Progressive Corporation management check
PGR · Financials · Property & Casualty Insurance · CEO Susan Patricia Griffith
Filings as of
4 good · 3 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $254, against $229 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.27 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.2% of net income$17.7m of reported pay in fiscal 2025, against $11.3bn of net income.
- Watch
Do they own the stock?
CEO stake ≈ 6.0 years of payThe CEO holds 485,437.572 shares, directly or through trusts (unvested awards not counted): about 6.0 years of pay. 8 insiders sold $26.4m in the last six months and none bought. 13 of 14 sales ran on pre-arranged 10b5-1 plans.
- Watch
Are owners being diluted?
Share count growingDiluted shares changed +0.1% a year over the last three fiscal years. Stock-based pay was 0.2% of revenue in the latest year.
- Good
Is leadership stable?
7 leadership filings in 3 yearsCEO in the pay table: Mrs. Griffith. 7 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2022.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Financials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 64 | 49 | |
| Pay for performance | 64 | 83 | |
| CEO cost | 100 | 67 | |
| Skin in the game | 54 | 51 | |
| Dilution | 49 | 69 | |
| Stable leadership | 90 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Property & Casualty Insurance, by management score. Progressive Corporation is 30th of 72 in its sector.
Pay versus performance
From the proxy statement filed March 23, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mrs. Griffith | $17.7m | $25.8m | $4.8m | $254 | $229 | $11.3bn |
| 2024 | — | $16.4m | $61.1m | $4.3m | $262 | $209 | $8.5bn |
| 2023 | — | $15.6m | $49.0m | $4.1m | $173 | $155 | $3.9bn |
| 2022 | — | $12.7m | $48.5m | $3.2m | $141 | $140 | $700.0m |
| 2021 | — | $14.5m | $26.4m | $3.7m | $111 | $118 | $3.4bn |
The board says pay is tied most to Combined ratio. Its other key measures: Combined Ratio, Premium Growth, 3-Year Return Fixed- Income Portfolio, Policies In Force (PIF) Growth.
Insiders and the CEO's stake
Susan Patricia Griffith (President and CEO) held 485,437.572 shares directly after their latest Form 4 on Sep 1, 2026, roughly $106.6m at that filing's price.
8 insiders sold $26.4m in the last six months and none bought. 13 of 14 sales ran on pre-arranged 10b5-1 plans.
- SoldSusan Patricia GriffithPresident and CEO · 10b5-1 plan$16.1mSep 1, 2026
- SoldJohn Jo MurphyClaims President · 10b5-1 plan$2.9mJul 27, 2026
- SoldKaren BailoCommercial Lines President · 10b5-1 plan$1.8mJul 27, 2026
- SoldLori A NiederstChief Personal Lines Officer · 10b5-1 plan$1.5mAug 13, 2026
Leadership and governance on file
- Jun 17, 2026Leadership change8-K 5.02
- May 12, 2026Leadership change8-K 5.02
- Jan 28, 2026Leadership change8-K 5.02
- Mar 10, 2025Leadership change8-K 5.02
- Aug 30, 2024Leadership change8-K 5.02
- Aug 23, 2024Leadership change8-K 5.02
- May 14, 2024Leadership change8-K 5.02
- Mar 7, 2023Leadership change8-K 5.02
Latest shareholder vote results: May 12, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $7.8bn returned to owners in buybacks and dividends, 28% of net income, and $375.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $47.7bn | $49.6bn | $62.1bn | $75.4bn | $87.7bn |
| Net income | $3.4bn | $722.0m | $3.9bn | $8.5bn | $11.3bn |
| Stock-based pay | — | — | $121.0m | $122.0m | $132.0m |
| Buybacks | — | — | — | — | — |
| Dividends | $3.7bn | $234.0m | $234.0m | $674.0m | $2.9bn |
| Diluted shares | 587m | 587m | 588m | 588m | 588m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.