Progressive has delivered a remarkable 92.2% average combined ratio over the past ten years, while scaling gross written premiums from $19.6 billion in 2014 to $65.5 billion in 2024. The company’s expense ratio has remained below 20%, enabling durable underwriting profitability through both hard and soft cycles. In the first nine months of 2025, net premiums written rose 13% year-over-year to $63.7 billion, and net premiums earned increased 17% to $60.6 billion. Policy count grew 12% to 38.1 million, underscoring continued customer acquisition and retention at higher average premium levels.

Twenty-two brokerages currently cover the stock, assigning an average recommendation of “Hold.” Within this group, two analysts rate it a sell, twelve a hold, seven a buy and one a strong buy. The average 12-month target price sits at $260.74. Notable recent analyst actions include Morgan Stanley’s re-issue of an underweight rating, Citigroup’s buy rating with a slight reduction in target price from $301.38 to $300.60, Goldman Sachs’ $227.00 target, and Barclays’ upgrade to overweight with a target raised from $257.00 to $265.00.

During the last quarter of 2024, CFO John P. Sauerland sold 5,000 shares for proceeds of $1.14 million, reducing his stake by 2.19% to 223,024 shares. Another insider, Steven Broz, sold 1,344 shares at an average of $224.80, a 4.85% reduction. Over the past three months, insiders have sold 9,034 shares valued at $2.05 million and now own 0.34% of outstanding stock. Institutional ownership stands at 85.34%, with funds such as Brighton Jones LLC (up 15.6% to 3,392 shares), Revolve Wealth Partners LLC (new $269,000 position), Bison Wealth LLC (up 3.2% to 2,568 shares), HBW Advisory Services LLC (up 37.5% to 1,695 shares) and TrueWealth Advisors LLC (up 14.5% to 2,543 shares) all increasing or initiating stakes.