Progressive (NYSE: PGR) reports February 2026 growth and underwriting results

Rhea-AI Filing Summary

The Progressive Corporation reported solid February 2026 operating results, disclosed via a Regulation FD 8-K. For the month, net premiums written were $6,995 million versus $6,684 million in February 2025, a 5% increase, while net premiums earned rose 8% to $6,528 million.

Net income for the month was $943 million, up slightly from $928 million, with diluted earnings per share of $1.61 versus $1.58. The combined ratio was 85.7, higher than 82.6 a year earlier, indicating somewhat higher underwriting costs despite growth.

Year-to-date through February 28, 2026, net premiums written reached $13,730 million, net income was $2,106 million, and diluted earnings per share were $3.59. Policies in force grew about 10% to 39.2 million, driven by gains in both agency and direct auto. Management noted that a timing nuance in monthly closing reduced February premium growth by about 2–3 percentage points and expects March growth to be higher by a similar amount, leaving the first-quarter 2026 growth rate unaffected.

Insights

Insurance sector equity analyst

Progressive shows strong growth, slightly weaker underwriting margin.

Progressive delivered February 2026 net premiums written of $6,995M, up 5%, and net income of $943M, up modestly year over year. Policy growth remained robust at roughly 10%, with expansion across both agency and direct auto channels.

The companywide combined ratio of 85.7% versus 82.6% last year signals higher underwriting costs or loss trends, even as top-line growth remains healthy. Year-to-date, total revenues of $14,425M and net income of $2,106M reflect steady profitability.

Management highlighted that a closing-process nuance reduced reported February premium growth by about 2–3 percentage points and expects March growth to be higher by a similar amount. This suggests that first-quarter 2026 growth should reflect the underlying trend rather than the monthly timing distortion.

FalsePROGRESSIVE CORP/OH/000008066100000806612026-03-182026-03-18

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) March 18, 2026

THE PROGRESSIVE CORPORATION

(Exact name of registrant as specified in its charter)

Ohio

001-09518

34-0963169

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

300 North Commons Blvd.,

Mayfield Village,

Ohio

44143

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code (440) 461-5000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $1.00 Par Value			PGR			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

On March 18, 2026, The Progressive Corporation (the “Company”) issued a news release containing financial results of the Company and its consolidated subsidiaries for the month and year-to-date periods ended February 28, 2026. A copy of the news release is attached hereto as Exhibit 99.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

See exhibit index on page 3.

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SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:

March 18, 2026

THE PROGRESSIVE CORPORATION

By:

/s/ Carl G. Joyce

Name:

Carl G. Joyce

Title:

Vice President and Chief Accounting Officer

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EXHIBIT INDEX

Exhibit No. Under Reg. S-K Item 601						Form 8-K Exhibit No.						Description
99						99						News release dated March 18, 2026, containing financial results of The Progressive Corporation and its consolidated subsidiaries for the month and year-to-date periods ended February 28, 2026.
104						104						Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document).

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NEWS RELEASE

The Progressive Corporation									Company Contact:
300 North Commons Blvd.									Douglas S. Constantine
Mayfield Village, Ohio 44143									(440) 395-3707
http://www.progressive.com									investor_relations@progressive.com

PROGRESSIVE REPORTS FEBRUARY RESULTS

MAYFIELD VILLAGE, OHIO -- March 18, 2026 -- 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

Progressive offers personal and commercial insurance throughout the United States. Our Personal Lines business writes insurance for personal vehicles (auto and special lines products) and personal property insurance for homeowners and renters. Our Commercial Lines business writes auto-related liability and physical damage insurance, business-related general liability and commercial property insurance predominantly for small businesses, and workers’ compensation insurance primarily for the transportation industry.

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

COMPREHENSIVE INCOME STATEMENT

For the month ended February 28, 2026

(millions)

(unaudited)

			Current Month												Comments on Monthly Results1
Net premiums written			$	6,995
Revenues:
Net premiums earned			$	6,528
Investment income			293
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales			10
Net holding period gains (losses) on securities			(15)
Total net realized gains (losses) on securities			(5)
Fees and other revenues			95
Service revenues			40
Total revenues			6,951
Expenses:
Losses and loss adjustment expenses			4,247
Policy acquisition costs			478
Other underwriting expenses			963
Investment expenses			3
Service expenses			43
Interest expense			23
Total expenses			5,757
Income before income taxes			1,194
Provision for income taxes			251
Net income			943
Other comprehensive income (loss):
Change in total net unrealized gains (losses) on fixed-maturity securities			581
Total comprehensive income (loss)			$	1,524

1 See the Monthly Commentary at the end of this release for additional discussion. For a description of our financial reporting and accounting policies as it applies to information contained throughout this release, see Note 1 to our 2025 audited consolidated financial statements included in our 2025 Shareholders’ Report, which can be found at www.progressive.com/annualreport.

