Progressive's Underwriting Efficiency Drives a Decade of S&P 500 Outperformance
EW
Ezra Winters
life insurance underwriting · Apr 14, 2026
Source: DojiDoji Data Terminal
Progressive stock has outperformed the S&P 500 over the past 10 years, dividends included. This performance is driven by underwriting that matches rates to risk, allowing the company to maintain a combined ratio below 90% in 2025. This figure exceeds management's stated goal of keeping the ratio below 96%.
Earnings per share rose from $14.40 to $19.23 last year. The company added 3.7 million new policies in force and $9 billion in additional written premiums compared to the previous year. Because profits were high in 2025, the company paid a variable dividend of $13.50 per share in January.
life insurance underwriting
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