⚡What does Progressive do, in 30 seconds?
Progressive is a US insurer that sells car, home and small-business insurance 2. It took in $87.7bn ✓ of revenue in FY2025. Insurance premiums made up 93% ✓ of that revenue.
📱What does Progressive sell?
Progressive sells insurance, and almost all of its revenue is premiums. In FY2025, premiums were 93% ✓ of revenue. The rest is investment income and other revenue.
Insurance premiums
Progressive reports two segments: Personal Lines and Commercial Lines 1. Personal Lines wrote 87% of net premiums written in 2025, and Commercial Lines wrote 13% 1. Net premiums written were $83.174 billion in 2025 1. Agency personal vehicles wrote $29.825 billion of that and direct personal vehicles $39.631 billion 1. Personal property wrote $3.102 billion and Commercial Lines $10.613 billion 1. In the agency channel, independent agents place policies within its guidelines but cannot set rates or settle claims 2. The direct channel sells online and by phone 2. Personal property covers homes and renters, plus umbrella and flood cover 2. Commercial Lines insures business cars and trucks and offers liability and property policies mainly for small businesses 2. Premiums counted as revenue, called premiums earned, came to $81.7bn ✓ in FY2025. That differs from the premiums written, because a premium counts as revenue only as the policy runs.
👥 Drivers, homeowners and renters, owners of motorcycles, boats and RVs, and small businesses across the US 2. Ride-share drivers for Uber subsidiaries in 14 states were also covered at the end of 2025 2.
Investment income and other
In FY2025, revenue outside the premium figure was worth $6.0bn ✓. The money map does not split this amount further. Progressive's recurring investment income earned a pretax book yield of 4.1% in 2025, from a portfolio it calls relatively conservative 5. It held $99.197 billion of investments at 30 September 2026 6. It also earns service revenues as an agent for other insurers' products, such as pet health and life insurance 2.
👥 Investment income comes from its own investments, which included $92.247 billion of fixed-maturity securities at 30 September 2026 6. Service revenues come from customers referred to other insurers 2.
How the mix has shifted
💸How does Progressive make money?
Follow the money from left to rightfrom top to bottom: what comes in, what it costs to run, what is lost on insurance claims, and what is left as profit.
Progressive took in $87.7bn ✓ of revenue in FY2025. Claims and benefits cost $54.0bn ✓. All other costs came to $19.5bn ✓. That left a pretax profit of $14.2bn ✓.
After tax of $2.9bn ✓, net income was $11.3bn ✓. Put simply, out of every hundred dollars of revenue, about $62 ✓ went on claims and $22 ✓ on other costs. Tax took $3 ✓, so Progressive kept $13 ✓ as profit.
Out of every $100 of revenue in FY2025…
⏱️ Progressive by the clock
Spread the FY2025 totals evenly over its 365 days and you get this. Source: PROGRESSIVE CORP/OH/ 10-K [4].
📈How is Progressive doing?
Progressive has grown fast, and profit has bounced back after a weak FY2022. From FY2015 to FY2025, revenue grew 15.4% ✓ a year, from $20.9bn ✓ to $87.7bn ✓. Revenue rose in all 10 ✓ of those 10 ✓ years.
Profit has been bumpier. The pretax margin fell to 1.9% ✓ in FY2022, and net income was only $0.7bn ✓. By FY2025, the pretax margin was 16.2% ✓ and net income was $11.3bn ✓. The combined ratio improved from 94.9 in 2023 to 88.8 in 2024 and 87.4 in 2025 18.
The latest four quarters, to 30 June 2026, brought revenue of $91.1bn ✓, up 10.5% ✓ on the four quarters before. In the third quarter of 2026, net premiums written rose 4% to $22.301 billion 6. The combined ratio was 88.7, compared with 89.5 a year earlier 6. Net income for that quarter was $2.542 billion, down 3% from a year earlier 6. Progressive had 40.489 million policies in force at 30 September 2026, up 6% from a year earlier 21.
📝 The report card
Progressive earns top marks for growth, profit and its balance sheet, and a good mark for steadiness. Cash generation is not graded ✓ for insurers. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Progressive (orange) and its 4 peers land; further right is better.
