Progressive Corp. (NYSE:PGR) posted second-quarter results that exceeded analyst expectations by a wide margin, pushing its shares up 4.3% as investors welcomed the insurer’s solid profitability.
For the quarter ending June 30, 2025, Progressive reported adjusted earnings per share of $5.40, outperforming the consensus estimate of $4.36 by $1.04. Revenue reached $20.08 billion, slightly under the forecasted $20.48 billion but marking a 12% year-over-year increase from $17.90 billion in the prior-year quarter.
The company’s combined ratio, a critical metric for underwriting performance where lower figures signal better results, improved markedly to 86.2%, down from 91.9% in the second quarter of 2024.
Net income soared to $3.18 billion, more than doubling the $1.46 billion reported a year ago—a 118% increase.
Progressive’s policy count showed strong growth across the board, with personal auto policies leading the way. Agency auto policies rose 16% to 10.42 million, while direct auto policies climbed 21% to 15.25 million compared to last year. Total policies in force across all lines grew 15% year over year, reaching 37.32 million.
The insurer also reported $387 million in pretax net realized gains on securities, a notable turnaround from a $127 million loss in the same quarter of 2024.
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