The Progressive Corporation reported a significant earnings miss for the third quarter of 2025, largely attributed to a $950 million one-time Florida policyholder credit. This charge resulted in a profit of 52 cents per share for September, a 48% decrease from the prior year.
For the nine months ended September 30, 2025, Progressive's revenue was $64.93 billion and net income reached $8.36 billion, both higher than the previous year. However, the Q3 results were heavily impacted by the Florida credit, which was driven by statutory profit caps.
Progressive plans to return nearly $1 billion to Florida auto policyholders, averaging $300 per policyholder, affecting some 2.7 million policies. This refund will be issued as a check or credit towards coverage renewal, stemming from premiums collected exceeding allowable amounts by Florida law over three years.
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