Progressive (NYSE: PGR) reports May growth and outlines key leadership transitions
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
The Progressive Corporation reported strong May 2026 operating results and announced senior leadership changes. For May, net premiums written were $7.03 billion and net premiums earned were $7.36 billion, both up mid-to-high single digits from May 2025. Net income for the month was $1.45 billion, with diluted earnings per share of $2.47, and the combined ratio improved to 82.1.
Year-to-date through May 31, 2026, net premiums written reached $37.95 billion and net income was $5.35 billion. Policies in force rose to nearly 40 million, reflecting growth across personal and commercial lines. The company also repurchased about 1.27 million common shares in May at an average price of $198.42, and reported book value per share of $58.11.
Separately, Progressive disclosed that long-time Personal Lines President Pat Callahan intends to retire in January 2027 and will then continue advising the company part-time. To support a smooth transition, Lori Niederst will become Chief Personal Lines Officer overseeing Personal Lines and CRM operations, while Heather Day will become CRM President in July 2026. The filing also details the new compensation and equity awards for incoming CFO Andrew J. Quigg, including a $700,000 salary, a Gainshare target of 150% of salary, and RSU awards totaling $1.3 million.
Positive
- None.
Negative
- None.
Insights
Progressive shows profitable growth with improving margins and orderly leadership changes.
Progressive reports higher net premiums and net income for May 2026 and year-to-date versus 2025, alongside a stronger combined ratio of 82.1%. This indicates profitable underwriting across personal and commercial lines for the period disclosed.
The month’s $1.45B net income and year-to-date $5.35B reflect growth supported by premium expansion and investment income. Policies in force rose 8% to nearly 40 million, showing continued customer growth in core personal auto and property lines.
Leadership transitions appear planned rather than abrupt, with Pat Callahan’s retirement scheduled for January 2027 and internal successors named. Share repurchases—about 1.27 million shares in May—plus a trailing return on equity around the mid-30% range underscore current capital strength, though future performance will depend on maintaining underwriting discipline and navigating catastrophe and investment risks outlined in the safe harbor discussion.
8-K Event Classification
3 items: 5.02, 7.01, 9.01
3 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
May 2026 net premiums written: $7,027 million
May 2026 net income: $1,445 million
May 2026 combined ratio: 82.1
+5 more
8 metrics
May 2026 net premiums written
$7,027 million
Month ended May 31, 2026 vs. $6,634 million in May 2025
May 2026 net income
$1,445 million
Month ended May 31, 2026 vs. $1,065 million in May 2025
May 2026 combined ratio
82.1
Combined ratio for May 2026 vs. 86.9 in May 2025
YTD 2026 net income
$5,350 million
Year-to-date period ended May 31, 2026 vs. $4,618 million in 2025
Policies in force total
39,970 thousand
Policies in force as of May 31, 2026 vs. 37,002 thousand in 2025
Common shares repurchased
1,269,184 shares
Common shares repurchased in May 2026 at $198.42 average cost
Book value per share
$58.11
Book value per common share as of May 31, 2026
Trailing 12-month ROE (net income)
36.0%
Trailing 12-month return on average common shareholders’ equity
Key Terms
combined ratio, net premiums written, Gainshare target percentage, performance-based RSU award, +2 more
6 terms
combined ratio financial
"Combined ratio | 82.1 | | 86.9 | | (4.8) | | 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.
performance-based RSU award financial
"a $1,200,000 performance-based (performance versus market) RSU award."
net catastrophe loss ratio financial
"Net catastrophe loss ratio 1 | 1.5 | | 3.4"
debt-to-total capital ratio financial
"Debt-to-total capital ratio | 19.9 | %"
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) June 11, 2026
THE PROGRESSIVE CORPORATION
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On June 17, 2026, The Progressive Corporation (the “Company”) announced that Patrick K. Callahan intends to retire from his role as Personal Lines President in January 2027. After that time, Mr. Callahan intends to continue contributing to the Company’s success by advising the executive team on topics of strategic importance. The terms of that arrangement are under discussion. In connection with the orderly transition of the Personal Lines President role, on July 4, 2026, Lori Niederst, the Company’s CRM President, will be promoted to a newly created role of Chief Personal Lines Officer, overseeing both the Personal Lines business and the CRM operations. In addition, on July 4, 2026, Heather Day, the Company’s General Manager, Customer Experience Strategy, will become the Company’s next CRM President. The Company’s press release announcing Mr. Callahan’s retirement and other management changes is attached hereto as Exhibit 99.2.
