Progressive wants to keep growingAs an insurance company, Progressive collects premiums up front and pays out claims later. Occasionally, major events will push the combined ratio higher, but overall, investors want to see a number below 100. In the second quarter, Progressive's combined ratio was 87.3. Progressive's combined ratio target is 96All in, Progressive is still performing quite well as a business. That said, the company's combined ratio target is 96 or below.