8-K
PROGRESSIVE CORP/OH/ (PGR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 17, 2025
THE PROGRESSIVE CORPORATION
(Exact name of registrant as specified in its charter)
| Ohio | 001-09518 | 34-0963169 | ||
|---|---|---|---|---|
| (State or other jurisdiction of<br>incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) | ||
| 300 North Commons Blvd., | Mayfield Village, | Ohio | 44143 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code (440) 461-5000
| Not Applicable |
|---|
| (Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $1.00 Par Value | PGR | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | ☐ |
|---|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On September 17, 2025, The Progressive Corporation (the “Company”) issued a news release containing financial results of the Company and its consolidated subsidiaries for the month and year-to-date periods ended August 31, 2025. A copy of the news release is attached hereto as Exhibit 99.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
See exhibit index on page 3.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: | September 17, 2025 | ||
|---|---|---|---|
| THE PROGRESSIVE CORPORATION | |||
| By: | /s/ Carl G. Joyce | ||
| Name: | Carl G. Joyce | ||
| Title: | Vice President and Chief Accounting Officer |
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EXHIBIT INDEX
| Exhibit No. Under Reg. S-K Item 601 | Form 8-K Exhibit No. | Description |
|---|---|---|
| 99 | 99 | News release datedSeptemberpgr20250831ex99earningsrel.htm17, 2025, containing financial results of The Progressive Corporation and its consolidated subsidiaries for the month and year-to-date periods endedAugust31, 2025. |
| 104 | 104 | Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document). |
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Document
| NEWS RELEASE | | --- || The Progressive Corporation | Company Contact: | | --- | --- | | 300 North Commons Blvd. | Douglas S. Constantine | | Mayfield Village, Ohio 44143 | (440) 395-3707 | | http://www.progressive.com | investor_relations@progressive.com |
PROGRESSIVE REPORTS AUGUST RESULTS
MAYFIELD VILLAGE, OHIO -- September 17, 2025 -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended August 31, 2025:
| August | ||||||
|---|---|---|---|---|---|---|
| (millions, except per share amounts and ratios; unaudited) | 2025 | 2024 | Change | |||
| Net premiums written | $ | 7,199 | $ | 6,507 | 11 | % |
| Net premiums earned | $ | 7,036 | $ | 5,968 | 18 | % |
| Net income | $ | 1,220 | $ | 935 | 30 | % |
| Per share available to common shareholders | $ | 2.07 | $ | 1.59 | 30 | % |
| Total pretax net realized gains (losses) on securities | $ | 78 | $ | 104 | (25) | % |
| Combined ratio | 83.1 | 85.5 | (2.4) | pts. | ||
| Average diluted equivalent common shares | 588.1 | 587.6 | 0 | % | ||
| August 31, | ||||||
| --- | --- | --- | --- | |||
| (thousands; unaudited) | 2025 | 2024 | % Change | |||
| Policies in Force | ||||||
| Personal Lines | ||||||
| Agency – auto | 10,575 | 9,278 | 14 | |||
| Direct – auto | 15,524 | 13,132 | 18 | |||
| Special lines | 6,955 | 6,446 | 8 | |||
| Property | 3,639 | 3,430 | 6 | |||
| Total Personal Lines | 36,693 | 32,286 | 14 | |||
| Commercial Lines | 1,197 | 1,126 | 6 | |||
| Companywide | 37,890 | 33,412 | 13 |
Progressive offers personal and commercial insurance throughout the United States. Our Personal Lines business writes insurance for personal vehicles (auto and special lines products) and personal property insurance for homeowners and renters. Our Commercial Lines business writes auto-related liability and physical damage insurance, business-related general liability and commercial property insurance predominantly for small businesses, and workers’ compensation insurance primarily for the transportation industry.
