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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
The Progressive Corporation (PGR) investor relations material
The Progressive Corporation Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved strong year-over-year growth in Q3 2025, with net premiums written up 10%, net premiums earned up 14%, and policies in force up 12–13%, adding 4.2 million policyholders and nearly 7 million vehicles in force.
Maintained an underwriting profit margin of 10.5% for Q3 2025, exceeding the 4% companywide goal.
Comprehensive income for the first nine months of 2025 was $10 billion, driving a $9.9 billion increase in total capital from year-end 2024.
Trailing 12-month comprehensive return on equity reached 37.1%.
Financial highlights
Q3 2025 net premiums earned: $20.8 billion, up 14% year-over-year; net income: $2.6 billion, up from $2.3 billion in Q3 2024.
Nine months ended September 30, 2025: net premiums earned $60.6 billion (up 17%), net income $8.4 billion, EPS $14.21.
Recognized a $950 million estimate for policyholder credit expense in Florida due to excess profits law, impacting the underwriting expense ratio by 4.6 points.
Investment portfolio fair value at September 30, 2025: $94.5 billion, up from $80.3 billion at year-end 2024.
Operating cash flow for nine months: $14.4 billion, up from $12.1 billion in 2024.
Outlook and guidance
Expect continued positive cash flows and do not anticipate needing to raise capital in the near term.
Ongoing monitoring of tariffs, inflation, and regulatory changes, with potential for further rate increases in personal property and commercial auto products.
Florida policyholder credit estimate will be refined through Q4 2025, with credits to be issued in early 2026.
Board to consider annual-variable dividend in December; focus remains on long-term shareholder returns and capital efficiency.
Florida profit credit: future rate strategy?
Investment duration strategy for 2026?
Commercial Lines NPW decline: strategy to reverse?
Florida excess profit: future accrual adjustments
Commercial Lines NPW decline: strategy to reverse
Property risk mitigation: impact on volatile markets
How will Florida excess profit liability evolve?
What drives capital deployment beyond growth?
What are Commercial Lines growth aspirations?
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Next The Progressive Corporation earnings date
Q4 202523 Jan, 2026
Next The Progressive Corporation earnings date
Q4 202523 Jan, 2026
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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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