Short answer
Progressive Corporation (PGR) filed its fiscal 2024 10-K annual report with the SEC on Mar 3, 2025. It reported revenue of $75.4B (+21.4% year over year) and net income of $8.5B.
- Top risk flagged: Regulatory risk: potential prohibition of key rating factors like credit in insurance pricing challenging risk-based pricing effectiveness
FY2024 key financial metrics · XBRL
- Revenue
- $75.4B
- +21.4% YoY
- Net income
- $8.5B
- +117.3% YoY
- EPS (diluted)
- $14.40
- +118.8% YoY
- ROE
- 33.1%
- +13.9 pp YoY
- Operating cash flow
- $15.1B
- +42.1% YoY
Source: XBRL data from the Progressive Corporation (PGR) FY2024 10-K on SEC EDGAR. USD.
Progressive Corporation FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Property and casualty insurance provider focusing on personal and commercial lines
- New executive leadership roles established since late 2021, including Chief Human Resources Officer and Claims President
- Strategic emphasis on equity compensation plans with 10.9 million shares available for future issuance as of December 31, 2024
- Performance-based restricted stock awards with maximum potential payout of 1,105,178 shares under the 2015 plan and 855 shares under the 2024 plan
- No material changes to shareholder procedures for director nominations during 2024
Risk Factors
- Regulatory risk: potential prohibition of key rating factors like credit in insurance pricing challenging risk-based pricing effectiveness
- Geopolitical/macroeconomic exposure: concentration in hurricane- and hailstorm-prone states increases catastrophe loss risk amid climate change-driven severe weather
- Operational vulnerability: dependence on third-party systems and vendors heightens risk of service disruptions affecting critical business functions and payments
- Competitive risk: insurtech firms and vehicle manufacturers entering P&C insurance markets intensify competition with innovative technologies and bundled offerings
- Financial risk: reliance on reinsurance with coverage thresholds and limits exposes company to loss beyond reinsurance capacity and reinsurer payment defaults
Generated from the filing text; verify against the original. How to read a 10-K
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