Growth
Progressive's revenue grew 20.9% ✓ a year over its last three fiscal years, which earns an A ✓. That is the fastest of the five companies and far above the 9.7% ✓ peer median. Chubb came next, at 11.3% ✓, a B ✓.
Why this measure? (higher is better)
Growing revenue is the engine of a business. For a bank, revenue is what it earns after paying interest to savers and lenders; for an insurer, it is mostly premiums. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
For insurers, we grade profit against the owners' money rather than revenue. Over the last three years combined, Progressive earned 31.1% ✓ on its shareholders' equity, which earns an A ✓. That is about twice the 15.6% ✓ peer median. Allstate came next, at 21.1% ✓, also an A ✓.
Why this measure? (higher is better)
Banks and insurers work with other people's money, so profit margins on revenue say little. Return on equity shows how much profit they make on the owners' money; above 15% is excellent for a big bank or insurer.
Cash generation
Not graded for banks and insurers: their cash flow mostly moves customers' money (deposits, loans, premiums), so it says little about the business.
Cash generation is not graded ✓ for Progressive or its peers. For insurers, cash flow mostly moves customers' money, such as premiums paid before claims, so it says little about the business ✓. Even so, Progressive brought in $17.5bn ✓ of operating cash flow in FY2025.
Balance sheet
For insurers, we grade the balance sheet on shareholders' equity as a share of everything the company owns. At the end of FY2025, Progressive's figure was 24.6% ✓, an A ✓. That is a little below the 26.3% ✓ peer median. Berkshire's 58.7% ✓ is the highest, also an A ✓.
Why this measure? (higher is better)
Owners' equity is the cushion that absorbs losses before customers' money is at risk. The thicker the cushion compared with everything the company owns, the safer it is.
Steadiness
Progressive's yearly revenue growth swings by 6.5% ✓ (a standard deviation), which earns a B ✓. Travelers is steadier at 3.7% ✓, an A ✓. Progressive's growth ranged from 4.0% ✓ in FY2022 to 25.2% ✓ in FY2023.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean revenue depends on interest rates, markets or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Banks and insurers are graded differently. They lend or invest customers' money, so profitability uses return on equity, the balance sheet uses the owners' share of total assets, and cash generation is not graded. They are compared only with other banks and insurers.
- Peers for context. The rank shows how Progressive compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
11 years at a glance
Where the cash goes
Progressive returns cash to its owners mostly through dividends. It paid $2.9bn ✓ in dividends in FY2025. It returned $13.3bn ✓ through dividends and buybacks from FY2015 to FY2025. Its policy is to pay a regular quarterly dividend, $0.10 per share in 2025, and to consider an extra variable dividend at least once a year 29. In December 2025 it declared a variable dividend of $13.50 per share, up from $4.50 a year earlier 29.
🧮Ratios 101: what are Progressive's key financial ratios?
Ratios shrink Progressive's big numbers into easy comparisons, and they show how hard the owners' money works. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Progressive's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each dollar of revenue is kept?
Net margin
The bottom line: profit after interest and taxes, per dollar of revenue.
👉 Progressive kept 12.9% ✓ of FY2025 revenue as final profit, up from 6.1% ✓ in FY2015 but below the 16.3% ✓ peer median.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE was 37.3% ✓ in FY2025, more than twice the 16.5% ✓ peer median and up from 17.4% ✓ in FY2015. The bottom of the sum, shareholders' equity, was $30.3bn ✓.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA was 9.2% ✓, up from 4.3% ✓ in FY2015 and well above the 4.9% ✓ peer median, on total assets of $123.0bn ✓.
📏 Rule of thumb: For big banks, about 1% on assets is usual and above 1.2% is strong; insurers are not judged on that scale.
💵 Cash and owners: where does the money end up?
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay was just 0.2% ✓ of revenue in FY2025, the same as in FY2023 and below the 0.4% ✓ peer median (only two peers report it).
📏 Rule of thumb: Banks and insurers pay part of their staff in shares, so a few percent of revenue is normal.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 Progressive paid out 25.4% ✓ of FY2025 profit, below the 36.2% ✓ peer median and down from 48.3% ✓ in FY2015.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Progressive's competitors?
