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2025 75 combined ratio
Property turnaround reached a 75 combined ratio in 2025
Management said property had not achieved its target margin in 2022 largely due to weather losses, but delivered a 75 combined ratio in 2025 while also noting underlying profitability aligned with targets even with tailwinds.
Read the full earnings transcript for PGR Q2 2026, or visit the The Progressive Corporation company page.
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Robinsons strategy: large bundled opportunity by direct versus agency
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Financial Performance Summary
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Simply said, we have grown the book while reducing tail risk.
John Curtiss
Property Leader, The Progressive Corporation
Context
John Curtiss was summarizing the impact of property actions on both growth and catastrophe risk during the property turnaround discussion. He described improvements since 2022 that included rightsizing Florida exposure, reducing exposure to other cat-prone states, and taking deliberate actions such as nonrenewals focused on high-risk coastal properties and properties not compliant with recommended building codes. He then tied these actions to portfolio metrics showing total insured value increased 30% while modeled 1 in 100-year probable maximum loss declined by nearly 33%.
Dafinchi