PROGRESSIVE CORP/OH/

PGR 10-K · FY 2025
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PGR FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 14,223 10,713 +32.8%
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate 2,987 2,250 +32.8%
Income Tax Reconciliation State And Local Income Taxes 57 44 +29.5%
Income Tax Reconciliation Tax Credits Investment -6 -7 +14.3%
Income Tax Reconciliation Nondeductible Expense -123 -54 -127.8%
Income Tax Expense (Benefit) 2,915 2,233 +30.5%
Show Consolidated Entities breakouts
Parent Company -75 -59 -27.1%
Show Income Tax Authority breakouts
State And Local Jurisdiction 72 56 +28.6%
US 2,843 2,177 +30.6%
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate 21 21 0.0%
Effective Income Tax Rate Reconciliation State And Local Income Taxes 0 0 —
Effective Income Tax Rate Reconciliation Tax Credits Investment 0 0 —
Effective Income Tax Rate Reconciliation Nondeductible Expense -1 0 —
Effective Income Tax Rate Continuing Operations 20 21 -4.8%
Revenue 87,671 75,372 +16.3%
Show Consolidated Entities breakouts
Parent Company 11,539 8,763 +31.7%
Income Before Taxes 14,223 10,713 +32.8%
Show Consolidated Entities breakouts
Parent Company 11,233 8,421 +33.4%
Comprehensive Income 12,834 8,673 +48.0%
Show Consolidated Entities breakouts
Parent Company 12,834 8,673 +48.0%
Other Comprehensive Income 1,526 193 +690.7%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent 1 0 —
Accumulated Net Unrealized Investment Gain Loss 1,525 193 +690.2%
Accumulated Translation Adjustment 0 0 —
EPS (Basic) 19.29 14.45 +33.5%
EPS (Diluted) 19.23 14.4 +33.5%
Wtd Avg Shares (Basic) 586.3 585.5 +0.1%
Wtd Avg Shares (Diluted) 588.1 587.7 +0.1%
Net Income Loss Available To Common Stockholders Basic 11,308 8,463 +33.6%
Preferred Stock Dividends Income Statement Impact 0 17 -100.0%
Premiums Earned Net 81,661 70,799 +15.3%
Show Product Lines breakouts
Property Liability And Casualty Insurance Segment 81,661 70,799 +15.3%
Underwriting Operations · Commercial Lines Segment 10,881 10,707 +1.6%
Underwriting Operations · Other Indemnity 2 1 +100.0%
Underwriting Operations · Personal Lines Segment 70,778 60,091 +17.8%
Interest And Dividend Income Operating 3,583 2,832 +26.5%
Policyholder Benefits And Claims Incurred Net 53,959 49,060 +10.0%
Show Product Lines breakouts
Underwriting Operations · Commercial Lines Segment 7,296 7,610 -4.1%
Underwriting Operations · Other Indemnity 1 7 -85.7%
Underwriting Operations · Personal Lines Segment 46,662 41,443 +12.6%
Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1 53,959 49,060 +10.0%
Income Loss From Equity Method Investments (FY) — — —
Show Consolidated Entities breakouts
Parent Company 11,373 8,614 +32.0%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Short-Term Investments 10,005 615 +1526.8%
Non-Current Assets
Property, Plant & Equipment 783 790 -0.9%
Total Assets 123,039 105,745 +16.4%
Show Consolidated Entities breakouts
Parent Company 45,502 35,566 +27.9%
Operating Lease Right-of-Use Assets 199 193 +3.1%
Other Assets
Investments 97,373 80,250 +21.3%
Cash 125 143 -12.6%
Restricted Cash And Cash Equivalents 13 11 +18.2%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 138 154 -10.4%
Show Consolidated Entities breakouts
Parent Company 0 0 —
Accrued Investment Income Receivable 670 594 +12.8%
Premiums Receivable At Carrying Value 15,362 14,369 +6.9%
Reinsurance Recoverables On Paid And Unpaid Losses 4,083 4,765 -14.3%
Prepaid Reinsurance Premiums 197 349 -43.6%
Show Non regulated Reinsurance facility [Axis] breakouts
Commercial Lines reinsurance program 7 157 -95.5%
Non State Reinsurance Plans 18 165 -89.1%
Other reinsurance program 0 0 —
Personal property reinsurance program 11 8 +37.5%
Show State Provided Reinsurance Facility [Axis] breakouts
Commercial Auto Insurance Procedures Plans · State Reinsurance Plans 0 0 —
Florida Hurricane Catastrophe Fund · State Reinsurance Plans 0 0 —
Michigan Catastrophic Claims Association · State Reinsurance Plans 27 29 -6.9%
National Flood Insurance Program · Federal Reinsurance Plans 69 69 0.0%