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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
COMPREHENSIVE INCOME STATEMENT
For the month ended August 31, 2025
(millions)
(unaudited)
| Current Month | Comments on Monthly Results1 | ||
|---|---|---|---|
| Net premiums written | $ | 7,199 | |
| Revenues: | |||
| Net premiums earned | $ | 7,036 | |
| Investment income | 309 | ||
| Net realized gains (losses) on securities: | |||
| Net realized gains (losses) on security sales | 5 | ||
| Net holding period gains (losses) on securities | 73 | ||
| Total net realized gains (losses) on securities | 78 | ||
| Fees and other revenues | 102 | ||
| Service revenues | 48 | ||
| Total revenues | 7,573 | ||
| Expenses: | |||
| Losses and loss adjustment expenses | 4,435 | ||
| Policy acquisition costs | 524 | ||
| Other underwriting expenses | 988 | ||
| Investment expenses | 4 | ||
| Service expenses | 50 | ||
| Interest expense | 23 | ||
| Total expenses | 6,024 | ||
| Income before income taxes | 1,549 | ||
| Provision for income taxes | 329 | ||
| Net income | 1,220 | ||
| Other comprehensive income (loss): | |||
| Change in total net unrealized gains (losses) on fixed-maturity securities | 613 | ||
| Total comprehensive income (loss) | $ | 1,833 |
1 For a description of our financial reporting and accounting policies as it applies to information contained throughout this release, see Note 1 to our 2024 audited consolidated financial statements included in our 2024 Shareholders’ Report, which can be found at www.progressive.com/annualreport.
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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
COMPREHENSIVE INCOME STATEMENTS
For the year-to-date periods ended August 31,
(millions)
(unaudited)
| Year-to-Date | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Net premiums written | $ | 56,538 | $ | 49,749 |
| Revenues: | ||||
| Net premiums earned | $ | 53,741 | $ | 45,392 |
| Investment income | 2,298 | 1,795 | ||
| Net realized gains (losses) on securities: | ||||
| Net realized gains (losses) on security sales | 30 | (349) | ||
| Net holding period gains (losses) on securities | 302 | 545 | ||
| Total net realized gains (losses) on securities | 332 | 196 | ||
| Fees and other revenues | 796 | 678 | ||
| Service revenues | 337 | 269 | ||
| Total revenues | 57,504 | 48,330 | ||
| Expenses: | ||||
| Losses and loss adjustment expenses | 35,362 | 31,528 | ||
| Policy acquisition costs | 4,013 | 3,454 | ||
| Other underwriting expenses | 7,418 | 5,859 | ||
| Investment expenses | 23 | 18 | ||
| Service expenses | 353 | 292 | ||
| Interest expense | 186 | 186 | ||
| Total expenses | 47,355 | 41,337 | ||
| Income before income taxes | 10,149 | 6,993 | ||
| Provision for income taxes | 2,097 | 1,454 | ||
| Net income | 8,052 | 5,539 | ||
| Other comprehensive income (loss): | ||||
| Changes in: | ||||
| Total net unrealized gains (losses) on fixed-maturity securities | 1,643 | 1,086 | ||
| Net unrealized losses on forecasted transactions | 1 | 0 | ||
| Other comprehensive income (loss) | 1,644 | 1,086 | ||
| Total comprehensive income (loss) | $ | 9,696 | $ | 6,625 |
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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
COMPUTATION OF NET INCOME AND COMPREHENSIVE INCOME PER SHARE
&
INVESTMENT RESULTS
For the month and year-to-date periods ended August 31,
(millions – except per share amounts)
(unaudited)
| The following table sets forth the computation of per share results: | ||||||
|---|---|---|---|---|---|---|
| August | Year-to-Date | |||||
| 2025 | 2025 | 2024 | ||||
| Net income | $ | 1,220 | $ | 8,052 | $ | 5,539 |
