PGR · PROGRESSIVE CORP/OH/

454 filings

8-K

PGR 8-K Current Reports

PROGRESSIVE CORP/OH/ - 454 current reports

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

Showing 1-50 of 454 filings

8-K

Earnings & ResultsExhibits & Filings

PROGRESSIVE 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.

Oct 14, 2026 8-K

Regulation FDExhibits & Filings

PROGRESSIVE 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.

Sep 18, 2026 8-K

Regulation FDExhibits & Filings

PROGRESSIVE 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.

Aug 19, 2026 8-K

Regulation FDExhibits & Filings

PROGRESSIVE 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.

Aug 10, 2026 8-K

Earnings & ResultsExhibits & Filings

PROGRESSIVE 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.

Jul 15, 2026 8-K

Leadership ChangesRegulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Executive Changes (Jun 17, 2026)

Progressive (PGR) reported strong May 2026 results, with net income of $1,445 million (up 36% year over year), diluted EPS of $2.47 (up from $1.81), and a combined ratio of 82.1 versus 86.9 a year earlier. Net premiums written rose 6% to $7,027 million and net premiums earned rose 10% to $7,361 million. Year-to-date, net income was $5,350 million (up from $4,618 million), with a combined ratio of 86.3 and policies in force up 8% to nearly 40 million. Growth was led by Personal Lines auto, particularly Direct auto (policies up 11%), while Commercial Lines grew more modestly. Investment performance was mixed: the total portfolio returned 0.4% in May and 1.1% year to date, with common stocks strong at 11.0% YTD but fixed income only 0.7%. Book value per share was $58.11, and unrealized pretax losses on fixed-maturity securities were $901 million. The filing also discloses a leadership transition. Personal Lines President Pat Callahan will retire in January 2027 and will advise the company part-time afterward. Lori Niederst moves to a newly created Chief Personal Lines Officer role overseeing Personal Lines and CRM on July 4, 2026, and Heather Day becomes CRM President on the same date. The filing also discloses CFO Andrew Quigg's compensation: a $700,000 salary, a 150% Gainshare target, and equity awards on July 20, 2026. The management changes appear to be orderly and planned, and the company describes a deep internal talent bench. The next monthly results release is scheduled for July 15, 2026.

Jun 17, 2026 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (May 20, 2026)

The Progressive Corporation (NYSE: PGR) reported April 2026 results in a news release furnished under Item 7.01 (Regulation FD) and filed as Exhibit 99. April net premiums written rose 6% to $7.28 billion and net premiums earned rose 7% to $7.11 billion. Net income grew 10% to $1.087 billion, or $1.86 per diluted share (up 11%). The combined ratio worsened 5.3 points year over year to 90.2, driven by a 7.0-point net catastrophe loss ratio from hail and thunderstorm events. Pretax realized investment gains of $402 million, mostly unrealized holding gains on equity securities, contributed materially to the earnings increase, so underwriting profitability alone grew less than headline net income. Year-to-date through April, net income was $3.905 billion versus $3.553 billion a year earlier, and the YTD combined ratio was 87.4. Policies in force reached 39.8 million, up 8% year over year, led by Direct Auto (up 11%) and Agency Auto (up 8%). Personal Lines NPW grew 9% in April, while Commercial Lines NPW grew 5%. Book value per common share was $56.29 and trailing 12-month return on average common equity was 35.1%. Net unrealized pretax losses on fixed-maturity securities widened to $703 million, which pulled comprehensive income well below net income and reduced year-to-date total comprehensive income to $3.23 billion from $4.82 billion. The company repurchased about 957,000 shares in April at an average cost of $200.60. Management provided no additional commentary, and May results are scheduled for release on June 17, 2026.

May 20, 2026 8-K

Leadership ChangesShareholder MattersRegulation FD+1

PROGRESSIVE CORP/OH/ 8-K Report, Executive Changes (May 12, 2026)

The Progressive Corporation (PGR) filed an 8-K on May 12, 2026, detailing key leadership changes and shareholder actions taken at the May 8, 2026, Annual Meeting. A significant update is the appointment of Andrew J. Quigg as the new Vice President and Chief Financial Officer (CFO), effective July 4, 2026, succeeding John P. Sauerland who is retiring. The company also announced a renewed authorization for its share repurchase program, allowing for the repurchase of up to 25 million common shares, and declared a quarterly dividend of $0.10 per share. Shareholders overwhelmingly approved the election of all eleven director nominees and ratified the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2026. Additionally, an advisory vote on executive compensation received strong affirmative support. Investors should note that details on Mr. Quigg's compensation for the CFO role are still pending and will be disclosed in an amendment to this filing.

May 12, 2026 8-K

Earnings & ResultsExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Financial Results (Apr 15, 2026)

Progressive (PGR) reported March 2026 and first-quarter 2026 results that combine strong top-line growth with a softer investment picture. For the month of March, net premiums written rose 10% to $9.9 billion and net premiums earned rose 11% to $7.5 billion. Net income increased 36% to $712 million, or $1.21 per diluted share, and the combined ratio improved to 88.8 from 90.9 a year earlier. Note that management says the March NPW growth rate is inflated by about 3 percentage points because February 28 was reported in March 2026 due to a closing-process nuance; first-quarter growth is unaffected. For the first quarter, net premiums written grew 6% to $23.6 billion and net premiums earned grew 8% to $21.0 billion. Quarterly net income rose 10% to $2.8 billion ($4.80 per diluted share), and the year-to-date combined ratio was 86.4 versus 86.0 a year earlier, a slight deterioration. Policies in force grew 9% to roughly 39.6 million, led by Direct auto (+12%) and Agency auto (+9%). Favorable prior-year reserve development of $451 million supported results, though current-year profitability was pressured by a higher loss ratio in Direct auto and elevated catastrophe losses in Personal Lines property. Balance sheet and investment results were weaker. Realized losses on securities were $120 million year to date, the total portfolio returned 0.1% year to date, and March alone produced a (1.3)% return driven by a common-stock decline. Net unrealized losses on fixed-maturity securities widened to $578 million pretax, and comprehensive income was negative $313 million in March. Book value per share was $54.82, and the company repurchased about 768,000 shares in March at an average cost of $204.48. Investors should weigh the strong underwriting and premium momentum against the investment-portfolio drag and the modest deterioration in the year-to-date combined ratio.

Apr 15, 2026 8-K

Other EventsExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Corporate Update (Mar 26, 2026)

The Progressive Corporation (PGR) has filed an 8-K report detailing the closing of a significant debt offering. On March 23, 2026, the company entered into an Underwriting Agreement to issue and sell a total of $1.5 billion in aggregate principal amount of senior notes, split between $500 million of 4.60% Senior Notes due 2031 and $1 billion of 5.15% Senior Notes due 2036. The offering, which is expected to close on March 26, 2026, is registered under a shelf registration statement filed in May 2024 and utilizes a related prospectus supplement dated March 23, 2026. Investors should note that the net proceeds from this offering are estimated to be approximately $1,487 million, after accounting for underwriting discounts and estimated expenses. These proceeds will likely be used for general corporate purposes, though the filing does not specify allocation. The new notes will bear interest semi-annually, with the 2031 notes maturing in 2031 and the 2036 notes maturing in 2036. This issuance provides Progressive with additional capital, potentially for operational needs, strategic initiatives, or refinancing existing debt.

