Progressive vs W. R. Berkley: Revenue, Profit and Business Model
Progressive had $87.7B of annual revenue in FY2025 and $11.3B of net income. W. R. Berkley had $14.7B of annual revenue in FY2025 and $1.8B of net income.
Latest financial snapshot
Progressive
- Latest annual revenue
- $87.7B (FY2025)
- Net income
- $11.3B
- Net margin
- 12.9%
- Revenue growth
- +15.8% a year, FY2016–FY2025
W. R. Berkley
- Latest annual revenue
- $14.7B (FY2025)
- Net income
- $1.8B
- Net margin
- 12.1%
- Revenue growth
- +7.5% a year, FY2016–FY2025
Financial summary
Progressive
Revenue grew from $49.6 billion in 2022 to $62.1 billion in 2023, $75.4 billion in 2024 and $87.7 billion in 2025. Net income climbed from $722 million in 2022, a year of heavy claims inflation, to $3.9 billion in 2023, $8.5 billion in 2024 and $11.3 billion in 2025. The 2025 result absorbed a $1.224 billion policyholder credit expense, mainly for returning excess profits to Florida personal auto customers under that state's profit limit. In 2026 growth has slowed: second-quarter net premiums written rose 5% to $21.08 billion, net income was $3.31 billion and the combined ratio was 87.3 versus 86.2 a year earlier. August 2026 net income fell 22% to $951 million as the monthly combined ratio rose to 89.3.
W. R. Berkley
FY2025 total revenues rose to $14.71B from $13.64B in FY2024, and net income to common stockholders was $1.78B. In Q2 2026, total revenues were $3.72B, net income to common stockholders was $452.3M (up 12.7%), operating income was $497.1M, and the GAAP combined ratio was 90.0%. Annualized return on beginning equity was 18.6%. Book value per share was $26.50 at June 30, 2026, and total assets were $45.68B. W. R. Berkley Corporation is a massive American commercial lines property and casualty insurance holding company, sustaining a market valuation typically exceeding $20 billion.
Revenue and profit by year
Progressive
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $87.7B | $11.3B | 12.9% | +16.3% | Source |
| FY2024 | $75.4B | $8.5B | 11.3% | +21.4% | Source |
| FY2023 | $62.1B | $3.9B | 6.3% | +25.2% | Source |
| FY2022 | $49.6B | $722M | 1.5% | +4.0% | Source |
| FY2021 | $47.7B | $3.4B | 7.0% | +11.8% | Source |
| FY2020 | $42.7B | $5.7B | 13.4% | +9.3% | Source |
| FY2019 | $39B | $4B | 10.2% | +22.0% | Source |
| FY2018 | $32B | $2.6B | 8.2% | +19.2% | Source |
| FY2017 | $26.8B | $1.6B | 5.9% | +14.5% | Source |
| FY2016 | $23.4B | $1B | 4.4% | — | Source |
W. R. Berkley
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $14.7B | $1.8B | 12.1% | +7.8% | Source |
| FY2024 | $13.6B | $1.8B | 12.9% | +12.3% | Source |
| FY2023 | $12.1B | $1.4B | 11.4% | +8.7% | Source |
| FY2022 | $11.2B | $1.4B | 12.4% | +18.1% | Source |
| FY2021 | $9.5B | $1B | 10.8% | +16.7% | Source |
| FY2020 | $8.1B | $530.7M | 6.6% | +2.5% | Source |
| FY2019 | $7.9B | $681.9M | 8.6% | +2.7% | Source |
| FY2018 | $7.7B | $640.7M | 8.3% | +0.1% | Source |
| FY2017 | $7.7B | $549.1M | 7.1% | +0.4% | Source |
| FY2016 | $7.7B | $601.9M | 7.9% | — | Source |
Where the revenue comes from
Progressive
- Personal Lines
Largest segment
Private passenger auto and special lines (motorcycle, boat, RV) sold directly and through independent agents.
- Commercial Lines
Major segment
Business auto, trucking, for-hire transportation and fleet insurance.
- Property
Smaller segment
Homeowners, condo and renters insurance, mainly through ASI.
- Investment Income
Float income
Interest, dividends and realized gains on the portfolio funded by premiums held before claims are paid.
