Progressive Corporation

For a P&C carrier, Progressive’s results are relatively predictable because auto is a high‑frequency line with short‑tail reserves, monthly disclosure keeps discipline high, and management throttles growth to stay at or below a 96 combined ratio. 2024 revenue was $75.4B with net income $8.48B and an 88.8 combined ratio; nine‑month 2025 net income reached $8.36B, with policies in force up double digits year over year.

Investment income has a largely investment‑grade, short‑to‑intermediate duration profile and rose with higher rates. Predictability is not perfect: property remains catsensitive; severity shocks (medical, legal system abuse, parts and ADAS/EV repair) can swing accident‑year loss ratios; and rate approvals can lag.

Diversification across personal auto, special lines, commercial auto, and a managed footprint in homeowners helps smooth the path, but we cap the score below mid‑80s for industry cyclicality and weather risk.