Mar 26, 2026 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Mar 18, 2026)

The Progressive Corporation (NYSE: PGR) reported February 2026 monthly results, with the month and year-to-date periods ended February 28, 2026. February net income was $943 million, up 2% from $928 million a year earlier, or $1.61 per diluted share. Net premiums written grew 5% to $6,995 million and net premiums earned grew 8% to $6,528 million. The combined ratio was 85.7, a 3.1-point deterioration from 82.6 in February 2025, driven by a higher loss/LAE ratio of 65.0 and a net catastrophe loss ratio of 0.6, with Personal Lines Direct auto and Property showing the most pressure (Direct vehicles combined ratio 89.4 and Property 70.7 respectively, with Property's catastrophe ratio notably higher at 7.0 for Direct auto). Year-to-date, net income reached $2,106 million versus $2,045 million, and diluted EPS was $3.59 versus $3.48. Net premiums written grew 4% and earned premiums grew 7%, while the year-to-date combined ratio was 85.0. Growth remained strong in personal auto: policies in force rose 10% to 39.2 million total policies, with Direct auto up 14% and Agency auto up 10%. Favorable prior accident year development of $310 million year-to-date supported results, though commercial lines NPW declined 4% in the month. Balance sheet strength remained solid, with book value per common share of $55.64, total shareholders' equity of $32.6 billion, a debt-to-total-capital ratio of 17.5%, and a fixed-income portfolio weighted average credit quality of AA-. Management noted that February's NPW growth was understated by roughly 2-3 percentage points due to a monthly closing timing nuance, with the effect expected to reverse in March. Progressive will release March results on April 15, 2026.

Mar 18, 2026 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Feb 18, 2026)

The Progressive Corporation (PGR) reported January 2026 results in an 8-K filed February 18, 2026, under Regulation FD. The month showed continued top-line and earnings growth: net premiums written rose 4% to $6.735 billion and net premiums earned rose 5% to $6.921 billion. Net income increased 4% to $1.163 billion, or $1.98 per diluted share, and the combined ratio was 84.4, up 0.3 points year over year. Growth was driven by Personal Lines, where policies in force grew 10% companywide, led by Direct auto (up 14%) and Agency auto (up 10%). Commercial Lines NPW fell 6% in the month, with policies in force up 4%. Profitability was mixed beneath the headline. Personal Lines Vehicles Direct had a combined ratio of 87.5, reflecting an 8.5-point net catastrophe loss ratio in Personal Lines Property, and Commercial Lines ran at 86.8. Total comprehensive income fell to $1.033 billion from $1.280 billion because unrealized fixed-maturity losses of $130 million reduced other comprehensive income. Book value per share was $53.24, and the trailing 12-month return on average common equity was 35.1%. Management provided no additional commentary on January results, and the release contains only the monthly figures. Looking ahead, Progressive scheduled its fourth-quarter investor call for March 3, 2026, with a presentation on capital and investments and an introduction from incoming CFO Andrew Quigg, who is expected to take over in July 2026. The 2025 Annual Report on Form 10-K is slated for March 2, 2026, and February results will be released March 18, 2026.

Feb 18, 2026 8-K

Earnings & ResultsLeadership ChangesExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Financial Results (Jan 28, 2026)

The Progressive Corporation (PGR) reported December and full-year 2025 results on January 28, 2026, showing strong top-line and profitability growth. For full-year 2025, net premiums written rose 12% to $83.2 billion and net premiums earned rose 15% to $81.7 billion. Net income increased 33% to $11.3 billion ($19.23 diluted EPS), and the full-year combined ratio was 87.4 on a companywide basis. The fourth-quarter combined ratio was 88.0, roughly flat versus the prior year, while December alone posted a strong 87.1 combined ratio and $1.15 billion of net income. Policies in force grew 10% year over year to 38.6 million, led by a 14% increase in Direct auto. Note that the full-year combined ratio figure in the supplemental table (87.4) and the quarterly figure in the release differ in period scope, and that full-year results include a $1.2 billion policyholder credit expense, a notable new item versus 2024. On the management front, CFO John Sauerland intends to retire effective July 3, 2026, after 35 years at the company and 10 as CFO. Chief Strategy Officer Andrew Quigg is expected to succeed him as CFO upon retirement and will work alongside Sauerland until then. The transition is orderly, with a planned handover period of roughly five months, which limits near-term execution risk for investors, though it does introduce a new financial leader during a period of rapid growth. Investors should also note that the full-year investment total return was 7.0% on fixed income and 16.8% on common stocks, with a total portfolio return of 7.3%. Book value per share was $51.74 at December 31, 2025, and the company repurchased 49,100 shares in December at an average cost of $227.55. Upcoming catalysts include the Q4 investor call on March 3, 2026, the 10-K filing on March 2, 2026, and January results on February 18, 2026.

Jan 28, 2026 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Dec 17, 2025)

Progressive's November 2025 results show strong top-line growth alongside modest earnings pressure. Net premiums written rose 11% to $6.19 billion and net premiums earned rose 14% to $6.89 billion, driven by policy growth of 11% companywide to 38.4 million policies in force. Net income fell 5% to $958 million ($1.63 per share), and the combined ratio worsened 1.5 points to 87.1, reflecting a higher loss and LAE ratio of 66.0 and an expense ratio of 21.1. Year-to-date results remain much stronger. Net income reached $10.16 billion, up from $7.54 billion, and the year-to-date combined ratio was 87.5. Results were supported by $3.25 billion of investment income and a 7.3% total portfolio return. Book value per share rose to $64.04, and the trailing 12-month return on average common equity was 35.4% on a net income basis. Year-to-date results were partly offset by $1.1 billion of policyholder credit expense, which was not present in the prior-year period. Capital management remained active. The Board declared a 2025 annual common dividend of $13.50 per share and a quarterly dividend of $0.10 per share, both payable January 8, 2026. In November, Progressive repurchased about 109,000 shares at an average cost of $214.56. The debt-to-total capital ratio was 15.5%. Investors should note that the company's guidance and management commentary in the release are limited to the next monthly release, scheduled for January 28, 2026.

Dec 17, 2025 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Nov 19, 2025)

Progressive (PGR) reported October 2025 results that show strong top-line momentum and a sharp improvement in profitability versus a year earlier. Net premiums written rose 6% to $7.0 billion and net premiums earned rose 11% to $7.1 billion. Net income more than doubled to $846 million (up 107%), or $1.44 per share, while the combined ratio improved 4.4 points to 89.7. Results were supported by a benign level of catastrophe losses in the month (net catastrophe loss ratio of 0.6 companywide, versus higher levels in prior periods) and favorable prior-accident-year reserve development of $62 million. Year-to-date, the picture is similarly strong: net income of $9.2 billion ($15.65 diluted EPS) versus $6.5 billion a year earlier, and a year-to-date combined ratio of 87.5. Policies in force grew 12% to 38.4 million, led by 16% growth in direct auto and 12% growth in agency auto, indicating continued customer acquisition. Book value per share was $62.00, and trailing 12-month net income ROE was 36.5%. Growth in Commercial Lines NPW was down 23% in the month, which management attributed mainly to TNC business policies not renewing; excluding TNC, the decline was 2%. Investors should note that the filing is a monthly release with limited commentary, and results are subject to volatility from catastrophe losses, reserve adjustments, and the competitive pricing environment in personal auto. The year-to-date policyholder credit expense of $1.0 billion is a notable item that reduces underwriting results relative to prior year. Progressive plans to report November results on December 17, 2025.

Nov 19, 2025 8-K

Earnings & ResultsExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Financial Results (Oct 15, 2025)

The Progressive Corporation (PGR) reported September 2025 and year-to-date results in an Exhibit 99 news release furnished under Item 2.02. The headline is a sharp monthly earnings hit: September net income fell 48% year over year to $305 million ($0.52 per share), with a combined ratio of 100.4 versus 93.4 a year earlier. The drop is driven by a $950 million Florida policyholder credit expense recorded in September, which reflects the company's estimate that its Florida personal auto profit for 2023–2025 will exceed the statutory profit limit. That charge alone accounts for roughly 17.8 points of the Personal Lines vehicles agency expense ratio and 15.9 points in the direct channel, so excluding it the Personal Lines combined ratio would have been about 86.5. Underlying operations remained strong. Year-to-date net premiums written rose 13% to $63.7 billion and net premiums earned rose 17% to $60.6 billion, with policies in force up 12% companywide. Year-to-date net income grew 36% to $8.36 billion, and the year-to-date combined ratio of 87.3 is solid, though the 2025 figure is still affected by the September credit. Commercial Lines premium growth was weak in September, largely due to a decline in transportation network company (TNC) business tied to a lower mileage adjustment. Book value per share was $60.45, the trailing 12-month return on equity was 35.9%, and debt-to-capital was 16.3%. Investors should note that the Florida credit estimate remains open. Management said it will keep refining the liability through the fourth quarter of 2025 and into early 2026, given the hurricane season that runs through late November and other reserve development factors. Credits are expected to be paid to about 2.7 million Florida personal auto policyholders in early 2026. Q3 results are due in a 10-Q on November 3, 2025, with the earnings call on November 4 and October results on November 19.

