
Progressive: A Long-Term Compounder Built On Underwriting Discipline
Progressive keeps doing the boring thing extremely well: Scale up, keep margins intact, repeat. Over the past decade, PGR delivered a 92.2% average combined ratio while growing gross written premiums from $19.6B (2014) to $65.5B (2024). Costs are not drifting: The expense ratio has stayed below ~20%, supporting durable underwriting profitability across the cycle.


