| Less: Preferred share dividends and other | 0 | 0 | 17 | |||
| Net income available to common shareholders | $ | 1,220 | $ | 8,052 | $ | 5,522 |
| Per common share: | ||||||
| Basic | $ | 2.08 | $ | 13.74 | $ | 9.43 |
| Diluted | $ | 2.07 | $ | 13.69 | $ | 9.40 |
| Comprehensive income (loss) | $ | 1,833 | $ | 9,696 | $ | 6,625 |
| Less: Preferred share dividends and other | 0 | 0 | 17 | |||
| Comprehensive income (loss) attributable to common shareholders | $ | 1,833 | $ | 9,696 | $ | 6,608 |
| Per common share: | ||||||
| Diluted | $ | 3.12 | $ | 16.49 | $ | 11.24 |
| Average common shares outstanding - Basic | 586.6 | 586.2 | 585.5 | |||
| Net effect of dilutive stock-based compensation | 1.5 | 1.9 | 2.2 | |||
| Total average equivalent common shares - Diluted | 588.1 | 588.1 | 587.7 | |||
| The following table sets forth the investment results for the period: | ||||||
| --- | --- | --- | --- | |||
| August | Year-to-Date | |||||
| 2025 | 2025 | 2024 | ||||
| Fully taxable equivalent (FTE) total return: | ||||||
| Fixed-income securities | 1.2% | 5.5% | 4.1% | |||
| Common stocks | 2.0% | 9.9% | 18.0% | |||
| Total portfolio | 1.3% | 5.6% | 4.6% | |||
| Pretax annualized investment income book yield | 4.2% | 4.2% | 3.8% |
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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
For the month ended August 31, 2025
($ in millions)
(unaudited)
| Current Month | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Personal Lines Business | Commercial | |||||||||||
| Vehicles | Lines | Companywide | ||||||||||
| Agency | Direct | Property | Total | Business1 | Total | |||||||
| Net Premiums Written | $ | 2,598 | $ | 3,536 | $ | 288 | $ | 6,422 | $ | 777 | $ | 7,199 |
| % Growth in NPW | 10% | 17% | 5% | 13% | (7)% | 11% | ||||||
| Net Premiums Earned | $ | 2,519 | $ | 3,306 | $ | 270 | $ | 6,095 | $ | 941 | $ | 7,036 |
| % Growth in NPE | 17% | 24% | 6% | 20% | 6% | 18% | ||||||
| GAAP Ratios | ||||||||||||
| Loss/LAE ratio | 61.9 | 64.8 | 34.1 | 62.3 | 67.0 | 62.9 | ||||||
| Expense ratio | 18.5 | 20.4 | 31.3 | 20.1 | 20.5 | 20.2 | ||||||
| Combined ratio | 80.4 | 85.2 | 65.4 | 82.4 | 87.5 | 83.1 | ||||||
| Net catastrophe loss ratio2 | 1.1 | 0.4 | 1.1 | 0.4 | 1.0 | |||||||
| Actuarial Adjustments3 | ||||||||||||
| Reserve Decrease/(Increase) | ||||||||||||
| Prior accident years | $ | 32 | ||||||||||
| Current accident year | 9 | |||||||||||
| Calendar year actuarial adjustment | $ | 19 | $ | 16 | $ | (8) | $ | 27 | $ | 14 | $ | 41 |
| Prior Accident Years Development | ||||||||||||
| Favorable/(Unfavorable) | ||||||||||||
| Actuarial adjustment | $ | 32 | ||||||||||
| All other development | 97 | |||||||||||
| Total development | $ | 129 | ||||||||||
| Calendar year loss/LAE ratio | 62.9 | |||||||||||
| Accident year loss/LAE ratio | 64.7 |
1 The decrease in net premiums written was primarily attributable to our transportation network company (TNC) business, due to a year-over-year decrease in the monthly adjustment for projected mileage, which is the basis for computing premiums. Excluding all TNC business, our total Commercial Lines net premiums written would have decreased 2% for the month.
2 Represents catastrophe losses incurred during the period, including development on prior events and the impact of reinsurance, if any, as a percent of net premiums earned.
3 Represents adjustments solely based on our normally scheduled actuarial reviews. For our Personal Lines property business, the actuarial reserving methodology includes changes to catastrophe losses, while the reviews in our personal and commercial vehicle businesses do not include catastrophes.
