The Progressive Corporation is a U.S. property-casualty insurance holding company focused on personal and commercial auto insurance, with additional property, recreational-vehicle and small-business products. It distributes insurance through independent agencies and direct channels and invests premiums collected before claims are paid.
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A snapshot of what PROGRESSIVE CORP/OH/ owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000080661-24-000007 | Feb 26, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000080661-25-000007 | Mar 3, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000080661-26-000086 | Mar 2, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Progressive entered 2026 after three years of improving underwriting profitability, but its latest disclosed results show slower growth and a less straightforward earnings picture. In 2025, GAAP net income reached $11.308 billion and the combined ratio improved to 87.4, helped by lower catastrophe losses and favorable reserve development despite a $1.224 billion Florida policyholder-credit expense. In January–September 2026, net income was $8.671 billion, compared with $8.357 billion in the same nine months of 2025, but third-quarter earnings declined as securities losses offset a better reported underwriting ratio. The prior-year credit charge also makes comparisons easier. Insurance cash generation remains substantial, although first-half cash flow fell after credits were paid. The central dependencies are pricing versus claims inflation, reserve accuracy, catastrophe exposure and investment valuations—not simply policy growth or the size of the investment portfolio.
Sources: EX-13 · 2025-12-31 · 10-Q · 2026-06-30 · EX-99 · 2026-10-14
Personal Lines generated 87% of 2025 net premiums written, with personal auto representing just under 80% companywide. Commercial Lines supplies commercial auto and related business coverages. Progressive competes through pricing segmentation, claims service, advertising and more than 40,000 independent agencies alongside direct distribution. Bundling its own and third-party products is intended to deepen customer relationships; commissions on other carriers’ products are not Progressive underwriting premiums.
Its economics have two principal components: underwriting profit and investment income on premiums held before claims settlement. Written premiums measure business written, whereas earned premiums become revenue over coverage periods. The combined ratio is 100 less underwriting profit as a percentage of net premiums earned, with relevant fees offsetting expenses. A ratio below 100 indicates underwriting profit, not the consolidated net-income margin. Management’s 96-or-better objective is a target, not guaranteed future performance.
Sources: 10-K · 2025-12-31 · EX-13 · 2025-12-31 · 10-Q · 2026-06-30
The combined ratio improved from 94.9 in 2023 to 88.8 in 2024 and 87.4 in 2025. Earlier price increases, lower claim frequency and changing reserve estimates helped; advertising spending subsequently increased as growth restrictions eased. In 2025, underwriting profit reached $10.249 billion and GAAP net income $11.308 billion. The result included $1.394 billion of favorable prior-year reserve development and lower catastrophe losses, as well as a $1.224 billion Florida excess-profit credit expense. These effects are already embedded in reported results and must not be added or deducted again.
Sources: EX-13 · 2023-12-31 · EX-13 · 2024-12-31 · EX-13 · 2025-12-31
The October 14 release reported nine-month 2026 revenue of $68.989 billion and net income of $8.671 billion, versus $64.925 billion and $8.357 billion. Third-quarter net income nevertheless declined 3% to $2.542 billion: securities results moved from gains to losses despite an improved combined ratio. Policies reached 40.489 million, up 6% year over year. The comparative nine-month period included $950 million of policyholder-credit expense versus none in 2026, materially easing the comparison; this is part of the 2025 annual credit, not a separate charge.
First-half accident-year loss ratios deteriorated even as favorable prior-year development supported reported results. June property profitability also included a one-time methodology benefit of 11.7 property-ratio points, which the company said would not affect future periods. Neither reserve support nor that adjustment should be presented as recurring operating improvement.
Sources: 8-K · 2026-10-14 · EX-99 · 2026-10-14 · 10-Q · 2026-06-30 · EX-99 · 2026-07-15
Operating cash flow was $17.548 billion in 2025, exceeding net income partly because premiums precede claims payments and reserves represent unpaid obligations. First-half 2026 cash flow declined to $7.974 billion from $9.183 billion, primarily because $1.2 billion of previously accrued Florida credits were paid. June cash and equivalents were $178 million, separate from $97.221 billion of investments. Insurance-subsidiary dividend restrictions limit parent access to capital. The renewed $300 million PNC line was undrawn and lender-discretionary, not cash or assured funding.
Sources: EX-13 · 2025-12-31 · 10-Q · 2026-06-30
First-half 2026 common dividends paid totaled $8.030 billion, principally settling the December 2025 declaration, while treasury-share cash outlays totaled $1.092 billion. The quarterly report also confirmed March issuance of $1.5 billion of senior notes with approximately $1.487 billion net proceeds. It does not establish that those proceeds specifically funded distributions. September debt carrying value was $8.389 billion. Investment valuation losses reduced comprehensive income substantially below net income, illustrating that strong underwriting does not insulate capital from market movements.
Sources: 8-K · 2026-03-23 · 10-Q · 2026-06-30 · EX-99 · 2026-10-14
Medical and repair inflation, attorney involvement, tariffs and delayed rate approvals can weaken underwriting economics. Reinsurance protects selected property and commercial risks, not the entire portfolio, and leaves deductibles, limits and counterparty exposure. Litigation losses could be material in aggregate despite currently immaterial accruals. Management considers pricing adequate in most states, but growth spending and selective property expansion remain conditional on profitability, competition and weather.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99 · 2026-08-07
USD 87.671 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 87.671 bn | 16.3% |
| 2024 | USD 75.372 bn | 21.4% |
| 2023 | USD 62.109 bn | — |
Consolidated GAAP revenue, including earned premiums, investment income, net realized securities gains/losses, fees and service revenue.
Sources: EX-13 · 2025-12-31
USD 11.308 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 11.308 bn | 33.3% |
| 2024 | USD 8.48 bn | 117.3% |
| 2023 | USD 3.903 bn | — |
GAAP net income attributable to Progressive before preferred dividends and other common-EPS adjustments.
Sources: EX-13 · 2025-12-31
USD 17.548 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 17.548 bn | 16.1% |
| 2024 | USD 15.119 bn | 42.1% |
| 2023 | USD 10.643 bn | — |
GAAP operating cash flow, including insurance working-capital and reserve movements; not profit.
Sources: EX-13 · 2025-12-31
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