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

COMPREHENSIVE INCOME STATEMENTS

For the year-to-date periods ended February 28,

(millions)

(unaudited)

			Year-to-Date
			2026						2025
Net premiums written			$	13,730					$	13,165
Revenues:
Net premiums earned			$	13,449					$	12,622
Investment income			604						527
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales			59						(26)
Net holding period gains (losses) on securities			39						25
Total net realized gains (losses) on securities			98						(1)
Fees and other revenues			194						189
Service revenues			80						69
Total revenues			14,425						13,406
Expenses:
Losses and loss adjustment expenses			8,648						7,993
Policy acquisition costs			990						950
Other underwriting expenses			1,994						1,770
Investment expenses			5						5
Service expenses			84						73
Interest expense			46						46
Total expenses			11,767						10,837
Income before income taxes			2,658						2,569
Provision for income taxes			552						524
Net income			2,106						2,045
Other comprehensive income (loss):
Change in total net unrealized gains (losses) on fixed-maturity securities			451						835
Total comprehensive income (loss)			$	2,557					$	2,880

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

COMPUTATION OF NET INCOME AND COMPREHENSIVE INCOME PER SHARE

&

INVESTMENT RESULTS

For the month and year-to-date periods ended February 28,

(millions – except per share amounts)

(unaudited)

The following table sets forth the computation of per share results:
			February						Year-to-Date
			2026						2026						2025
Net income			$	943					$	2,106					$	2,045
Per common share:
Basic			$	1.61					$	3.59					$	3.49
Diluted			$	1.61					$	3.59					$	3.48
Comprehensive income (loss)			$	1,524					$	2,557					$	2,880
Per common share:
Diluted			$	2.60					$	4.35					$	4.90
Average common shares outstanding - Basic			585.7						585.9						586.0
Net effect of dilutive stock-based compensation			1.1						1.4						1.7
Total average equivalent common shares - Diluted			586.8						587.3						587.7

The following table sets forth the investment results for the period:
			February						Year-to-Date
			2026						2026						2025
Fully taxable equivalent (FTE) total return:
Fixed-income securities			1.2%						1.4%						2.0%
Common stocks			(0.5)%						1.0%						1.1%
Total portfolio			1.1%						1.4%						2.0%
Pretax annualized investment income book yield			4.0%						4.1%						4.0%

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

For the month ended February 28, 2026

($ in millions)

(unaudited)

Current Month
			Personal Lines Business																								Commercial
			Vehicles																								Lines												Companywide
			Agency						Direct						Property						Total						Business												Total
Net Premiums Written			$	2,509					$	3,538					$	225					$	6,272					$	722											$	6,995
% Growth in NPW			3%						9%						(7)%						6%						(4)%												5%
Net Premiums Earned			$	2,331					$	3,151					$	242					$	5,724					$	803											$	6,528
% Growth in NPE			7%						14%						0%						10%						(5)%												8%
GAAP Ratios
Loss/LAE ratio			63.9						67.8						41.5						65.1						63.8												65.0
Expense ratio			18.1						21.6						29.2						20.5						22.2												20.7
Combined ratio			82.0						89.4						70.7						85.6						86.0												85.7
Net catastrophe loss ratio1			0.4												7.0						0.6						0.1												0.6
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years																																							$	41
Current accident year																																							(1)
Calendar year actuarial adjustment			$	10					$	15					$	(5)					$	20					$	20											$	40
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment																																							$	41
All other development																																							31
Total development																																							$	72
Calendar year loss/LAE ratio																																							65.0
Accident year loss/LAE ratio																																							66.1

1 Represents catastrophe losses incurred during the period, including development on prior events and the impact of reinsurance, if any, as a percent of net premiums earned.

2 Represents adjustments solely based on our normally scheduled actuarial reviews. For our Personal Lines property business, the actuarial reserving methodology includes changes to catastrophe losses, while the reviews in our personal and commercial vehicle businesses do not include catastrophes.

