heightened competition.
Tariff impacts remain modest (low single digits), and management views capital as excess, prioritizing core reinvestment, opportunistic share buybacks, and selective M&A review.

Nov 4, 2025, 2:30 PM

Transcript

Progressive reports Q3 2025 results

PGR

Earnings

Third-quarter net premiums written $21.384 B (up 10%) and net income $2.615 B (up 12%), with EPS of $4.45 for Q3 2025.
Combined ratio of 89.5 in Q3 2025 versus 89.0 in Q3 2024, a 0.5 pt increase reflecting underwriting performance.
Year-to-date net premiums written reached $63.666 B (up 13%); net income of $8.357 B with diluted EPS of $14.21 for the first nine months.
Recognized a $950 M policyholder credit expense in September related to anticipated excess Florida personal auto profits under statutory cap.
Personal lines policies in force grew 13% year-over-year to 36.880 M as of September 30, 2025.

Oct 15, 2025, 12:40 PM

8-K

Progressive reports September 2025 results

PGR

Earnings

In September 2025, net premiums written reached $7,128 M, up 8% YOY, and totaled $21,384 M for Q3, up 10% YOY.
Net income was $305 M for September (down 48% YOY) and Q3 net income was $2,615 M (up 12% YOY), with Q3 EPS of $4.45 (up 12%).
The combined ratio increased to 100.4 in September (vs. 93.4) and to 89.5 for Q3 (vs. 89.0).
Policies in force grew 12% companywide to 38.078 M, including a 13% rise in personal lines and a 6% increase in commercial lines.

Oct 15, 2025, 12:16 PM

Press Release

Progressive reports August 2025 results

PGR

Earnings

August net premiums written of $7.199 billion (+11%) and net income of $1.220 billion (+30%), with a combined ratio of 83.1.
Year-to-date net premiums written were $56.538 billion (+14%) and net income was $8.052 billion (vs. $5.539 billion), with a combined ratio of 85.6%.
Diluted EPS was $2.07 for August and $13.69 YTD; investment income rose to $2.298 billion from $1.795 billion a year ago.

Sep 17, 2025, 12:29 PM

8-K

Progressive reports May 2025 financial results

PGR

Earnings

Progressive’s May 2025 net premiums written rose 11% to $6,634 million, with net income of $1,065 million (diluted EPS $1.81) vs $235 million in May 2024.
Year-to-date through May 31, 2025, net premiums written increased 15% to $35,677 million, and net income was $4,618 million (diluted EPS $7.86) vs $2,987 million a year ago.
May combined ratio improved to 86.9% (vs 100.4% in May 2024); YTD combined ratio stood at 86.0%.
As of May 31, 2025, shareholders’ equity was $30,933 million, investments totaled $86,557 million, and the company repurchased 21.8 million common shares at an average cost of $281.35.

Jun 18, 2025, 12:00 AM

8-K

Progressive Corp Reports April 2025 Financial Results

PGR

Earnings

April 2025 results include key financial metrics such as net premiums earned of $6,641 million, net income of $986 million, and per share earnings of $1.68.
Year-to-date figures show net premiums written of $29,043 million and net income of $3,553 million, with detailed breakdowns for personal and commercial lines.
The filing also notes that May 2025 results will be released on June 18, 2025, indicating forthcoming updates.

May 21, 2025, 12:00 AM

8-K

Progressive Reports Q1 2025 Financial Results

PGR

Earnings

Revenue Acceleration/Inflection

Progressive Corp announced its Q1 2025 results through an 8-K filing, reporting key figures such as net premiums written of $22.206 billion year-to-date and net income of $2.567 billion, reflecting notable growth compared to the prior period.
The report provides detailed performance metrics for both monthly and quarterly periods, including improvements in net premiums earned and per share earnings, along with comprehensive breakdowns of underwriting and investment results.
The filing also includes balance sheet highlights and notes upcoming investor events, such as a conference call scheduled for May 6, 2025, underscoring the company’s commitment to transparent financial reporting.

Apr 16, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for PROGRESSIVE CORP/OH/.

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