Income StatementBalance SheetCash FlowSegments
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Progressive Income Statement

Revenue, expenses, and profitability over time

Progressive generated $89.9B in trailing twelve-month revenue, up 0.0% year-over-year. Net income was $11.5B with a 12.84% net margin. Diluted EPS is $19.62, which declined 0.0% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$89.5BNet Income (TTM)$11.6BEps Diluted (TTM)$19.67
Latest FilingQ1 2026
Report Date2026-05-04
Market Cap$116.41B
P/E Ratio10.09
ROE34.19%

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared$4.6$0.1$0.1$0.1$13.6$0.1
Reclassification from AOCI-$84.0M-$24.0M$12.0M$2.0M$141.0M$78.0M
Capital Expenditures$110.0M$59.0M$102.0M$66.0M$121.0M$63.0M
OCI Reclassification Adjustment for Sale of Securities-$83.0M-$24.0M$13.0M$2.0M$142.0M$78.0M
Common Stock Dividends Per Share$4.6$0.1$0.1$0.1$13.6$0.1
Other Comprehensive Income (Loss), Net of Tax—$899.0M$429.0M$284.0M$0.0-$574.0M
Dividends per share declared$4.6$0.1$0.1$0.1$13.6$0.1
OCI - Available-for-sale securities, net of tax—$899.0M$428.0M$284.0M$0.0-$574.0M
OCI Available-for-Sale Securities Tax-$359.0M$233.0M$117.0M$76.0M$9.0M-$132.0M
OCI Unrealized Holding Gain (Loss) on Securities, Net of Tax-$1.4B$875.0M$441.0M$286.0M$55.0M-$496.0M
Unrealized Gain (Loss) on Securities-$1.7B$1.1B$558.0M$362.0M$64.0M-$628.0M
OCI Net Unrealized Gain (Loss) on Securities—$899.0M$428.0M$284.0M$0.0-$574.0M
OCI Attributable to Parent—$899.0M$429.0M$284.0M$0.0-$574.0M
OCI Available for Sale Securities Adjustment—$899.0M$428.0M$284.0M$0.0-$574.0M
OCI Reclassification Adjustment for Sale of Securities, Before Tax-$104.0M-$30.0M$16.0M$3.0M$166.0M$98.0M
Other Comprehensive Income (Loss), Before Tax—$1.1B$543.0M$359.0M$0.0-$726.0M
Unrealized Gains on Available-for-Sale Securities—$899.0M$428.0M$284.0M$0.0-$574.0M
Dividends per share declared$4.6$0.1$0.1$0.1$13.6$0.1
Common Stock Dividends Per Share Declared$4.6$0.1$0.1$0.1$13.6$0.1
Income Taxes Paid, Net$646.3M$776.8M$776.8M$776.8M$776.8M—
Interest Paid, Net$50.0M$88.0M$50.0M$88.0M$50.0M$88.0M
OCI Reclassification Adjustment, Sale of Securities, Net of Tax-$83.0M-$24.0M$13.0M$2.0M$142.0M$78.0M
OCI Unrealized Holding Gain (Loss) on Securities, Before Tax-$1.7B$1.1B$558.0M$362.0M$64.0M-$628.0M
OCI Unrealized Holding Gain (Loss) on Securities, Net of Tax-$1.4B$875.0M$441.0M$286.0M$55.0M-$496.0M
OCI Unrealized Holding Gain (Loss) on Securities, Tax-$359.0M$233.0M$117.0M$76.0M$9.0M-$132.0M
Tax Benefit of Reclassification for Sale of Securities-$21.0M-$6.0M$3.0M$1.0M$24.0M$20.0M
Tax effect of unrealized gain (loss) on AFS securities-$359.0M$233.0M$117.0M$76.0M$9.0M-$132.0M
Accretion (Amortization) of Discounts and Premiums, Investments—$21.0M———$47.0M
