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PROGRESSIVE CORP/OH/PGR

Sector
Financial Services
Industry
Fire, Marine & Casualty Insurance
Exchange
NYSE

Stock Price $PGR

Latest filings

You are here#17 of 58 in Financials by market cap

Filing record · 2016–202610-K1110-Q328-K177

PGR filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 177 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’17May ’17
  2. FY2019 annual report10-K · Mar ’20Mar ’20
  3. Leadership change8-K · Mar ’23Mar ’23
  4. Leadership change8-K · Mar ’25Mar ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $87.67B
YoY changeLargest recent move+25.2%in FY23Latest +16.3%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All PGR Financial Metrics44 metrics

Income Statement8

Balance Sheet16

Cash Flow15

Per Share5

02—Overview

PROGRESSIVE CORP/OH/ Financial Overview 2021–2025

Updated Jul 10, 2026

Progressive Corporation commands an enormous presence in the auto insurance market, expanding its investment portfolio to a massive $97.4 billiona by the end of FY2025. This sheer scale allows the insurer to absorb significant localized volatility—such as a $950 million policyholder credit expense in Q3 2025—while continuing to generate outsized returns from higher fixed-income yields. Ultimately, the company leverages disciplined underwriting, targeted rate hikes, and strategic advertising investments to drive compound growth across both its core insurance operations and its underlying asset base.

Progressive's reliance on its core product steadily increased, with its Personal Lines segment growing from 78% of total net premiums written in FY2021 to 87% in FY2025. This targeted concentration fueled aggressive market share capture, pushing total policies in force up 9% year-over-year to 39.6 million by Q1 2026. Profitability expanded alongside this top-line growth. The companywide underwriting profit margin surged to 13.6% in Q1 2026, marking a stark recovery from the elevated loss costs and adverse reserve developments that temporarily pushed the combined ratio to a loss-making 100.4% in Q2 2023. This structural margin improvement directly boosted the bottom line, with earnings per share rocketing from $5.66 in FY2021 to $14.40b in FY2024. Rewarding this multi-year operational turnaround, the market valued the stock at a closing price of $227.72 at the end of FY2025.

Recent Developments (Q4 2025 and Q1 2026)

Progressive sustained operational momentum in Q1 2026, generating $2.82 billionc in net income, up from $2.57 billion in the prior year. This bottom-line expansion was supported by an 8% increase in net premiums earned, reaching $20.97 billion. Segment underwriting performance remained robust, with Personal Lines and Commercial Lines achieving margins of 14.0% and 11.0%, respectively, aided by $451 million in favorable prior-year reserve development.

Recent corporate actions centered on capital allocation and leadership shifts. Progressive issued $1.5 billiond in senior notes in March 2026 and renewed a 25 million share repurchase authorization. Andrew J. Quigg will succeed retiring CFO John P. Sauerland on July 4, 2026. Bulls see the sustained premium growth as highly attractive at a 13.8x P/E ratio as of the May 4, 2026 reporting date, not today. Bears caution that rising advertising spend and unrealized losses on fixed-maturity securities could pressure comprehensive income.

What to watch: execution of the CFO transition in July 2026; impact of elevated advertising spend on profitability.

