Progressive Corporation (PGR)

The Progressive Corporation reported third-quarter 2026 net income of $2,542 million, down 3 percent from a year earlier, on a combined ratio of 88.7 1. Its companywide underwriting profit margin was 11.3 percent, above its 4 percent goal 2.

Net premiums written, the premiums on policies sold in the period, grew 4 percent to $22.3 billion, and policies in force rose 6 percent to 40.5 million 21. The CEO's quarterly letter calls the market "extremely competitive" and says growth came "at a more moderate pace than in prior periods" 3.

Progressive says average premium per personal auto policy fell 2 percent, mainly because of rate decreases over the previous 12 months, while the typical length of time a new auto customer stays fell 9 percent 2.

Advertising expense was $1.6 billion in the quarter, 18 percent more than a year earlier 2. It also repurchased 7.7 million shares for $1.6 billion in nine months, after paying a $13.60 per share dividend in January 2.

Andrew Quigg took over as chief financial officer from John Sauerland in July 2026, and the personal lines president has said he will retire in January 2027 87.

The next dated event is the October monthly results release, planned for 18 November 2026 1.

Progressive says it was founded in 1937 1. The company describes its history as one of shopping tools and services that save customers time and money, such as Name Your Price and Snapshot 1.

By April 2015 it described itself as the fourth largest auto insurer in the country, the largest seller of motorcycle insurance and a leader in commercial auto 9. It sold home insurance only through select carriers 9.

The first turning point was the purchase of a controlling interest in ARX Holding Corp., completed on 1 April 2015 9. ARX is the parent of American Strategic Insurance, then one of the twenty largest homeowners carriers in the country 9. It gave Progressive its own home insurance business, which still appears as the ASI companies in the subsidiary list 5.

On 3 June 2021 trade press reported that Progressive had completed the purchase of Protective Insurance Corporation, which covers trucking fleets, for about $338 million in cash, or $23.30 per Protective share 10.

Protective is now a named subsidiary 5. Progressive reports it has ranked first in US commercial auto since 2015 4.

The CEO called 2024 the most successful year in the history of Progressive, and in 2025 net premiums written still grew 12 percent, policies in force 10 percent and the combined ratio ended at 87.4 6. Over five years the company added nearly 13.9 million policies in force 6.

In 2025 Personal Lines premiums written reached $72.6 billion, up 14 percent and driven mainly by personal auto 6. Commercial Lines ended the year with 1.2 million policies in force, up 4 percent, at an 87.0 combined ratio 6.

After Florida passed insurance reforms in 2023, Progressive saw lower accident claim costs in the state, and in 2025 it accrued $1.2 billion in policyholder credits under a Florida excess profit law 6.

On 20 October 2025 Insurance Journal reported a $950 million policyholder credit expense for the quarter, and the 10-Q says $1.2 billion of credits were paid in the first quarter of 2026 112.

On 20 October 2025 Insurance Journal reported net premiums written growth of 9.9 percent for the quarter 11. In the third quarter of 2026 growth was 4 percent 2.

In 2025 the company's "Blueprint for the Future" reduced its footprint in weather-prone areas, and by late 2025 it began reopening some markets 62. Property fell from 6 percent of Personal Lines premiums in 2023 to 4 percent in 2025 4.

Personal auto

Personal Lines, which covers personal auto, special lines and home insurance, was 87 percent of 2025 net premiums written, and auto was 95 percent of its vehicle premiums 4.

On 30 September 2026, Progressive had 11,347 thousand agency auto and 16,848 thousand direct auto policies in force, up 7 and 8 percent 1. Progressive ranked second in US private passenger auto by 2024 premiums, among about 230 competitors 4.

The company reports a personal vehicle combined ratio of 88.7 for the third quarter, and says its latest rating model, 9.0, was in 21 states covering 55 percent of personal auto policies 3.

Snapshot, its usage-based program, prices a policy partly on a customer's own driving; it is offered in all states except California, and about half of new direct customers chose it 24.

Motorcycles, boats and RVs

Progressive believes it leads the motorcycle and boat markets and is one of the largest RV insurers 4. It reports 7,390 thousand special lines policies, up 6 percent 1.

Home and renters

Personal property covers homeowners, renters, manufactured homes, umbrella and flood policies 4. Progressive was the twelfth largest US homeowners carrier by 2024 premiums, among about 360 competitors 4.

Property policies in force were 3,652 thousand, flat on the year 1. Its third-quarter combined ratio was 72.8, and new homeowners applications rose 22 percent 3.

Commercial Lines

Commercial Lines, which sells commercial auto, small-business and trucking workers' compensation cover, was 13 percent of 2025 premiums written, and it has ranked first in US commercial auto since 2015 4.

Third-quarter premiums rose 9 percent at a 92.6 combined ratio, and policies in force reached 1,252 thousand 31. Progressive insures Uber subsidiaries' ride-hailing business in 14 states, 14 percent of Commercial Lines premiums in 2025 4.

Claims and the people in charge

Progressive's own employees handle nearly all vehicle claims, backed by about 4,700 outside repair shops, and its home claims staff was about 1,270 at the end of 2025 4. The CEO says dedicated property claims staff has grown more than fivefold since the end of 2017 3.

Susan Patricia Griffith, 61, is president and chief executive 4. Personal Lines president Patrick Callahan plans to retire in January 2027, and Lori Niederst was to be promoted to a new Chief Personal Lines Officer role on 4 July 2026 7.

Plants and places

Progressive owned 38 buildings with about 3.3 million square feet at the end of 2025, and leased about 1.9 million more 4. Significant sites are Mayfield Village, Ohio (its headquarters), Colorado Springs and St. Petersburg, Florida 4.

