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

Reports
Earnings & Results·Leadership Changes·Exhibits & Filings
Filing Date
Filed January 28, 2026
Period End
January 26, 2026
Security
PGR
In the 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. Leadership change8-K · Mar ’23Mar ’23
  3. Leadership change8-K · Mar ’25Mar ’25

01—Abstract

Summary

Summary of the 8-K filed January 28, 2026. Cited figures are marked; the original filing is the authoritative source.

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 billiona 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 billionb 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%c on fixed income and 16.8% on common stocks, with a total portfolio return of 7.3%.

Book value per share was $51.74d 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.

02—Key points

Key Highlights

  1. Full-year 2025 net income rose 33% to $11.3 billion, with diluted EPS of $19.23 versus $14.40 in 2024.
  2. Full-year net premiums written grew 12% to $83.2 billion and net premiums earned grew 15% to $81.7 billion, driven by strong Personal Lines growth.
  3. Companywide full-year combined ratio was 87.4, with Personal Lines Vehicles Agency at 85.4 and Direct at 90.1.
  4. Policies in force reached 38.6 million at year-end, up 10%, with Direct auto up 14% and Agency auto up 10%.
  5. December 2025 net income was $1.15 billion, with a monthly combined ratio of 87.1 and $168 million of pretax realized gains.
  6. CFO John Sauerland will retire July 3, 2026; Chief Strategy Officer Andrew Quigg is expected to succeed him as CFO.
  7. Book value per share was $51.74 and shareholders' equity was $30.3 billion at December 31, 2025; debt-to-total capital was 18.5%.

03—Questions

Frequently Asked Questions

  1. Why is Progressive's CFO leaving, and who replaces him?

    John Sauerland, who has been with Progressive for 35 years including the last 10 as CFO, plans to retire on July 3, 2026. Andrew Quigg, currently Chief Strategy Officer, is expected to succeed him as CFO and will work with Sauerland until the handover. The company did not disclose the reasons for the retirement.

  2. How strong was Progressive's 2025 profitability?

    Full-year 2025 net income was $11.3 billion, up from $8.5 billion in 2024, and diluted EPS was $19.23 versus $14.40. The companywide combined ratio was 87.4 for the year, indicating underwriting profit, though the year included $1.2 billion of policyholder credit expense that was not present in 2024.

  3. Is Progressive's growth coming from both auto and other lines?

    Growth was concentrated in personal auto. Direct auto policies in force rose 14% and Agency auto rose 10%, while property policies grew 4% and commercial lines grew 4%. Full-year net premiums written grew 12% overall, with Personal Lines up 14% and Commercial Lines down 3%.

  4. How did Progressive's investment portfolio perform?

    The total portfolio returned 7.3% in 2025 on a fully taxable equivalent basis, versus 4.6% in 2024. Fixed-income returned 7.0% and common stocks returned 16.8%, down from 22.9% in 2024. The fixed-income book yield rose to 4.1% for the year, and the portfolio has a weighted average credit quality of AA-.

  5. What events should investors watch next?

    Progressive plans to release January results on February 18, 2026, file its 2025 10-K and Shareholders' Report on March 2, 2026, and hold its fourth-quarter investor call on March 3, 2026 with CEO Tricia Griffith and CFO John Sauerland. The CFO transition itself occurs on July 3, 2026.

04—Continue

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