(c) This disclosure amends and supplements the Company’s Current Report on Form 8-K, filed on May 12, 2026. On June 11, 2026, the Compensation and Talent Committee (the “Committee”) of the Company’s Board of Directors approved, effective July 4, 2026, Andrew J. Quigg’s annual compensation package as the Company’s Vice President and Chief Financial Officer (“CFO”), which includes an annual salary of $700,000 and a Gainshare target percentage of 150% of salary. Additionally, the Committee approved granting equity awards to Mr. Quigg on July 20, 2026, comprised of a $100,000 time-based restricted stock unit (“RSU”) award and a $1,200,000 performance-based (performance versus market) RSU award. The terms of the equity awards will be the same as the terms of the annual equity awards granted to the Company’s named executive officers during 2026.
Item 7.01 Regulation FD Disclosure.
On June 17, 2026, 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 May 31, 2026. A copy of the news release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
See exhibit index on page 3.
- 1 -
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: | June 17, 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 | 99.1 | News release dated June 17, 2026, containing financial results of The Progressive Corporation and its consolidated subsidiaries for the month and year-to-date periods ended May 31, 2026. | ||||||||||||
| 99 | 99.2 | News release dated June 17, 2026, containing the announcement of Patrick K. Callahan’s retirement and other management changes. | ||||||||||||
| 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. | Julianna Paterra | ||||||||||
| Mayfield Village, Ohio 44143 | (231) 600-3060 | ||||||||||
http://www.progressive.com | investor_relations@progressive.com | ||||||||||
PROGRESSIVE REPORTS MAY RESULTS
MAYFIELD VILLAGE, OHIO -- June 17, 2026 -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended May 31, 2026:
| May | ||||||||||||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2026 | 2025 | Change | |||||||||||||||||
| Net premiums written | $ | 7,027 | $ | 6,634 | 6 | % | ||||||||||||||
| Net premiums earned | $ | 7,361 | $ | 6,715 | 10 | % | ||||||||||||||
| Net income | $ | 1,445 | $ | 1,065 | 36 | % | ||||||||||||||
| Per share available to common shareholders | $ | 2.47 | $ | 1.81 | 36 | % | ||||||||||||||
| Total pretax net realized gains (losses) on securities | $ | 215 | $ | 211 | 2 | % | ||||||||||||||
| Combined ratio | 82.1 | 86.9 | (4.8) | pts. | ||||||||||||||||
| Average diluted equivalent common shares | 584.2 | 587.7 | (1) | % | ||||||||||||||||
| May 31, | |||||||||||||||||
| (thousands; unaudited) | 2026 | 2025 | % Change | ||||||||||||||
| Policies in Force | |||||||||||||||||
| Personal Lines | |||||||||||||||||
| Agency – auto | 11,172 | 10,341 | 8 | ||||||||||||||
| Direct – auto | 16,715 | 15,089 | 11 | ||||||||||||||
| Special lines | 7,234 | 6,787 | 7 | ||||||||||||||
| Property | 3,632 | 3,601 | 1 | ||||||||||||||
| Total Personal Lines | 38,753 | 35,818 | 8 | ||||||||||||||
| Commercial Lines | 1,217 | 1,184 | 3 | ||||||||||||||
| Total | 39,970 | 37,002 | 8 | ||||||||||||||
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 May 31, 2026
(millions)
(unaudited)
| Current Month | Comments on Monthly Results1 | ||||||||||
Net premiums written | $ | 7,027 | |||||||||
Revenues: | |||||||||||
Net premiums earned | $ | 7,361 | |||||||||
Investment income | 334 | ||||||||||
Net realized gains (losses) on securities: | |||||||||||
