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Jun 30, 2025
Progressive Q2 2025 Earnings Report
Progressive reported strong underwriting performance and significantly higher profitability in Q2 2025.
Key Takeaways
Progressive delivered strong Q2 2025 results with robust premium growth and improved underwriting performance, resulting in a substantial increase in net income and earnings per share.
Net income more than doubled year-over-year to $3.18 billion
EPS rose to $5.40, with adjusted EPS of $4.88 excluding realized gains
Combined ratio improved to 86.2, indicating strong underwriting performance
Net premiums earned increased 18% year-over-year to $20.31 billion
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Progressive expects continued strong underwriting performance with a focus on pricing methodology, while closely monitoring severe weather impacts and market competition.
Positive Outlook
- Strong underwriting discipline expected to continue
- Pricing methodology to be discussed in upcoming investor call
- Stable book value growth supported by retained earnings
- Sustained policy growth across personal and commercial lines
- Improving investment income trends
Challenges Ahead
- Potential impact from severe weather events
- Ongoing competitive pressure in property-casualty markets
- Possible volatility in investment portfolio returns
- Regulatory and compliance risks remain elevated
Historical Earnings Impact
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Avg. Return Before/After Earnings
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