03—Filings

Recent SEC Filings

  1. 8-KPROGRESSIVE CORP/OH/ 8-K Report, Financial Results (Oct 14, 2026)Progressive (PGR) reported September 2026 and year-to-date results in an 8-K furnished under Item 2.02. September net income was $630 million, up 107% from $305 million a year earlier, and diluted EPS was $1.08 versus $0.52. The improvement was driven by a much lower combined ratio of 90.0% (versus 100.4%) and 5% growth in net premiums earned, partially offset by $231 million of pretax realized losses on securities. For the nine months, net income fell 3% to $8.67 billion and diluted EPS fell 2% to $14.83 (from $14.21 in the prior-year table, which the release presents as $14.21 for 2025 and $14.83 for 2026), as the combined ratio improved to 87.5% in the Personal Lines and Commercial Lines blend of 88.7% at the company level for the quarter-to-date period. Premium momentum is solid: nine-month net premiums written grew 5% to $67.0 billion and policies in force rose 6% to 40.5 million. The balance sheet shows pressure from rates. Other comprehensive loss in September was $1.31 billion from unrealized fixed-maturity losses, and book value per share fell to $59.51. Year-to-date total comprehensive income was $5.8 billion versus $10.0 billion a year earlier. Shareholders' equity was $34.5 billion, the debt-to-capital ratio was 19.6%, and the company repurchased about 969,000 shares in September at an average cost of $207.92. Investors will want to watch the Q3 earnings call on November 3, 2026, and the 10-Q on November 2, 2026, for the drivers of reserve development and investment performance. The release is largely a monthly and quarterly data release with little narrative commentary. Management states it has no additional commentary on September results. Key items to monitor are the sustainability of the low September combined ratio, favorable prior-year reserve development of $1.54 billion year-to-date, and the impact of unrealized bond losses on book value.
  2. 8-KPROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Sep 18, 2026)Progressive reported August 2026 results with top-line growth continuing but profitability declining year over year. Net premiums written rose 6% to $7.605 billion and net premiums earned rose 5% to $7.354 billion. Net income fell 22% to $951 million, and diluted EPS fell 21% to $1.63 from $2.07. The combined ratio deteriorated 6.2 points to 89.3, driven mainly by Direct Auto (90.5) and Commercial Lines (97.5). Auto and property results also reflected severe weather, with a companywide net catastrophe loss ratio of 1.9 points. Commercial Lines' 97.5 combined ratio stands out as the weakest segment. Year-to-date results were more stable. Net income was essentially flat at $8.041 billion versus $8.052 billion, and the YTD combined ratio was 87.2. YTD net premiums written grew 6% and net premiums earned grew 7%. Policies in force reached 40.5 million, up 7%, with Direct Auto up 9% and Agency Auto up 7%. Prior accident year reserve development was favorable by $1.393 billion YTD, including $416 million from actuarial adjustments, which supported margins. Offsetting this, net unrealized pretax losses on fixed-maturity securities widened to $1.799 billion, leaving book value per share at $60.92 and comprehensive income down to $6.503 billion YTD from $9.696 billion. Investors should weigh solid premium growth and reserve strength against margin compression in a single month. Monthly results are volatile and should not be extrapolated. The company's next monthly release for September results is scheduled for October 14, 2026, before market open.
  3. 8-KPROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Aug 19, 2026)Progressive reported July 2026 results that showed continued top-line growth but weaker profitability. Net premiums written rose 5% to $7.44 billion and net premiums earned rose 5% to $7.36 billion. Policies in force grew 7% year over year to 40.3 million, led by 9% growth in direct auto and 7% in agency auto. Net income fell 12% to $961 million, and diluted EPS declined 11% to $1.65 from $1.85. The combined ratio deteriorated 1.5 points to 86.8, which compressed underwriting margins even as premium volume grew. Pretax realized losses of $47 million and a $515 million pretax unrealized loss in other comprehensive income also weighed on results. Year-to-date results remain solid. Net income reached $7.09 billion, up 4%, and diluted EPS was $12.12, up from $11.62. The year-to-date combined ratio was 86.9, and favorable prior accident year development totaled $1.26 billion, including $372 million from actuarial adjustments. Total portfolio return was 0.9% year to date, driven by a 10.5% return on common stocks, while fixed-income returned 0.5%. Book value per share was $59.64. Net unrealized pretax losses on fixed maturities widened to $1.70 billion, down $651 million from June and $1.85 billion from December 2025, which is a key headwind to book value. For investors, the key tensions are sustained premium and policy growth versus margin pressure in July, with Personal Lines direct auto (combined ratio 88.9) and Commercial Lines (combined ratio 89.6, with earned premium down 1%) running higher than Personal Lines vehicles agency (83.6). Capital management continued with 650,241 shares repurchased in July at an average cost of $209.46. Monthly figures are volatile and should be weighed against the full-year trend. Progressive plans to release August results on September 18, 2026.
  4. 8-KPROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Aug 10, 2026)Progressive Corporation (NYSE: PGR) filed an 8-K on August 10, 2026, with two disclosures furnished under Regulation FD rather than filed. First, the Board declared a quarterly common dividend of $0.10 per share, payable October 9, 2026, to shareholders of record as of October 1, 2026. Second, the company published a Catastrophe Reinsurance Program report (Exhibit 99) describing how its reinsurance structure limits earnings volatility from severe weather. The filing contains no new financial results, guidance, or material transactions beyond the dividend and the program overview. The reinsurance report details the 2026-2027 property catastrophe program, which renewed June 1, 2026. The per-occurrence excess-of-loss program has a $300 million retention for the first event outside Florida and $75 million for the first event in Florida, with limits of $1.85 billion outside Florida and $2.19 billion in Florida (including shared limits). Progressive also disclosed modeled gross probable maximum loss figures, including a 1-in-100-year single-event loss of $1.325 billion and a 1-in-250-year loss of $1.798 billion, as of March 31, 2026, before reinsurance is applied. For investors, the key takeaway is that Progressive is transparent about its catastrophe risk transfer and has a layered reinsurance structure with a mix of traditional reinsurers and insurance-linked securities (including catastrophe bonds). The dividend is modest at $0.10 per quarter, and the report is primarily informational. Investors should still refer to the 10-K risk factors for the full discussion of catastrophe exposure and reinsurance outcomes.
  5. 8-KPROGRESSIVE CORP/OH/ 8-K Report, Financial Results (Jul 15, 2026)The Progressive Corporation (NYSE: PGR) reported June 2026 and selected second-quarter 2026 results in an 8-K furnished on July 15, 2026. Growth remained healthy at the top line: quarterly net premiums written rose 5% to $21.1 billion and net premiums earned rose 6% to $21.6 billion. Quarterly net income increased 4% year-over-year to $3.3 billion, and diluted EPS was $5.67 versus $5.40, supported by a combined ratio of 87.3 (up 1.1 points). June alone was weaker: net income fell 31% to $779 million, EPS fell 30% to $1.34, and the monthly combined ratio deteriorated to 90.0 from 86.6, with total pretax realized losses of $13 million. The June combined ratio of 90.0 includes a favorable 11.7-point one-time impact from an actuarial methodology change for property IBNR reserves, which management states will not recur. Excluding this benefit, underlying June profitability would have been meaningfully weaker. Personal Lines property reported a 65.6 combined ratio only because of that adjustment, and Personal Lines Direct Auto showed a 92.4 combined ratio with an 8.9-point catastrophe loss ratio. Policies in force grew 7% to 40.1 million, led by Direct Auto (+10%) and Agency Auto (+8%). Year-to-date, the total portfolio returned 1.3%, while common equities returned 10.6%. Book value per share was $59.05, and debt-to-total capital was 19.6%. The filing is informational. It contains no guidance changes, no new capital actions beyond routine share repurchases, and no additional commentary on June results. Investors should watch the August 4, 2026 Q2 earnings call (which will feature a Robinsons consumer segment presentation), the 10-Q expected August 3, and the July results release scheduled for August 19, 2026.
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04—See also

Related Companies

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