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/buyb

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