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Progressive PGR Underwriting operations — Other underwriting 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 pgr:OtherUnderwritingExpenseAdjusted.

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
(millions) / Three Months Ended March 31, 2026Personal LinesCommercial LinesOther1Companywide
Total losses and loss adjustment expenses12,0751,751113,827
Underwriting expenses:
Distribution expenses22,66430022,966
Other underwriting expenses31,34626861,620
Total underwriting expenses4,01056884,586
Pretax underwriting profit (loss)$2,575$284$(7)2,852
Investment profit (loss)4789
Service businesses profit (loss)(5)

Item 1. Financial Statements.

FAQ

What is Progressive's underwriting operations — other underwriting expenses?
Progressive (PGR) reported underwriting operations — other underwriting expenses of $1.62B in Q1 2026.
How has Progressive's underwriting operations — other underwriting expenses changed year-over-year?
Progressive's underwriting operations — other underwriting expenses increased by 5.1% year-over-year, from $1.54B to $1.62B.
What is the long-term trend for Progressive's underwriting operations — other underwriting expenses?
Over 3 years (2022 to 2025), Progressive's underwriting operations — other underwriting expenses has grown at a 23.6% compound annual growth rate (CAGR), from $4.08B to $7.7B.
What does underwriting operations — other underwriting expenses mean?
This metric represents the operational costs incurred by the insurance segment that are not directly attributable to claims adjustment or distribution activities. It typically includes administrative overhead, technology investments, personnel costs, and general corporate allocations required to support the underwriting function. Monitoring this helps evaluate the efficiency of the company's internal infrastructure and back-office operations.

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