The Progressive Corporation is a leading American insurance company headquartered in Mayfield Village, Ohio. The company primarily provides personal and commercial auto insurance, ranking as the second-largest auto insurer in the United States. In addition to vehicle coverage, Progressive offers residential property, general liability, and other specialty property-casualty insurance products through independent agencies and direct-to-consumer channels.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Net Premiums Earned
81,661,000
70,799,000
58,665,000
49,241,000
Investment Income
3,583,000
2,832,000
1,892,000
1,260,000
Net Gains on Investments
727,000
264,000
353,000
(1,912,000)
Total Other Revenues
1,700,000
1,477,000
1,199,000
1,022,000
Total Revenues
87,671,000
75,372,000
62,109,000
49,611,000
Insurance Benefits & Claims
53,959,000
49,060,000
45,655,000
38,123,000
Policy Amortization Costs
6,096,000
5,383,000
4,665,000
3,917,000
Investment Expense
34,000
29,000
26,000
24,000
Other Operating Expenses
13,081,000
9,908,000
6,591,000
6,381,000
Operating Profit
14,501,000
10,992,000
5,172,000
1,166,000
Interest Expense
(278,000)
(279,000)
(268,000)
(244,000)
Total Non-Operating Income
(278,000)
(279,000)
(268,000)
(244,000)
Income Before Provision for Income Taxes
14,223,000
10,713,000
4,904,000
922,000
Provision for Income Taxes
2,915,000
2,233,000
1,001,000
200,000
Consolidated Net Income
11,308,000
8,480,000
3,903,000
722,000
Net Income Attributable to Preferred Dividends
0
17,000
38,000
27,000
Net Income Attributable to Common Shareholders
11,308,000
8,463,000
3,865,000
695,000
Basic EPS
19.29
14.45
6.61
1.19
Diluted EPS
19.23
14.40
6.58
1.18
Basic Weighted Average Shares Outstanding
586,300
585,500
584,900
584,400
Diluted Weighted Average Shares Outstanding
588,100
587,700
587,500
587,100
Shares Outstanding
585,681
585,800
585,300
584,900
FY 2025
FY 2024
FY 2023
FY 2022
Debt Securities
92,871,000
75,947,000
62,168,000
49,513,600
Equity and Preferred Securities
4,502,000
4,303,000
3,831,000
4,034,700
Total Investments
97,373,000
80,250,000
65,999,000
53,548,300
Cash and Cash Equivalents
138,000
154,000
100,000
220,900
Reinsurance Contract Assets
4,280,000
5,114,000
5,344,000
6,127,600
Deferred Acquisition Costs
2,044,000
1,961,000
1,687,000
1,544,400
Other Receivables
16,032,000
14,963,000
12,396,000
10,699,400
Net Property, Plant & Equipment
783,000
790,000
881,000
1,034,000
Other Assets
2,389,000
2,513,000
2,284,000
2,290,400
Total Assets
123,039,000
105,745,000
88,691,000
75,465,000
Unearned Premiums
25,219,000
23,858,000
20,134,000
17,293,600
Claims Reserves
43,310,000
39,057,000
34,389,000
30,359,300
Accounts Payable
9,318,000
7,651,000
7,002,000
5,532,800
Total Debt
6,897,000
6,893,000
6,889,000
6,388,300
Other Liabilities
7,972,000
2,695,000
—
—
Total Liabilities
92,716,000
80,154,000
68,414,000
59,574,000
Preferred Stock
—
—
494,000
493,900
Common Stock
586,000
586,000
585,000
584,900
Additional Paid-in Capital
2,307,000
2,145,000
2,013,000
1,893,000
Accumulated Other Comprehensive Income
103,000
(1,423,000)
(1,616,000)
(2,802,000)
Retained Earnings
27,327,000
24,283,000
18,801,000
15,721,200
Total Common Shareholders' Equity
30,323,000
25,591,000
20,277,000
15,891,000
Total Shareholders' Equity
30,323,000
25,591,000
20,277,000
15,891,000
Total Liabilities and Shareholders' Equity
123,039,000
105,745,000
88,691,000
75,465,000
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
11,308,000
8,480,000
3,903,000
722,000
Depreciation & Amortization
313,000
284,000
285,000
306,000
Share-Based Compensation Expense
132,000
122,000
121,000
123,000
Other Adjustments
(835,000)
(281,000)
(276,000)
2,111,000
Changes in Receivables
(993,000)
(2,411,000)
(1,541,000)
(1,017,000)
Changes in Reinsurance Contract Assets
834,000
230,000
784,000
(690,000)
Changes in Deferred Acquisition Costs
(83,000)
(274,000)
(143,000)
(189,000)
Changes in Accounts Payable
1,556,000
1,236,000
700,000
199,000
Changes in Unearned Premiums
1,361,000
3,724,000
2,840,000
1,678,000
Changes in Claims Reserves
4,253,000
4,668,000
4,030,000
4,195,000
Changes in Income Taxes Payable
(200,000)
(358,000)
181,000
(515,000)
Changes in Other Operating Activities
(98,000)
(241,000)
(301,000)
(74,000)
Cash from Operating Activities
17,548,000
15,119,000
10,643,000
6,849,000
Capital Expenditure
(348,000)
(285,000)
(252,000)
(292,000)
Proceeds from Sale of Property, Plant & Equipment
80,000
77,000
47,000
35,000
Purchases of Investments
(49,812,000)
(47,946,000)
(25,863,000)
(26,668,000)
Proceeds from Sale of Investments
44,760,000
33,017,000
14,081,000
21,015,000
Other Investing Activities
(9,207,000)
1,388,000
1,145,000
(2,046,000)
Cash from Investing Activities
(14,527,000)
(13,749,000)
(10,842,000)
(7,956,000)
Issuance of Long-Term Debt
0
0
496,000
1,486,000
Net Issuance / (Repayments) of Long-Term Debt
0
0
496,000
1,486,000
Repurchases of Common Shares
(166,000)
(134,000)
(141,000)
(99,000)
Net Issuance / (Repurchases) of Common Shares
(166,000)
(134,000)
(141,000)
(99,000)
Repurchases of Preferred Shares
0
(500,000)
0
0
Net Issuance / (Repurchases) of Preferred Shares
0
(500,000)
0
0
Common Share Dividends Paid
(2,871,000)
(674,000)
(234,000)
(234,000)
Preferred Share Dividends Paid
0
(8,000)
(43,000)
(27,000)
Cash from Financing Activities
(3,037,000)
(1,316,000)
78,000
1,126,000
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash