Underwriting operations — Underwriting Margin
Progressive Underwriting operations — Underwriting Margin increased by 29.5% to 13.6% in Q1 2026 compared to the prior quarter. Year-over-year, this metric declined by 2.9%, from 14.0% to 13.6%. Over 3 years (FY 2021 to FY 2024), Underwriting operations — Underwriting Margin shows an upward trend with a 33.2% CAGR. This is a positive signal — higher values indicate stronger performance for this metric.
Analysis
How to read this metric
An increase indicates improved underwriting efficiency and pricing discipline, while a decrease suggests rising claims costs or inefficient expense management.
Detailed definition
This metric represents the percentage of net premiums earned that remains as profit after accounting for all underwritin...
Peer comparison
Commonly referred to as the underwriting profit margin across the insurance industry; peers typically target positive margins to ensure core business viability.
pgr_segment_underwriting_operations_underwriting_marginHistorical Data
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | 3.5% | -0.4% | 0.3% | 5.5% | 4.4% | 0.8% | 0.7% | 1% | -0.4% | 7.6% | 2.3% | 13.9% | 8.1% | 11% | 0.3% | 14% | 13.8% | 10.5% | 13.6% |
| QoQ Change | — | -111.4% | +175.0% | >999% | -20.0% | -81.8% | -12.5% | +42.9% | -140.0% | >999% | -69.7% | +504.3% | -41.7% | +35.8% | -97.3% | >999% | -1.4% | -23.9% | +29.5% |
| YoY Change | — | — | — | — | +25.7% | +300.0% | +133.3% | -81.8% | -109.1% | +850.0% | +228.6% | >999% | >999% | +44.7% | -87.0% | +0.7% | +70.4% | -4.5% | -2.9% |
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Frequently Asked Questions
- What is Progressive's underwriting operations — underwriting margin?
- Progressive (PGR) reported underwriting operations — underwriting margin of 13.6% in Q1 2026.
- How has Progressive's underwriting operations — underwriting margin changed year-over-year?
- Progressive's underwriting operations — underwriting margin decreased by 2.9% year-over-year, from 14.0% to 13.6%.
- What is the long-term trend for Progressive's underwriting operations — underwriting margin?
- Over 3 years (2021 to 2024), Progressive's underwriting operations — underwriting margin has grown at a 33.2% compound annual growth rate (CAGR), from 14.1% to 33.3%.
- What does underwriting operations — underwriting margin mean?
- The percentage of premium revenue kept as profit after paying insurance claims and operating costs.