Net realized gains (losses) on security sales | (23) | ||||||||||
Net holding period gains (losses) on securities | 238 | ||||||||||
Total net realized gains (losses) on securities | 215 | ||||||||||
Fees and other revenues | 100 | ||||||||||
Service revenues | 49 | ||||||||||
Total revenues | 8,059 | ||||||||||
Expenses: | |||||||||||
Losses and loss adjustment expenses | 4,600 | ||||||||||
Policy acquisition costs | 533 | ||||||||||
Other underwriting expenses | 1,009 | ||||||||||
Investment expenses | 4 | ||||||||||
Service expenses | 50 | ||||||||||
Interest expense | 29 | ||||||||||
Total expenses | 6,225 | ||||||||||
Income before income taxes | 1,834 | ||||||||||
Provision for income taxes | 389 | ||||||||||
Net income | 1,445 | ||||||||||
Other comprehensive income (loss): | |||||||||||
Change in total net unrealized gains (losses) on fixed-maturity securities | (156) | ||||||||||
Total comprehensive income (loss) | $ | 1,289 | |||||||||
1 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 May 31,
(millions)
(unaudited)
| Year-to-Date | |||||||||||
| 2026 | 2025 | ||||||||||
| Net premiums written | $ | 37,946 | $ | 35,677 | |||||||
| Revenues: | |||||||||||
| Net premiums earned | $ | 35,441 | $ | 32,765 | |||||||
| Investment income | 1,567 | 1,390 | |||||||||
| Net realized gains (losses) on securities: | |||||||||||
| Net realized gains (losses) on security sales | 84 | 18 | |||||||||
| Net holding period gains (losses) on securities | 413 | (22) | |||||||||
| Total net realized gains (losses) on securities | 497 | (4) | |||||||||
| Fees and other revenues | 498 | 488 | |||||||||
| Service revenues | 226 | 199 | |||||||||
| Total revenues | 38,229 | 34,838 | |||||||||
| Expenses: | |||||||||||
| Losses and loss adjustment expenses | 23,462 | 21,720 | |||||||||
| Policy acquisition costs | 2,586 | 2,451 | |||||||||
| Other underwriting expenses | 5,020 | 4,486 | |||||||||
| Investment expenses | 15 | 14 | |||||||||
| Service expenses | 234 | 209 | |||||||||
| Interest expense | 128 | 116 | |||||||||
| Total expenses | 31,445 | 28,996 | |||||||||
| Income before income taxes | 6,784 | 5,842 | |||||||||
| Provision for income taxes | 1,434 | 1,224 | |||||||||
| Net income | 5,350 | 4,618 | |||||||||
| Other comprehensive income (loss): | |||||||||||
Changes in: | |||||||||||
Total net unrealized gains (losses) on fixed-maturity securities | (829) | 873 | |||||||||
Net unrealized losses on forecasted transactions | 0 | 1 | |||||||||
| Other comprehensive income (loss) | (829) | 874 | |||||||||
| Total comprehensive income (loss) | $ | 4,521 | $ | 5,492 | |||||||
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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 May 31,
(millions – except per share amounts)
(unaudited)
| The following table sets forth the computation of per share results: | ||||||||||||||||||||
| May | Year-to-Date | |||||||||||||||||||
| 2026 | 2026 | 2025 | ||||||||||||||||||
Net income | $ | 1,445 | $ | 5,350 | $ | 4,618 | ||||||||||||||
Per common share: | ||||||||||||||||||||
Basic | $ | 2.48 | $ | 9.15 | $ | 7.88 | ||||||||||||||
Diluted | $ | 2.47 | $ | 9.13 | $ | 7.86 | ||||||||||||||
Comprehensive income (loss) | $ | 1,289 | $ | 4,521 | $ | 5,492 | ||||||||||||||
Per common share: | ||||||||||||||||||||
Diluted | $ | 2.21 | $ | 7.71 | $ | 9.34 | ||||||||||||||
Average common shares outstanding - Basic | 583.0 | 584.8 | 586.1 | |||||||||||||||||
Net effect of dilutive stock-based compensation | 1.2 | 1.3 | 1.6 | |||||||||||||||||