We compare Progressive with four other US insurers. Allstate and Berkshire's GEICO sell car insurance against Progressive 1213 1415. Travelers sells car and home insurance through independent agents, as Progressive does 117. Chubb also insures US homes and cars, but its North America personal lines serve affluent and high-net-worth families 116.
| Company | Where they compete | Revenue | Growth/yr (3y) | Pretax margin | Return on equity (3y) |
|---|---|---|---|---|---|
| Progressive (PGR, FY2025) | Second in US private car insurance by 2024 premiums written 11; also home and business insurance 2 | $87.7bn | 20.9% | 16.2% | 31.1% |
| Allstate (ALL, FY2025) | Car and home insurance across the US; third largest US personal property and casualty insurer by 2024 premiums 1213 | $67.7bn | 9.6% | 19.4% | 21.1% |
| Berkshire Hathaway (BRK.B, FY2025) | GEICO sells private car insurance across the US; third in that market by 2024 premiums written 1415 | $371.4bn | 7.1% | 22.2% | 13.1% |
| Chubb (CB, FY2025) | US home and car insurance for affluent and high-net-worth families, through its North America personal lines 116 | $59.4bn | 11.3% | 22.0% | 14.5% |
| Travelers (TRV, FY2025) | US car and home insurance sold through independent agents 117 | $48.8bn | 9.8% | 16.0% | 16.7% |
The US private car insurance market has about 230 competitors 11. GEICO's rivals also include State Farm and USAA 14. Progressive says other companies, possibly including vehicle makers and insurtech firms, have entered its markets and may keep doing so 25.
🧭Progressive SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- Progressive's combined ratio was 87.4 in 2025, 88.8 in 2024 and 94.9 in 2023, each better than its goal of 96 or better 18.
- It ranked second in US private car insurance by 2024 premiums written 11. It has ranked first in US commercial auto insurance since 2015, and believes it still did in 2025 11.
- Over the last three years combined, it earned 31.1% ✓ on shareholders' equity, an A ✓.
- Policies in force reached 38.619 million at 31 December 2025, up 10% in a year 18.
🩹 Weaknesses
- Progressive says rating services let consumers easily compare insurance prices among rivals 20.
- Its main retention measure for personal auto fell 7% in 2025, which it mainly links to more shopping and competition and a shift in business mix 18.
- Texas and Florida each supplied about 12% of its 2025 net premiums written 23.
- Commercial Lines net premiums written fell 3% in 2025, mainly because some ride-share policies were not renewed 1.
🚀 Opportunities
- Progressive says customers who bundle car and home insurance tend to stay longer and generally have lower claims costs 11.
- It had nearly 6,000 Platinum agents at the end of 2025, who sell its car and home insurance together 2.
- Its new personal auto product model 9.0 was in 10 states, with about 25% of personal auto net premiums written, by 31 December 2025 2.
- In the second quarter of 2026, direct personal auto quote volume fell 7%, but the share of quotes turned into new policies rose 9% 24.
⚠️ Threats
- Progressive lists tariffs, repair and parts costs, used car prices and building costs among unexpected changes that could raise claims costs 25.
- It warns that safety technology and self-driving cars could make its insurance harder to price accurately 25.
- It recorded $1.2 billion of expense in 2025 for Florida policyholder credits, because its Florida personal auto profit for 2023-2025 passed a state limit 124.
- Its 2025-2026 property catastrophe reinsurance left it to cover the first $200 million of losses from an event outside Florida 2.
🏰Does Progressive have a moat?
Why 2?
Progressive says rating services let consumers easily compare insurance prices among rivals 20. Its main personal auto retention measure fell 7% in 2025, which it mainly links to more shopping and competition and a shift in business mix 18. Customers who bundle car and home insurance tend to stay longer 11.
Why 2?
Progressive says its years of usage-based insurance and billions of analyzed driving miles give it an advantage in that kind of insurance 20. That is a data edge, not a strong network effect, where each new user makes the service better for the others.
Why 4?
