Products & Services · Combined ratio
Underwriting Operations — Combined ratio
Progressive Underwriting Operations — Combined ratio increased by 3.8% to $0.90 in Q3 2025 compared to the prior quarter. Year-over-year, this metric grew by 0.6%, from $0.89 to $0.90. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
StatementSegment
CategoryProfitability
SignalLower is better
VolatilityModerate
First reportedQ1 2013
Last reportedQ3 2025
How to read this metric
A lower ratio signals superior underwriting performance and cost control, whereas a higher ratio suggests that claims and expenses are consuming a larger portion of premium income.
Detailed definition
The combined ratio is a key measure of insurance underwriting profitability, calculated as the sum of the loss ratio and...
Peer comparison
This is the standard industry benchmark for insurance underwriting performance, allowing for direct comparison across all property and casualty insurers.
Metric ID:
pgr_segment_underwriting_operations_combined_ratioHistorical Data
14 periods
| Q2 '21 | Q3 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q1 '25 | Q2 '25 | Q3 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $0.97 | $1.00 | $0.95 | $0.96 | $0.99 | $0.99 | $1.00 | $0.92 | $0.86 | $0.92 | $0.89 | $0.86 | $0.86 | $0.90 |
| QoQ Change | — | +4.0% | -5.9% | +1.2% | +3.8% | -0.2% | +1.4% | -8.0% | -6.8% | +6.7% | -3.2% | -3.4% | +0.2% | +3.8% |
| YoY Change | — | — | — | -0.9% | -1.2% | +4.8% | +5.0% | -6.9% | -13.0% | -8.5% | -3.7% | -0.1% | -6.2% | +0.6% |
Range$0.86 – $1.00
CAGR-2.3%
Avg YoY Growth-2.7%
Median YoY Growth-1.2%
Current Streak2 quarters growth
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Frequently Asked Questions
- What is Progressive's underwriting operations — combined ratio?
- Progressive (PGR) reported underwriting operations — combined ratio of $0.90 in Q3 2025.
- How has Progressive's underwriting operations — combined ratio changed year-over-year?
- Progressive's underwriting operations — combined ratio increased by 0.6% year-over-year, from $0.89 to $0.90.
- What does underwriting operations — combined ratio mean?
- A measure of underwriting profitability where a lower number indicates better performance.