The Progressive Corporation operates primarily in the insurance industry, offering a diverse range of products through its three main segments: Personal Lines, Commercial Lines, and Property. The company provides insurance for personal autos, recreational vehicles, small businesses, and residential properties, making it a significant player in the insurance market. Progressive's offerings are structured to cater to both individual and business needs, with a focus on auto-related and property insurance .
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Personal Lines - Offers insurance for personal autos and recreational vehicles, divided into Agency and Direct businesses, with the Direct channel contributing a slightly higher percentage of net premiums written .
- Agency - Provides insurance products through a network of independent agents.
- Direct - Sells insurance products directly to consumers, primarily through online and phone channels.
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Commercial Lines - Provides auto-related liability and physical damage insurance, business-related general liability, and property insurance predominantly for small businesses, as well as workers' compensation insurance .
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Property - Includes residential property insurance for homeowners, other property owners, and renters .
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Service Businesses - Offers insurance-related services, representing less than 1% of total revenues .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Susan Patricia Griffith ExecutiveBoard | President and CEO | Board Member at FedEx Corporation | CEO since 2016, joined PGR in 1988. Held various leadership roles, including Chief Human Resource Officer and Claims Group President. Deep expertise in operations and DEI efforts. | View Report → |
Andrew J. Quigg Executive | Chief Strategy Officer | None | Chief Strategy Officer. No details on start date, prior roles, or achievements provided. | |
David M. Stringer Executive | VP, Chief Legal Officer, and Secretary | None | Chief Legal Officer since at least May 2024. No additional details on prior roles or achievements provided. | |
John Murphy Executive | Claims President | None | Claims President since December 2021. Previously Customer Relationship Management President. | |
John P. Sauerland Executive | Vice President and CFO | None | CFO since at least 2023. No additional details on prior roles or achievements provided in the documents. | |
Jonathan S. Bauer Executive | Chief Investment Officer (CIO) | None | CIO since January 2020. Previously a Portfolio Manager at PGR. No specific achievements detailed. | |
Karen B. Bailo Executive | Commercial Lines President | None | Commercial Lines President since October 2020. Previously served as Commercial Lines Acquisition and Small Business GM and Commercial Lines Controller. | |
Lori Niederst Executive | Customer Relationship Management President | None | CRM President since December 2021. Previously Chief Human Resources Officer. | |
Mariann Wojtkun Marshall Executive | VP and Chief Accounting Officer | None | CAO since March 2019. Previously Director of Financial Reporting - GAAP. Announced retirement planned for mid-2025. | |
Patrick K. Callahan Executive | Personal Lines President | None | Personal Lines President. No details on start date, prior roles, or achievements provided. | |
Remi Kent Executive | Chief Marketing Officer (CMO) | None | CMO since November 2021. Previously SVP and Global CMO at 3M Company. Expertise in marketing and brand management. | |
Steven A. Broz Executive | Chief Information Officer (CIO) | None | CIO at PGR. No details on start date, prior roles, or achievements provided. | |
William L. Clawson II Executive | Chief Human Resources Officer | None | CHRO since December 2021. Previously served as Compensation and Benefits Business Leader and Product Manager. | |
Barbara R. Snyder Board | Director | President of the Association of American Universities (AAU); Director at KeyCorp | Director since 2014. Expertise in governance, DEI, and higher education leadership. | |
Charles A. Davis Board | Director | Director at AXIS Capital Holdings Limited | Director since 1996. CEO of Stone Point Capital LLC. Extensive financial and investment expertise. | |
Devin C. Johnson Board | Director | President of The SpringHill Company | Director since 2020. Expertise in digital media, marketing, and content production. President of The SpringHill Company. | |
Kahina Van Dyke Board | Director | Operating Partner at Advent International | Director since 2018. Expertise in fintech and digital banking. Former executive at Ripple Labs and Facebook. | |
Lawton W. Fitt Board | Chairperson of the Board | Director at Ciena Corporation and The Carlyle Group Inc. | Chairperson since May 2018. Director since 2009. Former Lead Independent Director. Extensive financial and governance expertise. | |
Pamela J. Craig Board | Director | Director at Merck & Co., Inc. and Corning Incorporated | Director since 2018. Former CFO of Accenture. Expertise in accounting, finance, and governance. | |
Philip Bleser Board | Director | None | Director since 2017. Former Chairman of Global Corporate Banking at JPMorgan Chase. Expertise in finance and governance. | |
Roger N. Farah Board | Director | Director at CVS Health Corporation | Director since 2008. Extensive retail industry experience. Former executive at Ralph Lauren Corporation. | |
Stuart B. Burgdoerfer Board | Director | None | Director since 2009. Former CFO of L Brands, Inc. Chair of PGR's Audit Committee. |
- Given the record profits and high margins you're experiencing, could you elaborate on how you balance maintaining profitability with potential price cuts, especially in states where you're already highly competitive?
- With attorney representation rates and litigation costs rising in personal auto, how are you adjusting your claims handling and pricing strategies to mitigate the impact of social inflation on your loss ratios?
- Your Commercial Lines growth has been challenging due to softness in the trucking market; what specific actions are you taking to drive growth in this segment, and how confident are you about competitors catching up in rates impacting your future growth?
- Considering that two hurricanes struck Florida only a week apart, can you provide more details on how you are risk-adjusting your property business and what progress you've made in reducing exposure to volatile weather-related states?
- With a substantial increase of 4.2 million policies in force amid a tight labor market, how are you ensuring staffing levels keep pace without compromising service quality, and what role does technology and AI play in this effort?
Research analysts who have asked questions during PROGRESSIVE CORP/OH/ earnings calls.
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Michael Phillips
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C. Gregory Peters
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Hristian Getsov
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Jimmy Bhullar
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Josh Shanker
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Katie Sakys
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Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Protective Insurance Corporation and subsidiaries | 2021 | Acquisition Value & Structure: Progressive acquired all outstanding Class A and Class B common shares for $23.30 per share in cash totaling about $338 million, including key assets such as $1.7 billion in total assets and liabilities of $1.4 billion. Strategic Rationale & Capabilities: The deal was aimed at enhancing Progressive’s commercial insurance portfolio by expanding into larger fleet, affinity programs, and transportation workers' compensation, while also integrating valuable operational expertise and assets. |
Recent press releases and 8-K filings for PGR.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Financial Performance: Progressive reported February 2025 results with net premiums written of $6,684 million, net premiums earned of $6,036 million, and net income of $928 million, reflecting a 17% increase in premiums and 26% increase in net income compared to February 2024.
- Earnings and Underwriting: The company achieved an improvement in per share earnings to $1.58 (up from $1.24) and a combined ratio of 82.6, indicating stronger underwriting efficiency.
- Additional Details: The filing also provided data on policy counts across personal and commercial lines and noted that March results are scheduled for release on April 16, 2025.