Advertising costs$1.0B$1.3B$1.3B$1.3B$1.3B—
Pre-tax stock-based compensation cost$30.5M$33.0M$33.0M$33.0M$33.0M—
Benefits, Losses and Expenses$17.3B$17.2B$18.0B$19.2B$19.1B$18.6B
Cash and non-cash dividends paid to parent company$916.8M$2.5B$2.5B$2.5B$2.5B—
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation—$53.0M———$41.0M
Ceded Premiums Earned$342.5M$296.5M$296.5M$296.5M$296.5M—
Ceded Premiums Written$367.3M$258.5M$258.5M$258.5M$258.5M—
Dividends declared (in dollars per share)$4.6$0.1$0.1$0.1$13.6$0.1
Comprehensive Income (Loss), Net of Tax, Attributable to Parent$1.1B$3.5B$3.6B$2.9B$2.9B$2.2B
Current Federal, State and Local, Tax Expense (Benefit)$576.3M$779.3M$779.3M$779.3M$779.3M—
Federal$561.8M$760.5M$760.5M$760.5M$760.5M—
Debt and Equity Securities, Realized Gain (Loss)-$109.0M$1.0M$19.0M$12.0M$216.0M$96.0M
Debt and Equity Securities, Realized Gains (Losses) on Security Sales-$109.0M$1.0M$19.0M$12.0M$216.0M$96.0M
Credit losses on securities without previous credit losses$0.0$0.0$0.0$0.0$0.0$0.0
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Writeoff$0.0$0.0$0.0$0.0$0.0$0.0
Total net securities (losses)-$104.0M-$30.0M$18.0M$3.0M$166.0M$86.0M
Debt Securities, Available-for-Sale, Realized Loss$132.0M$84.0M$9.0M$4.0M$73.0M$41.0M
Debt and Equity Securities, Realized Gains$35.0M$91.0M$31.0M$19.0M$293.0M$148.0M
Debt and Equity Securities, Realized Losses$144.0M$90.0M$12.0M$7.0M$77.0M$52.0M
Federal-$17.5M-$49.8M-$49.8M-$49.8M-$49.8M—
Deferred Federal, State and Local, Tax Expense (Benefit)-$18.0M-$50.5M-$50.5M-$50.5M-$50.5M—
Deferred Policy Acquisition Costs, Amortization Expense$1.5B$1.5B$1.5B$1.6B$1.6B$1.5B
State-$500.0K-$750.0K-$750.0K-$750.0K-$750.0K—
Depreciation$76.0M$70.0M$79.0M$81.0M$83.0M$75.0M
Direct premiums earned$18.0B$20.7B$20.7B$20.7B$20.7B—
Direct premiums written$19.0B$21.1B$21.1B$21.1B$21.1B—
Distribution expenses$2.6B$2.6B$2.6B$2.8B$2.9B$3.0B
Effective tax rates$0.0$0.2$0.2$0.2—$0.2
Share-Based Payment Arrangement, Expense, Tax Benefit$4.3M$4.5M$4.5M$4.5M$4.5M—
Equity securities:$7.0M$37.0M$4.0M$12.0M$54.0M$21.0M
Equity Securities, FV-NI, Realized Loss$12.0M$6.0M$3.0M$3.0M$4.0M$11.0M
Expense Related to Distribution or Servicing and Underwriting Fees$4.1B$4.2B$4.2B$5.5B$4.8B$4.6B
Net Transfers In (Out)$0.0$0.0$0.0$0.0$0.0$0.0
Purchases$2.0M$8.0M$0.0$0.0$0.0$0.0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales$0.0$0.0$0.0$0.0$0.0$5.0M
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements-$2.0M-$6.0M-$1.0M-$2.0M-$1.0M-$1.0M
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1$0.0$0.0$0.0$0.0$0.0$7.0M
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease)$0.0$14.0M$0.0$0.0$4.0M-$1.0M