Total average equivalent common shares - Diluted | 584.2 | 586.1 | 587.7 | |||||||||||||||||
The following table sets forth the investment results for the period: | ||||||||||||||||||||
| May | Year-to-Date | |||||||||||||||||||
| 2026 | 2026 | 2025 | ||||||||||||||||||
Fully taxable equivalent (FTE) total return: | ||||||||||||||||||||
Fixed-income securities | 0.1% | 0.7% | 3.2% | |||||||||||||||||
Common stocks | 5.1% | 11.0% | 0.4% | |||||||||||||||||
Total portfolio | 0.4% | 1.1% | 3.1% | |||||||||||||||||
Pretax annualized investment income book yield | 4.3% | 4.2% | 4.1% | |||||||||||||||||
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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
For the month ended May 31, 2026
($ in millions)
(unaudited)
| Current Month | |||||||||||||||||||||||||||||||||||
| Personal Lines Business | Commercial | ||||||||||||||||||||||||||||||||||
| Vehicles | Lines | Companywide | |||||||||||||||||||||||||||||||||
| Agency | Direct | Property | Total | Business | Total | ||||||||||||||||||||||||||||||
| Net Premiums Written | $ | 2,545 | $ | 3,353 | $ | 286 | $ | 6,184 | $ | 842 | $ | 7,027 | |||||||||||||||||||||||
| % Growth in NPW | 3% | 9% | 3% | 6% | 6% | 6% | |||||||||||||||||||||||||||||
| Net Premiums Earned | $ | 2,604 | $ | 3,569 | $ | 266 | $ | 6,439 | $ | 921 | $ | 7,361 | |||||||||||||||||||||||
| % Growth in NPE | 8% | 14% | 1% | 11% | 0% | 10% | |||||||||||||||||||||||||||||
| GAAP Ratios | |||||||||||||||||||||||||||||||||||
| Loss/LAE ratio | 63.9 | 65.3 | 38.4 | 63.7 | 53.8 | 62.4 | |||||||||||||||||||||||||||||
| Expense ratio | 18.3 | 19.3 | 29.5 | 19.3 | 21.9 | 19.7 | |||||||||||||||||||||||||||||
| Combined ratio | 82.2 | 84.6 | 67.9 | 83.0 | 75.7 | 82.1 | |||||||||||||||||||||||||||||
Net catastrophe loss ratio1 | 1.5 | 3.4 | 1.6 | 0.5 | 1.4 | ||||||||||||||||||||||||||||||
Actuarial Adjustments2 | |||||||||||||||||||||||||||||||||||
| Reserve Decrease/(Increase) | |||||||||||||||||||||||||||||||||||
| Prior accident years | $ | 81 | |||||||||||||||||||||||||||||||||
| Current accident year | 32 | ||||||||||||||||||||||||||||||||||
| Calendar year actuarial adjustment | $ | 31 | $ | 41 | $ | 4 | $ | 76 | $ | 37 | $ | 113 | |||||||||||||||||||||||
| Prior Accident Years Development | |||||||||||||||||||||||||||||||||||
| Favorable/(Unfavorable) | |||||||||||||||||||||||||||||||||||
| Actuarial adjustment | $ | 81 | |||||||||||||||||||||||||||||||||
| All other development | 145 | ||||||||||||||||||||||||||||||||||
| Total development | $ | 226 | |||||||||||||||||||||||||||||||||
| Calendar year loss/LAE ratio | 62.4 | ||||||||||||||||||||||||||||||||||
| Accident year loss/LAE ratio | 65.5 | ||||||||||||||||||||||||||||||||||
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 May 31, 2026
($ in millions)
(unaudited)
| Year-to-Date | |||||||||||||||||||||||||||||||||||
| Personal Lines Business | Commercial | ||||||||||||||||||||||||||||||||||
| Vehicles | Lines | Companywide | |||||||||||||||||||||||||||||||||
| Agency | Direct | Property | Total | Business | Total | ||||||||||||||||||||||||||||||
| Net Premiums Written | $ | 13,024 | $ | 17,945 | $ | 1,252 | $ | 32,221 | $ | 5,721 | $ | 37,946 | |||||||||||||||||||||||
| % Growth in NPW | 4% | 10% | (3)% | 7% | 3% | 6% | |||||||||||||||||||||||||||||
| Net Premiums Earned | $ | 12,605 | $ | 17,154 | $ | 1,289 | $ | 31,048 | $ | 4,390 | $ | 35,441 | |||||||||||||||||||||||
