As previously announced, The Progressive Corporation (NYSE: PGR) will host an Investor Relations conference call on Tuesday, May 6, 2025, beginning at 9:30 a.m. eastern time.

This quarterly call, which will consist of both a conference call and audio-only webcast, is scheduled to last 60 minutes and will consist of a question-and-answer session with Tricia Griffith, our CEO, and John Sauerland, our CFO. Call-in participants will be able to ask questions via phone, however, webcast participants will not be able to submit questions online.

Progressive Reports Strong Q1 2025 Growth Despite March Income Dip

The Progressive Corporation reported first quarter 2025 net income of $2.57 billion, up 10% from $2.33 billion in Q1 2024, despite a 42% year-over-year decline in March net income to $522 million. Earnings per share for the quarter rose 11% to $4.37 from $3.94.

Net premiums written increased 17% to $22.2 billion for the quarter, and net premiums earned grew 20% to $19.4 billion. These gains were driven by strong policy growth across both personal and commercial lines, with total policies in force rising 18% to over 36.2 million. Notably, direct auto policies increased 25% year-over-year.

March's combined ratio rose to 90.9 from 84.3 in the prior year, reflecting higher loss costs and catastrophe losses. However, the quarterly combined ratio remained stable at 86.0. Catastrophe loss ratios were elevated in March due to widespread severe weather.

Investment income for the quarter rose to $814 million, but total realized losses on securities reached $212 million, contributing to volatility in monthly income. Progressive recorded a comprehensive income of $3.47 billion for Q1 2025, up from $2.12 billion a year earlier, benefiting from a $899 million improvement in unrealized gains on fixed-maturity securities.

Book value per share climbed to $49.39, and the return on average equity over the trailing 12 months was 34.2% for net income and 39.3% for comprehensive income. Progressive repurchased 2.24 million shares during the quarter at an average cost of $276.25.

The company will hold its Q1 investor call on May 6, 2025, and plans to release April results on May 21.

On March 7, 2025, the Board of Directors of The Progressive Corporation (NYSE:PGR) declared a $0.10 per common share dividend, payable April 11, 2025, to shareholders of record at the close of business on April 3, 2025.

The Progressive Corporation announced the appointment of Carl G. Joyce as Vice President and Chief Accounting Officer, effective March 7, 2025. He succeeds Mariann Wojtkun Marshall in this role. Joyce, 43, has been with the company for 13 years and has served as Director of Financial Reporting – GAAP for over five years. His compensation, including salary, Gainshare target, and equity awards, will align with his seniority and responsibilities.

The company also filed financial statements and exhibits related to the appointment.

Progressive Corporation reported strong financial results for January 2025, with net premiums written increasing by 18% to $6.48 billion and net premiums earned rising by 22% to $6.59 billion. Net income reached $1.12 billion, a 59% increase from the previous year, translating to earnings of $1.90 per share, up 61%. The combined ratio improved to 84.1 from 87.3, indicating enhanced underwriting profitability.

Personal Lines policies in force grew by 18%, with agency auto increasing by 18% and direct auto by 25%. Special lines and property policies rose by 9% and 13%, respectively. The total number of policies across Personal and Commercial Lines increased by 18% to 35.33 million.

Investment income rose to $268 million from $199 million, and net realized gains on securities were $109 million, compared to $17 million in the prior year. Total revenues for January reached $7.09 billion, a 24% increase, while total expenses grew to $5.70 billion from $4.83 billion. The company's total comprehensive income was $1.28 billion, up from $813 million in January 2024.

Progressive continues to expand its presence in personal and commercial insurance across the U.S., offering auto, property, and liability coverage for individuals and businesses.