Progressive (PGR) FY2025 results: revenue $87.7 billion, up 16.3% on the year

Progressive is an insurance holding company. Its subsidiaries write personal and commercial auto cover, residential property cover for homeowners and renters, and policies for motorcycles, watercraft and other recreational vehicles. It also writes general liability and commercial property cover, mostly for small businesses, workers' compensation mainly for the transport industry, and other speciality property-casualty lines. It operates throughout the United States.

Personal Lines, which is most of it

The personal vehicle business is the core: personal auto, plus the special lines covering recreational vehicles such as motorcycles, RVs and watercraft. Personal vehicle insurance is written in every state; the special lines are not written in the District of Columbia. On 2024 premiums written, the company reported ranking second by market share in United States private passenger auto, and says it believes it held that position through 2025. It puts the number of competitors in that market at about 230, and says Progressive and the fifteen next largest private passenger auto insurers, each writing over $3 billion of premiums a year, together account for about 85 percent of it. The company sources its market figures to S&P Global Market Intelligence and A.M. Best.

On the special lines, the company says it is the market share leader in motorcycle and boat cover and one of the largest providers of RV insurance, and notes industry figures are not published for that market. These products are seasonal, and losses typically run higher in the warmer weather months.

The personal property business writes homeowners and renters cover in virtually all states, and alongside it manufactured home cover, personal umbrella, and primary and excess flood. Progressive also takes part in the Write Your Own programme for the National Flood Insurance Program, and every bit of that flood business is reinsured back to the NFIP. On 2024 premiums written the company was the twelfth largest homeowners carrier in the United States. It puts competitors in that market at about 360, with Progressive and the twenty-eight other large groups, each writing over $1 billion a year, accounting for about 80 percent of it. Property business tends to be written in the second and third quarters, following the cycle of property sales, and losses run higher in the storm months. Reinsurance is how the company holds down its exposure to hurricanes and other severe weather.

Two ways in: the agent and the phone

Personal Lines products are sold through both an agency channel and a direct one. The agency side runs through a network of more than 40,000 independent insurance agencies across the country, plus brokerages in New York and California. Those agents can place business with Progressive for specified coverages inside underwriting guidelines the company sets; they cannot set those guidelines, develop rates, settle or adjust claims, or make other commitments. The agency side also writes through alliances with other insurers, financial institutions and national agencies. The direct side is business written online or over the phone. For personal property, the direct route runs through HomeQuote Explorer, a multi-carrier site on which a consumer can compare homeowners quotes from Progressive and from other carriers, with the online buy button available in almost every state.

In 2025 the agency channel carried 43 percent of personal vehicle volume and the direct channel 57 percent. In personal property the split ran the other way: 72 percent agency, 28 percent direct.

How it is run

The chief executive assesses performance and makes the operating decisions for the insurance, investment and service operations, supported by a management team that includes separate presidents for Personal Lines, Commercial Lines, Claims and customer relationship management. Insurance and claims are generally managed state by state, because insurance law, regulation and local conditions differ by state, with national operations and corporate functions behind them. State organisations report to a regional general manager, who reports to the relevant group president. California is run differently: a separate agency auto organisation with its own management and its own customer relationship function.

From Progressive's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 2 March 2026: read the full 10-K.