Oct 15, 2025 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Sep 17, 2025)

The Progressive Corporation (NYSE: PGR) reported August 2025 results in a Regulation FD news release furnished under Item 7.01 on September 17, 2025, covering the month and year-to-date periods ended August 31, 2025. The month was strong: net income rose 30% year over year to $1.22 billion ($2.07 diluted EPS), net premiums written grew 11% to $7.20 billion, and net premiums earned grew 18% to $7.04 billion. The combined ratio improved 2.4 points to 83.1, with a catastrophe loss ratio of 1.0 and favorable prior accident year development of $129 million. Policies in force reached 37.9 million, up 13% companywide, driven by 14% growth in Personal Lines and 6% growth in Commercial Lines. Year-to-date, the picture is similarly robust. Net income reached $8.05 billion versus $5.54 billion a year earlier, and diluted EPS was $13.69 versus $9.40. Net premiums written grew 14% to $56.5 billion and earned premiums grew 18% to $53.7 billion. The year-to-date combined ratio was 85.6, and the personal auto business (Agency and Direct) posted combined ratios of 82.7 and 87.6 respectively. Total portfolio return was 5.6% year to date versus 4.6% a year earlier, while common equity returns slowed sharply to 9.9% from 18.0%. Book value per share was $59.97, and trailing 12-month return on average common equity was 37.8% on a net income basis. For investors, the key watch items are growth moderation in Commercial Lines (NPW down 7% for the month, largely due to a lower TNC mileage adjustment), the rising Personal Lines Direct auto combined ratio (85.2 for the month, 87.6 year to date), and the sensitivity of earnings to catastrophe losses and reserve development. The release is an unaudited monthly update, and the company stated it has no additional monthly commentary. The next release, covering September results, is scheduled for October 15, 2025, before market open.

Sep 17, 2025 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Aug 20, 2025)

Progressive (PGR) reported July 2025 results on August 20, 2025, showing strong top-line and profitability growth. Net premiums written rose 11% to $7.06 billion and net premiums earned rose 15% to $6.99 billion. Net income increased 34% to $1.09 billion, or $1.85 per diluted share, and the monthly combined ratio improved 2.7 points to 85.3. Year-to-date net income reached $6.83 billion, up from $4.60 billion, with a year-to-date combined ratio of 86.0 and diluted EPS of $11.62. Growth was broad across the business. Companywide policies in force reached 37.6 million, up 14%, led by Direct auto (+19%) and Agency auto (+15%). Personal Lines combined ratios were 82.5 for Agency auto and 87.4 for Direct auto, while Commercial Lines ran at 93.5, a notable deterioration relative to the rest of the book. Personal Lines property posted a negative catastrophe loss ratio for July, reflecting favorable development on pre-July storms, which helped the month's results. Year-to-date catastrophe losses in Direct auto were a meaningful 16.4 points, showing that the cat exposure of that segment remains material. For investors, the release is a clean monthly update with no additional commentary from management. Book value per share was $56.92, and trailing 12-month return on average common equity was 37.7% on a net income basis. Unrealized pretax losses on the fixed-income portfolio narrowed to $(486) million, and the debt-to-capital ratio was 17.1%. Progressive plans to release August results on September 17, 2025. This filing contains no new strategic announcements, guidance, or material events beyond the monthly financial data.

Aug 20, 2025 8-K

Earnings & ResultsExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Financial Results (Jul 16, 2025)

Progressive (PGR) released its June 2025 monthly results and selected second-quarter 2025 figures in an 8-K furnished under Item 2.02. The quarter was strong: net premiums written rose 12% to $20.1 billion and net premiums earned rose 18% to $20.3 billion. Quarterly net income more than doubled to $3.2 billion, or $5.40 per share, and the quarterly combined ratio improved 5.7 points to 86.2 from 91.9. Growth was broad across Agency auto (+16% policies in force), Direct auto (+21%), and Commercial Lines (+6%), though policy growth slowed relative to premium growth in some segments. June itself was solid but less dramatic. Net income rose 40% to $1.12 billion, and the June combined ratio of 86.6 was slightly worse year over year, pressured by a 9.8-point catastrophe loss ratio in Direct auto and about half of the month's catastrophe losses tied to Texas severe weather. Year-to-date results were supported by $607 million of favorable prior-accident-year development, and book value per share reached $55.62. Management noted that June NPW growth was inflated by 2-3 points from a monthly close timing nuance, but second-quarter growth was unaffected. For investors, the key takeaways are sustained top-line momentum, a much lower combined ratio than a year earlier, and a balance sheet with a 17.5% debt-to-capital ratio and AA- average portfolio credit quality. Watch for the Direct auto loss ratio pressure from catastrophes and for whether favorable reserve development continues. Upcoming catalysts include the Q2 10-Q on August 4, the investor call on August 5, and July results on August 20, 2025.

Jul 16, 2025 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Jun 18, 2025)

The Progressive Corporation (PGR) reported May 2025 results on June 18, 2025, showing strong top-line and profitability momentum. May net premiums written rose 11% to $6.63 billion and net premiums earned rose 15% to $6.72 billion. Net income surged to $1.065 billion from $235 million a year earlier, or $1.81 per diluted share versus $0.40, with the combined ratio improving to 86.9 from 100.4. Policies in force grew 16% companywide to 37.0 million, led by 22% growth in direct auto. Year-to-date results are also robust: net income reached $4.62 billion versus $2.99 billion, diluted EPS of $7.86 versus $5.06, and a year-to-date combined ratio of 86.0. Shareholders' equity stood at $30.9 billion, book value per share was $52.77, and the trailing 12-month ROE on net income was 37.6%. Investment performance was mixed, with the total portfolio returning 0.0% in May, driven by a 6.4% gain in common stocks offset by a fixed-income decline, while the net unrealized pretax loss on fixed-maturity securities widened to $685 million. Investors should note a monthly reporting timing nuance: May NPW growth is understated by roughly 2-3 points because May 31 was reported in June, which management expects to reverse in June growth, leaving Q2 2025 growth unaffected. The company also noted severe-weather catastrophe losses in May, reflected in a 4.1-point net catastrophe loss ratio. June results are scheduled for release on July 16, 2025.

Jun 18, 2025 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (May 21, 2025)

The Progressive Corporation (NYSE: PGR) reported its April 2025 monthly results and year-to-date figures through April 30, 2025, in a Regulation FD news release (Exhibit 99) furnished on May 21, 2025. April was a strong month: net income rose 134% year over year to $986 million ($1.68 per share), net premiums written grew 11% to $6.84 billion, and net premiums earned grew 19% to $6.64 billion. The companywide combined ratio improved 4.1 points to 84.9, helped by a calendar-year loss/LAE ratio of 65.1 and $118 million of favorable prior accident year development. Policies in force grew 17% to roughly 36.7 million, with Personal Lines up 17% and Commercial Lines up 6%. Year-to-date, net income reached $3.55 billion, up 29% from $2.75 billion, and diluted EPS was $6.05 versus $4.66 a year earlier. Net premiums written rose 16% to $29.0 billion and the year-to-date combined ratio was 85.7. Book value per share stood at $51.71 and trailing 12-month return on average common equity was 35.5% on a net income basis. The total portfolio returned 0.9% in April and 3.1% year to date, with fixed income up 3.4% and common stocks down 5.6% year to date. Debt-to-total capital was 18.5%. The filing is a monthly operating disclosure with no additional management commentary. Investors should note that growth in Commercial Lines NPW (down 15% in April) reflects a change in the renewal term for certain TNC policies, not a loss of underlying business, and that monthly results can be volatile given catastrophe losses, reserve reviews, and realized investment gains. The next monthly release (May results) is scheduled for June 18, 2025.