Gain Loss On Sale Of Property Plant Equipment-$15.0M-$3.0M—-$1.0M-$14.0M-$3.0M
Investment income$790.0M$814.0M$871.0M$924.0M$974.0M$917.0M
Federal taxes$635.0M$755.5M$755.5M$755.5M$755.5M—
State taxes$11.3M$21.3M$21.3M$21.3M$21.3M—
Income taxes paid$600.0M$0.0$1.6B$669.0M——
Income Taxes Paid, Net$646.3M$776.8M$776.8M$776.8M$776.8M—
Accounts payable and other current liabilities—$334.0M$216.0M$1.5B—-$788.0M
Increase (Decrease) in Deferred Policy Acquisition Costs—$107.0M$42.0M$54.0M—$87.0M
Income taxes$0.0$667.0M-$840.0M—-$62.0M$830.0M
Loss and loss adjustment expense reserves$995.0M$765.0M$1.3B$951.0M$1.2B$1.1B
Increase (Decrease) in Other Operating Assets and Liabilities, Net$75.0M$34.0M-$88.0M$196.0M—$141.0M
Increase (Decrease) in Premiums Receivable—$2.4B—$113.0M—$2.3B
Increase (Decrease) in Prepaid Reinsurance Premiums$125.0M-$43.0M-$43.0M-$48.0M-$18.0M$1.0M
Increase (Decrease) in Reinsurance Recoverable-$116.0M-$316.0M-$252.0M-$90.0M-$24.0M-$80.0M
Unearned premiums—$2.8B—$487.0M—$2.7B
Interest and Dividend Income, Operating$790.0M$814.0M$871.0M$924.0M$974.0M$917.0M
Debt$70.0M$70.0M$69.0M$70.0M$69.0M$70.0M
Interest Paid, Excluding Capitalized Interest, Operating Activity$50.0M$88.0M$50.0M$88.0M$50.0M$88.0M
Investment expenses$9.0M$7.0M$9.0M$10.0M$8.0M$8.0M
Net interest and investment income (loss)$728.0M$595.0M$1.2B$1.2B$1.2B$789.0M
Current year$9.2B$4.9B$8.0B$9.1B$10.0B$5.4B
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims$13.0B$12.8B$13.6B$13.4B$14.1B$13.8B
Prior years$2.7B$6.8B$4.1B$3.3B$2.9B$7.3B
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$59.0M-$2.7B-$72.0M-$98.0M-$118.0M-$7.0B
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$2.9B-$2.3B-$4.0B-$5.0B-$3.1B$2.6B
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$3.0B$5.1B$4.0B$5.2B$3.2B$4.4B
Service expenses$113.0M$117.0M$139.0M$144.0M$128.0M$131.0M
Service businesses-$8.3M-$6.0M-$6.0M-$6.0M-$6.0M—
Service businesses profit (loss)—-$6.0M-$6.0M-$6.0M—-$5.0M
Number of operating segments$0.5$0.5$0.5$0.5$0.5—
Number of reportable segments—0.500.500.500.502.00
Number of Subsets of Business Data Reviewed100.00100.00100.00100.00100.00—
Operating Lease Payments$21.0M$22.0M$23.0M$23.0M$23.0M$26.0M
Unrealized gains (losses) on available-for-sale securities—$899.0M$428.0M$284.0M$0.0-$574.0M
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent—$1.1B$543.0M$359.0M$0.0-$726.0M
Other comprehensive income/(loss)—$899.0M$429.0M$284.0M$0.0-$574.0M
Tax expense (benefit) of other comprehensive income (loss), reclassification adjustment from AOCI for sale of securities-$21.0M-$6.0M$3.0M$1.0M$24.0M$20.0M
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax—-$24.0M———$78.0M
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent—$239.0M———-$152.0M