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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
For the year-to-date period ended August 31, 2025
($ in millions)
(unaudited)
| Year-to-Date | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Personal Lines Business | Commercial | |||||||||||
| Vehicles | Lines | Companywide | ||||||||||
| Agency | Direct | Property | Total | Business | Total | |||||||
| Net Premiums Written | $ | 20,106 | $ | 26,517 | $ | 2,137 | $ | 48,760 | $ | 7,777 | $ | 56,538 |
| % Growth in NPW | 13% | 21% | 2% | 16% | (1)% | 14% | ||||||
| Net Premiums Earned | $ | 19,360 | $ | 24,964 | $ | 2,080 | $ | 46,404 | $ | 7,336 | $ | 53,741 |
| % Growth in NPE | 18% | 25% | 6% | 21% | 4% | 18% | ||||||
| GAAP Ratios | ||||||||||||
| Loss/LAE ratio | 64.4 | 67.2 | 49.8 | 65.3 | 67.9 | 65.6 | ||||||
| Expense ratio | 18.3 | 20.4 | 29.3 | 19.9 | 20.1 | 20.0 | ||||||
| Combined ratio | 82.7 | 87.6 | 79.1 | 85.2 | 88.0 | 85.6 | ||||||
| Net catastrophe loss ratio1 | 2.2 | 14.3 | 2.8 | 0.5 | 2.5 | |||||||
| Actuarial Adjustments2 | ||||||||||||
| Reserve Decrease/(Increase) | ||||||||||||
| Prior accident years | $ | 221 | ||||||||||
| Current accident year | 100 | |||||||||||
| Calendar year actuarial adjustment | $ | 78 | $ | 60 | $ | 138 | $ | 276 | $ | 43 | $ | 321 |
| Prior Accident Years Development | ||||||||||||
| Favorable/(Unfavorable) | ||||||||||||
| Actuarial adjustment | $ | 221 | ||||||||||
| All other development | 691 | |||||||||||
| Total development | $ | 912 | ||||||||||
| Calendar year loss/LAE ratio | 65.6 | |||||||||||
| Accident year loss/LAE ratio | 67.3 |
1 Represents catastrophe losses incurred during the year, including development on prior events and the impact of reinsurance, as a percent of net premiums earned.
2 Represents adjustments solely based on our normally scheduled actuarial reviews. For our Personal Lines property business, the actuarial reserving methodology includes changes to catastrophe losses, while the reviews in our personal and commercial vehicle businesses do not include catastrophes.
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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
BALANCE SHEET AND OTHER INFORMATION
(millions - except per share amounts and common shares repurchased)
(unaudited)
| August 31, 2025 | |||
|---|---|---|---|
| CONDENSED GAAP BALANCE SHEET: | |||
| Investments, at fair value: | |||
| Available-for-sale securities: | |||
| Fixed maturities1 (amortized cost: $86,449) | $ | 86,751 | |
| Short-term investments (amortized cost: $1,378) | 1,378 | ||
| Total available-for-sale securities | 88,129 | ||
| Equity securities: | |||
| Nonredeemable preferred stocks (cost: $517) | 500 | ||
| Common equities (cost: $807) | 3,911 | ||
| Total equity securities | 4,411 | ||
| Total investments2 | 92,540 | ||
| Net premiums receivable | 16,602 | ||
| Reinsurance recoverables (including $3,839 on unpaid loss and LAE reserves) | 4,115 | ||
| Deferred acquisition costs | 2,148 | ||
| Other assets | 4,004 | ||
| Total assets | $ | 119,409 | |
| Unearned premiums | $ | 26,537 | |
| Loss and loss adjustment expense reserves | 41,711 | ||
| Other liabilities2 | 9,100 | ||
| Debt | 6,896 | ||
| Total liabilities | 84,244 | ||
| Shareholders’ equity | 35,165 | ||
| Total liabilities and shareholders’ equity | $ | 119,409 | |
| Common shares outstanding | 586.4 | ||
| Common shares repurchased in the current month | 87 | ||
| Average cost per common share | $ | 243.31 | |
| Book value per common share | $ | 59.97 | |
| Trailing 12-month return on average common shareholders’ equity | |||
| Net income | 37.8 | % | |
| Comprehensive income | 40.4 | % | |
| Net unrealized pretax gains (losses) on fixed-maturity securities | $ | 289 | |
| Increase (decrease) from the previous month | $ | 775 | |
| Increase (decrease) from December 2024 | $ | 2,079 | |
| Debt-to-total capital ratio | 16.4 | % | |
| Fixed-income portfolio duration | 3.4 | ||
| Weighted average credit quality | AA- . |
1 As of August 31, 2025, we held certain hybrid securities and recognized a change in fair value of $13 million as a realized gain during the period we held these securities.
