Progressive Reports November 2025 Results

Rhea-AI Summary

Progressive (NYSE: PGR) reported November 2025 results on Dec. 17, 2025. Key monthly figures: Net premiums written $6,193M (up 11% year-over-year) and Net premiums earned $6,894M (up 14% YoY). Company reported Net income $958M and EPS $1.63, each down about 5% year-over-year. Pretax net realized gains on securities fell to $32M (down 82%). The company reported a combined ratio of 87.1, versus 85.6 a year earlier. Policies in force totaled 38,414 thousand companywide (up 11% YoY), driven by increases in direct and agency auto policies.

The release directs readers to Progressive’s complete monthly earnings release and monthly commentary for further detail.

Positive

• Net premiums written +11% to $6,193M
• Net premiums earned +14% to $6,894M
• Companywide policies in force +11% to 38,414k

Negative

• Pretax realized gains fell 82% to $32M

Key Figures

Net premiums written $6,193M November 2025 vs $5,563M November 2024 (11% increase)

Net premiums earned $6,894M November 2025 vs $6,040M November 2024 (14% increase)

Net income $958M November 2025 vs $1,006M November 2024 (5% decrease)

EPS (diluted) $1.63 Per share available to common shareholders vs $1.71 in November 2024 (5% decrease)

Realized gains on securities $32M Total pretax net realized gains vs $175M November 2024 (82% decrease)

Combined ratio 87.1 November 2025 vs 85.6 November 2024 (up 1.5 points)

Total Personal Lines policies 37,218K Policies in force November 30, 2025 vs 33,595K 2024 (11% increase)

Companywide policies 38,414K Policies in force November 30, 2025 vs 34,739K 2024 (11% increase)

Market Reality Check

$227.66 Last Close

Volume Volume 3,046,927 is in line with 20-day average 3,052,094. normal

Technical Price 231.81 is trading below 200-day MA at 252.64 ahead of this release.

Peers on Argus

PGR was down 1.93% pre-release, while key peers like CB, ALL, TRV, HIG and CINF also traded modestly lower (from about -0.12% to -1.52%), suggesting broader insurance softness but somewhat weaker action in PGR.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 09	Distribution partnership	Positive	+1.4%	Expanded Best Egg loan access within Progressive’s customer ecosystem.
Dec 08	Dividend announcement	Positive	+0.1%	Declared annual and quarterly dividends with 2026 record and payment dates.
Nov 19	Monthly results	Positive	-0.9%	October premiums and earnings rose with better combined ratio year over year.
Nov 06	CSR initiative	Positive	+0.3%	Keys to Progress program donated 100 vehicles to veterans nationwide.
Oct 28	IR call notice	Neutral	-2.2%	Announced November investor relations call and related Q3 filing timing.

Pattern Detected

Recent news often aligned with price moves, but strong October operating results saw a short-term negative reaction, showing occasional divergence on fundamentally solid updates.

Recent Company History

Over the last few months, PGR news has covered operating updates, capital returns, partnerships and investor outreach. October 2025 results showed higher premiums and sharply improved net income, yet the stock fell 0.87%, while dividend and partnership announcements in December saw modest gains. Earlier, an investor relations call announcement in late October coincided with a 2.16% decline. Against this backdrop, the November 2025 monthly figures continue the pattern of premium growth and evolving profitability metrics.

Market Pulse Summary

This announcement details November 2025 operating metrics, showing growth in net premiums written and earned alongside higher companywide policies in force of 38,414K. At the same time, net income and per‑share earnings declined and the combined ratio rose to 87.1, pointing to mixed profitability. Compared with October’s strong results and recent dividend and partnership news, investors may watch how margins trend and how monthly results connect to upcoming quarterly reports.

Key Terms

net premiums written financial

"Net premiums written | $6,193 | | $5,563 | | 11 | | %"

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 | $6,894 | | $6,040 | | 14 | | %"

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 | | 85.6 | | 1.5 | | 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

"Policies in Force Personal Lines Agency – auto | 10,713 |"

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, Dec. 17, 2025 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended November 30, 2025:

	November
(millions, except per share amounts and ratios; unaudited)		2025			2024		Change
Net premiums written	$	6,193		$	5,563		11		%
Net premiums earned	$	6,894		$	6,040		14		%
Net income	$	958		$	1,006		(5	)	%
Per share available to common shareholders	$	1.63		$	1.71		(5	)	%
Total pretax net realized gains (losses) on securities	$	32		$	175		(82	)	%
Combined ratio		87.1			85.6		1.5		pts.
Average diluted equivalent common shares		588.0			587.7		0		%

	November 30,
(thousands; unaudited)	2025		2024		% Change
Policies in Force
Personal Lines
Agency – auto	10,713		9,700		10
Direct – auto	15,856		13,864		14
Special lines	6,992		6,516		7
Property	3,657		3,515		4
Total Personal Lines	37,218		33,595		11
Commercial Lines	1,196		1,144		5
Companywide	38,414		34,739		11

See Progressive’s complete monthly earnings release, including the "Monthly Commentary," 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 November 2025 Complete Earnings Release

FAQ

What were Progressive (PGR) November 2025 net premiums written and change?

Net premiums written were $6,193M, up 11% versus November 2024.

How did Progressive (PGR) perform on net income and EPS in November 2025?

Progressive reported net income $958M and EPS $1.63, each down about 5% year-over-year.

What was Progressive's (PGR) combined ratio for November 2025?

The reported combined ratio was 87.1 for November 2025 versus 85.6 in November 2024.

How much did Progressive's (PGR) pretax net realized gains change in November 2025?

Pretax net realized gains on securities were $32M, down 82% year-over-year.

How many policies in force did Progressive (PGR) report on Nov. 30, 2025?

Progressive reported 38,414 thousand policies in force companywide, up 11% year-over-year.