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Progressive PGR Underwriting operations — Losses and loss adjustment expenses

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Other financials

Income statement

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Revenue$22.2B+8.7%
Net income$3.3B+4.3%
EPS (diluted)$4.80+9.8%

Balance sheet

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Cash & equivalents$162.0M-16.9%
Total debt$8.4B+21.6%
Total equity$34.3B+5.3%
Total assets$124.93B+8.2%

Cash flow

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Operating cash flow$4.4B-15.1%
CapEx$63.0M+6.8%
Free cash flow$4.3B-15.3%

Valuation

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Market cap$123.69B-14.8%
P/E10.6×-3.3×

Profitability

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Net margin12.9%+1.8pp
FCF margin18.4%-1.7pp

Returns & leverage

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Return on equity34.9%-2.4pp
Debt / equity0.2×0.0×

Where this comes from

Reported directly by Progressive in its filing.

Tagged under the XBRL concept us-gaap:PolicyholderBenefitsAndClaimsIncurredNet.

The source filing: Progressive’s 10-Q, filed May 4, 2026.

Filed
May 4, 2026, 9:59 AM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0000080661-26-000177
Three Months Ended March 31,20262025
Service revenues126111
Total revenues22,18820,409
Expenses
Losses and loss adjustment expenses13,82712,804
Policy acquisition costs1,5381,456
Other underwriting expenses3,0482,719
Investment expenses87
Service expenses131117

Item 1. Financial Statements.

FAQ

What is Progressive's underwriting operations — losses and loss adjustment expenses?
Progressive (PGR) reported underwriting operations — losses and loss adjustment expenses of $13.83B in Q1 2026.
How has Progressive's underwriting operations — losses and loss adjustment expenses changed year-over-year?
Progressive's underwriting operations — losses and loss adjustment expenses increased by 8.0% year-over-year, from $12.8B to $13.83B.
What is the long-term trend for Progressive's underwriting operations — losses and loss adjustment expenses?
Over 3 years (2022 to 2025), Progressive's underwriting operations — losses and loss adjustment expenses has grown at a 12.3% compound annual growth rate (CAGR), from $38.12B to $53.96B.
What does underwriting operations — losses and loss adjustment expenses mean?
This is the total cost of claims incurred plus the expenses required to manage those claims. It represents the primary cost of goods sold for an insurance company.

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