Tax expense (benefit) of unrealized gains/losses on available for sale securities still held-$359.0M$233.0M$117.0M$76.0M$9.0M-$132.0M
Net unrealized gains (losses) on securities still held-$1.4B$875.0M$441.0M$286.0M$55.0M-$496.0M
other-than-temporary Impairment Loss, uncollectible, Available-for-sale$250.0K$250.0K$250.0K$250.0K$250.0K—
Other underwriting expenses$2.7B$2.7B$2.7B$3.0B$2.9B$3.0B
Other underwriting expenses$1.5B$1.5B$1.6B$2.7B$1.9B$1.6B
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid$11.9B$11.7B$12.0B$12.4B$12.9B$12.7B
Payments For Proceeds From Short Term Investments—$2.0B———-$7.9B
Payments of Ordinary Dividends, Common Stock$59.0M$2.7B$59.0M$58.0M$59.0M$8.0B
Payments to Acquire Debt Securities, Available-for-Sale$11.9B$17.3B$9.0B$8.6B$14.7B$19.3B
Payments to Acquire Equity Securities, FV-NI$58.0M$86.0M$1.0M$56.0M$44.0M$57.0M
Payments to Acquire Property, Plant, and Equipment$110.0M$59.0M$102.0M$66.0M$121.0M$63.0M
Payments for Repurchase of Common Stock for Restricted Stock Tax Liabilities$0.0$54.0M$1.0M$37.0M$0.0$43.0M
Payments for Repurchase of Common Stock in the Open Market—$0.0$12.0M$3.0M$59.0M$435.0M
Losses (excluding catastrophe losses)$11.1B$10.7B$11.1B$11.4B$12.1B$11.7B
Catastrophe losses$166.0M$459.0M$707.0M$219.0M$93.0M$268.0M
Loss adjustment expenses$1.7B$1.7B$1.8B$1.8B$1.9B$1.9B
Revenues$19.4B$19.7B$20.6B$21.2B$21.4B$21.3B
Premium Receivable, Allowance for Credit Loss, Writeoff$116.0M$140.0M$148.0M$196.0M$185.0M$207.0M
Increase in allowance$188.0M$153.0M$176.0M$211.0M$221.0M$183.0M
Premiums Written, Net$18.6B$20.8B$20.8B$20.8B$20.8B—
Pretax underwriting profit (loss)$2.3B$2.7B$2.8B$2.2B$2.5B$2.9B
Proceeds from debt financing, net of issuance costs—$0.0———$1.5B
Proceeds From Income Tax Refunds—————$85.0M
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale$2.3B$2.0B$2.1B$2.3B$2.2B$2.5B
Equity securities—$87.0M$90.0M$63.0M$35.0M$152.0M
Net change in unsettled security transactions—$172.0M$6.0M$220.0M—$243.0M
Sale of investments$7.1B$14.7B$2.4B$434.0M$18.2B$11.1B
Proceeds from disposal of certain strategic investments$45.0M$149.0M$2.0M$31.0M$84.0M$56.0M
Dispositions of property, plant, and equipment$12.0M$13.0M$39.0M$18.0M$10.0M$14.0M
Gross realized gains (losses)—-$212.0M$387.0M$295.0M$257.0M-$120.0M
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax-$105.0M-$30.0M$15.0M$3.0M$165.0M$98.0M
Reclassified net gains (losses) from AOCI into earnings-$84.0M-$24.0M$12.0M$2.0M$141.0M$78.0M
Tax effect-$21.0M-$6.0M$3.0M$1.0M$24.0M$20.0M
Right Of Use Asset Obtained In Exchange For Operating Lease Liability$22.0M$40.0M$23.0M$20.0M$8.0M$23.0M
Statutory net income$1.9B$2.7B$2.7B$2.7B$2.7B—
Prior years-$217.0M-$278.0M-$329.0M-$461.0M-$326.0M-$451.0M
