Progressive said net income for September 2025 was $305 million, down 48% from $585 million a year earlier, and its combined ratio rose to 100.4 from 93.4, up 7.0 points.

1. 01

   Progressive said net income for September 2025 was $305 million, down 48% from $585 million a year earlier, and its combined ratio rose to 100.4 from 93.4, up 7.0 points.

2. 02

   The company said it expects Florida personal auto profit for 2023 to 2025, a 3-calendar-year period, will probably exceed the statutory profit limit, and it recorded a $950 million policyholder credit expense in September 2025.

3. 03

   The company said Florida policyholder credits in September added 17.8 points to the expense and combined ratio in the Personal Lines vehicles agency channel and 15.9 points in the direct channel. It said that excluding these credits, the total Personal Lines combined ratio would have been 86.5.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call. Some paragraphs were omitted because their support in the source could not be confirmed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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