Progressive (NYSE: PGR) reports higher January 2026 premiums and profit

Rhea-AI Filing Summary

The Progressive Corporation reported solid January 2026 results, showing continued growth and profitability. Net premiums written were $6,735 million, up 4% from $6,481 million a year earlier, while net premiums earned rose 5% to $6,921 million.

Net income increased 4% to $1,163 million, with diluted earnings per common share of $1.98, compared with $1.90 in January 2025. The company maintained strong underwriting performance, posting a combined ratio of 84.4, slightly higher than 84.1 a year ago but still indicating healthy underwriting profitability.

Total policies in force reached 38,875 thousand at January 31, 2026, up 10% from 35,327 thousand, driven mainly by growth in Personal Lines auto and Direct channels. Progressive also reported shareholders’ equity of $31,191 million, book value per share of $53.24, and a trailing 12‑month return on average common shareholders’ equity of 35.1%.

FalsePROGRESSIVE CORP/OH/000008066100000806612026-02-182026-02-18

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) February 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 February 18, 2026, The Progressive Corporation (the “Company”) issued a news release containing financial results of the Company and its consolidated subsidiaries for the month ended January 31, 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:

February 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 February 18, 2026, containing financial results of The Progressive Corporation and its consolidated subsidiaries for the month ended January 31, 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 JANUARY RESULTS

MAYFIELD VILLAGE, OHIO -- February 18, 2026 -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended January 31, 2026:

			January
(millions, except per share amounts and ratios; unaudited)			2026						2025						Change
Net premiums written			$	6,735					$	6,481					4			%
Net premiums earned			$	6,921					$	6,586					5			%
Net income			$	1,163					$	1,117					4			%
Per share available to common shareholders			$	1.98					$	1.90					4			%
Total pretax net realized gains (losses) on securities			$	103					$	109					(6)			%
Combined ratio			84.4						84.1						0.3			pts.
Average diluted equivalent common shares			587.7						587.7						0			%

			January 31,
(thousands; unaudited)			2026						2025						% Change
Policies in Force
Personal Lines
Agency – auto			10,855						9,882						10
Direct – auto			16,164						14,224						14
Special lines			7,012						6,540						7
Property			3,655						3,535						3
Total Personal Lines			37,686						34,181						10
Commercial Lines			1,189						1,146						4
Total			38,875						35,327						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 STATEMENTS

For the month ended January 31,

(millions)

(unaudited)

			January
			2026						2025
Net premiums written			$	6,735					$	6,481
Revenues:
Net premiums earned			$	6,921					$	6,586
Investment income			311						268
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales			49						(6)
Net holding period gains (losses) on securities			54						115
Total net realized gains (losses) on securities			103						109
Fees and other revenues			99						95
Service revenues			40						35
Total revenues			7,474						7,093
Expenses:
Losses and loss adjustment expenses			4,401						4,214
Policy acquisition costs			512						497
Other underwriting expenses			1,031						925
Investment expenses			2						2
Service expenses			41						36
Interest expense			23						23
Total expenses			6,010						5,697
Income before income taxes			1,464						1,396
Provision for income taxes			301						279
Net income			1,163						1,117
Other comprehensive income (loss):
Change in total net unrealized gains (losses) on fixed-maturity securities			(130)						163
Total comprehensive income (loss)			$	1,033					$	1,280

Note: For a description of our financial reporting and accounting policies as it applies to information contained throughout this release, see Note 1 to our 2024 audited consolidated financial statements included in our 2024 Shareholders’ Report, which can be found at www.progressive.com/annualreport.

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

COMPUTATION OF NET INCOME AND COMPREHENSIVE INCOME PER SHARE

&

INVESTMENT RESULTS

For the month ended January 31,

(millions – except per share amounts)

(unaudited)

The following table sets forth the computation of per share results:
									January
									2026						2025
Net income									$	1,163					$	1,117
Per common share:
Basic									$	1.98					$	1.91
Diluted									$	1.98					$	1.90
Comprehensive income (loss)									$	1,033					$	1,280
Per common share:
Diluted									$	1.76					$	2.18
Average common shares outstanding - Basic									586.2						585.9
Net effect of dilutive stock-based compensation									1.5						1.8
Total average equivalent common shares - Diluted									587.7						587.7

The following table sets forth the investment results for the period:
									January
									2026						2025
Fully taxable equivalent (FTE) total return:
Fixed-income securities									0.2%						0.6%
Common stocks									1.5%						3.1%
Total portfolio									0.3%						0.7%
Pretax annualized investment income book yield									4.2%						4.1%

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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

For the month ended January 31, 2026

($ in millions)

(unaudited)

January 2026
			Personal Lines Business																								Commercial
			Vehicles																								Lines												Companywide
			Agency						Direct						Property						Total						Business												Total
Net Premiums Written			$	2,367					$	3,453					$	191					$	6,011					$	723											$	6,735
% Growth in NPW			2%						8%						(2)%						5%						(6)%												4%
Net Premiums Earned			$	2,479					$	3,337					$	260					$	6,076					$	845											$	6,921
% Growth in NPE			4%						11%						(2)%						7%						(8)%												5%
GAAP Ratios
Loss/LAE ratio			62.0						65.3						45.0						63.2						65.9												63.4
Expense ratio			18.4						22.2						29.3						20.9						20.9												21.0
Combined ratio			80.4						87.5						74.3						84.1						86.8												84.4
Net catastrophe loss ratio1			0.4												8.5						0.7						0.2												0.7
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years																																							$	(4)
Current accident year																																							16
Calendar year actuarial adjustment			$	4					$	6					$	(1)					$	9					$	3											$	12
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment																																							$	(4)
All other development																																							242
Total development																																							$	238
Calendar year loss/LAE ratio																																							63.4
Accident year loss/LAE ratio																																							66.8