Current year$13.2B$13.1B$13.9B$13.9B$14.4B$14.3B
Amortization of deferred policy acquisition costs$1.3B$1.5B$1.5B$1.5B$1.5B—
Benefits, claims, losses, and settlement expenses$12.3B$13.5B$13.5B$13.5B$13.5B—
Net investment income$700.8M$887.3M$887.3M$887.3M$887.3M—
Other operating expenses$2.4B$3.1B$3.1B$3.1B$3.1B—
Premium revenue$17.7B$20.4B$20.4B$20.4B$20.4B—
Net premiums written$18.6B$20.8B$20.8B$20.8B$20.8B—
Total Other-than-temporary Impairment Loss, other assets$0.0$0.0$0.0$0.0$0.0—
Hybrid securities—$3.0M$11.0M$3.0M$1.0M-$27.0M
Add: dilutive effect of potential common shares (in shares)—$1.7M$1.6M$1.7M—$1.3M
OCI Available-for-Sale Debt Securities, Before Tax-$1.7B$1.1B$558.0M$362.0M$64.0M-$628.0M
OCI Reclassification for Sale of Securities, Before Tax-$104.0M-$30.0M$16.0M$3.0M$166.0M$98.0M
Unrealized Gain (Loss) on Available-for-Sale Securities, Net-$359.0M$233.0M$117.0M$76.0M$9.0M-$132.0M
Cash Dividends, Common Stock$59.0M$2.7B$59.0M$58.0M$59.0M$8.0B
Tax on Unrealized Gain (Loss) on Securities-$359.0M$233.0M$117.0M$76.0M$9.0M-$132.0M
Other Comprehensive Income (Loss)—$899.0M$428.0M$284.0M$0.0-$574.0M
OCI Reclassifications to Net Income-$84.0M-$24.0M$12.0M$2.0M$141.0M$78.0M
Common Stock Dividends Per Share Declared$4.6$0.1$0.1$0.1$13.6$0.1
OCI Available for Sale Securities Adjustment, Net of Tax—$899.0M$428.0M$284.0M$0.0-$574.0M
Other Comprehensive Income (Loss), Net of Tax, Attributable to Parent—$899.0M$429.0M$284.0M$0.0-$574.0M
Common Stock Dividends Per Share Declared$4.6$0.1$0.1$0.1$13.6$0.1
OCI Net of Tax, Parent—$899.0M$429.0M$284.0M$0.0-$574.0M
OCI Unrealized Gain (Loss) on Securities, Pre-tax—$899.0M$428.0M$284.0M$0.0-$574.0M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared$4.6$0.1$0.1$0.1$13.6$0.1
Weighted Average Diluted Shares Adjustment—$1.7M$1.6M$1.7M—$1.3M
Common Stock Dividends Per Share (Declared)$4.6$0.1$0.1$0.1$13.6$0.1
Common Stock Dividends Per Share Declared$4.6$0.1$0.1$0.1$13.6$0.1
Basic earnings per share$4.02$4.38$5.42$4.46$5.04$4.81
Diluted earnings per share$4.01$4.37$5.40$4.45$5.02$4.80
Common Stock Dividends Per Share Declared$4.6$0.1$0.1$0.1$13.6$0.1
Dividends Per Share Declared$4.6$0.1$0.1$0.1$13.6$0.1
Common Stock Dividends Per Share Declared$4.6$0.1$0.1$0.1$13.6$0.1
Common Stock Dividends Per Share Declared$4.6$0.1$0.1$0.1$13.6$0.1
Common stock dividends per share declared$4.6$0.1$0.1$0.1$13.6$0.1
Dividends Per Share Declared$4.6$0.1$0.1$0.1$13.6$0.1
Dividends per share declared$4.6$0.1$0.1$0.1$13.6$0.1
Weighted Average Diluted Shares Adjustment—$1.7M$1.6M$1.7M—$1.3M
Common Stock Dividends Per Share Declared$4.6$0.1$0.1$0.1$13.6$0.1
Dividends per share declared$4.6$0.1$0.1$0.1$13.6$0.1
Dividends per share declared$4.6$0.1$0.1$0.1$13.6$0.1