May 21, 2025 8-K

Shareholder MattersRegulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Shareholder Vote Results (May 13, 2025)

The Progressive Corporation (PGR) filed an 8-K report detailing the outcomes of its Annual Shareholder Meeting held on May 9, 2025. Key among these outcomes was the overwhelming approval of all eleven director nominees, indicating strong shareholder confidence in the current board's leadership and strategy. Additionally, shareholders provided an advisory vote to approve the company's executive compensation program, which also passed with substantial support, and ratified the appointment of PricewaterhouseCoopers LLP as the independent auditor for 2025, signaling continued trust in the company's financial oversight and reporting integrity. Furthermore, the report disclosed that the Board of Directors renewed the share repurchase authorization, allowing for up to 25 million common shares to be bought back. This strategic move suggests management's belief in the undervaluation of the company's stock and a commitment to returning value to shareholders. The company also declared a quarterly dividend of $0.10 per share, reinforcing its commitment to consistent income distribution to its investors.

May 13, 2025 8-K

Earnings & ResultsExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Financial Results (Apr 16, 2025)

The Progressive Corporation (NYSE: PGR) reported unaudited March 2025 and first-quarter results in an 8-K filed April 16, 2025 (Exhibit 99 news release). Growth remained strong: March net premiums written rose 17% to $9.04 billion and net premiums earned rose 20% to $6.79 billion, with policies in force up 18% companywide to 36.3 million. However, profitability weakened sharply in the month. March net income fell 42% to $522 million ($0.89 per share), and the combined ratio deteriorated 6.6 points to 90.9, driven by severe weather catastrophe losses (net catastrophe loss ratio of 6.0 points) and a $211 million pretax realized loss on securities, largely from common stock holdings that returned -6.1% in the month. For the year-to-date period through March, results remain solid. Net income rose 10% to $2.57 billion ($4.37 diluted EPS), and the combined ratio was roughly flat at 86.0 versus 86.1 a year earlier. Prior accident year reserve development was favorable by $278 million, supporting results. Book value per share was $49.39, and trailing 12-month return on average common equity was 34.2% on a net income basis. Note that the company's Commercial Lines NPW growth of 8% in March was largely attributable to a TNC renewal mileage increase; excluding it, the segment would have declined about 1%. The key investor takeaways are robust top-line momentum and strong multi-month profitability, offset by a weak March driven by catastrophe losses and equity market declines. Investors should monitor whether the rapid premium growth is being underwritten at adequate rates, as the company's Personal Lines auto business continues to expand rapidly. The company will report first-quarter results on May 6, 2025, and April results on May 21, 2025.

Apr 16, 2025 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Mar 19, 2025)

Progressive Corporation (NYSE: PGR) reported February 2025 results that showed strong top-line momentum and solid profitability. Net premiums written rose 17% to $6.68 billion and net premiums earned rose 18% to $6.04 billion, with policies in force up 18% companywide to 35.6 million. Net income increased 26% to $928 million, or $1.58 per diluted share, and the monthly combined ratio improved 4.2 points to 82.6. Management noted that February 2025 growth would have been about 4 points higher on a day-adjusted basis, since February 2024 had a leap-year extra day. Year-to-date results were similarly strong. Net income reached $2.05 billion versus $1.44 billion a year earlier, and diluted EPS was $3.48. The year-to-date combined ratio was 83.4, and favorable prior-accident-year development totaled $236 million. Book value per share rose to $48.48, and the trailing 12-month return on average common equity was 36.5% on a net income basis and 42.1% on a comprehensive income basis. Comprehensive income was helped by a $851 million increase in unrealized pretax gains on fixed-maturity securities from January. The main watch items are the sharp growth in Direct auto (up 25% in policies in force), a Personal Lines expense ratio that is rising faster than premiums, and the reliance on investment marks, since net realized losses of $110 million in the month reduced reported results. The filing is a monthly Regulation FD release with no additional management commentary. Progressive plans to report March results on April 16, 2025.

Mar 19, 2025 8-K

Leadership ChangesExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Executive Changes (Mar 10, 2025)

Progressive Corporation (PGR) has announced a key executive change in its latest 8-K filing, dated March 10, 2025. The most significant event is the appointment of Carl G. Joyce as the new Vice President and Chief Accounting Officer, effective March 7, 2025. Mr. Joyce succeeds Mariann Wojtkun Marshall in this role. This transition brings an internal candidate with extensive experience at Progressive to the forefront of financial reporting and oversight.

Mar 10, 2025 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Feb 19, 2025)

The Progressive Corporation (NYSE: PGR) released its unaudited financial results for the month ended January 31, 2025, via Exhibit 99 to this Form 8-K, filed February 19, 2025. The headline numbers were strong: net premiums written rose 18% to $6.48 billion, net premiums earned rose 22% to $6.59 billion, and net income climbed 59% to $1.12 billion, or $1.90 per diluted share. The combined ratio improved 3.2 points to 84.1, reflecting a lower loss/LAE ratio of 63.8 and an expense ratio of 20.3, though the company also recorded roughly $43 million of catastrophe losses tied to the California wildfires. Underwriting momentum was broad-based, with policies in force up 18% companywide to 35.3 million, led by direct auto (up 25%) and agency auto (up 18%). Investment results were also supportive. Total pretax net realized gains were $109 million, largely from holding-period gains on common stocks (common equity returned 3.1% for the month). The total portfolio returned 0.7%, and the pretax annualized investment income book yield rose to 4.1% from 3.6%. Book value per common share reached $45.75, and the trailing twelve-month return on average common equity was 36.6% on a net income basis. Debt-to-total-capital stood at 20.4%, and the fixed-income portfolio had a duration of 3.3 years and a weighted average credit quality of AA-. The filing is a routine monthly disclosure under Regulation FD and contains no management commentary beyond the numbers. Investors should note that monthly results are volatile, that January 2025 benefited from favorable prior-year reserve development of $115 million, and that the company scheduled its Q4 2024 investor call for March 4, 2025, with February results to follow on March 19, 2025.

Feb 19, 2025 8-K

Earnings & ResultsExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Financial Results (Jan 29, 2025)

The Progressive Corporation (NYSE: PGR) reported unaudited results for December and full-year 2024 in a news release furnished under Item 2.02 of this 8-K, dated January 29, 2025. For full-year 2024, net premiums written rose 21% to $74.4 billion and net premiums earned rose 21% to $70.8 billion. Net income reached $8.48 billion, up from $3.90 billion in 2023, and diluted EPS was $14.40 versus $6.58. The full-year combined ratio improved to 88.8 from 2023's level of roughly 89.3 (quarterly and annual comparisons are shown in the release), while the December combined ratio of 84.1 was 0.7 points worse than December 2023. December 2024 was softer on the investment side. Net realized losses on securities were $140 million for the month, driven by a $108 million holding-period loss, and the fixed-income portfolio returned -0.4% for the month. Net unrealized pretax losses on fixed-maturity securities widened to $1.79 billion. Book value per common share was $43.67 at year-end, and the trailing 12-month return on average common equity was 35.5% on a net income basis. Policies in force grew 18% to nearly 35 million, with Personal Lines auto growth of 17% in agency and 25% in direct, reflecting strong top-line momentum. The filing is primarily an earnings disclosure with no new strategic announcements. Investors should note that the December results include a $17 million tax benefit tied to ESOP dividends and a favorable catastrophe development from Hurricanes Helene and Milton in Personal Lines. The company also disclosed that its Q4 call is scheduled for March 4, 2025, and that its 10-K is planned for March 3, 2025. Management did not provide additional commentary on December results beyond the figures.

