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Progressive (NYSE: PGR) grows April 2026 profit and policies in force

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8-K

Rhea-AI Filing Summary

The Progressive Corporation reported solid April 2026 results, showing growth in premiums and earnings alongside higher loss ratios. For the month, net premiums written were $7,278 million versus $6,837 million a year earlier, a 6% increase, while net premiums earned rose 7% to $7,112 million.

Monthly net income was $1,087 million compared to $986 million, and diluted earnings per share available to common shareholders increased to $1.86 from $1.68, an 11% gain. The combined ratio rose to 90.2 from 84.9, indicating higher underwriting costs relative to premiums. Total policies in force reached 39,767 thousand at April 30, 2026, up 8% year over year, led by growth in direct auto and special lines. Year‑to‑date, net income was $3,905 million versus $3,553 million on total revenues of $30,170 million compared to $27,475 million.

Positive

  • None.

Negative

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Insights

Progressive posts higher premiums and earnings, but with a higher combined ratio.

Progressive grew April net premiums written to $7,278 million and net income to $1,087 million, both up versus 2025. Year‑to‑date revenues reached $30,170 million with net income of $3,905 million, reflecting strong top‑line expansion across Personal and Commercial Lines.

The key trade‑off is profitability mix. The companywide combined ratio increased to 90.2 for April from 84.9, as the loss and loss adjustment expense ratio reached 70.8 and catastrophe losses contributed a net catastrophe loss ratio of 7.0% for the month. Year‑to‑date, the combined ratio was 87.4.

Policy growth remains broad-based, with total policies in force up 8% to 39,767 thousand, including 11% growth in Direct auto. Investment results also supported earnings, with total net realized gains on securities of $402 million in April and a pretax annualized investment income book yield of 4.2%. Future filings may detail how underwriting margins and catastrophe activity evolve through the remainder of 2026.

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.
Net premiums written (April 2026) $7,278 million Month ended April 30, 2026; up 6% vs April 2025
Net income (April 2026) $1,087 million Month ended April 30, 2026; up 10% vs April 2025
Diluted EPS (April 2026) $1.86 per share Available to common shareholders, April 2026 vs $1.68 in 2025
Combined ratio (April 2026) 90.2 Companywide GAAP combined ratio for April 2026 vs 84.9 in 2025
Policies in force 39,767 thousand Total policies in force as of April 30, 2026; up 8% year over year
Year-to-date net income 2026 $3,905 million For the year-to-date period ended April 30, 2026 vs $3,553 million in 2025
Book value per common share $56.29 As of April 30, 2026
Common shares repurchased 956,615 shares at $200.60 Shares repurchased in the current month; average cost per share
combined ratio financial
"Combined ratio | 90.2 | | 84.9 | | 5.3 | | 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.
net premiums written financial
"Net premiums written | $ | 7,278 | | | $ | 6,837"
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.
catastrophe losses financial
"Represents catastrophe losses incurred during the period, including development on prior events"
Catastrophe losses are large, unexpected insurance payouts that follow major disasters such as hurricanes, earthquakes, wildfires or pandemics. They matter to investors because they can sharply reduce an insurer’s profits, drain reserves and force special financing or rate increases — much like a sudden flood overwhelming a city’s budget — and can also ripple through markets by affecting reinsurers, bondholders and stock prices.
actuarial adjustment financial
"Calendar year actuarial adjustment | $ | 16 | | | $ | 19"
fully taxable equivalent (FTE) total return financial
"Fully taxable equivalent (FTE) total return: | | | | | | Fixed-income securities"
net unrealized pretax gains (losses) financial
"Net unrealized pretax gains (losses) on fixed-maturity securities | $ | (703)"
Understanding 8-K Material Events →
FalsePROGRESSIVE CORP/OH/000008066100000806612026-05-202026-05-20

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) May 20, 2026
THE PROGRESSIVE CORPORATION
(Exact name of registrant as specified in its charter)
Ohio001-0951834-0963169
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 Par ValuePGRNew 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 May 20, 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 April 30, 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:May 20, 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 601Form 8-K Exhibit No.

Description
9999
News release dated May 20, 2026, containing financial results of The Progressive Corporation and its consolidated subsidiaries for the month and year-to-date periods ended April 30, 2026.
104104Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document).

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image0a04a01a67a.jpg
NEWS RELEASE
The Progressive CorporationCompany Contact:
300 North Commons Blvd.Julianna Paterra
Mayfield Village, Ohio 44143(231) 600-3060
http://www.progressive.com
investor_relations@progressive.com

PROGRESSIVE REPORTS APRIL RESULTS

MAYFIELD VILLAGE, OHIO -- May 20, 2026 -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended April 30, 2026:
April
(millions, except per share amounts and ratios; unaudited)20262025Change
Net premiums written$7,278 $6,837 6 %
Net premiums earned$7,112 $6,641 7 %
Net income$1,087 $986 10 %
Per share available to common shareholders$1.86 $1.68 11 %
Total pretax net realized gains (losses) on securities$402 $(3)NM
Combined ratio90.284.95.3 pts.
Average diluted equivalent common shares585.3587.70%
NM = Not Meaningful