Rivals and problems

Allstate is one named personal lines rival that reports policy counts 11. The 10-Q says personal auto rates were flat in the quarter, and shopping raised competition 2.

Class actions are certified in several states over how total losses are valued, in Colorado, North Carolina and Ohio, and over injury protection claims in Arkansas and Texas 2.

The umbrella, in words

Progressive's brands are Progressive Insurance, Snapshot, Name Your Price, HomeQuote Explorer for home quotes and BusinessQuote Explorer for small-business quotes 14.

Exhibit 21 lists dozens of subsidiaries, including Progressive Casualty Insurance Company, ARX Holding Corp. with American Strategic Insurance, Protective Insurance Corporation, Progressive Direct Holdings and Progressive Capital Management Corp. 5.

A consolidated non-insurance subsidiary of the holding company owned $5.8 billion of investments on 30 September 2026, available to fund corporate obligations and the insurers 2.

The company had 1,557 shareholders of record on 31 January 2026, and Vanguard's amended Schedule 13G dated 13 March 2026 reports a January 2026 internal realignment of its holdings 412.

The next dated step is October monthly results, which Progressive plans to release on 18 November 2026 before the market opens 1.

The company's stated goal is to "grow as fast as we can and make at least four cents of underwriting profit" on each premium dollar, in a hard or soft insurance cycle 3. The CEO says it will push for growth in the fourth quarter while meeting its underwriting goals 3.

The company expects to elevate its 8.4 commercial auto model in five more states in the fourth quarter, reaching seven states and 15 percent of core premiums 3.

In personal auto, its 9.1 model is in execution planning, and the 10-K says the first state is expected to move to it in early 2027 4.

The CEO says the company will spend on media to spur growth as long as that spend remains efficient 3. Its business owners' policy for small firms launched in California in the third quarter, bringing it to 47 states 3.

Progressive also says a purpose-built property claims training facility in Arizona is about to open 3.

On leadership, Patrick Callahan intends to retire as Personal Lines president in January 2027, and the company said he would then advise the executive team, on terms still under discussion 7.

On money, the 10-Q names $500 million of 2.45% senior notes maturing in January 2027 and $500 million of 2.50% notes in March 2027, and says it expects capital to cover them 2.

Dividends follow a stated pattern: a $0.10 quarterly dividend and a variable dividend considered at least once a year, set by the board 42. The latest variable dividend was $13.50 per share, declared in December 2025 2.

The company also renewed reinsurance for the 2026 hurricane season, $175 million of named-storm cover through 31 December 2026 4.

Past

Progressive Corporation's revenue grew from $23 billion in fiscal 2016 to $88 billion in fiscal 2025, up 15.8% a year over ten filed years, rising in 9 of 9 years and never falling from a peak; net income was positive in 10 of 10 of those years. Net income moved from $2.62 billion in 2018 to $11.31 billion in 2025, though it dipped to $0.72 billion in 2022. Net worth has moved about 16% a year up since fiscal 2016, when it was $7.96 billion. 123

Over the 3 fiscal years to 2025, Progressive's diluted share count grew about 0.1% a year, and dividends and buybacks returned about 9% of its operating cash flow; its officers and directors filed 26 sales (22 under scheduled 10b5-1 plans) and 0 purchases of their own stock on the open market in the year to 2026-10-13. Dividends declared per share rose from $0.6808 in fiscal 2016 to $13.9 in fiscal 2025. 14

Present

The annual report for the fiscal year ended 2025-12-31 filed on 2026-03-02 holds the company's full account. For fiscal 2025, Progressive reported revenue of $88 billion and a profit of $11 billion. 56

Return on equity was about 37 cents of profit for every dollar of shareholders' money; leverage was about 75 cents owed per dollar of assets; and net share issuance grew 0.1% over the year. Progressive's revenue of $88 billion in fiscal 2025 ranks in the top 4% by size among its 60-name family; its net margin of 12.9% ranks in the top 44%; revenue growth of 20.9% a year over the last 3 filed years ranks in the top 31%. 1

The chief executive is Griffith, Susan Patricia (President and CEO), filing under that title since 2016-07-06, 10.3 years; the 25 officers and directors filing in the last fifteen months have been on the record a median of 9.2 years; 7 officer or director changes were reported on Form 8-K since 2023-10-21, against the 25 people in charge now. 1

Future

Progressive's quarterly report for the quarter ending 2026-09-30 is due by 2026-11-09. Its annual report for the fiscal year ending 2026-12-31 is due by 2027-03-01. 5

Revenue grew 20.9% a year over the last three filed years against 15.8% over all ten, speeding up; the newest year grew 16.3%; capital spending grew 6% a year. Cash of $138 million against debt of $6.9 billion leaves negative 5.5% of its assets as net cash; cash from operations less capital spending is 19.6% of revenue. 1

How the company operates

Progressive Corporation operates in the Fire, Marine & Casualty Insurance sector (SIC 6331). Progressive tags no split of its revenue by line of business in the annual report on file, so growth by line cannot be read. 61

New moves

On 2026-10-14, Progressive filed a Form 8-K reporting results released (item 2.02). On 2026-03-25, Progressive filed a 424B5 shelf offering, reporting securities sold off a shelf. On 2026-03-23, Progressive filed another 424B5 shelf offering. On 2026-06-17, Progressive filed an 8-K reporting an officer or director change (item 5.02) and investor disclosure under Regulation FD (item 7.01). 5

On 2026-10-14, the SEC EDGAR filings show Progressive filed a Form 8-K. 7