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

For the year-to-date period ended February 28, 2026

($ in millions)

(unaudited)

Year-to-Date
			Personal Lines Business																								Commercial
			Vehicles																								Lines												Companywide
			Agency						Direct						Property						Total						Business												Total
Net Premiums Written			$	4,876					$	6,991					$	416					$	12,283					$	1,445											$	13,730
% Growth in NPW			2%						8%						(5)%						6%						(5)%												4%
Net Premiums Earned			$	4,810					$	6,488					$	502					$	11,800					$	1,648											$	13,449
% Growth in NPE			5%						12%						(1)%						9%						(7)%												7%
GAAP Ratios
Loss/LAE ratio			62.9						66.5						43.3						64.1						64.9												64.2
Expense ratio			18.3						21.9						29.3						20.7						21.5												20.8
Combined ratio			81.2						88.4						72.6						84.8						86.4												85.0
Net catastrophe loss ratio1			0.4												7.8						0.7						0.2												0.6
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years																																							$	37
Current accident year																																							15
Calendar year actuarial adjustment			$	14					$	21					$	(6)					$	29					$	23											$	52
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment																																							$	37
All other development																																							273
Total development																																							$	310
Calendar year loss/LAE ratio																																							64.2
Accident year loss/LAE ratio																																							66.5

1 Represents catastrophe losses incurred during the year, including development on prior events and the impact of reinsurance, as a percent of net premiums earned.

2 Represents adjustments solely based on our normally scheduled actuarial reviews. For our Personal Lines property business, the actuarial reserving methodology includes changes to catastrophe losses, while the reviews in our personal and commercial vehicle businesses do not include catastrophes.

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

BALANCE SHEET AND OTHER INFORMATION

(millions - except per share amounts and common shares repurchased)

(unaudited)

			February 28, 2026
CONDENSED GAAP BALANCE SHEET:
Investments, at fair value:
Available-for-sale securities:
Fixed maturities1 (amortized cost: $83,987)			$	84,722
Short-term investments (amortized cost: $3,572)			3,572
Total available-for-sale securities			88,294
Equity securities:
Nonredeemable preferred stocks (cost: $391)			376
Common equities (cost: $819)			4,130
Total equity securities			4,506
Total investments2			92,800
Net premiums receivable			15,651
Reinsurance recoverables (including $3,771 on unpaid loss and LAE reserves)			4,016
Deferred acquisition costs			2,040
Other assets			3,747
Total assets			$	118,254
Unearned premiums			$	25,497
Loss and loss adjustment expense reserves			43,698
Other liabilities2			9,599
Debt			6,898
Total liabilities			85,692
Shareholders’ equity			32,562
Total liabilities and shareholders’ equity			$	118,254
Common shares outstanding			585.2
Common shares repurchased in the current month			755,662
Average cost per common share			$	204.58
Book value per common share			$	55.64
Trailing 12-month return on average common shareholders’ equity
Net income			34.7		%
Comprehensive income			38.2		%
Net unrealized pretax gains (losses) on fixed-maturity securities			$	719
Increase (decrease) from the previous month			$	735
Increase (decrease) from December 2025			$	571
Debt-to-total capital ratio			17.5		%
Fixed-income portfolio duration			3.5
Weighted average credit quality			AA- .

1 As of February 28, 2026, we held certain hybrid securities and recognized a change in fair value of $16 million as a realized gain during the period we held these securities.

2 Includes $367 million of net unsettled security transactions classified in “other liabilities.”

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Monthly Commentary

•The companywide net premiums written growth rate for February is lower by about 2-3 percentage points due to February 28 being reported in March 2026, compared to February 2025, as a result of a nuance with our monthly closing process. We expect that our total March premium growth rate will be higher by a similar amount and that our first quarter 2026 growth rate will be unaffected.

Events

We plan to release March results on Wednesday, April 15, 2026, before the market opens.

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.

Regulation FD Disclosure Outlets

The Company disseminates information to the public about the Company, its products, services and other matters through various outlets in order to achieve broad, non-exclusionary, distribution of information to the public. These outlets include the Company’s website (progressive.com) and its investor relations website (investors.progressive.com). We encourage investors and others to review the information the Company makes public through these outlets, as such information distributed through these outlets may be considered to be material information.

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Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Investors are cautioned that certain statements in this report not based upon historical fact are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements often use words such as “estimate,” “expect,” “intend,” “plan,” “believe,” “goal,” “target,” “anticipate,” “will,” “could,” “likely,” “may,” “should,” and other words and terms of similar meaning, or are tied to future periods, in connection with a discussion of future operating or financial performance. Forward-looking statements are not guarantees of future performance, are based on current expectations and projections about future events, and are subject to certain risks, assumptions and uncertainties that could cause actual events and results to differ materially from those discussed herein. These risks and uncertainties include, without limitation, uncertainties related to:

•our ability to underwrite and price risks accurately and to charge adequate rates to policyholders;

•our ability to establish accurate loss reserves;

•the impact of severe weather, other catastrophe events, and climate change;

