Progressive Reports February 2026 Results

Rhea-AI Summary

Progressive (NYSE: PGR) reported February 2026 monthly results showing modest growth in premiums and policies with continued underwriting profitability. Net premiums written were $6,995M (+5%); net premiums earned $6,528M (+8%); net income $943M (+2%); combined ratio was 85.7 (up 3.1 pts).

Policies in force rose to 39.22M (total, +10%), led by Direct auto policies at 16.38M (+14%). Pretax net realized losses on securities improved to $(5)M from $(110)M year-over-year.

Positive

• Direct auto policies +14% year-over-year (16.38M)
• Pretax net realized losses improved to $(5)M from $(110)M

Negative

• Combined ratio worsened by 3.1 pts to 85.7

Key Figures

Net premiums written: $6,995 million Net premiums earned: $6,528 million Net income: $943 million +5 more

8 metrics

Net premiums written $6,995 million February 2026 vs $6,684 million in February 2025 (+5%)

Net premiums earned $6,528 million February 2026 vs $6,036 million in February 2025 (+8%)

Net income $943 million February 2026 vs $928 million in February 2025 (+2%)

EPS (diluted) $1.61 Per share available to common shareholders, February 2026 vs $1.58 (+2%)

Combined ratio 85.7 February 2026 vs 82.6 in February 2025 (up 3.1 pts)

Average diluted shares 586.8 million Average diluted equivalent common shares, February 2026 (vs 587.6M)

Total policies in force 39,220 thousand Total policies in force as of February 28, 2026 (+10% YoY)

Direct auto policies 16,383 thousand Direct auto policies in force as of February 28, 2026 (+14% YoY)

Market Reality Check

Price: $203.79 Vol: Volume 2,831,669 is sligh...

normal vol

$203.79 Last Close

Volume Volume 2,831,669 is slightly below the 20-day average of 2,967,539, suggesting no unusual trading interest ahead of this update. normal

Technical Shares at $203.79 are trading below the 200-day MA $232.36 and about 30.44% under the 52-week high of $292.99.

Peers on Argus

PGR slipped 0.45% while major peers like CB (-0.56%), ALL (-1.8%), TRV (-0.63%),...

PGR slipped 0.45% while major peers like CB (-0.56%), ALL (-1.8%), TRV (-0.63%), HIG (-0.73%), and CINF (-1.91%) also traded lower, but no broad sector momentum was flagged by the scanner.

Historical Context

5 past events · Latest: Mar 09 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 09	Dividend declaration	Positive	-1.8%	Announced a quarterly common share dividend of $0.10 per share.
Feb 24	Investor event	Neutral	+1.2%	Scheduled March 3 investor event focused on capital, investments, and Q&A.
Feb 18	January results	Positive	-2.2%	January 2026 results showed growth in premiums, earnings, and policies in force.
Jan 28	CFO transition	Neutral	+2.2%	Announced planned retirement of CFO and succession by internal candidate.
Jan 28	Quarterly results	Positive	+2.2%	December 2025 quarter delivered double-digit premium growth and 25% net income rise.

Pattern Detected

Recent operating updates with positive fundamentals have sometimes seen muted or negative next-day price reactions.

Recent Company History

Over the last few months, Progressive has regularly reported growth in premiums, earnings, and policies in force, including January 2026 results and strong December 2025 quarterly figures where net premiums earned rose 10% and net income 25%. Corporate updates included a planned CFO transition and an Investor Relations event focused on capital and investments. This February 2026 monthly report continues the theme of year-over-year premium and policy growth, with a somewhat higher combined ratio versus the prior year.

Market Pulse Summary

This announcement details February 2026 results showing higher net premiums written of $6,995 millio...

Analysis

This announcement details February 2026 results showing higher net premiums written of $6,995 million, net income of $943 million, and total policies in force of 39,220 thousand, alongside a higher combined ratio of 85.7. Compared with recent monthly and quarterly updates, it continues the pattern of growth with some margin pressure. Investors may watch upcoming monthly results and commentary for trends in loss ratios, policy growth, and underwriting discipline.

