Progressive Corporation reported increased net premiums but decreased net income for March 2025 compared to the previous year.
Quiver AI Summary
The Progressive Corporation reported strong growth in net premiums written and earned for March and the first quarter of 2025, with increases of 17% and 20% respectively compared to the previous year. However, net income saw a significant decline of 42% for March, falling to $522 million, while quarterly net income rose by 10% to $2.57 billion. Additionally, the company experienced substantial losses on securities, with total pretax net realized gains shifting to losses of $211 million in March. The combined ratio for March was 90.9, showing increased costs compared to the previous year. Progressive also reported an 18% increase in total policies in force across personal and commercial lines, reflecting its strong market position as the second-largest personal auto insurer in the U.S.
Potential Positives
- Net premiums written increased by 17% compared to the previous year, indicating strong growth in business.
- Net premiums earned also saw a significant rise of 20%, reflecting improved revenue generation.
- Total policies in force grew by 18% year-over-year, showcasing an expanding customer base.
- The company remains the second largest personal auto insurer in the U.S., reinforcing its market position and competitiveness.
Potential Negatives
- Net income for the quarter decreased by 42% compared to the same period in the previous year, which could raise concerns among investors about the company's profitability.
- Total pretax net realized losses on securities were significant, with a decline of 458% year-over-year for the month and 236% for the quarter, indicating potential challenges in the company's investment portfolio.
- The combined ratio increased to 90.9 compared to 84.3 the previous year, suggesting a deterioration in underwriting performance.
FAQ
What were Progressive's net premiums written in March 2025?
Progressive reported net premiums written of $9,041 million in March 2025, reflecting a 17% increase from 2024.
How did Progressive's net income change in the first quarter of 2025?
Net income for the first quarter of 2025 was $2,567 million, a 10% increase compared to $2,331 million in 2024.
What is Progressive's combined ratio for the first quarter of 2025?
The combined ratio for Progressive in the first quarter of 2025 is 86.0, slightly down from 86.1 in 2024.
How many policies are in force for Progressive as of March 2025?
As of March 2025, Progressive has a total of 36,292 policies in force, an 18% increase from 2024.
Where can I find Progressive's complete earnings release?
You can access Progressive's complete monthly earnings release at their official website, progressive.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PGR Congressional Stock Trading
Members of Congress have traded $PGR stock 5 times in the past 6 months. Of those trades, 5 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $PGR stock by members of Congress over the last 6 months:
- REPRESENTATIVE BYRON DONALDS has traded it 2 times. They made 2 purchases worth up to $30,000 on 03/20 and 0 sales.
- REPRESENTATIVE JULIE JOHNSON has traded it 3 times. They made 3 purchases worth up to $45,000 on 02/24, 02/14, 01/24 and 0 sales.
To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.
$PGR Insider Trading Activity
$PGR insiders have traded $PGR stock on the open market 24 times in the past 6 months. Of those trades, 0 have been purchases and 24 have been sales.
Here’s a breakdown of recent trading of $PGR stock by insiders over the last 6 months:
- JOHN P SAUERLAND (VP and Chief Financial Officer) has made 0 purchases and 6 sales selling 51,542 shares for an estimated $13,529,061.
- SUSAN PATRICIA GRIFFITH (President and CEO) has made 0 purchases and 2 sales selling 20,087 shares for an estimated $4,876,177.
- JEFFREY D KELLY sold 10,000 shares for an estimated $2,500,000
- PATRICK K CALLAHAN (Personal Lines President) sold 4,669 shares for an estimated $1,305,935
- JOHN JO MURPHY (Claims President) has made 0 purchases and 2 sales selling 3,938 shares for an estimated $956,097.
- LORI A NIEDERST (CRM President) sold 3,855 shares for an estimated $952,416
- KAREN BAILO (Commercial Lines President) has made 0 purchases and 2 sales selling 3,558 shares for an estimated $863,914.
- JONATHAN S. BAUER (Chief Investment Officer) has made 0 purchases and 2 sales selling 2,923 shares for an estimated $824,178.
- STEVEN BROZ (Chief Information Officer) sold 2,981 shares for an estimated $748,678
- ANDREW J QUIGG (Chief Strategy Officer) has made 0 purchases and 2 sales selling 1,643 shares for an estimated $398,915.