Dividends per Share Declared$4.6$0.1$0.1$0.1$13.6$0.1
Common Stock Dividends Per Share Declared$4.6$0.1$0.1$0.1$13.6$0.1
Common Stock Dividends Per Share Declared$4.6$0.1$0.1$0.1$13.6$0.1
Common stock dividends per share declared$4.6$0.1$0.1$0.1$13.6$0.1
Common Stock Dividends Per Share Declared$4.6$0.1$0.1$0.1$13.6$0.1
Common Stock Dividends Per Share Declared$4.6$0.1$0.1$0.1$13.6$0.1
Common stock dividends per share declared$4.6$0.1$0.1$0.1$13.6$0.1
Weighted average number diluted shares outstanding adjustment—$1.7M$1.6M$1.7M—$1.3M
Weighted-average shares, basic—586M586.2M586.5M—585.6M
Weighted-average shares, diluted—587.7M587.8M588.2M—586.9M

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advertising$1.0B$1.3B$1.3B$1.3B$1.3B—
Total stock-based compensation$30.5M$33.0M$33.0M$33.0M$33.0M—
Stock-Based Compensation Expense (Pre-tax)$30.5M$33.0M$33.0M$33.0M$33.0M—
Allocated Share-Based Compensation Expense$30.5M$33.0M$33.0M$33.0M$33.0M—
Share-Based Compensation (Operating)$30.5M$33.0M$33.0M$33.0M$33.0M—
Share-Based Compensation Expense Before Income Taxes$30.5M$33.0M$33.0M$33.0M$33.0M—
Stock-based compensation expense$30.5M$33.0M$33.0M$33.0M$33.0M—
Restricted Stock Expense$36.0M$16.0M$32.0M$42.0M$42.0M$16.0M
Stock-Based Compensation (Before Tax)$30.5M$33.0M$33.0M$33.0M$33.0M—

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effective Tax Rate (Continuing Operations)$0.0$0.2$0.2$0.2—$0.2
Effective Tax Rate$0.0$0.2$0.2$0.2—$0.2
Cash Paid for Income Taxes$646.3M$776.8M$776.8M$776.8M$776.8M—
Effective Tax Rate, Continuing Operations$0.0$0.2$0.2$0.2—$0.2
Stock-Based Compensation Tax Benefit$4.3M$4.5M$4.5M$4.5M$4.5M—
Current State Tax Expense$14.5M$18.8M$18.8M$18.8M$18.8M—
Effective Income Tax Rate, Continuing Operations$0.0$0.2$0.2$0.2—$0.2
Effective Tax Rate$0.0$0.2$0.2$0.2—$0.2
Current State and Local Tax Expense (Benefit)$14.5M$18.8M$18.8M$18.8M$18.8M—
Effective Tax Rate (Continuing Operations)$0.0$0.2$0.2$0.2—$0.2
Income Taxes Paid, Net$646.3M$776.8M$776.8M$776.8M$776.8M—
Share-Based Compensation Tax Benefit$4.3M$4.5M$4.5M$4.5M$4.5M—
Current State and Local Tax Expense$14.5M$18.8M$18.8M$18.8M$18.8M—
Income tax expense$611.0M$669.0M$807.0M$708.0M$731.0M$748.0M
Effective Tax Rate (Continuing Operations)$0.0$0.2$0.2$0.2—$0.2
Share-Based Compensation Tax Benefit$4.3M$4.5M$4.5M$4.5M$4.5M—
Current State and Local Tax Expense (Benefit)$14.5M$18.8M$18.8M$18.8M$18.8M—
Current Federal Tax Expense$561.8M$760.5M$760.5M$760.5M$760.5M—
Current State and Local Tax Expense$14.5M$18.8M$18.8M$18.8M$18.8M—
Deferred Federal Tax Expense-$17.5M-$49.8M-$49.8M-$49.8M-$49.8M—
Deferred State and Local Tax Expense-$500.0K-$750.0K-$750.0K-$750.0K-$750.0K—