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

BALANCE SHEET AND OTHER INFORMATION

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

(unaudited)

			January 31, 2026
CONDENSED GAAP BALANCE SHEET:
Investments, at fair value:
Available-for-sale securities:
Fixed maturities1 (amortized cost: $82,405)			$	82,404
Short-term investments (amortized cost: $4,853)			4,853
Total available-for-sale securities			87,257
Equity securities:
Nonredeemable preferred stocks (cost: $419)			405
Common equities (cost: $818)			4,153
Total equity securities			4,558
Total investments2			91,815
Net premiums receivable			15,347
Reinsurance recoverables (including $3,787 on unpaid loss and LAE reserves)			4,045
Deferred acquisition costs			2,011
Other assets			4,070
Total assets			$	117,288
Unearned premiums			$	25,030
Loss and loss adjustment expense reserves			43,601
Other liabilities2			10,568
Debt			6,898
Total liabilities			86,097
Shareholders’ equity			31,191
Total liabilities and shareholders’ equity			$	117,288
Common shares outstanding			585.9
Common shares repurchased in the current month			811,063
Average cost per common share			$	205.60
Book value per common share			$	53.24
Trailing 12-month return on average common shareholders’ equity
Net income			35.1		%
Comprehensive income			38.9		%
Net unrealized pretax gains (losses) on fixed-maturity securities			$	(16)
Increase (decrease) from December 2025			$	(164)
Debt-to-total capital ratio			18.1		%
Fixed-income portfolio duration			3.4
Weighted average credit quality			AA- .

1 As of January 31, 2026, we held certain hybrid securities and recognized a change in fair value of $15 million as a realized gain during the period we held these securities.

2 Includes $665 million of net unsettled security transactions classified in “other liabilities.”

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Monthly Commentary

•The Company has no additional commentary regarding January’s results.

Events

Our fourth quarter Investor Relations conference call is currently scheduled to be held on Tuesday, March 3, 2026, at 9:30 a.m. eastern time. This event, which will consist of both a conference call and webcast, is scheduled to last 90 minutes and will begin with an approximately 45-minute presentation on capital and investments, followed by a question and answer session with Tricia Griffith, our CEO, and John Sauerland, our CFO. In addition, Andrew Quigg, who is expected to take over the CFO role in July 2026, will take this time to introduce himself to the investor community. We plan to post our 2025 Shareholders’ Report online and file our Annual Report on Form 10-K with the SEC on Monday, March 2, 2026. If the dates of our events, which are always subject to change, are rescheduled, we will announce the change in a press release as soon as practical and publish it on our investor website. Details regarding access to the conference call, or any event changes, will be available at: https://investors.progressive.com/events.

We plan to release February results on Wednesday, March 18, 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, 2024.

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 January 2026?

Progressive reported January 2026 net income of $1,163 million, up from $1,117 million a year earlier. Net premiums written were $6,735 million and net premiums earned were $6,921 million, reflecting year-over-year growth of 4% and 5%, respectively.

What was Progressive (PGR)’s combined ratio for January 2026?

Progressive recorded a combined ratio of 84.4 for January 2026, compared with 84.1 in January 2025. A combined ratio below 100 indicates underwriting profitability, meaning premiums collected exceeded claims and expenses for the period.

How many policies in force did Progressive (PGR) have at January 31, 2026?

At January 31, 2026, Progressive reported 38,875 thousand policies in force, up 10% from 35,327 thousand a year earlier. Growth was led by Personal Lines, especially Direct auto, which increased from 14,224 thousand to 16,164 thousand policies.

What were Progressive (PGR)’s earnings per share in January 2026?

For January 2026, Progressive reported diluted earnings per common share of $1.98, up from $1.90 in January 2025. Basic earnings per share were also $1.98 versus $1.91 a year earlier, reflecting higher net income on a similar share count.

How strong is Progressive (PGR)’s balance sheet as of January 31, 2026?

As of January 31, 2026, Progressive reported total assets of $117,288 million and shareholders’ equity of $31,191 million. Book value per common share was $53.24, and the debt-to-total capital ratio stood at 18.1%, indicating moderate leverage.

What investment results did Progressive (PGR) report for January 2026?

Progressive’s January 2026 investment income was $311 million, up from $268 million in January 2025. The fully taxable equivalent total return on the total investment portfolio was 0.3%, with fixed-income securities returning 0.2% and common stocks returning 1.5%.

Did Progressive (PGR) repurchase any shares in January 2026?

Yes. Progressive repurchased 811,063 common shares in January 2026 at an average cost of $205.60 per share. After these repurchases, common shares outstanding were 585.9 million as of January 31, 2026, supporting per-share metrics like earnings and book value.

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