Progressive Reports September & Q3 2026 Financial Results

Overview of Filing

On October 14, 2026, The Progressive Corporation filed a Form 8-K under Item 2.02 (Results of Operations and Financial Condition), announcing monthly operating and financial results for September 2026 along with selected third-quarter 2026 performance figures.

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Key Financial Highlights

Month Ended September 30, 2026 vs. September 30, 2025

• Net Premiums Written: $7,255 million vs. $7,128 million (+2% YoY)
• Net Premiums Earned: $7,160 million vs. $6,827 million (+5% YoY)
• Net Income: $630 million vs. $305 million (+107% YoY)
• Diluted EPS: $1.08 per share vs. $0.52 per share (+109% YoY)
• Combined Ratio: 90.0% vs. 100.4% (an improvement of 10.4 percentage points)
• Net Realized Losses on Securities: $(231) million vs. net gains of $138 million

Third Quarter Ended September 30, 2026 vs. September 30, 2025

• Net Premiums Written: $22,301 million vs. $21,384 million (+4% YoY)
• Net Premiums Earned: $21,869 million vs. $20,849 million (+5% YoY)
• Net Income: $2,542 million vs. $2,615 million (-3% YoY)
• Diluted EPS: $4.37 per share vs. $4.45 per share (-2% YoY)
• Combined Ratio: 88.7% vs. 89.5% (an improvement of 0.8 percentage points)

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Policies in Force (PIF) as of September 30, 2026

• Agency Auto: 11,347 thousand (+7% YoY)
• Direct Auto: 16,848 thousand (+8% YoY)
• Special Lines: 7,390 thousand (+6% YoY)
• Property: 3,652 thousand (flat YoY)
• Total Personal Lines: 39,237 thousand (+6% YoY)
• Commercial Lines: 1,252 thousand (+5% YoY)
• Total Company PIF: 40,489 thousand (+6% YoY)

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Analytical Takeaway

Progressive showed strong monthly underwriting profitability in September 2026, driving a 10.4-point year-over-year improvement in combined ratio to 90.0% and more than doubling net income despite experiencing $231 million in net realized investment losses. For the full quarter, premium volume and policy counts continued healthy growth (+4–6%), while quarterly combined ratio remained strong at 88.7%.