PROGRESSIVE CORP/OH/

Listed Company

PGRCIK 0000080661NYSELarge AcceleratedFire, Marine & Casualty InsuranceOhioFY ends Dec 31

Period

FY 2025

Revenue

$87.67B

Net Income

$11.31B

Total Assets

$123.04B

Equity

$30.32B

Shares Out

585.91M

Op. Cash Flow

$17.55B

Business

PROGRESSIVE CORP/OH/ is an insurance holding company that underwrites and administers property‑casualty insurance and related services through its insurance and non‑insurance subsidiaries. It offers personal and commercial auto insurance, personal residential property and special lines (motorcycle, RV, watercraft), business‑related general liability and commercial property, workers’ compensation, and related claims and service offerings. Its primary operating segments are Personal Lines and Commercial Lines, supported by investment, reinsurance, claims, and service businesses. It operates throughout the United States and distributes products via independent agency relationships, strategic alliances, and direct online and phone channels.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net premiums earned	81,661	70,799	58,665	—	—
Investment income	3,583	2,832	1,892	1,260	861
Net realized gains (losses) on security sales	248	−414	14	197	614
Net holding period gains (losses) on securities	480	679	348	−2,100	900
Net impairment losses	−1	−1	−9	−9	—
Total net realized gains (losses) on securities	727	264	353	−1,912	1,509
Fees and other revenues	1,196	1,064	889	722	692
Service revenues	504	413	310	300	271
Total revenues	87,671	75,372	62,109	49,611	47,702
Losses and loss adjustment expenses	53,959	49,060	45,655	38,123	—
Policy acquisition costs	6,096	5,383	4,665	3,917	3,713
Other underwriting expenses	11,329	9,462	6,242	5,859	5,655
Policyholder credit expense	1,224	0	0	—	—
Investment expenses	34	29	26	24	26
Service expenses	528	446	349	297	253
Interest expense	278	279	268	244	219
Total expenses	73,448	64,659	57,205	48,689	43,492
Income before income taxes	14,223	10,713	4,904	922	4,210
Provision for income taxes	2,915	2,233	1,001	200	859
Net income	11,308	8,480	3,903	722	3,351
Total net unrealized gains (losses) on fixed-maturity securities	1,525	193	1,186	−2,843	−891
Net unrealized losses on forecasted transactions	1	0	0	400,000	700,000
Other comprehensive income (loss)	1,526	193	1,186	−2,843	−891
Comprehensive income (loss)	12,834	8,673	5,089	−2,121	2,460
Less: Preferred share dividends and other	0	17	38	27	27
Net income available to common shareholders	11,308	8,463	3,865	695	3,324
Average common shares outstanding Basic	586	586	585	584	585
Net effect of dilutive stock-based compensation	2	2	3	3	3
Total average equivalent common shares Diluted	588	588	588	587	587
Basic: Earnings per common share (usd per share)	19.29	14.45	6.61	1.19	5.69
Diluted: Earnings per common share (usd per share)	19.23	14.4	6.58	1.18	5.66

