Company profile
SEC EDGAR ↗- Industry
- Fire, Marine & Casualty Insurance
- Listed
- NYSE: PGR
- Incorporated
- OH
- Headquarters
- Mayfield Village, OH
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $87.7B
- Net income
- $11.3B
- Total assets
- $123.0B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $87.7B | $11.3B | $123.0B |
| FY2024 | $75.4B | $8.48B | $105.7B |
| FY2023 | $62.1B | $3.90B | $88.7B |
| FY2022 | $49.6B | $722.0M | $75.5B |
| FY2021 | $47.7B | $3.35B | $71.1B |
| FY2020 | $42.7B | $5.70B | $64.1B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Distribution Rebellion · Moat & Competition
Progressive Sells Through Agents and Around Them at Once. It Took a Decade to Make That Stop Hurting.
Progressive runs two armies that compete for the same customer: 40,000-plus independent agents and a direct channel that bypasses every one of them. In 2004 it gave agents their own brand, Drive Insurance, to calm the war. By 2007 it killed it - and built something colder instead.
8 min
The Flywheel · Business Model
Progressive's Flywheel Is Older Than Telematics — Since 2014 It Has Dared to Raise Prices
Everyone says Progressive's moat is real-time driving data. But rivals can now collect the same data through shared platforms. The real flywheel is older and meaner: a willingness since 2014 to raise prices, not just lower them - and a quiet drain it inflicts on competitors who only know how to discount.
8 min
The Flywheel · Business Model
Progressive's Snapshot Feeds a Pricing Engine That Ran an 88.8 Combined Ratio in 2024
Everyone thinks Progressive's edge is Snapshot, the telematics gadget. But the device is only the spoon. The flywheel is the engine it feeds: data that prices risk so sharply it ran an 88.8 combined ratio in 2024, more than 7 points under its own 96 target.
8 min