- MARIANN WOJTKUN MARSHALL (Chief Accounting Officer) has made 0 purchases and 2 sales selling 776 shares for an estimated $188,565.
- DEVIN C JOHNSON sold 400 shares for an estimated $110,016
- CARL G JOYCE (Chief Accounting Officer) sold 360 shares for an estimated $99,419
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$PGR Hedge Fund Activity
We have seen 824 institutional investors add shares of $PGR stock to their portfolio, and 697 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BLACKROCK, INC. added 4,685,566 shares (+9.8%) to their portfolio in Q4 2024, for an estimated $1,122,708,469
- WELLINGTON MANAGEMENT GROUP LLP removed 3,324,110 shares (-34.2%) from their portfolio in Q4 2024, for an estimated $796,489,997
- JPMORGAN CHASE & CO added 2,260,562 shares (+16.8%) to their portfolio in Q4 2024, for an estimated $541,653,260
- GQG PARTNERS LLC added 2,085,833 shares (+67.6%) to their portfolio in Q4 2024, for an estimated $499,786,445
- CAPITAL RESEARCH GLOBAL INVESTORS added 1,547,677 shares (+34.3%) to their portfolio in Q4 2024, for an estimated $370,838,885
- VIKING GLOBAL INVESTORS LP removed 1,312,172 shares (-37.6%) from their portfolio in Q4 2024, for an estimated $314,409,532
- ARTISAN PARTNERS LIMITED PARTNERSHIP removed 1,004,473 shares (-20.2%) from their portfolio in Q4 2024, for an estimated $240,681,775
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$PGR Analyst Ratings
Wall Street analysts have issued reports on $PGR in the last several months. We have seen 1 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Morgan Stanley issued a "Overweight" rating on 12/13/2024
To track analyst ratings and price targets for $PGR, check out Quiver Quantitative's $PGR forecast page.
$PGR Price Targets
Multiple analysts have issued price targets for $PGR recently. We have seen 2 analysts offer price targets for $PGR in the last 6 months, with a median target of $283.5.
Here are some recent targets:
- Alex Scott from Goldman Sachs set a target price of $294.0 on 11/06/2024
- Michael Zaremski from BMO Capital set a target price of $273.0 on 11/04/2024
Full Release
MAYFIELD VILLAGE, OHIO, April 16, 2025 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month and quarter ended March 31, 2025:
| March | Quarter | |||||||||||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||
| Net premiums written | $ | 9,041 | $ | 7,746 | 17 | % | $ | 22,206 | $ | 18,962 | 17 | % | ||||||||
| Net premiums earned | $ | 6,787 | $ | 5,634 | 20 | % | $ | 19,409 | $ | 16,149 | 20 | % | ||||||||
| Net income | $ | 522 | $ | 893 | (42 | ) | % | $ | 2,567 | $ | 2,331 | 10 | % | |||||||
| Per share available to common shareholders | $ | 0.89 | $ | 1.52 | (42 | ) | % | $ | 4.37 | $ | 3.94 | 11 | % | |||||||
| Total pretax net realized gains (losses) on securities | $ | (211 | ) | $ | 59 | (458 | ) | % | $ | (212 | ) | $ | 156 | (236 | ) | % | ||||
| Combined ratio | 90.9 | 84.3 | 6.6 | pts. | 86.0 | 86.1 | (0.1 | ) | pts. | |||||||||||
| Average diluted equivalent common shares | 587.7 | 587.4 | 0 | % | 587.7 | 587.3 | 0 | % | ||||||||||||
| March 31, | |||||
|
(thousands; unaudited)
|
2025 | 2024 | % Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 10,146 | 8,593 | 18 | ||
| Direct – auto | 14,771 | 11,855 | 25 | ||
| Special lines | 6,637 | 6,076 | 9 | ||
| Property | 3,576 | 3,209 | 11 | ||
| Total Personal Lines | 35,130 | 29,733 | 18 | ||
| Commercial Lines | 1,162 | 1,101 | 6 | ||
| Companywide | 36,292 | 30,834 | 18 | ||
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
[email protected]
The Progressive Corporation
300 North Commons Blvd.
Mayfield Village, Ohio 44143
http://www.progressive.com
Download PDF: Progressive March 2025 Complete Earnings Release