•the effectiveness of our reinsurance programs and the continued availability of reinsurance and performance by reinsurers;

•the secure and uninterrupted operation of the systems, facilities, and business functions and the operation of various third-party systems that are critical to our business;

•the impacts of a security breach or other attack involving our technology systems or the systems of one or more of our vendors;

•our ability to maintain a recognized and trusted brand and reputation;

•whether we innovate effectively and respond to our competitors’ initiatives;

•whether we effectively manage complexity as we develop and deliver products and customer experiences;

•the highly competitive nature of property-casualty insurance markets;

•whether we adjust claims accurately;

•compliance with complex and changing laws and regulations;

•the impact of misconduct or fraudulent acts by employees, agents, and third parties to our business and/or exposure to regulatory assessments;

•our ability to attract, develop, and retain talent and maintain appropriate staffing levels;

•litigation challenging our business practices, and those of our competitors and other companies;

•the success of our business strategy and efforts to acquire or develop new products or enter into new areas of business and our ability to navigate the related risks;

•how intellectual property rights affect our competitiveness and our business operations;

•the success of our development and use of new technology and our ability to navigate the related risks;

•the performance of our fixed-income and equity investment portfolios;

•the impact on our investment returns and strategies from regulations and societal pressures relating to environmental, social, governance and other public policy matters;

•our continued ability to access our cash accounts and/or convert investments into cash on favorable terms;

•the impact if one or more parties with which we enter into significant contracts or transact business fail to perform;

•legal restrictions on our insurance subsidiaries’ ability to pay dividends to The Progressive Corporation;

•our ability to obtain capital when necessary to support our business, our financial condition, and potential growth;

•evaluations and ratings by credit rating and other rating agencies;

•the variable nature of our common share dividend policy;

•whether our investments in certain tax-advantaged projects generate the anticipated returns;

•the impact from not managing to short-term earnings expectations in light of our goal to maximize the long-term value of the enterprise;

•the impacts of epidemics, pandemics, or other widespread health risks; and

•other matters described from time to time in our releases and publications, and in our periodic reports and other documents filed with the United States Securities and Exchange Commission, including, without limitation, the Risk Factors section of our Annual Report on Form 10-K for the year ending December 31, 2025.

Any forward-looking statements are made only as of the date presented. Except as required by applicable law, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or developments or otherwise.

In addition, investors should be aware that accounting principles generally accepted in the United States prescribe when a company may reserve for particular risks, including litigation exposures. Accordingly, results for a given reporting period could be significantly affected if and when we establish reserves for one or more contingencies. Also, our regular reserve reviews may result in adjustments of varying magnitude as additional information regarding claims activity becomes known. Reported results, therefore, may be volatile in certain accounting periods.

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FAQ

How did Progressive (PGR) perform financially in February 2026?

Progressive reported solid February 2026 results with net premiums written of $6,995 million, up 5% year over year. Net premiums earned rose 8% to $6,528 million, while net income increased slightly to $943 million, reflecting continued profitable growth.

What was Progressive (PGR) net income and EPS for February 2026?

For February 2026, Progressive generated net income of $943 million and diluted earnings per share of $1.61. This compares with $928 million and $1.58 a year earlier, indicating modest earnings growth alongside expanding premium volume.

How did Progressive’s combined ratio change in February 2026?

Progressive reported a February 2026 combined ratio of 85.7, compared with 82.6 in February 2025. A higher combined ratio means underwriting margins narrowed somewhat, even though premiums and policies in force continued to grow across key personal and commercial lines.

What were Progressive’s year-to-date 2026 results through February?

Year-to-date through February 28, 2026, Progressive reported net premiums written of $13,730 million and net premiums earned of $13,449 million. Net income reached $2,106 million with diluted EPS of $3.59, showing continued profitability early in the year.

How fast are Progressive (PGR) policies in force growing?

Policies in force grew about 10% to 39.2 million at February 28, 2026, up from 35.6 million a year earlier. Growth was broad-based, including agency auto, direct auto, special lines, property, and commercial lines, highlighting strong customer acquisition.

Did any timing factors affect Progressive’s February 2026 premium growth?

Management stated that February 2026 companywide net premiums written growth was lower by about 2–3 percentage points due to a monthly closing nuance. They expect March premium growth to be higher by a similar amount, leaving first-quarter 2026 growth essentially unchanged.

What did Progressive say about upcoming disclosures of results?

Progressive indicated it plans to release March 2026 results on Wednesday, April 15, 2026, before the market opens. The company also highlighted its website and investor relations site as key outlets for broadly disseminating potentially material information.

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