Progressive and 15 other leading insurers make up about 85% of a US private car market with about 230 competitors 11. It has ranked first in US commercial auto since 2015 11. Its combined ratio beat its goal of 96 in each year from 2023 to 2025 18. It says it stays competitive by refining risk measurement and price segmentation and closely managing expenses 20. Policies in force were 38.619 million at 31 December 2025, up 10% from a year earlier 18, and reached 40.489 million at 30 September 2026 21. It sells through more than 40,000 independent agencies and directly; the direct channel wrote 57% of personal vehicle net premiums in 2025 11.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Progressive; grey dots are peers).
🔭What should you watch next?
Third-quarter 2026 report (Form 10-Q)
Progressive planned to file its third-quarter 2026 10-Q with the SEC on 2 November 2026 6. Model figures on this page run to FY2025 and the four quarters to 30 June 2026.
Investor conference call
Progressive scheduled its third-quarter 2026 call for 3 November 2026, with CEO Tricia Griffith and CFO Andrew Quigg 6.
Next personal auto product model
Progressive expects the first state to move to its next personal auto product model, 9.1, in early 2027 2.
📚Learn the words
❓Frequently asked questions about Progressive
How does Progressive make money?
Progressive makes money mainly from insurance premiums, which were 93% ✓ of FY2025 revenue. Premiums earned, the premiums counted as revenue, came to $81.7bn ✓ that year. It profits when claims and costs come to less than premiums, and its combined ratio was 87.4 in 2025, better than its goal of 96 18. It also earns income from its investments 5.
Is Progressive the biggest car insurer in the US?
Progressive ranked second in US private car insurance by 2024 premiums written, and believes it held that place in 2025 11. It has ranked first in US commercial auto insurance since 2015 11.
Who runs Progressive?
Tricia Griffith is Progressive's President and Chief Executive Officer 266. Andrew Quigg became Chief Financial Officer on 4 July 2026, after John Sauerland retired 2728.
Does Progressive sell through agents or directly?
Progressive does both. It sells personal vehicle insurance through more than 40,000 independent agencies and directly online or by phone 11. The direct channel wrote 57% of its personal vehicle net premiums in 2025 11.
What is Snapshot?
Snapshot is Progressive's program that lets personal auto customers earn rates based on how they drive 2. It works through a device or mobile app, in every state but California 2.
What is a combined ratio?
A combined ratio compares an insurer's claims and costs with the premiums it earns, so lower is better. Progressive's goal is a combined ratio of 96 or lower, which means an underwriting profit of at least 4% 118.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [4] [7] [8] [9] [10].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. About how much of Progressive's FY2025 revenue came from insurance premiums?
2. What are the names of Progressive's four personal auto customer groups?
3. In which kind of insurance does Progressive believe it is the US market share leader?
4. What was Progressive's combined ratio in 2025?
5. What year did the Progressive insurance organization begin business?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials are taken from SEC filings (10-K and 10-Q) as tagged in XBRL. Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- The Progressive Corporation 2025 Annual Report to Shareholders (Form 10-K Exhibit 13, Management's Discussion and Analysis) — History, segments, 2025 net premiums written by segment and channel, underwriting profit, Florida policyholder credits, consumer segments (accessed 2026-10-30)
- The Progressive Corporation Form 10-K, fiscal 2025 (Item 1, Business: Personal Lines, Commercial Lines and reinsurance) — Products, channels, Snapshot, property and commercial businesses, product models, reinsurance retention (accessed 2026-10-30)
- Progressive (PGR) Form 10-K for fiscal year 2025, filed 2026-03-02 — revenue by product, segment and geography (accessed 2026-10-28)
- SEC EDGAR companyfacts: Progressive (PGR) — annual 10-K facts (accessed 2026-10-28)
- The Progressive Corporation 2025 Annual Report to Shareholders (Form 10-K Exhibit 13, investment results) — 2025 investment book yield and portfolio allocation (accessed 2026-10-30)