W. R. Berkley
- Net Premiums Earned
About 85% of H1 2026 total revenues
$6.30B in the first six months of 2026 across the Insurance and Reinsurance & Monoline Excess segments.
- Net Investment Income
About 11% of H1 2026 total revenues
$823.0M in the first six months of 2026 from the core portfolio, investment funds and the arbitrage trading account.
- Non-Insurance Businesses
About 4% of H1 2026 total revenues
$291.0M of revenues from non-insurance businesses in the first six months of 2026.
- Insurance Service Fees
Under 1% of H1 2026 total revenues
$58.8M in the first six months of 2026.
Business model and strategy
Progressive
How it makes money
Progressive is a property and casualty insurer with three main operating segments. Personal Lines (private passenger auto plus special lines such as motorcycle, boat and RV) is the largest. Commercial Lines covers business auto, trucking, for-hire transportation and fleet risks, including the former Protective Insurance book now branded Progressive Fleet & Specialty Programs.
Growth strategy
Progressive's stated aim is to grow as fast as it can while keeping a 96 or better combined ratio. Key levers are winning more 'Robinsons' (customers who bundle home and auto), expanding property in less catastrophe-exposed states while trimming exposure in high-risk areas, building commercial auto share with small businesses and fleets, and spending on advertising when rates are adequate.
Competitive advantage
Progressive's edge comes from granular rate segmentation built on decades of loss data, Snapshot usage-based pricing, and a habit of filing rate changes quickly when claim costs move. In 2022 it raised rates aggressively as repair and medical severity spiked, then reopened advertising in 2024 and 2025 once rates were adequate, gaining policies while some rivals were still repairing margins.
W. R. Berkley
How it makes money
W. R. Berkley collects premiums for commercial insurance and reinsurance, pays claims over time, and invests the money it holds in the meantime. The Insurance segment writes other liability, short-tail lines (such as commercial multi-peril property, inland marine, accident and health, surety and high net worth homeowners), commercial auto, workers' compensation and professional liability.
Growth strategy
W. R. Berkley grows by expanding specialty units where pricing is adequate, starting new units for niche markets, and returning surplus capital through regular and special dividends and share buybacks. It repurchased 6.16M shares for $413.9M in the first half of 2026.
Competitive advantage
W. R. Berkley's edge comes from its structure. Specialized units underwrite close to their markets and can shrink business that is priced too low while growing lines that offer better risk-adjusted returns. In Q2 2026, Insurance segment gross premiums written grew 5.4% while Reinsurance & Monoline Excess premiums fell, which is an example of that cycle management.
Questions about Progressive vs W. R. Berkley
Which company has higher revenue — The Progressive Corporation or W. R. Berkley Corporation?
The Progressive Corporation had $87.7B (FY2025), while W. R. Berkley Corporation had $14.7B (FY2025). By latest annual revenue, The Progressive Corporation is the larger business, with W. R. Berkley Corporation showing a smaller revenue base.
What is the market cap of The Progressive Corporation vs W. R. Berkley Corporation?
The Progressive Corporation's market capitalisation stands at $120.9B, while W. R. Berkley Corporation's is $22.3B. The Progressive Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to W. R. Berkley Corporation.
How does revenue per employee compare for The Progressive Corporation and W. R. Berkley Corporation?
The Progressive Corporation has $1.25M / employee in revenue per employee, while W. R. Berkley Corporation has $1.67M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do The Progressive Corporation and W. R. Berkley Corporation make money?
The Progressive Corporation and W. R. Berkley Corporation generate revenue in fundamentally different ways. The Progressive Corporation: Progressive is a property and casualty insurer with three main operating segments. W. R. Berkley Corporation: W.
Which company is valued higher relative to revenue — The Progressive Corporation or W. R. Berkley Corporation?
On a price-to-sales (P/S) basis, The Progressive Corporation trades at 1.4x P/S and W. R. Berkley Corporation at 1.5x P/S. W. R. Berkley Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to The Progressive Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is The Progressive Corporation bigger than W. R. Berkley Corporation?
By last reported revenue, The Progressive Corporation ($87.7B (FY2025)) is the larger company compared to W. R. Berkley Corporation ($14.7B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Progressive vs W. R. Berkley overview