Just to add to EZLearner's answer:
As M. Zeng has pointed out that the geometric series could not be rigorously used I would like to expand on the answer. The propagator of a free field has the form
$$\frac{i}{Zp^2-Zm_0^2}$$
We want the two-point function of this theory to give the following
$$\frac{i}{p^2-m^2}$$
When a particle is on-shell. This is because we measure $m$ to be it's mass
If we set our sights on the free field propagator, we can produce the 2 point function through the sum of all 1 particle irreducible combinations. The sum of all 1 particle irreducible diagrams is given by $-i\Sigma(p)$. We can now write the two-point function as
$$\Gamma^{(2)} = \frac{i}{Zp^2-Zm_0^2} + \frac{i}{Zp^2-Zm_0^2}(-i\Sigma(p))\frac{i}{Zp^2-Zm_0^2}+\frac{i}{Zp^2-Zm_0^2}(-i\Sigma(p))\frac{i}{Zp^2-Zm_0^2}(-i\Sigma(p))\frac{i}{Zp^2-Zm_0^2} +\cdots$$
We can use the geometric sum here because the magnitude of $\Sigma(p)\frac{1}{Zp^2-Zm_0^2}$ depends on our choice for $Z$ so we can always make this smaller than 1. If we apply the geometric sum we get the following
$$\Gamma^{(2)} = \frac{i}{Zp^2-Zm_0^2} \frac{1}{1 - \Sigma(p)\frac{1}{Zp^2-Zm_0^2}}$$
$$\Gamma^{(2)} = \frac{i}{Zp^2-Zm_0^2 - \Sigma(p)}$$
If we apply the definitions $Z = 1 + \delta_\phi$, $Zm_0^2 = m^2 + \delta_m$
$$\Gamma^{(2)} = \frac{i}{p^2 - m^2 + \delta_\phi p^2-\delta_m - \Sigma(p)}$$
If we want this to reduce to $\frac{i}{p^2-m^2}$ when $p = m$ we can impose that $\delta_\phi m^2-\delta_m = \Sigma(m)$
We can also do the following
$$\Gamma^{(2)} = \frac{i}{p^2 - m^2} \frac{1}{1 - \frac{\Sigma(p) - (\delta_\phi p^2-\delta_m)}{p^2 - m^2}}$$
$$\Gamma^{(2)} = \frac{i}{p^2 - m^2} \frac{1}{1 - (-i\Sigma(p) + i( \delta_\phi p^2-\delta_m))\frac{i}{p^2 - m^2}}$$
$$\Gamma^{(2)} = \frac{i}{p^2 - m^2} + \frac{i}{p^2 - m^2}(-i\Sigma(p) + i( \delta_\phi p^2-\delta_m)) \frac{i}{p^2 - m^2} + \frac{i}{p^2 - m^2}(-i\Sigma(p) + i( \delta_\phi p^2-\delta_m)) \frac{i}{p^2 - m^2}(-i\Sigma(p) + i( \delta_\phi p^2-\delta_m)) \frac{i}{p^2 - m^2}$$
We can expand this out because $\delta_\phi p^2-\delta_m - \Sigma(p) $ is a finite quantity we can define to be less than $1$. We can see here that for a set of infinite 1 particle irreducible diagrams there is a counter term of the form $i( \delta_\phi p^2-\delta_m)$.
Hope this is helpful.