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The Progressive Corporation (PGR) investor relations material

The Progressive Corporation Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary5 Aug, 2025

Executive summary

  • Net income for Q2 2025 rose 118% year-over-year to $3.2B, with EPS up 118% to $5.40 per share.

  • Net premiums written increased 12–15% year-over-year in Q2 2025, with policies in force up 15–16%.

  • Combined ratio improved to 86.2 for Q2 2025, down 5.7 points from the prior year, reflecting strong underwriting performance.

  • Underwriting profit margin reached 13.8% in Q2 2025, up from 8.1% in Q2 2024, driven by lower catastrophe losses and favorable reserve development.

  • Record marketing spend in 1H 2025 supported rapid growth and market share gains.

Financial highlights

  • Net premiums earned for Q2 2025 were $20.3B, up 18% year-over-year; six months ended June 30, 2025: $39.7B (up from $33.4B in 2024).

  • Net income for Q2 2025 was $3.2B (Q2 2024: $1.5B); six months: $5.7B (2024: $3.8B).

  • Diluted EPS Q2 2025: $5.40 (Q2 2024: $2.48); six months: $9.77 (2024: $6.42).

  • Net investment income Q2 2025: $871M (Q2 2024: $685M); six months: $1.7B (2024: $1.3B).

  • Total assets at June 30, 2025: $115.5B; shareholders' equity: $32.6B.

Outlook and guidance

  • Expect continued growth in both agency and direct channels, with ongoing rate adjustments by state and product to maintain competitiveness and a combined ratio at or below 96.

  • Monitoring Florida closely for potential refunds due to excess profitability, with hurricane season as a key variable.

  • Frequent rate updates and product segmentation enable rapid response to changing market dynamics.

  • Anticipate positive cash flows and sufficient capital resources to support business and obligations.

  • Vision is to become the top destination for insurance and financial needs for consumers, agents, and business owners.

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Frequently asked questions

GEICO’s worst enemy

The Progressive Group is one of America’s largest auto insurance groups, the largest motorcycle policy seller, the leader in commercial auto insurance, and one of the top homeowner carriers based on premiums written. The company was the first to use its customers’ driving behavior to help price its insurance policies. 

Personalized rates based on drivers' driving habits

Telematics is Progressive’s pricing technology based on driving habits. It was rolled out in 2011 and has given the company a favorable head start in the digital race for better risk pricing. Telematics collects driving data from devices installed on cars or through mobile apps. This data consists of mileage, speed, and time of day. It also enables Progressive to develop personalized rates based on drivers' driving habits. 

First-movers advantage

This telematics technology, however, has not passed competitors unseen, and Berkshire Hathaway’s GEICO launched its telematics program in 2019. Allstate is another company in the U.S. providing user-based insurance. But, with over ten years of data collection, Progressive has a major first-movers advantage.

Founded in the late 1930s

Progressive was founded in Cleveland during the late 1930s when two lawyers, Joseph Lewis and Jack Green, wanted to provide vehicle owners with security and protection. Progressive were pioneers in offering things like drive-in claims locations and selling auto insurance online.

If you invested in Progressive ten years ago, you would have earned an impressive compounded annual return of roughly 20 percent. Progressive also seems to be able to raise its premiums in the current high-inflationary environment, which is a sign of strength.

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