PGR
FY2025 Q4 · Calendar Q1 2026
The Progressive Corporation
Progressive's FY2025 Q4 results capped a year of strong underwriting performance, with $9 billion in net premiums written, a 40% comprehensive ROE, and a combined ratio below 96%. The company secured regulatory approval to raise operating leverage to 3.5:1 premiums-to-surplus, freeing $1.6 billion in capital that supported a $13.50 per share variable dividend paid in January 2026. Its investment portfolio grew to nearly $100 billion with a 7.33% return. Management remains focused on AI-driven underwriting, autonomous-vehicle data integration, and expanding into adjacent lines like life and pet insurance under its Three Horizons strategy. EPS of $4.67 beat the $4.44 consensus by 5.2%, though revenue of $19.5 billion came in 3.9% below estimates.
EPS surprise+5.2%
Market move+2.2%