- The Progressive Corporation Form 8-K, October 14, 2026 (September and third-quarter 2026 results release, Exhibit 99) — Third-quarter, September and year-to-date 2026 results, policies in force by business, investments, scheduled events (accessed 2026-10-30)
- SEC EDGAR companyfacts: ALLSTATE CORP (ALL) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: BERKSHIRE HATHAWAY INC (BRK.B) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: Chubb Ltd (CB) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: TRAVELERS COMPANIES, INC. (TRV) — annual 10-K facts (accessed 2026-10-28)
- The Progressive Corporation Form 10-K, fiscal 2025 (Item 1, Business: Personal and Commercial Lines) — Market rankings, distribution channels, bundling strategy (accessed 2026-10-29)
- The Allstate Corporation Form 10-K, fiscal 2025 (Item 1, Business: overview) — Brand, size ranking, policies in force and employees (accessed 2026-10-29)
- The Progressive Corporation Form 10-K, fiscal 2025 (Item 1, Business: Personal Lines) — Progressive auto and homeowners market rankings (accessed 2026-10-30)
- Berkshire Hathaway Form 10-K for fiscal year 2025 — Item 1 insurance and reinsurance: GEICO, BH Primary, BH Reinsurance Group, competition, float, statutory surplus, catastrophe limit (accessed 2026-10-29)
- Progressive Corporation Form 10-K for fiscal year 2025 — Personal auto market position and number of competitors (accessed 2026-10-29)
- Chubb Limited Form 10-K for fiscal year 2025 (North America Personal P&C Insurance segment) — Chubb personal lines customers and products (accessed 2026-10-30)
- The Travelers Companies Form 10-K for fiscal year 2025 (Personal Insurance) — Travelers Personal Insurance products, distribution and 2025 net written premiums (accessed 2026-10-30)
- The Progressive Corporation 2025 Annual Report to Shareholders (Form 10-K Exhibit 13) — Combined ratios, advertising costs, policies in force and policy life expectancy (accessed 2026-10-29)
- The Progressive Corporation Form 10-K, fiscal 2025 (Item 1A, Risk Factors) — Brand investment and competition risks (accessed 2026-10-29)
- The Progressive Corporation Form 10-K, fiscal 2025 (Item 1, Business: Competitive Factors and intellectual property) — Basis of competition, price comparison, patents and usage-based insurance know-how (accessed 2026-10-29)
- The Progressive Corporation Form 8-K, October 14, 2026 (September 2026 results release, Exhibit 99) — Policies in force at September 30, 2026 (accessed 2026-10-29)
- The Progressive Corporation Form 10-K, fiscal 2025 (Item 1, Business: Insurance Licenses and Regulation) — Insurance licences and state rate regulation (accessed 2026-10-29)
- The Progressive Corporation 2025 Annual Report to Shareholders (Form 10-K Exhibit 13, Ten Year Summary and premiums by state) — People employed and net premiums written by state (accessed 2026-10-30)
- The Progressive Corporation Form 10-Q, quarter ended June 30, 2026 (Management's Discussion and Analysis) — Second-quarter 2026 advertising, policy life expectancy, quote volume, Florida credits paid (accessed 2026-10-30)
- The Progressive Corporation Form 10-K, fiscal 2025 (Item 1A, Risk Factors: costs, technology and new competitors) — Tariffs and repair costs, vehicle safety and autonomous technology, new entrants (accessed 2026-10-30)
- The Progressive Corporation Form 10-K, fiscal 2025 (cover page and executive officers) — State of incorporation, headquarters address, fiscal year end, chief executive (accessed 2026-10-30)
- The Progressive Corporation Form 8-K, January 28, 2026 (Item 5.02, CFO retirement) — Planned retirement of the chief financial officer and named successor (accessed 2026-10-30)
- The Progressive Corporation Form 8-K, May 12, 2026 (Item 5.02, CFO election; annual meeting) — Board election of the new chief financial officer effective July 4, 2026 (accessed 2026-10-30)
- The Progressive Corporation 2025 Annual Report to Shareholders (Form 10-K Exhibit 13, Note 14 Dividends and shareholder information) — Dividend policy and dividends declared, stock exchange listing, customer phone number (accessed 2026-10-30)
- SEC EDGAR companyfacts: Progressive (PGR) — quarterly 10-Q/10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: Progressive (PGR) — balance sheet at 2026-06-30 (accessed 2026-10-28)
- The Progressive Corporation Form 8-K, June 17, 2026 (Item 5.02, Personal Lines leadership changes) — Personal Lines President retirement and new Chief Personal Lines Officer (accessed 2026-10-30)