Progressive Reports December 2025 Results

Rhea-AI Summary

Progressive (NYSE:PGR) reported December 2025 and quarter results for the period ended December 31, 2025. Quarter net premiums earned rose 10% to $21,093 million and net income rose 25% to $2,951 million, with EPS up 25% to $5.02. Policies in force increased 10% year-over-year to 38.6 million.

December combined ratio widened 3.0 points to 87.1, and the company recorded pretax net realized gains of $168 million in December and $257 million for the quarter.

Positive

• Quarter net premiums earned +10% to $21,093 million
• Quarter net income +25% to $2,951 million
• Quarter EPS +25% to $5.02
• Policies in force +10% to 38.6 million

Negative

• December combined ratio worsened by 3.0 points to 87.1
• Monthly net premiums written grew only 6% YoY in December

Key Figures

Net premiums written (Dec 2025): $6,313M Net premiums earned (Dec 2025): $7,121M Net income (Dec 2025): $1,147M +5 more

8 metrics

Net premiums written (Dec 2025) $6,313M December 2025 vs December 2024 ($5,964M), up 6%

Net premiums earned (Dec 2025) $7,121M December 2025 vs December 2024 ($6,717M), up 6%

Net income (Dec 2025) $1,147M December 2025 vs December 2024 ($942M), up 22%

EPS (Dec 2025) $1.95 Per share available to common shareholders, vs $1.60, up 22%

Net income (Q4 2025) $2,951M Quarter ended Dec 31, 2025 vs $2,356M in 2024, up 25%

EPS (Q4 2025) $5.02 Quarter EPS vs $4.01 in 2024, up 25%

Combined ratio (Dec 2025) 87.1 December 2025 combined ratio vs 84.1 in 2024, up 3.0 pts

Policies in force total 38,619K Total policies in force at Dec 31, 2025 vs 34,952K, up 10%

Market Reality Check

Price: $208.08 Vol: Volume 3,523,525 vs 20-da...

normal vol

$208.08 Last Close

Volume Volume 3,523,525 vs 20-day average 3,593,422 (relative volume 0.98) suggests typical trading interest ahead of this release. normal

Technical Shares at 208.08 are trading below the 200-day MA of 244.37, and well below the 292.99 52-week high while sitting above the 198.5001 52-week low.

Peers on Argus

PGR shows a slight gain of 0.04% while key peers like CB and ALL are down -0.63,...

PGR shows a slight gain of 0.04% while key peers like CB and ALL are down -0.63, TRV is down -0.76, and HIG is down -0.34. Only CINF is modestly positive at 0.14, indicating PGR’s tone diverges modestly from a generally softer peer tape.

Historical Context

5 past events · Latest: 2026-01-20 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
2026-01-20	Product launch	Positive	+0.8%	Introduced Progressive-branded pet insurance across most U.S. states.
2025-12-17	Monthly results	Negative	-2.0%	November 2025 results with EPS and net income down year over year.
2025-12-09	Partnership expansion	Positive	+1.4%	Expanded Best Egg loan access within Progressive’s customer ecosystem.
2025-12-08	Dividend declaration	Positive	+0.1%	Announced annual and quarterly dividends plus 2026 meeting record dates.
2025-11-19	Monthly results	Positive	-0.9%	October 2025 results with strong income growth and improved combined ratio.

Pattern Detected

Operational and strategic updates have generally seen aligned or mildly positive price reactions, with October’s strong monthly results as the main divergence.

Recent Company History

Over the past several months, Progressive has combined steady operating updates with strategic initiatives. Monthly results in October and November 2025 highlighted premium growth, profitability swings, and combined ratio movements. The company also announced a pet insurance launch on Jan 20, 2026, expanded a personal loan partnership in December 2025, and declared sizeable dividends with key 2026 corporate dates. Today’s December 2025 results fit this pattern of recurring operating transparency and incremental product expansion.

Market Pulse Summary

This announcement details December 2025 and quarterly performance, highlighting growth in net premiu...

Analysis

This announcement details December 2025 and quarterly performance, highlighting growth in net premiums, net income, EPS, and total policies in force. It continues a pattern of regular monthly transparency seen in recent October and November updates. Investors may monitor combined ratio trends, ongoing policy growth across personal and commercial lines, and how these operating results interact with capital return decisions such as the previously announced $13.50 annual dividend.