Jan 29, 2025 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Dec 13, 2024)

The Progressive Corporation (NYSE: PGR) reported its November 2024 and year-to-date results in a Regulation FD news release furnished under Item 7.01 of this 8-K, filed December 13, 2024. The month was strong: net premiums written rose 18% to $5.56 billion, net income climbed 48% to $1.01 billion ($1.71 per diluted share), and the combined ratio improved 5.5 points to 85.6. Favorable prior-accident-year development of $3.7 million and a calendar-year loss/LAE ratio of 64.9 supported the result, and catastrophe losses were a net benefit driven by favorable development on Hurricanes Helene and Milton. For the first eleven months of 2024, growth and profitability were robust. Net premiums written reached $68.5 billion (up 21%) and net income reached $7.54 billion, versus $3.00 billion a year earlier. The year-to-date combined ratio of 89.3 reflects a full-year underwriting margin that is still healthy but well above the November monthly figure, and the Property business ran at a 103.7 combined ratio year to date, largely because of catastrophe losses earlier in the year. Policies in force grew 17% companywide to 34.7 million, with Personal Lines up 18% and Direct auto up 25%. Balance-sheet indicators were solid. Book value per share was $47.43, the trailing 12-month return on average common equity was 36.3% on a net income basis, and the debt-to-total-capital ratio was 19.9%. Net unrealized pretax losses on fixed-maturity securities were $1.21 billion, though this improved by $252.5 million from October. The board also declared a $4.50 annual dividend and a $0.10 quarterly dividend, payable January 16, 2025. This was a routine monthly disclosure with no new financing, acquisitions, or litigation reserves announced.

Dec 13, 2024 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Nov 15, 2024)

Progressive Corporation (NYSE: PGR) reported its October 2024 monthly results and year-to-date figures through October 31, 2024, in an 8-K filed November 15, 2024 (Exhibit 99 news release). The headline is strong top-line momentum: October net premiums written rose 19% to $6.58 billion and net premiums earned rose 19% to $6.39 billion, with companywide policies in force up 16% to 34.4 million. Net income was $408.2 million ($0.69 per diluted share), up 1% year over year, but the monthly combined ratio deteriorated 2.4 points to 94.1 as Hurricanes Milton and Helene drove roughly $206.5 million of vehicle losses and $153.6 million of Property catastrophe losses, partly offset by a $250 million favorable reserve reduction for Hurricane Ian. Year-to-date results are considerably stronger. Net income through October reached $6.53 billion versus $2.32 billion a year earlier, with a companywide YTD combined ratio of 89.6 and favorable prior-accident-year development of $355.8 million. Book value per common share was $45.35, and trailing 12-month return on average common equity was 36.1% on a net income basis. Investors should note that October comprehensive income was negative ($603.6 million) because fixed-income unrealized losses of $1.01 billion from rising rates reduced other comprehensive income, and the monthly net income figure was helped by a 3-point drag from a calendar anomaly that depressed growth rates. Overall, the release shows a company growing premiums rapidly and earning very high YTD returns, with near-term pressure from hurricane losses and mark-to-market bond declines. Management's commentary highlights that the TNC renewal-term change inflated Commercial Lines growth, so investors should separate that effect from underlying growth when assessing the trend.

Nov 15, 2024 8-K

Earnings & ResultsCorporate ChangesRegulation FD+1

PROGRESSIVE CORP/OH/ 8-K Report, Financial Results (Oct 15, 2024)

Progressive reported strong September and third-quarter 2024 results. Q3 net income was $2.33 billion ($3.97 per share), up 108% from $1.12 billion a year earlier, on net premiums written of $19.46 billion, up 25%. The Q3 combined ratio improved to 89.0 from 92.4, a 3.4-point gain. September alone posted net income of $584.6 million and a combined ratio of 93.4, which was weighed down by roughly 9.0 loss-ratio points (about $563 million) of catastrophe losses from Hurricane Helene. Year-to-date net income reached $6.12 billion, and book value per common share rose to $46.36. Growth remains robust, with companywide policies in force up 14% year over year and year-to-date net premiums written up 21%. The main near-term risk is Hurricane Milton, which made landfall in Florida on October 9, 2024. As of October 14, Progressive estimated vehicle-related losses of about $325 million and net Property losses and ALAE not exceeding $200 million, the retention under its occurrence excess-of-loss reinsurance program. The company cautions that these early estimates could change materially as claims develop. Governance and corporate items were routine: the Board reduced its size from 12 to 11 members effective October 11, 2024, and the company relocated its headquarters to 300 North Commons Blvd., Mayfield Village, Ohio, on September 25, 2024. Investors should note the upcoming Q3 earnings call on November 5, the 10-Q filing on November 4, and October results on November 15.

Oct 15, 2024 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Sep 13, 2024)

Progressive Corporation (NYSE: PGR) reported August 2024 results in a Regulation FD news release furnished under Item 7.01. The month was strongly profitable: net income was $935.3 million, or $1.59 per diluted share, on net premiums written of $6,507.1 million and net premiums earned of $5,967.9 million. The companywide combined ratio was 85.5, a substantial improvement from 97.2 in the prior-year month, and the Property business benefited from about $110 million of favorable development on earlier-2024 storms. Policies in force grew 13% year over year to 33.4 million, led by 15% growth in total personal auto and 18% growth in direct auto. Year-to-date through August, Progressive generated net income of $5,538.9 million, with net premiums written of $49,749.4 million and a companywide combined ratio of 88.5. Prior accident year reserve development was favorable by $165.5 million in total, though the Property business's year-to-date combined ratio of 111.2 reflects heavy catastrophe losses, with a net catastrophe loss ratio of 32.6. Book value per share was $44.71, trailing twelve-month return on average common equity was 37.9% on a net income basis, and the debt-to-total-capital ratio was 20.8%. The company noted that its monthly accounting calendar was converted to the Gregorian calendar in October 2023, which may affect year-over-year monthly comparisons through September 2024, and it has limited the monthly commentary accordingly. Management did not add further commentary for August. Investors should note that the release is unaudited, and that September results are scheduled for release on October 15, 2024, before market open.

Sep 13, 2024 8-K

Leadership ChangesExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Executive Changes (Aug 30, 2024)

The Progressive Corporation (PGR) has filed an 8-K report detailing the upcoming retirement of its Vice President and Chief Accounting Officer, Mariann Wojtkun Marshall. Ms. Marshall plans to retire in mid-2025, providing a significant transition period for the company to identify and onboard a successor. This planned departure allows for a structured handover of responsibilities, aiming to minimize disruption to financial operations and reporting. Investors should monitor the company's succession planning and the appointment of Ms. Marshall's replacement.

Aug 30, 2024 8-K

Leadership ChangesExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Executive Changes (Aug 23, 2024)

The Progressive Corporation (PGR) filed an 8-K on August 23, 2024, to report the resignation of a director, Danelle M. Barrett, effective August 21, 2024. Ms. Barrett's departure was due to personal health reasons and was not attributed to any disagreements with the company or its Board of Directors. The Board expressed gratitude for her dedicated service and contributions, particularly as a member of the Technology Committee. This event is primarily a governance disclosure and does not immediately impact the company's operational or financial performance.

Aug 23, 2024 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Aug 14, 2024)

The Progressive Corporation (NYSE: PGR) reported its July 2024 and year-to-date results in an 8-K furnished under Regulation FD (Exhibit 99). July was a strong month: net income of $813.5 million ($1.38 diluted EPS per share available to common shareholders), net premiums written of $6.38 billion (up from the prior-year period, with year-to-date NPW at $43.24 billion), and a companywide combined ratio of 88.0 versus 90.6 in the prior-year month. Growth was broad-based, with companywide policies in force up 11% year over year to roughly 32.9 million, led by direct auto (up 15%) and property (up 13%). Profitability was supported by favorable reserve development. Prior accident year development was favorable by $82.9 million in July (including a $42.9 million actuarial reduction), and year-to-date favorable development totals $145.4 million. The Property business was a notable driver, with a $60.4 million reduction in loss estimates tied to the May storms, though its year-to-date combined ratio of 122.4 reflects heavy catastrophe losses (41.8 points of net catastrophe loss ratio). Investment performance also contributed, with July net realized gains of $62.2 million and a fixed-income portfolio yielding a 4.0% pretax annualized book yield. Balance sheet metrics were solid: book value per common share rose to $42.51, shareholders' equity was $24.9 billion, the debt-to-total-capital ratio was 21.7%, and the fixed-income portfolio carried a weighted average credit quality of AA- with a 3.3-year duration. Net unrealized pretax losses on fixed-maturity securities narrowed to $(1,202.5) million, improving by $958.8 million from June. The company also disclosed that its monthly accounting calendar was converted to the Gregorian calendar in October 2023, which may distort year-over-year monthly comparisons through September 2024, and that August results are due September 13, 2024.

Aug 14, 2024 8-K

Earnings & ResultsExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Financial Results (Jul 16, 2024)

The Progressive Corporation (NYSE: PGR) released its June 2024 monthly results and selected second-quarter 2024 financials on July 16, 2024 (Form 8-K, Item 2.02). Growth remained strong: Q2 2024 net premiums written rose 22% to $17.9 billion and net premiums earned rose 19% to $17.2 billion. Q2 net income was $1.46 billion ($2.48 per share) versus $345 million ($0.57 per share) a year earlier, and the Q2 combined ratio improved 8.5 points to 91.9. Policies in force grew 9% companywide to 32.3 million, led by 10% growth in total personal auto and 12% growth in Direct auto. Year-to-date results through June 2024 were also strong. Net income reached $3.79 billion versus $793 million, and diluted EPS was $6.42 versus $1.32. The year-to-date combined ratio was 89.1, and book value per common share was $39.85 at June 30, 2024. Trailing 12-month return on average common equity was 35.4% on a net income basis and 40.2% on a comprehensive income basis. Shareholders' equity was $23.3 billion, and the debt-to-total-capital ratio was 22.8%. The June month itself was affected by severe weather. Personal Lines loss estimates rose about $115 million (2.5 points) relative to May storms, and Property loss estimates fell a net $12 million. The company also reversed a $95 million reinsurance recoverable, and it noted that it was close to reaching annual retention thresholds under its 2024 catastrophe aggregate excess of loss contracts. Investors should note that June's June-month combined ratio of 86.2 was well below the 104.9 of the prior-year month, but the company explicitly flagged that its October 2023 calendar conversion may distort year-over-year monthly comparisons through September 2024.

Jul 16, 2024 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Jun 14, 2024)

Progressive (PGR) reported May 2024 results in a June 14, 2024 Regulation FD news release. The month was weighed down by severe storms, primarily in Texas and the Midwest, which produced $722.1 million of net catastrophe losses (12.3 loss ratio points). Net premiums written were $5,975.1 million and net premiums earned were $5,857.5 million. Net income was $235.7 million, or $0.40 per diluted share, and the companywide combined ratio was 100.4, compared with 99.0 in the prior-year month. Results were supported by $117.6 million of pretax realized gains on securities, which helped offset the catastrophe-driven underwriting pressure. Policies in force grew 8% year over year to roughly 31.9 million, led by 10% growth in direct auto and 12% growth in Property. Year-to-date net income was $2,987.4 million, and the year-to-date combined ratio was 89.7. The company is also in a transition to a Gregorian monthly closing calendar, which it says may distort monthly year-over-year comparisons from October 2023 through September 2024. Management has therefore limited the content of monthly releases during that period. Balance sheet metrics were solid, with book value per common share of $37.94, a trailing 12-month return on average common equity of 32.3%, and a debt-to-total capital ratio of 23.7%. Unrealized pretax losses on fixed-maturity securities narrowed to $2,555.5 million, an improvement of $518.7 million from April. Investors should weigh the strong growth and capital position against the sensitivity of monthly results to catastrophe activity and the reduced monthly disclosure during the calendar transition.

Jun 14, 2024 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (May 15, 2024)

Progressive Corporation (NYSE: PGR) reported April 2024 monthly results, showing solid underwriting performance alongside a loss in investment-driven net income comprehensive income. April net income was $420.3 million ($0.72 per diluted share), with a strong monthly combined ratio of 89.0 versus 97.9 in the prior-year month. Net premiums written were $6,178.0 million and net premiums earned were $5,575.0 million. Year-to-date net income totals $2,751.7 million, with a year-to-date combined ratio of 86.8. The headline figures are shaped by two offsetting factors. Realized investment losses of $266.1 million for the month, driven largely by unrealized holding losses on equities and fixed-income, reduced April earnings. Comprehensive income was negative at $(193.2) million, as unrealized losses on fixed-maturity securities of $613.5 million flowed through other comprehensive income. Policies in force grew 7% year over year to roughly 31.3 million companywide, with Property growing 11%, indicating continued top-line expansion. Investors should note that the company converted its monthly accounting calendar to a Gregorian basis in October 2023, which distorts year-over-year monthly comparisons through September 2024. April 2023 included 35 days versus 30 in April 2024 and captured the traditionally large May 1 renewal day, so the monthly premium comparison is not directly comparable. The company itself points to policies in force as a better growth gauge for this period. The Property business remains the notable underwriting weak spot, with an April combined ratio of 116.7.

May 15, 2024 8-K

Leadership ChangesShareholder MattersRegulation FD+1

PROGRESSIVE CORP/OH/ 8-K Report, Executive Changes (May 14, 2024)

This 8-K filing from The Progressive Corporation (PGR) details the outcomes of their Annual Meeting of Shareholders held on May 10, 2024. Key developments include shareholder approval of the 2024 Equity Incentive Plan and the ratification of PricewaterhouseCoopers LLP as the independent auditor. All twelve director nominees were elected by shareholders, indicating strong confidence in the current board leadership. Furthermore, the company announced a renewal of its share repurchase authorization for up to 25 million common shares and declared a quarterly dividend of $0.10 per share. While the advisory vote on executive compensation passed, a shareholder proposal on diversity, equity, and inclusion efforts was not approved. These actions reflect ongoing governance practices and capital allocation strategies.

May 14, 2024 8-K

Earnings & ResultsExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Financial Results (Apr 12, 2024)

Progressive Corporation (NYSE: PGR) reported strong results for the month and first quarter ended March 31, 2024, in an 8-K furnishing its monthly earnings release (Exhibit 99). For March 2024, net premiums written rose 18% to $7.75 billion, net income was $893.6 million ($1.52 per diluted share), and the combined ratio was 84.3, compared with 106.2 in the prior-year month. For the first quarter, net income reached $2.33 billion ($3.94 per diluted share), up 421% from $447.9 million, with net premiums written up 18% to $18.96 billion and net premiums earned up 19% to $16.15 billion. The quarterly combined ratio improved to 86.1 from 99.0 a year earlier, a 12.9-point improvement, reflecting lower loss and LAE ratios and a relatively benign catastrophe environment, although March catastrophe losses were concentrated in a single event affecting Texas and the Midwest. Policies in force grew 7% companywide to 30.8 million, led by personal auto (up 7%) and property (up 10%), supporting continued premium growth. Investment results improved, with the total portfolio returning 0.8% year-to-date and common stocks returning 9.9%. Book value per share was $37.24, trailing 12-month return on average common equity was 31.9%, and the debt-to-total-capital ratio was 24.0%. Management noted that the conversion of its monthly accounting calendar to the Gregorian calendar may distort month-over-month and year-over-year comparisons through September 2024, so investors should weigh policies in force and quarterly/year-to-date figures more heavily than single-month premium growth. Investors should note several risks and watch items: unrealized losses on the fixed-maturity portfolio remain large at $(2.3) billion, the company faces ongoing catastrophe exposure and reserve-adjustment variability, and the results are heavily influenced by the strength of underwriting margins that may not persist. The first-quarter earnings call is scheduled for May 7, 2024, and April results are expected on May 15, 2024.