Key Terms

net premiums written, net premiums earned, combined ratio

3 terms

net premiums written financial

"Net premiums written | $6,995 | | $6,684 | | 5 | | %"

Net premiums written is the total amount of insurance premium a company has agreed to collect from customers for new and renewed policies during a period, after subtracting premiums it passes on to other insurers (reinsurance) and cancellations. It matters to investors because it shows the insurer’s actual sales growth and risk retained—like a retailer’s sales after returns and wholesale transfers—so rising net premiums written can signal stronger future revenue and underwriting exposure.

net premiums earned financial

"Net premiums earned | $6,528 | | $6,036 | | 8 | | %"

The portion of insurance premiums that a company recognizes as revenue for a specific accounting period after subtracting any amounts paid to other insurers for reinsurance; it represents the cost of insurance coverage actually provided during that time. Think of a year‑long subscription where only the months used are counted as income. Investors watch net premiums earned to gauge an insurer’s revenue growth and underwriting performance, separate from one‑time sales or changes in policy counts.

combined ratio financial

"Combined ratio | | 85.7 | | 82.6 | | 3.1 | | pts."

The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.

AI-generated analysis. Not financial advice.

MAYFIELD VILLAGE, OHIO, March 18, 2026 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended February 28, 2026:

	February
(millions, except per share amounts and ratios; unaudited)		2026				2025			Change
Net premiums written	$	6,995			$	6,684			5		%
Net premiums earned	$	6,528			$	6,036			8		%
Net income	$	943			$	928			2		%
Per share available to common shareholders	$	1.61			$	1.58			2		%
Total pretax net realized gains (losses) on securities	$	(5	)		$	(110	)		(95	)	%
Combined ratio		85.7				82.6			3.1		pts.
Average diluted equivalent common shares		586.8				587.6			0		%

	February 28,
(thousands; unaudited)	2026		2025		% Change
Policies in Force
Personal Lines
Agency – auto	10,959		9,950		10
Direct – auto	16,383		14,395		14
Special lines	7,041		6,568		7
Property	3,649		3,556		3
Total Personal Lines	38,032		34,469		10
Commercial Lines	1,188		1,151		3
Total	39,220		35,620		10

See Progressive’s complete monthly earnings release, including the "Monthly Commentary," for additional information.

About Progressive

Progressive Insurance^® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it’s most convenient for them — online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent.

Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the second largest personal auto insurer in the country, a leading seller of commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers. 

Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price^®, Snapshot^®, and HomeQuote Explorer^®.

The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.

Company Contact:
Douglas S. Constantine
(440) 395-3707
investor_relations@progressive.com

The Progressive Corporation 
300 North Commons Blvd.
Mayfield Village, Ohio 44143
http://www.progressive.com

Download PDF: Progressive February 2026 Complete Earnings Release

FAQ

What were Progressive's (PGR) February 2026 net premiums written and year-over-year change?

Progressive reported $6,995 million in net premiums written for February 2026, a 5% increase year-over-year. According to the company, growth was driven by higher policies in force and premium rate actions compared with February 2025.

How did Progressive's (PGR) combined ratio perform in February 2026 and what does it mean?

The combined ratio was 85.7 in February 2026, a 3.1-point deterioration versus February 2025. According to the company, the ratio remains below 100, indicating continued underwriting profitability despite the year-over-year increase.

How many policies in force did Progressive (PGR) report at February 28, 2026 and which segment led growth?

Progressive reported 39.22 million total policies in force at February 28, 2026, with Direct auto leading growth at 16.38 million (+14%). According to the company, direct channel expansion drove the year-over-year increase.

What was Progressive's (PGR) net income and EPS for February 2026 compared with last year?

Progressive reported $943 million in net income and $1.61 per share for February 2026, each up about 2% year-over-year. According to the company, results reflected higher premiums earned offset by expense and underwriting movements.

What change did Progressive (PGR) report in pretax net realized gains (losses) on securities for February 2026?

Pretax net realized losses on securities improved to $(5) million in February 2026 from $(110) million in February 2025. According to the company, the reduction in realized losses materially improved investment-related results year-over-year.