Tricia Griffith

After a tough year for insurers in 2022, Tricia Griffith’s Progressive returned to positive net income in the second quarter of 2023: With $345.4 million in net income, Progressive reversed a loss of nearly $543 million in the same period in 2022. However, that same quarter, Progressive’s combined ratio—a metric of underwriting profitability—missed analysts’ estimates, causing the worst day for its stock since July of 2000. “We can’t control the weather,” Griffith said in a letter to investors, blaming the company’s results on significant catastrophe losses, continued inflation in loss costs, and unfavorable reserve development. In public, Griffith has become a more prominent advocate for women and people of color in business. Progressive’s board has reached gender parity, and 13% of members are people of color. The insurer is aiming to reach net zero in the next decade. Griffith, CEO since 2016, serves on the board of the Business Roundtable and FedEx.