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The Progressive Corporation operates within the financial sector, in the insurance subsector, with a primary focus on automobile insurance, complemented by activities in homeowners, commercial and specialty insurance. Founded by Jack Green and Joseph Lewis, it originated from the objective of providing affordable insurance with differentiated risk modeling for drivers, with no government participation in its corporate structure since inception.
The portfolio of products and services includes personal auto insurance, commercial insurance for fleet vehicles and trucks, homeowners insurance offered through partners, insurance for motorcycles, boats and recreational vehicles, as well as supplemental coverages, claims management services and digital platforms for quoting, issuing and administering policies.
Market activity is predominantly domestic, with presence in all U.S. states, serving individuals, small and mid-sized businesses, and logistics operators, in addition to indirect distribution through authorized independent agents. Certain products are offered in specific segments according to state regulations and insurance industry authorizations.
Key market factors influencing performance include competition with major U.S. insurers, volatility in claim and indemnity costs, variations in accident rates and urban mobility, macroeconomic impacts on automotive repair costs, technological advancements in pricing systems and the expansion of digital channels for policy acquisition and customer service.
Operational scale comprises tens of millions of active policies, billions of dollars in written premiums and a broad customer base distributed nationwide, positioning the organization among the largest automobile insurers in the United States by premium volume and market share.
The operational structure relies on an integrated model of underwriting, risk analysis and claims management, with corporate headquarters in Mayfield Village, Ohio, logistical support in regional centers, units dedicated to claims services and divisions segmented into personal, commercial and specialty insurance, supported by strong digital channels and automated policy administration tools.
Shares are traded exclusively on the Nasdaq under the ticker PGR, representing the company’s primary listing in the U.S. capital markets.
History and foundation
The company was founded in 1937 in Cleveland, Ohio, with an initial focus on automotive insurance for higher-risk drivers, during a period marked by the expansion of the U.S. vehicle fleet and the need for more segmented underwriting models in the insurance industry.
In its early years, challenges included consolidating an innovative pricing model, building a customer base and adapting to state regulatory requirements. Initial achievements included gradual growth in adoption of insurance products targeted at drivers considered higher risk.
Expansion efforts included geographic growth into other U.S. states, diversification into commercial insurance products, adoption of data-based pricing technologies and the creation of direct sales channels, including telephone service and, later, digital platforms.
Historical milestones include the offer pública inicial (IPO) in 1971, advancements in electronic pricing models during the 1990s, expansion into commercial insurance in the 2000s and the development of digital solutions for quoting and policy management throughout the 2010s.
Between 2020 and 2024, the company recorded growth in written premium volume, impacts related to automotive repair costs, evolution of telematics programs applied to pricing, development of partnerships in homeowners insurance and variations in operational performance associated with macroeconomic changes and dynamics in the U.S. insurance market.
Additional Information
The Company The Progressive Corp. (United States), is listed on NYSE with a market value of $ 124.51 Billions, having an equity of $ 35.45 Billions.
With a total of 43.326 employees, the company is listed in the sector of Financial and categorized in industry of Insurance (Prop. & Casualty).
In the last 12 months the Company had a revenue of $ 85.17 Billions, which generated a profit in the amount of $ 10.71 Billions.
As for its main indicators, the Company has a P/E ratio of 11.62, a P/BV ratio of 3.51 and in the last 12 months the dividend yield of PGR was at 2.31%.
The Company is traded internationally through the ticker PGR.
