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Sankey diagram of The Progressive Corporation. A complete text table follows the diagram.
Personal auto supplies most earned premiums, while disciplined claims and acquisition costs leave $2.85 billion of underwriting profit before investments
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Agency auto, direct auto, property and commercial earned premiums are directly reported. Fees and other combines $297M of reported fees and other revenue with $1M of reported other earned premiums. Interest and service costs combines the reported $70M interest expense and $5M service-business loss.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Agency auto | 1 | $7.5B | 35.2% of underwriting revenue |
| Direct auto | 1 | $10.1B | 47.7% of underwriting revenue |
| Property | 1 | $770M | Home and property policies |
| Commercial lines | 1 | $2.6B | 12.1% of underwriting revenue |
| Fees & other underwriting | 1 | $298M | Policy fees and other premiums |
| Underwriting revenue | 2 | $21.3B | Premiums earned plus policy fees |
| Underwriting profit | 3 | $2.9B | 13.6% underwriting margin |
| Claims & loss adjustment | 3 | $13.8B | 65.9 points of the combined ratio |
| Distribution expenses | 3 | $3.0B | Commissions and policy acquisition |
| Other underwriting expenses | 3 | $1.6B | Operations and servicing |
| Investment profit | 3 | $789M | Return on the insurance float |
| Income before tax | 4 | $3.6B | Underwriting plus investments |
| Interest & service costs | 4 | $75M | $70M interest plus $5M service loss |
| Net income | 5 | $2.8B | $4.80 diluted EPS |
| Income tax | 5 | $748M | 21.0% effective rate |
| From | To | Value |
|---|---|---|
| Agency auto | Underwriting revenue | $7.5B |
| Direct auto | Underwriting revenue | $10.1B |
| Property | Underwriting revenue | $770M |
| Commercial lines | Underwriting revenue | $2.6B |
| Fees & other underwriting | Underwriting revenue | $298M |
| Underwriting revenue | Underwriting profit | $2.9B |
| Underwriting revenue | Claims & loss adjustment | $13.8B |
| Underwriting revenue | Distribution expenses | $3.0B |
| Underwriting revenue | Other underwriting expenses | $1.6B |
| Underwriting profit | Income before tax | $2.9B |
| Investment profit | Income before tax | $714M |
| Investment profit | Interest & service costs | $75M |
| Income before tax | Net income | $2.8B |
| Income before tax | Income tax | $748M |