2 At August 31, 2025, we had $128 million of net unsettled security transactions classified in “other liabilities.”
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Monthly Commentary
The Company has no additional commentary regarding August’s results.
Events
We plan to release September results on Wednesday, October 15, 2025, before the market opens.
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.
Regulation FD Disclosure Outlets
The Company disseminates information to the public about the Company, its products, services and other matters through various outlets in order to achieve broad, non-exclusionary, distribution of information to the public. These outlets include the Company’s website (progressive.com) and its investor relations website (investors.progressive.com). We encourage investors and others to review the information the Company makes public through these outlets, as such information distributed through these outlets may be considered to be material information.
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Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Investors are cautioned that certain statements in this report not based upon historical fact are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements often use words such as “estimate,” “expect,” “intend,” “plan,” “believe,” “goal,” “target,” “anticipate,” “will,” “could,” “likely,” “may,” “should,” and other words and terms of similar meaning, or are tied to future periods, in connection with a discussion of future operating or financial performance. Forward-looking statements are not guarantees of future performance, are based on current expectations and projections about future events, and are subject to certain risks, assumptions and uncertainties that could cause actual events and results to differ materially from those discussed herein. These risks and uncertainties include, without limitation, uncertainties related to:
•our ability to underwrite and price risks accurately and to charge adequate rates to policyholders;
•our ability to establish accurate loss reserves;
•the impact of severe weather, other catastrophe events, and climate change;
•the effectiveness of our reinsurance programs and the continued availability of reinsurance and performance by reinsurers;
•the secure and uninterrupted operation of the systems, facilities, and business functions and the operation of various third-party systems that are critical to our business;
•the impacts of a security breach or other attack involving our technology systems or the systems of one or more of our vendors;
•our ability to maintain a recognized and trusted brand and reputation;
•whether we innovate effectively and respond to our competitors’ initiatives;
•whether we effectively manage complexity as we develop and deliver products and customer experiences;
•the highly competitive nature of property-casualty insurance markets;
•whether we adjust claims accurately;
•compliance with complex and changing laws and regulations;
•the impact of misconduct or fraudulent acts by employees, agents, and third parties to our business and/or exposure to regulatory assessments;
•our ability to attract, develop, and retain talent and maintain appropriate staffing levels;
•litigation challenging our business practices, and those of our competitors and other companies;
•the success of our business strategy and efforts to acquire or develop new products or enter into new areas of business and our ability to navigate the related risks;
•how intellectual property rights affect our competitiveness and our business operations;
•the success of our development and use of new technology and our ability to navigate the related risks;
•the performance of our fixed-income and equity investment portfolios;
•the impact on our investment returns and strategies from regulations and societal pressures relating to environmental, social, governance and other public policy matters;
•our continued ability to access our cash accounts and/or convert investments into cash on favorable terms;
•the impact if one or more parties with which we enter into significant contracts or transact business fail to perform;
•legal restrictions on our insurance subsidiaries’ ability to pay dividends to The Progressive Corporation;
•our ability to obtain capital when necessary to support our business, our financial condition, and potential growth;
•evaluations and ratings by credit rating and other rating agencies;
•the variable nature of our common share dividend policy;
•whether our investments in certain tax-advantaged projects generate the anticipated returns;
•the impact from not managing to short-term earnings expectations in light of our goal to maximize the long-term value of the enterprise;
•the impacts of epidemics, pandemics, or other widespread health risks; and
•other matters described from time to time in our releases and publications, and in our periodic reports and other documents filed with the United States Securities and Exchange Commission, including, without limitation, the Risk Factors section of our Annual Report on Form 10-K for the year ending December 31, 2024.
Any forward-looking statements are made only as of the date presented. Except as required by applicable law, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or developments or otherwise.
In addition, investors should be aware that accounting principles generally accepted in the United States prescribe when a company may reserve for particular risks, including litigation exposures. Accordingly, results for a given reporting period could be significantly affected if and when we establish reserves for one or more contingencies. Also, our regular reserve reviews may result in adjustments of varying magnitude as additional information regarding claims activity becomes known. Reported results, therefore, may be volatile in certain accounting periods.
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