Progressive Reports September 2025 Results

Rhea-AI Summary

Progressive (NYSE:PGR) reported September and quarter results ended Sept. 30, 2025. Key monthly/quarter metrics: Net premiums written rose to $7,128M in September (+8% YoY) and $21,384M for the quarter (+10% YoY). Net premiums earned were $6,827M in September (+9% YoY) and $20,849M for the quarter (+14% YoY). September net income fell to $305M (-48% YoY) while quarterly net income rose to $2,615M (+12% YoY). Combined ratio worsened to 100.4 in September from 93.4 a year earlier (+7.0 pts). Policies in force increased ~12% companywide to 38,078 thousand.

Positive

• Net premiums written +10% quarter to $21,384M
• Net premiums earned +14% quarter to $20,849M
• Companywide policies in force +12% to 38,078k
• Quarter net income +12% to $2,615M

Negative

• September net income -48% to $305M
• September combined ratio worsened by 7.0 pts to 100.4

Insights

Insurance financial analyst

Quarter shows revenue and earnings growth but monthly results and loss ratio warrant caution.

Progressive grew written premiums and earned premiums year-over-year with net premiums written of $21,384 million for the quarter, up 10%, and net premiums earned of $20,849 million, up 14%. Quarter net income rose to $2,615 million, a 12% increase, supported by $295 million in pretax net realized gains on securities.

Monthly trends show strain: September net income fell to $305 million, down 48% year-over-year, and the September combined ratio rose to 100.4%, indicating underwriting loss for the month, even though the quarter combined ratio remained a healthy 89.5%. Policy counts expanded materially: companywide policies in force rose to 38,078 thousand, a 12% increase versus prior year, concentrated in direct and agency auto lines.

Key dependencies and risks include the persistence of the elevated monthly combined ratio and its potential effect on future quarterly underwriting margins, and volatility in investment gains which modestly supported quarterly earnings. Watch the next monthly commentary and the quarterly release for sequential combined-ratio trends, reserve development details, and whether underwriting deterioration in September reverses within the Q4 2025 timeframe.

MAYFIELD VILLAGE, OHIO, Oct. 15, 2025 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month and quarter ended September 30, 2025:

	September									Quarter
(millions, except per share amounts and ratios; unaudited)		2025			2024		Change				2025			2024		Change
Net premiums written	$	7,128		$	6,570		8		%	$	21,384		$	19,455		10	%
Net premiums earned	$	6,827		$	6,263		9		%	$	20,849		$	18,297		14	%
Net income	$	305		$	585		(48	)	%	$	2,615		$	2,334		12	%
Per share available to common shareholders	$	0.52		$	0.99		(48	)	%	$	4.45		$	3.97		12	%
Total pretax net realized gains (losses) on securities	$	138		$	121		14		%	$	295		$	288		2	%
Combined ratio		100.4			93.4		7.0		pts.		89.5			89.0		0.5	pts.
Average diluted equivalent common shares		588.2			587.7		0		%		588.2			587.6		0	%

 

	September 30,
(thousands; unaudited)	2025		2024		% Change
Policies in Force
Personal Lines
Agency – auto	10,630		9,415		13
Direct – auto	15,619		13,388		17
Special lines	6,980		6,475		8
Property	3,651		3,460		6
Total Personal Lines	36,880		32,738		13
Commercial Lines	1,198		1,131		6
Companywide	38,078		33,869		12

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 September 2025 Complete Earnings Release

FAQ

What did Progressive (PGR) report for net premiums written in Q3 2025?

Progressive reported net premiums written of $21,384M for the quarter, up 10% year-over-year.

Why did Progressive (PGR) show a drop in September net income in 2025?

September net income was $305M, down 48% YoY, as reported for the month ended Sept. 30, 2025.

What was Progressive's (PGR) combined ratio for September 2025 and why it matters?

The combined ratio for September was 100.4, a 7.0-point deterioration versus Sept. 2024, indicating higher underwriting loss that month.

How did Progressive (PGR) perform on policies in force as of Sept. 30, 2025?

Companywide policies in force rose to 38,078 thousand, an increase of 12% YoY.

What were Progressive's (PGR) net income and EPS for the quarter ended Sept. 30, 2025?

Quarter net income was $2,615M and per-share available to common shareholders was $4.45, both up 12% YoY.