PROGRESSIVE CORP/OH/ (PGR) Company Report

November 2025: Net premiums written of $6,193 million (+11%), net premiums earned of $6,894 million (+14%), net income of $958 million and EPS of $1.63 (–5%).
Year-to-date Nov 30, 2025: Net premiums written of $76,861 million (+12%), net premiums earned of $74,540 million (+16%), net income of $10,161 million and diluted EPS of $17.28.
Performance metrics: November combined ratio was 87.1%, while the year-to-date combined ratio stood at 87.5%.
Dividend declaration: Board approved a $13.50 annual common share dividend and a $0.10 quarterly common share dividend, both payable January 8, 2026.

7 days ago

8-K

Progressive reports November 2025 results

PGR

Earnings

Net premiums written rose 11% to $6.193 billion in November 2025
Net premiums earned increased 14% to $6.894 billion
Net income was $958 million, down 5% year-over-year, or $1.63 EPS
Combined ratio widened 1.5 points to 87.1%
Total policies in force grew 11% to 38.414 million companywide

7 days ago

Press Release

Progressive declares $13.50 annual dividend

PGR

Dividends

$13.50 annual dividend for 2025, tripling last year’s $4.50 payout, alongside the regular $0.10 quarterly dividend.
Payable on January 8, 2026 to shareholders of record as of January 2, 2026.
Total dividend commitment of $7.9 billion based on 586.4 million shares outstanding.
Board cited the company’s strong capital position and robust profitability (net margin 12.58%, EBITDA margin 16.55%, ROE 35.77%).
Annual meeting set for May 8, 2026 with record date March 13, 2026.

Dec 8, 2025, 4:45 PM

Morningstar

Progressive reports October 2025 results and YTD performance

PGR

Earnings

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

Earnings Transcripts

Quarterly earnings call transcripts for PROGRESSIVE CORP/OH/.

Q3 2025

Nov 4, 2025

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Q2 2025

Aug 5, 2025

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Q1 2025

May 6, 2025

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PROGRESSIVE CORP/OH/ (PGR)

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