Key Terms

net premiums written, net premiums earned, combined ratio, policies in force

4 terms

net premiums written financial

"Net premiums written | $6,313 | | $5,964 | | 6 | | %"

Net premiums written is the total amount of insurance premium a company has agreed to collect from customers for new and renewed policies during a period, after subtracting premiums it passes on to other insurers (reinsurance) and cancellations. It matters to investors because it shows the insurer’s actual sales growth and risk retained—like a retailer’s sales after returns and wholesale transfers—so rising net premiums written can signal stronger future revenue and underwriting exposure.

net premiums earned financial

"Net premiums earned | $7,121 | | $6,717 | | 6 | | %"

The portion of insurance premiums that a company recognizes as revenue for a specific accounting period after subtracting any amounts paid to other insurers for reinsurance; it represents the cost of insurance coverage actually provided during that time. Think of a year‑long subscription where only the months used are counted as income. Investors watch net premiums earned to gauge an insurer’s revenue growth and underwriting performance, separate from one‑time sales or changes in policy counts.

combined ratio financial

"Combined ratio | | 87.1 | | 84.1 | | 3.0 | | pts."

The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.

policies in force financial

"(thousands; unaudited) | 2025 | | 2024 | | % Change Policies in Force"

Policies in force are the insurance contracts that are currently active and able to pay claims, similar to the number of active subscriptions a company has. For investors, they show the scale of an insurer’s current business and help indicate potential future revenue from premiums and ongoing exposure to claims; rising counts suggest growth, while shrinking counts can signal lapses or reduced future income.

AI-generated analysis. Not financial advice.

MAYFIELD VILLAGE, OHIO, Jan. 28, 2026 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month and quarter ended December 31, 2025:

	December										Quarter
(millions, except per share amounts and ratios; unaudited)		2025			2024			Change				2025			2024			Change
Net premiums written	$	6,313		$	5,964			6		%	$	19,508		$	18,105			8	%
Net premiums earned	$	7,121		$	6,717			6		%	$	21,093		$	19,144			10	%
Net income	$	1,147		$	942			22		%	$	2,951		$	2,356			25	%
Per share available to common shareholders	$	1.95		$	1.60			22		%	$	5.02		$	4.01			25	%
Total pretax net realized gains (losses) on securities	$	168		$	(140	)		(220	)	%	$	257		$	(53	)		NM
Combined ratio		87.1			84.1			3.0		pts.		88.0			87.9			0.1	pts.
Average diluted equivalent common shares		588.0			587.7			0		%		588.0			587.7			0	%
NM = Not Meaningful

	December 31,
(thousands; unaudited)	2025		2024		% Change
Policies in Force
Personal Lines
Agency – auto	10,787		9,778		10
Direct – auto	15,993		13,996		14
Special lines	6,998		6,520		7
Property	3,650		3,517		4
Total Personal Lines	37,428		33,811		11
Commercial Lines	1,191		1,141		4
Total	38,619		34,952		10

See Progressive’s complete monthly earnings release for additional information.

About Progressive

Progressive Insurance^® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it’s most convenient for them — online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent.

Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the second largest personal auto insurer in the country, a leading seller of commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers. 

Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price^®, Snapshot^®, and HomeQuote Explorer^®.

The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.

Company Contact:
Douglas S. Constantine
(440) 395-3707
investor_relations@progressive.com

The Progressive Corporation
300 North Commons Blvd.
Mayfield Village, Ohio 44143
http://www.progressive.com

Download PDF: Progressive December 2025 Complete Earnings Release

FAQ

What were Progressive (PGR) net income and EPS for the quarter ended December 31, 2025?

Net income for the quarter was $2,951 million and EPS was $5.02. According to the company, both figures rose about 25% year-over-year versus December 2024 comparatives.

How much did Progressive (PGR) net premiums earned increase in the quarter ending December 31, 2025?

Net premiums earned increased 10% to $21,093 million for the quarter. According to the company, higher written premium and policy growth drove the year-over-year increase.

What change did Progressive (PGR) report to its combined ratio in December 2025?

The December combined ratio widened by 3.0 points to 87.1. According to the company, loss and expense mix changes contributed to the monthly deterioration versus prior year.

How did Progressive (PGR) policies in force change as of December 31, 2025?

Total policies in force rose 10% year-over-year to 38.6 million. According to the company, growth was driven by both direct and agency auto lines.

What pretax net realized gains did Progressive (PGR) report for December and the quarter?

Progressive reported pretax net realized gains of $168 million in December and $257 million for the quarter. According to the company, this compares with prior period net losses.

Did Progressive (PGR) report material share dilution in the December 2025 quarter?

No material dilution was reported; average diluted equivalent common shares were essentially unchanged at 588.0 million. According to the company, share count was flat versus prior-year quarter.