North Carolina Reinsurance Facility · State Reinsurance Plans 82 85 -3.5%
Other reinsurance program · State Reinsurance Plans 1 1 0.0%
Show State Reinsurance Plans [Axis] breakouts
State Reinsurance Plans 179 184 -2.7%
Deferred Policy Acquisition Costs 2,044 1,961 +4.2%
Deferred Tax Assets Federal Tax 748 954 -21.6%
Show Consolidated Entities breakouts
Parent Company 90 82 +9.8%
Other Assets 1,641 1,559 +5.3%
Show Consolidated Entities breakouts
Parent Company 163 176 -7.4%
Non-Current Liabilities
Dividends Payable Current And Noncurrent 7,972 2,695 +195.8%
Show Equity Components breakouts
Common Stock 7,972 2,695 +195.8%
Common Stock · O2025A 7,913 — —
Common Stock · O2025Q4 59 — —
Common Stock · Parent Company 7,972 2,695 +195.8%
Show Consolidated Entities breakouts
Parent Company 7,972 2,695 +195.8%
Accounts Payable And Accrued Liabilities Current And Noncurrent 9,318 7,651 +21.8%
Show Consolidated Entities breakouts
Parent Company 310 387 -19.9%
Total Liabilities 92,716 80,154 +15.7%
Show Consolidated Entities breakouts
Parent Company 15,179 9,975 +52.2%
Long-Term Debt (Q) — — —
Show Debt Instrument breakouts
2.45% Senior Notes Due 2027 499 499 0.0%
2.50% Senior Notes due 2027 499 499 0.0%
3.00% Senior Notes due 2032 497 497 0.0%
3.20% Senior Notes due 2030 498 498 0.0%
3.70% Senior Notes due 2045 396 396 0.0%
3.70% Senior Notes due 2052 494 494 0.0%
3.95% Senior Notes due 2050 492 491 +0.2%
4.00% Senior Notes due 2029 548 547 +0.2%
4.125% Senior Notes due 2047 843 842 +0.1%
4.20% Senior Notes due 2048 591 591 0.0%
4.35% Senior Notes due 2044 347 347 0.0%
4.95% Senior Notes due 2033 497 497 0.0%
6 5/8% Senior Notes due 2029 299 298 +0.3%
6.25% Senior Notes due 2032 397 397 0.0%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 6,897 6,893 +0.1%
Other Liabilities
Debt Securities Availableforsale Fixed Maturities 82,866 75,332 +10.0%
Available For Sale Securities Debt Securities 92,871 75,947 +22.3%
Show Financial Instrument breakouts
Asset Backed Securities Securitized Loans And Receivables · Fixed Maturities 7,109 6,643 +7.0%
Commercial Mortgage Backed Securities · Fixed Maturities 5,973 4,352 +37.2%
Corporate Debt Securities · Fixed Maturities 19,991 13,954 +43.3%
Foreign Government Debt Securities · Fixed Maturities 17 16 +6.2%
Residential Mortgage Backed Securities · Fixed Maturities 3,175 1,601 +98.3%
US Government Debt Securities · Fixed Maturities 43,298 45,988 -5.8%
US States And Political Subdivisions · Fixed Maturities 3,303 2,778 +18.9%
Show Information By Category Of Debt Security breakouts
Fixed Maturities 82,866 75,332 +10.0%
Short Term Investments 10,005 615 +1526.8%
Unearned Premiums 25,219 23,858 +5.7%
Liability For Claims And Claims Adjustment Expense 43,310 39,057 +10.9%
Debt Longterm And Shortterm Combined Amount 6,897 6,893 +0.1%
Show Consolidated Entities breakouts
Parent Company 6,897 6,893 +0.1%
Stockholders' Equity
Equity Securities F V N I Nonredeemable Preferred Stock 404 728 -44.5%
Equity Securities F V N I Common Equities 4,098 3,575 +14.6%
Equity Securities Fv Ni 4,502 4,303 +4.6%
Show Financial Instrument breakouts
Common Stock 4,098 3,575 +14.6%
Nonredeemable Preferred Stock 404 728 -44.5%
Common Stock Value Outstanding 586 586 0.0%
Show Consolidated Entities breakouts
Parent Company 586 586 0.0%
Additional Paid In Capital Common Stock 2,307 2,145 +7.6%
Show Consolidated Entities breakouts
Parent Company 2,307 2,145 +7.6%
Retained Earnings 27,327 24,283 +12.5%
Show Consolidated Entities breakouts
Parent Company 27,327 24,283 +12.5%
Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax 117 -1,408 +108.3%
Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax -13 -14 +7.1%
Show Debt Instrument breakouts
3.70% Senior Notes due 2045 -10 — —
4.125% Senior Notes due 2047 -7 — —
4.35% Senior Notes due 2044 -1 — —
6 5/8% Senior Notes due 2029 -1 — —
6.25% Senior Notes due 2032 2 — —
Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax -1 -1 0.0%
Accumulated Other Comprehensive Income 103 -1,423 +107.2%
Show Consolidated Entities breakouts
Parent Company 103 -1,423 +107.2%
