Progressive: so, generally averaging about 9% quarterly profits, then? With a dip to 1.7% for three quarters and then steadily increasing by 25% QOQ since then? (1.6% for Q1, 3.1% for Q2, 4.6% for Q3, to 6.1% for Q4).

Progressive's sustained profit margins are doing just fine, other than a relatively brief blip where they only managed ~$2B profit in 3 quarters while inflation and the economy was suffering heavily throughout the country?

Allstate's issues have as much to do with their overly aggressive stock buybacks in the last couple of years. "Allstate's auto insurance profit margins were best in the industry until about 18 months ago". "A report by Crain’s Chicago Business said Allstate spent $2.5 billion on share repurchases in 2022". "“We believe it's prudent for Allstate to pause its buyback, leaving capital in the (insurance subsidiaries) while underwriting results recover, especially as inflationary impacts on severity (replacement costs, medical, legal) are still concerning,” Greenspan said in a report titled “Stop the Buyback” last October."

"Allstate is the insurance industry's most aggressive buyer of its own stock. It has repurchased 789 million shares at a cost of $42.8 billion since 1995, while issuing 154 million shares, according to its SEC filing."

Continuing to push for stock buybacks as costs rise, and continuing dividend payments are failings of its own making.

I have no idea what numbers you are talking about. Progressives’s profit margins are 4% to 8% outside of 2018 to 2021. Currently under 5%.

And dividends/buybacks have nothing to do with profit margin. Those are not expenses, so that money is included in profit (aka net income). From which profit margin is calculated.

Revenue - expenses = profit.

Profit / revenue = profit margin.

Which is the same as net income / revenue = net (profit) margin