Apr 12, 2024 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Mar 15, 2024)

Progressive reported February 2024 results that show strong profitability and continued policy growth. Net premiums written were $5,720.5 million and net premiums earned were $5,129.1 million. Net income was $737.1 million, or $1.24 per diluted share, and the combined ratio was 86.8%, compared with 95.1% in the prior-year period. Year-to-date net income was $1,437.8 million, with a year-to-date combined ratio of 87.0%. Companywide policies in force reached 30.3 million, up 7% year over year, led by personal auto (up 7%) and property (up 10%). The filing also contains several items investors should weigh. Prior-year reserve development was unfavorable by $57.5 million in February, but year-to-date it was favorable by $19.0 million. Pretax net unrealized losses on fixed-maturity securities widened to $2,490.8 million, which reduced comprehensive income to $264.0 million for the month. Progressive redeemed all Series B preferred shares for $507.8 million, and book value per common share was $35.54. Management also warned that the change to a Gregorian monthly closing calendar, effective October 2023, limits year-over-year comparability of monthly results through September 2024. For that reason, the company did not disclose monthly premium growth for February, and it pointed investors to policies in force as a better growth measure. Overall, the release shows underwriting profitability and policy growth that remain strong. Investors should focus on the sensitivity of book value and comprehensive income to interest rate-driven bond losses, and on the monthly data quality issues created by the calendar conversion.

Mar 15, 2024 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Feb 14, 2024)

Progressive Corporation (NYSE: PGR) reported January 2024 monthly results in an 8-K filed February 14, 2024, furnished under Item 7.01 (Regulation FD) with the news release attached as Exhibit 99. The month showed net premiums written of $5,495.7 million, net premiums earned of $5,386.0 million, and net income of $700.7 million, or $1.18 per diluted share. The GAAP combined ratio was 87.3, compared with 96.0 in the prior-year period, a meaningful underwriting improvement. Policies in force grew 8% companywide year over year to roughly 29.95 million, led by 9% growth in Direct auto and Property, and Commercial Lines grew 4%. The headline figures are supported by a few items investors should weigh. Net income included $16.6 million of pretax realized gains, which were mostly holding-period gains, and the month carried $15.5 million of favorable prior-accident-year reserve development plus $92.0 million of other favorable development. Catastrophe losses from severe U.S. weather affected the month, most visibly in Property, which posted a combined ratio of 107.9. Book value per share was $35.10, and the trailing 12-month return on average common equity was 23.9% on a net income basis. The company also disclosed that it is redeeming its Series B Serial Preferred Shares on February 22, 2024, which would have moved the debt-to-total-capital ratio from 24.7% to 25.1%. The filing also notes that Progressive converted its monthly accounting close to the Gregorian calendar in October 2023. The company said this should not materially affect quarterly or annual underwriting results, but it may distort year-over-year monthly comparisons through September 2024, and it has limited monthly commentary accordingly. Upcoming events include the Q4 investor call on February 27, 2024, the 2023 10-K filing on February 26, 2024, and February results on March 15, 2024.

Feb 14, 2024 8-K

Earnings & ResultsExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Financial Results (Jan 24, 2024)

Progressive's December 2023 release shows a strong close to the year. December net income was $901.2 million, and fourth-quarter net income was $1,987.8 million, up 141% from $826.4 million a year earlier. The quarterly combined ratio improved to 88.7 from 93.9, and the December combined ratio was 83.4, versus 93.3 in the prior-year month. Management attributed the unusually strong December underwriting to a sharp year-over-year drop in personal auto incurred frequency, which it said was the lowest December frequency in at least 20 years. Management cited underwriting actions, a shift toward preferred customers, mild weather, and the change in its monthly closing calendar as contributing factors. Because the calendar change may distort monthly year-over-year comparisons through September 2024, investors should focus on quarterly and annual results. For the full year 2023, net premiums written rose 20% to $61.55 billion and net premiums earned rose 19% to $58.66 billion. Net income was $3.90 billion, compared with $721.5 million in 2022, and diluted earnings per share were $6.58, compared with $1.18. The full-year combined ratio was 94.9. Policies in force grew 9% to 29.7 million, led by personal auto. Book value per common share was $33.80, the trailing 12-month return on average common equity was 22.9%, and the debt-to-total-capital ratio was 25.4%. Full-year prior accident year reserve development was unfavorable by about $1.09 billion, which is a meaningful caveat to the headline profit improvement. The filing also discloses a January 2024 decision to redeem all Series B Fixed-to-Floating Rate Cumulative Perpetual Serial Preferred Shares for about $500 million plus accrued dividends, with a redemption date of February 22, 2024. Upcoming catalysts include the January results release on February 14, 2024, the 2023 Form 10-K on February 26, and a fourth-quarter investor call on February 27, 2024 focused on the company's Destination Era strategy.

Jan 24, 2024 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Dec 15, 2023)

Progressive reported November 2023 results with net income of $680.6 million, or $1.15 per diluted share, and a combined ratio of 91.1, improved from 92.2 a year earlier. Net premiums written rose to $4.73 billion and net premiums earned reached $5.08 billion. Year-to-date through November, net income was $3.00 billion ($5.05 per diluted share) on a 96.0 combined ratio. Policies in force grew 8% year over year to 29.6 million, with Personal Lines up 9% and Commercial Lines up 5%. Investment performance was strong: the total portfolio returned 2.3% in November and 4.2% year to date, and common stocks returned 20.9% year to date. Book value per share was $31.69, and trailing 12-month return on average common equity was 18.0% on a net income basis (20.3% on a comprehensive income basis). The release also flags a reporting change. In October 2023 Progressive moved its monthly accounting close to the Gregorian calendar, which may distort year-over-year monthly comparisons from October 2023 through September 2024. The company said the change should not materially affect quarterly or annual underwriting results. It has therefore limited monthly commentary, and the November release contains no additional narrative. Investors should weigh monthly figures with that caveat in mind. The main watch item is Commercial Lines, where the November combined ratio was 108.6. Management attributed the unfavorable actuarial adjustment mainly to its transportation network company (TNC) business, citing higher frequency and severity of late-reported claims and more large-loss activity. Year-to-date prior-accident-year development was unfavorable by $1.14 billion, with the actuarial adjustment accounting for $449 million of that. Offsetting this, Property was strong, with a 49.2 loss/LAE ratio in November. Balance sheet metrics were stable: debt-to-total-capital was 26.6%, the fixed-income duration was 3.0 years, and the credit quality was AA-. Net unrealized pretax losses on fixed-maturity securities narrowed to $3.07 billion, improving $1.06 billion from October. The next monthly release, covering December, is scheduled for January 24, 2024.

Dec 15, 2023 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Nov 17, 2023)

The Progressive Corporation (NYSE: PGR) reported its October 2023 monthly results on November 17, 2023, showing net income of $406.0 million, or $0.68 per diluted share, and a combined ratio of 91.7 versus 95.9 a year earlier. Net premiums written reached $5,528.8 million and net premiums earned were $5,383.2 million. Policies in force grew 9% companywide year over year to roughly 29.6 million, led by 10% growth in personal auto. Results were partly offset by $87.1 million in pretax realized losses on securities, including a $62.1 million loss on hybrid securities, and by severe weather catastrophe losses in the month. Year-to-date through October, net income totaled $2,320.6 million ($3.90 diluted EPS), with a companywide calendar-year combined ratio of 96.6. Favorable prior accident year reserve development of $1,116.2 million was a notable driver, though it was partly offset by a $361.7 million actuarial reserve adjustment; the filing shows the year-to-date actuarial adjustment as a reserve decrease. Book value per share was $29.18, the trailing 12-month return on average common equity was 16.8%, and the debt-to-total capital ratio was 28.2%. The release also discloses a change in Progressive's monthly accounting close, which now follows the Gregorian calendar instead of a 52-week, 5-4-4 structure. Management states this should not materially affect quarterly or annual underwriting results, but it may distort year-over-year monthly comparisons from October 2023 through September 2024, and the company has accordingly limited the monthly release content for that period. Investors should compare future monthly figures with that caveat in mind. The next monthly release is scheduled for December 15, 2023.