| % Growth in NPE | 7% | 13% | (1)% | 10% | (3)% | 8% | |||||||||||||||||||||||||||||
| GAAP Ratios | |||||||||||||||||||||||||||||||||||
| Loss/LAE ratio | 65.5 | 68.0 | 51.0 | 66.3 | 65.0 | 66.2 | |||||||||||||||||||||||||||||
| Expense ratio | 18.2 | 20.4 | 29.6 | 19.9 | 21.5 | 20.1 | |||||||||||||||||||||||||||||
| Combined ratio | 83.7 | 88.4 | 80.6 | 86.2 | 86.5 | 86.3 | |||||||||||||||||||||||||||||
Net catastrophe loss ratio1 | 2.3 | 13.8 | 2.8 | 0.3 | 2.5 | ||||||||||||||||||||||||||||||
Actuarial Adjustments2 | |||||||||||||||||||||||||||||||||||
| Reserve Decrease/(Increase) | |||||||||||||||||||||||||||||||||||
| Prior accident years | $ | 227 | |||||||||||||||||||||||||||||||||
| Current accident year | 93 | ||||||||||||||||||||||||||||||||||
| Calendar year actuarial adjustment | $ | 96 | $ | 143 | $ | 22 | $ | 261 | $ | 59 | $ | 320 | |||||||||||||||||||||||
| Prior Accident Years Development | |||||||||||||||||||||||||||||||||||
| Favorable/(Unfavorable) | |||||||||||||||||||||||||||||||||||
| Actuarial adjustment | $ | 227 | |||||||||||||||||||||||||||||||||
| All other development | 539 | ||||||||||||||||||||||||||||||||||
| Total development | $ | 766 | |||||||||||||||||||||||||||||||||
| Calendar year loss/LAE ratio | 66.2 | ||||||||||||||||||||||||||||||||||
| Accident year loss/LAE ratio | 68.4 | ||||||||||||||||||||||||||||||||||
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.
- 6 -
THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
BALANCE SHEET AND OTHER INFORMATION
(millions - except per share amounts and common shares repurchased)
(unaudited)
| May 31, 2026 | |||||
| CONDENSED GAAP BALANCE SHEET: | |||||
| Investments, at fair value: | |||||
| Available-for-sale securities: | |||||
Fixed maturities1 (amortized cost: $91,620) | $ | 90,723 | |||
Short-term investments (amortized cost: $839) | 839 | ||||
| Total available-for-sale securities | 91,562 | ||||
| Equity securities: | |||||
Nonredeemable preferred stocks (cost: $243) | 227 | ||||
Common equities (cost: $840) | 4,537 | ||||
| Total equity securities | 4,764 | ||||
Total investments2 | 96,326 | ||||
| Net premiums receivable | 17,733 | ||||
Reinsurance recoverables (including $3,697 on unpaid loss and LAE reserves) | 3,944 | ||||
| Deferred acquisition costs | 2,189 | ||||
| Other assets | 4,323 | ||||
| Total assets | $ | 124,515 | |||
| Unearned premiums | $ | 27,729 | |||
| Loss and loss adjustment expense reserves | 45,251 | ||||
Other liabilities2 | 9,314 | ||||
| Debt | 8,387 | ||||
| Total liabilities | 90,681 | ||||
Shareholders’ equity | 33,834 | ||||
Total liabilities and shareholders’ equity | $ | 124,515 | |||
| Common shares outstanding | 582.2 | ||||
| Common shares repurchased in the current month | 1,269,184 | ||||
| Average cost per common share | $ | 198.42 | |||
| Book value per common share | $ | 58.11 | |||
Trailing 12-month return on average common shareholders’ equity | |||||
| Net income | 36.0 | % | |||
| Comprehensive income | 35.4 | % | |||
| Net unrealized pretax gains (losses) on fixed-maturity securities | $ | (901) | |||
| Increase (decrease) from the previous month | $ | (198) | |||
| Increase (decrease) from December 2025 | $ | (1,049) | |||
| Debt-to-total capital ratio | 19.9 | % | |||
| Fixed-income portfolio duration | 3.5 | ||||
| Weighted average credit quality | AA- . | ||||
1 As of May 31, 2026, we held certain hybrid securities and recognized a change in fair value of $4 million as a realized gain during the period we held these securities.