Total Stockholders' Equity 30,323 25,591 +18.5%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent -13 -14 +7.1%
Accumulated Net Unrealized Investment Gain Loss 117 -1,408 +108.3%
Accumulated Other Comprehensive Income 103 -1,423 +107.2%
Accumulated Translation Adjustment -1 -1 0.0%
Additional Paid In Capital 2,307 2,145 +7.6%
Common Stock 586 586 0.0%
Preferred Stock 0 0 —
Retained Earnings 27,327 24,283 +12.5%
Show Consolidated Entities breakouts
Parent Company 30,323 25,591 +18.5%
Total Liabilities & Equity 123,039 105,745 +16.4%
Show Consolidated Entities breakouts
Parent Company 45,502 35,566 +27.9%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Net Income 11,308 8,480 +33.3%
Show Equity Components breakouts
Retained Earnings 11,308 8,480 +33.3%
Show Consolidated Entities breakouts
Parent Company 11,308 8,480 +33.3%
Depreciation 313 284 +10.2%
Accretion Amortization Of Discounts And Premiums Investments -124 -30 -313.3%
Restricted Stock Expense 132 122 +8.2%
Show Consolidated Entities breakouts
Parent Company 3 4 -25.0%
Realized Investment Gains Losses -727 -264 -175.4%
Gain Loss On Sale Of Property Plant Equipment 16 13 +23.1%
Increase Decrease In Premiums Receivable -993 -2,411 +58.8%
Increase Decrease In Reinsurance Recoverable 682 329 +107.3%
Increase Decrease In Prepaid Reinsurance Premiums 152 -99 +253.5%
Increase Decrease In Deferred Policy Acquisition Costs -83 -274 +69.7%
Increase Decrease In Income Taxes -200 -358 +44.1%
Show Consolidated Entities breakouts
Parent Company 1 -318 +100.3%
Increase Decrease In Unearned Premiums 1,361 3,724 -63.5%
Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve 4,253 4,668 -8.9%
Increase Decrease In Accounts Payable And Accrued Liabilities 1,556 1,236 +25.9%
Show Consolidated Entities breakouts
Parent Company -86 26 -430.8%
Increase Decrease In Other Operating Capital Net -98 -301 +67.4%
Show Consolidated Entities breakouts
Parent Company 97 28 +246.4%
Net Cash from Operations 17,548 15,119 +16.1%
Show Consolidated Entities breakouts
Parent Company 9,843 3,519 +179.7%
Investing Activities
Purchases of Investments -49,625 -47,778 -3.9%
Payments To Acquire Equity Securities Fv Ni -187 -168 -11.3%
Proceeds From Sale Of Available For Sale Securities Debt 35,701 25,634 +39.3%
Proceeds From Sale Of Equity Securities Fv Ni 266 267 -0.4%
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities 8,518 7,006 +21.6%
Proceeds From Maturities Prepayments And Calls Of Equity Securities F V N I 275 110 +150.0%
Payments For Proceeds From Short Term Investments -9,282 1,217 -862.7%
Proceeds From Payables To Broker Dealers Investing Activities 75 171 -56.1%
Capital Expenditures -348 -285 -22.1%
Proceeds From Sale Of Property Plant And Equipment 80 77 +3.9%
Net Cash from Investing -14,527 -13,749 -5.7%
Show Consolidated Entities breakouts
Parent Company -6,806 -2,203 -208.9%
Financing Activities
Payments Of Dividends Common Stock -2,871 -674 -326.0%
Show Consolidated Entities breakouts
Parent Company -2,871 -674 -326.0%
Paymentsfor Repurchaseof Common Stockfor Restricted Stock Tax Liabilities -92 -121 +24.0%
Show Consolidated Entities breakouts
Parent Company -92 -121 +24.0%
Paymentsfor Repurchaseof Common Stockinthe Open Market -74 -13 -469.2%
Show Consolidated Entities breakouts
Parent Company -74 -13 -469.2%
Payments For Repurchase Of Preferred Stock And Preference Stock 0 -500 +100.0%
Show Consolidated Entities breakouts
Parent Company 0 -500 +100.0%
Payments Of Dividends Preferred Stock And Preference Stock 0 -8 +100.0%
Show Consolidated Entities breakouts
Parent Company 0 -8 +100.0%
Proceeds From Issuance Of Debt 0 0 —
Show Consolidated Entities breakouts
Parent Company 0 0 —
Net Cash from Financing -3,037 -1,316 -130.8%
Show Consolidated Entities breakouts
Parent Company -3,037 -1,316 -130.8%
Supplemental
Income Taxes Paid 3,107 2,585 +20.2%
Interest Paid 276 276 0.0%
Other Cash Flow
Net Change in Cash -16 54 -129.6%
Show Consolidated Entities breakouts
Parent Company 0 0 —

Values in millions USD. Source: SEC EDGAR 10-K filing.

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