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturities (amortized cost: $82,704 and $77,126)	82,866	75,332	60,378	46,652	43,873
Short-term investments (amortized cost: $10,005 and $615)	10,005	615	1,790	2,862	943
Total available-for-sale securities	92,871	75,947	62,168	49,514	44,816
Nonredeemable preferred stocks (cost: $419 and $756)	404	728	902	1,213	1,640
Common equities (cost: $819 and $745)	4,098	3,575	2,929	2,822	5,059
Total equity securities	4,502	4,303	3,831	4,035	6,698
Total investments	97,373	80,250	65,999	53,548	51,514
Cash and cash equivalents	125	143	85	204	187
Restricted cash and cash equivalents	13	11	15	17	15
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	138	154	100	221	202
Accrued investment income	670	594	438	283	182
Premiums receivable, net of allowance for credit losses of $552 and $460	15,362	14,369	11,958	10,417	9,400
Reinsurance recoverables	4,083	4,765	5,094	5,832	4,981
Prepaid reinsurance premiums	197	349	250	296	458
Deferred acquisition costs	2,044	1,961	1,687	1,544	1,356
Property and equipment, net of accumulated depreciation of $1,460 and $1,461	783	790	881	1,034	1,137
Net federal deferred income taxes	748	954	936	1,132	0
Other assets	1,641	1,559	1,348	1,159	1,334
Total assets	123,039	105,745	88,691	75,465	71,132
Unearned premiums	25,219	23,858	20,134	17,294	15,616
Loss and loss adjustment expense reserves	43,310	39,057	34,389	30,359	26,164
Dividends payable on common shares	7,972	2,695	—	—	59
Accounts payable, accrued expenses, and other liabilities	9,318	7,651	7,002	5,533	6,069
Debt	6,897	6,893	6,889	6,388	4,899
Total liabilities	92,716	80,154	68,414	59,574	52,901
Commitments and Contingencies	—	—	—	—	—
Common shares, $1.00 par value (authorized 900; issued 798, including treasury shares of 212)	586	586	585	585	584
Paid-in capital	2,307	2,145	2,013	1,893	1,773
Retained earnings	27,327	24,283	18,801	15,721	15,340
Net unrealized gains (losses) on fixed-maturity securities	117	−1,408	−1,601	−2,786	56
Net unrealized losses on forecasted transactions	−13	−14	−14	−15	−15
Foreign currency translation adjustment	−1	−1	−1	−1	−600,000
Total accumulated other comprehensive income (loss)	103	−1,423	−1,616	−2,802	41
Total shareholders equity	30,323	25,591	20,277	15,891	18,232
Total liabilities and shareholders equity	123,039	105,745	88,691	75,465	71,132

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	313	284	285	306	280
Net amortization (accretion) of fixed-income securities	−124	−30	41	−25	130
Amortization of equity-based compensation	132	122	121	123	101
Net realized (gains) losses on securities	−727	−264	−353	1,912	−1,509
Net (gains) losses on disposition of property and equipment	16	13	36	−1	−4
Premiums receivable	−993	−2,411	−1,541	−1,017	−1,147
Reinsurance recoverables	682	329	738	−852	−509
Prepaid reinsurance premiums	152	−99	46	162	−75
Deferred acquisition costs	−83	−274	−143	−189	−118
Income taxes	−200	−358	181	−515	−86
Unearned premiums	1,361	3,724	2,840	1,678	2,111
Loss and loss adjustment expense reserves	4,253	4,668	4,030	4,195	4,753
Accounts payable, accrued expenses, and other liabilities	1,556	1,236	700	199	400
Other, net	−98	−301	−241	−74	26
Net cash provided by operating activities	17,548	15,119	10,643	6,849	7,762
Fixed maturities	−49,625	−47,778	−25,777	−26,510	−33,178
Equity securities	−187	−168	−86	−158	−838
Fixed maturities	35,701	25,634	8,235	14,055	18,965
Equity securities	266	267	791	1,496	781
Fixed maturities	8,518	7,006	4,990	5,380	7,014
Equity securities	275	110	65	84	223
Net (purchases) sales of short-term investments	−9,282	1,217	1,156	−1,868	4,356
Net change in unsettled security transactions	75	171	−11	−178	48
Purchases of property and equipment	−348	−285	−252	−292	−244
Sales of property and equipment	80	77	47	35	66
Net cash used in investing activities	−14,527	−13,749	−10,842	−7,956	−3,120
Dividends paid to common shareholders	−2,871	−674	−234	−234	−3,747
Acquisition of treasury shares for equity award tax liabilities	−92	−121	−95	−77	−67
Acquisition of treasury shares acquired in open market	−74	−13	−46	−22	−156
Redemption of preferred shares	0	−500	0	0	—
Dividends paid to preferred shareholders	0	−8	−43	−27	−27
Net proceeds from debt issuance	0	0	496	1,486	0
Net cash provided by (used in) financing activities	−3,037	−1,316	78	1,126	−4,516
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	−16	54	−121	19	126

Filings

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