2 Includes $387 million of net unsettled security transactions classified in “other liabilities.”
- 7 -
Monthly Commentary
•The company has no additional commentary regarding May’s results.
Events
We plan to release June results on Wednesday, July 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 a leading seller of personal auto, commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers in the United States.
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 sustainability 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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Exhibit 99.2
Progressive Announces Management Changes
MAYFIELD VILLAGE, OHIO – June 17, 2026 – The Progressive Corporation (NYSE:PGR) (the “Company”) announced that Pat Callahan intends to retire from his role as the Company’s Personal Lines President after almost 24 years with the Company. Mr. Callahan will continue to serve in his current role until January 2027, and will continue to advise the Company on a part-time basis afterward. The Company will conduct an internal search for Mr. Callahan’s successor.
To support a smooth transition, Lori Niederst, currently CRM President, will move into a newly created role of Chief Personal Lines Officer, overseeing Personal Lines and CRM operations. Heather Day, currently General Manager, Customer Experience Strategy in the CRM organization, will move into the CRM President role in July.
“Pat has been a critical force behind our growth to an $80 billion company while consistently achieving our goal of a 96 combined ratio. He has been an incredible teacher, partner and mentor to me, and I appreciate that he will continue to advise me and my team after he retires from his current role,” said Tricia Griffith, the Company’s Chief Executive Officer, “At the same time, I am excited about the future. Lori brings a wealth of experience to her new role, having been CRM President and Chief Human Resources Officer, and having held HR roles in Claims. Having time to learn from Pat will round out her experiences. Heather stepping into the CRM President role will provide consistency for that organization and an opportunity for her to continue to grow and develop. Progressive has focused for many years on employee growth and development, which helps create the strong and deep bench of talent that allows for orderly transitions in our senior leadership roles,” Mrs. Griffith added.
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 a leading seller of personal auto, commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers in the United States.
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:
Julianna Paterra
(231) 600-3060
investor_relations@progressive.com
The Progressive Corporation
300 North Commons Blvd.
Mayfield Village, Ohio 44143
http://www.progressive.com
The Progressive Corporation
300 North Commons Blvd.
Mayfield Village, Ohio 44143
http://www.progressive.com
FAQ
How did Progressive (PGR) perform financially in May 2026?
Progressive reported strong May 2026 results, with net premiums written of $7.03 billion and net premiums earned of $7.36 billion. Net income was $1.45 billion and diluted EPS reached $2.47, while the combined ratio improved to 82.1 versus 86.9 in May 2025.
What are Progressive’s (PGR) year-to-date 2026 results through May?
Year-to-date through May 31, 2026, Progressive generated $37.95 billion in net premiums written and $35.44 billion in net premiums earned. Net income was $5.35 billion and total revenues reached $38.23 billion, reflecting growth versus 2025 alongside an 86.3 combined ratio for the period.
What leadership changes did Progressive (PGR) announce in this filing?
Progressive announced that Pat Callahan will retire as Personal Lines President in January 2027 and then advise part-time. To support the transition, Lori Niederst will become Chief Personal Lines Officer overseeing Personal Lines and CRM, and Heather Day will assume the CRM President role in July 2026.
What compensation package was approved for Progressive’s new CFO Andrew J. Quigg?
Effective July 4, 2026, Progressive’s board approved CFO Andrew J. Quigg’s package with a $700,000 annual salary and a Gainshare target of 150% of salary. On July 20, 2026, he will receive RSU awards totaling $1.3 million, split between time-based and performance-based grants.
How many policies in force does Progressive (PGR) report as of May 31, 2026?
As of May 31, 2026, Progressive reports 39.97 million policies in force, up from 37.00 million a year earlier. Total Personal Lines policies reached 38.75 million and Commercial Lines policies were 1.22 million, reflecting broad-based growth across major product categories.
What investment and return metrics did Progressive (PGR) highlight for May 2026?
Progressive reported a pretax annualized investment income book yield of 4.3% for May 2026 and a total portfolio FTE total return of 0.4%. The fixed-income portfolio duration was 3.5, weighted average credit quality was AA-, and trailing 12-month net income return on equity was 36.0%.