Effective Tax Rate (Continuing Operations)$0.0$0.2$0.2$0.2—$0.2
Income Taxes Paid, Net$646.3M$776.8M$776.8M$776.8M$776.8M—
Effective Income Tax Rate$0.0$0.2$0.2$0.2—$0.2
Current State and Local Tax Expense (Benefit)$14.5M$18.8M$18.8M$18.8M$18.8M—
Effective Tax Rate, Continuing Operations$0.0$0.2$0.2$0.2—$0.2
Current State and Local Tax Expense (Benefit)$14.5M$18.8M$18.8M$18.8M$18.8M—
Income and Other Taxes$646.3M$776.8M$776.8M$776.8M$776.8M—
Current State and Local Tax Expense$14.5M$18.8M$18.8M$18.8M$18.8M—
Effective Tax Rate Continuing Operations$0.0$0.2$0.2$0.2—$0.2

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Cash Paid for Interest$50.0M$88.0M$50.0M$88.0M$50.0M$88.0M
Gain (loss) on debt and equity securities—-$212.0M$387.0M$295.0M$257.0M-$120.0M
Equity Securities FV-NI Gain (Loss)$58.0M-$185.0M$358.0M$289.0M$91.0M-$179.0M
Gain (Loss) on Cenovus Energy Investment$58.0M-$185.0M$358.0M$289.0M$91.0M-$179.0M
Net Interest and Investment Income (Loss)$728.0M$595.0M$1.2B$1.2B$1.2B$789.0M
Gains (losses) on equity investments$58.0M-$185.0M$358.0M$289.0M$91.0M-$179.0M
Accretion (Amortization) of Investment Discounts and Premiums$6.0M$21.0M$34.0M$26.0M$43.0M$47.0M
Realized Investment Gains (Losses)—-$212.0M$387.0M$295.0M$257.0M-$120.0M
Realized Gain on AFS Securities$28.0M$54.0M$27.0M$7.0M$239.0M$127.0M
Change in Net Unrealized Gains (Losses) on AFS Securities—$899.0M$428.0M$284.0M$0.0-$574.0M
Investment income, net$728.0M$595.0M$1.2B$1.2B$1.2B$789.0M
Gain on retained interest in Sandisk$63.0M-$216.0M$357.0M$280.0M$41.0M-$189.0M
Net gains (losses) on equity securities$58.0M-$185.0M$358.0M$289.0M$91.0M-$179.0M
Realized Gain (Loss) on Equity Securities-$5.0M$31.0M$1.0M$9.0M$50.0M$10.0M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Dividends Declared (Per Share)$4.6$0.1$0.1$0.1$13.6$0.1
Common Stock Dividends$59.0M$2.7B$59.0M$58.0M$59.0M$8.0B
OCI Attributable to Parent—$899.0M$429.0M$284.0M$0.0-$574.0M
Net income$2.4B$2.6B$3.2B$2.6B$3.0B$2.8B
Common Stock Dividends$59.0M$2.7B$59.0M$58.0M$59.0M$8.0B

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$3.0B$3.2B$4.0B$3.3B$3.7B$3.6B

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net premiums earned$19.1B$19.4B$20.3B$20.8B$21.1B$21.0B
Debt and Equity Securities, Unrealized Gain (Loss)$57.0M-$213.0M$368.0M$283.0M$42.0M-$216.0M
Fees and other revenues$290.0M$287.0M$303.0M$306.0M$300.0M$297.0M
Net investment income$781.0M$807.0M$862.0M$914.0M$966.0M$909.0M
Service revenues$105.0M$111.0M$133.0M$138.0M$122.0M$126.0M
Total Other-than-temporary Impairment Loss$250.0K$250.0K$250.0K$250.0K$250.0K—
Total revenue$20.3B$20.4B$22.0B$22.5B$22.7B$22.2B

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Medical costs$13.0B$12.8B$13.6B$13.4B$14.1B$13.8B