Nov 17, 2023 8-K

Earnings & ResultsRegulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Financial Results (Oct 13, 2023)

The Progressive Corporation (PGR) reported September 2023 and third-quarter 2023 results on October 13, 2023, showing strong top-line growth and a sharp swing back to profitability versus the prior year. Net premiums written rose 22% in September to $4.90 billion and 20% for the quarter to $15.59 billion; policies in force grew 10% companywide to 29.6 million. Net income for September was $369.3 million, compared with a $684.4 million loss a year earlier, and the quarterly combined ratio improved to 89.7 for the month and 92.4 for the quarter-to-date period shown in the table, versus 116.2 and 99.2 a year ago. Year-to-date net income reached $1.91 billion (diluted EPS $3.21) versus a $104.9 million loss in 2022, and the year-to-date combined ratio was 97.2, versus 2022's elevated levels. The balance sheet remained solid, with shareholders' equity of $17.4 billion and book value per common share of $28.89. However, unrealized losses on fixed-maturity securities widened to $3.84 billion, reflecting higher interest rates, and the total portfolio returned -0.8% in September. Equity securities also declined 4.7% in the month. The company's debt-to-total capital ratio stood at 28.4%, and the trailing 12-month return on average common equity was 16.8% on a net income basis. The filing also announced a Series B Preferred Share dividend of $20.753157 per share (about $10.4 million in aggregate), payable December 15, 2023, to holders of record on December 1, 2023. Management noted that Q3 results will be discussed on a November 1 earnings call, the Form 10-Q is planned for October 31, and October results are scheduled for November 17, 2023.

Oct 13, 2023 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Sep 15, 2023)

The Progressive Corporation (NYSE: PGR) reported its August 2023 and year-to-date results in a Regulation FD news release furnished under Item 7.01 of this 8-K, filed September 15, 2023. The month was profitable but showed some pressure: net premiums written rose 16% to $4,743.8 million, net premiums earned rose 20% to $4,599.2 million, and net income grew 23% to $147.6 million ($0.25 per share). The combined ratio deteriorated 3.6 points year over year to 97.2, driven by a higher loss and LAE ratio and an unfavorable calendar-year actuarial adjustment of $113.7 million (mainly Florida injury severity in Personal Lines and transportation network company large-loss activity in Commercial Lines), partly offset by favorable prior-accident-year development in other areas. Hurricane Idalia and other severe weather contributed to catastrophe losses, and pretax realized losses of $80.6 million further weighed on the month. On a year-to-date basis, the picture is strong. Net income reached $1,545.3 million, up 167% from $579.5 million, and diluted EPS was $2.59 versus $0.96. Net premiums written grew 20% to $41.5 billion and policies in force grew 11% companywide to 29.6 million. The year-to-date combined ratio of 98.1 is above a profitable-underwriting level but reflects a much better result than 2022, which was burdened by large investment losses and a goodwill impairment. Investment income rose 64% to $1,207.4 million, and the total portfolio returned 2.9% year to date. Book value per share was $28.93, and the debt-to-total-capital ratio was 28.3%. Management provided no additional commentary, and the release notes that September results will be published on October 13, 2023. The key investor takeaways are robust premium growth and strong earnings, balanced against a rising combined ratio, adverse injury-severity trends in Florida, and the ongoing sensitivity of reserves and catastrophe losses to weather and actuarial reviews.

Sep 15, 2023 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Aug 16, 2023)

The Progressive Corporation (NYSE: PGR) released its July 2023 monthly results on August 16, 2023, furnished under Item 7.01 (Regulation FD) as Exhibit 99. The headline is strong top-line momentum: net premiums written rose 21% to $5,950.5 million and net premiums earned rose 20% to $5,645.8 million, while policies in force grew 11% companywide to 29.6 million. Management cautioned that the written premium growth rate was inflated by about 3 points of favorable fiscal calendar timing (July 1 fell in fiscal July 2023 versus fiscal June 2022), so policy-in-force growth or quarterly figures may be a cleaner read on underlying demand. Profitability was softer. Net income fell 12% year over year to $604.4 million ($1.02 diluted EPS, down 13%), largely because realized investment gains dropped 71% to $90.7 million. The July combined ratio was 90.6, up 0.8 points from 89.8, with catastrophe losses from severe U.S. weather weighing on the Property segment, whose combined ratio was 84.9 in July. Year-to-date results are much stronger: net income of $1,397.7 million was up 204%, and the YTD combined ratio of 98.2 reflects a return to a more normal underwriting margin after the 2022 period. Note that YTD results include $1,082 million of favorable prior-accident-year development, which contributes to the calendar-year result. Balance sheet metrics were stable. Book value per common share was $28.82, the trailing 12-month return on average common equity was 10.3% on a net income basis (5.0% on a comprehensive income basis), the debt-to-total-capital ratio was 28.4%, and the company repurchased 0.21 million shares in July at an average cost of $123.14. Unrealized pretax losses on fixed-maturity securities were $3.3 billion, though this was an improvement from December 2022. Progressive plans to release August results on September 15, 2023.

Aug 16, 2023 8-K

Regulation FDExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Regulation FD Disclosure (Aug 9, 2023)

Progressive Corporation (PGR) filed an 8-K on August 8, 2023, disclosing two key corporate actions initiated by its Board of Directors on August 3, 2023. The primary information relevant to investors concerns the declaration of the company's quarterly common share dividend and a dividend on its Series B Preferred Shares. These disclosures provide clarity on the distribution of profits to shareholders and preferred stockholders.

Aug 9, 2023 8-K/A

Shareholder MattersExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K/A Report, Shareholder Vote Results (Aug 9, 2023)

This 8-K filing from Progressive Corp/OH/ (PGR) primarily serves as an amendment to a previous filing and addresses two key areas: the outcome of a shareholder vote on executive compensation frequency and a disclosure regarding exhibits. The most significant information for investors is the confirmation that shareholders voted in favor of holding "Say on Pay" advisory votes on an annual basis. The Board of Directors has accepted this outcome and will implement annual "Say on Pay" votes until the next shareholder vote on frequency occurs. This indicates a responsiveness by the company to shareholder sentiment regarding executive compensation oversight. Additionally, the filing briefly mentions that there are exhibits associated with this report. While the specific content of these exhibits is not detailed in the provided excerpt, in a full 8-K filing, these would typically include financial statements, material contracts, or other important documents that may provide further context or detail on the company's operations and governance. Investors should refer to the full filing for access to these exhibits if they require more comprehensive information.

Aug 9, 2023 8-K

Earnings & ResultsExhibits & Filings

PROGRESSIVE CORP/OH/ 8-K Report, Financial Results (Jul 13, 2023)

The Progressive Corporation (PGR) reported its June 2023 and second-quarter 2023 results in a news release furnished under Item 2.02 of this 8-K, filed July 13, 2023. For the quarter, net premiums written rose 18% to $14.7 billion and net premiums earned rose 19% to $14.5 billion. Net income was $345.4 million, or $0.57 per share, compared with a net loss in the year-earlier quarter. The quarterly combined ratio deteriorated to 100.4 from 95.6 a year earlier, a 4.8-point increase, indicating underwriting profitability declined even as premium volume grew strongly. Companywide policies in force grew 12% year over year to roughly 29.6 million. June was weaker than the quarter as a whole. The month's combined ratio was 104.9, an underwriting loss, driven by $137.8 million of unfavorable prior accident year reserve development (3.1 points on the loss/LAE ratio), mainly in personal auto property damage coverages, plus severe weather catastrophe losses. June net income was $40.9 million, or $0.06 per share, versus a $436.7 million loss a year earlier, which was depressed by realized losses on securities. Book value per common share was $27.71 at June 30, 2023, and total shareholders' equity was $16.7 billion. Year-to-date net income of $793.3 million reversed a $229.0 million loss in 2022. Management flagged a planned change to its accounting calendar, aligning it with the Gregorian calendar in the fourth quarter of 2023, which will distort monthly written premium comparisons. The company also scheduled its second-quarter investor call for August 2, 2023, and plans to release July results on August 16, 2023. Investors should watch whether reserve development and the rising combined ratio reflect a persistent pricing or loss-cost issue, or a temporary one.

Jul 13, 2023

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