Progressive Had a Remarkable Run. Now Comes the Hard Part.

Progressive's (PGR 2.26%) earnings per share have ramped from a trough of about $1 in 2022 to close to $20 in 2025. Big swings come with the territory in property and casualty insurance, where hard markets let insurers raise premiums and soft markets are more competitive, eventually bringing margins back down.With shares down around 25% over the past year, the magnitude of this swing has come into focus. Prior to this cycle, the company's EPS had never crossed the $10 mark. The durability of Progressive's r ...