April 30,
(thousands; unaudited)20262025% Change
Policies in Force
Personal Lines
Agency – auto11,10810,2468
Direct – auto16,64514,93811
Special lines7,1686,7057
Property3,6393,5901
Total Personal Lines38,56035,4799
Commercial Lines1,2071,1743
Total39,76736,6538
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 April 30, 2026
(millions)
(unaudited)
Current Month
Comments on Monthly Results1
Net premiums written
$7,278 
Revenues:
Net premiums earned
$7,112 
Investment income
316 
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales
11 
Net holding period gains (losses) on securities
391 
Total net realized gains (losses) on securities
402 
Fees and other revenues
101 
Service revenues
51 
Total revenues
7,982 
Expenses:
Losses and loss adjustment expenses
5,035 
Policy acquisition costs
515 
Other underwriting expenses
963 
Investment expenses
3 
Service expenses
53 
Interest expense
29 
Total expenses
6,598 
Income before income taxes
1,384 
Provision for income taxes
297 
Net income
1,087 
Other comprehensive income (loss):
Change in total net unrealized gains (losses) on fixed-maturity securities
(99)
Total comprehensive income (loss)
$988 
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 April 30,
(millions)
(unaudited)

Year-to-Date
20262025
Net premiums written$30,919 $29,043 
Revenues:
Net premiums earned$28,080 $26,050 
Investment income1,233 1,095 
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales107 21 
Net holding period gains (losses) on securities175 (236)
Total net realized gains (losses) on securities282 (215)
Fees and other revenues398 390 
Service revenues177 155 
Total revenues30,170 27,475 
Expenses:
Losses and loss adjustment expenses18,862 17,143 
Policy acquisition costs2,053 1,952 
Other underwriting expenses4,011 3,626 
Investment expenses11 10 
Service expenses184 162 
Interest expense99 93 
Total expenses25,220 22,986 
Income before income taxes4,950 4,489 
Provision for income taxes1,045 936 
Net income3,905 3,553 
Other comprehensive income (loss):
Change in total net unrealized gains (losses) on fixed-maturity securities
(673)1,264 
Total comprehensive income (loss)$3,232 $4,817 

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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 April 30,
(millions – except per share amounts)
(unaudited)



The following table sets forth the computation of per share results:
AprilYear-to-Date
202620262025
Net income
$1,087 $3,905 $3,553 
Per common share:
Basic
$1.86 $6.67 $6.06 
Diluted
$1.86 $6.66 $6.05 
Comprehensive income (loss)
$988 $3,232 $4,817 
Per common share:
Diluted
$1.69 $5.51 $8.20 
Average common shares outstanding - Basic
584.1585.2586.1
Net effect of dilutive stock-based compensation
1.21.31.6
Total average equivalent common shares - Diluted
585.3586.5587.7

The following table sets forth the investment results for the period:
AprilYear-to-Date
202620262025
Fully taxable equivalent (FTE) total return:
Fixed-income securities
0.2%0.5%3.4%
Common stocks
10.1%5.6%(5.6)%
     Total portfolio
0.6%0.7%3.1%
Pretax annualized investment income book yield
4.2%4.1%4.1%


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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
For the month ended April 30, 2026
($ in millions)
(unaudited)


Current Month
Personal Lines BusinessCommercial
VehiclesLinesCompanywide
AgencyDirectPropertyTotalBusinessTotal
Net Premiums Written$2,652 $3,507 $273 $6,432 $846 $7,278 
% Growth in NPW4%9%(3)%7%5%6%
Net Premiums Earned$2,521 $3,451 $253 $6,225 $886 $7,112 
% Growth in NPE5%12%(2)%9%(2)%7%
GAAP Ratios
Loss/LAE ratio69.9 71.5 70.9 70.8 69.4 70.8 
Expense ratio18.0 19.2 30.4 19.2 21.0 19.4 
Combined ratio87.9 90.7 101.3 90.0 90.4 90.2 
Net catastrophe loss ratio1
7.028.9 7.9 0.5 7.0 
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years$24 
Current accident year32 
Calendar year actuarial adjustment$16 $19 $25 $60 $(4)$56 
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment$24 
All other development65 
Total development$89 
Calendar year loss/LAE ratio70.8 
Accident year loss/LAE ratio72.1 
1 Represents catastrophe losses incurred during the period, including development on prior events and the impact of reinsurance, if any, as a percent of net premiums earned. During the month, we incurred catastrophe losses primarily related to hail and thunderstorm events throughout the United States.
2 Represents adjustments solely based on our normally scheduled actuarial reviews. For our Personal Lines property business, the actuarial reserving methodology includes changes to catastrophe losses, while the reviews in our personal and commercial vehicle businesses do not include catastrophes.
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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
For the year-to-date period ended April 30, 2026
($ in millions)
(unaudited)


Year-to-Date
Personal Lines BusinessCommercial
VehiclesLinesCompanywide
AgencyDirectPropertyTotalBusiness Total
Net Premiums Written$10,479 $14,592 $966 $26,037 $4,879 $30,919 
% Growth in NPW5%10%(5)%7%3%6%
Net Premiums Earned$10,001 $13,585 $1,023 $24,609 $3,469 $28,080 
% Growth in NPE6%13%(1)%10%(4)%8%
GAAP Ratios
Loss/LAE ratio66.0 68.6 54.4 66.9 68.0 67.1 
Expense ratio18.1 20.8 29.6 20.1 21.4 20.3 
Combined ratio84.1 89.4 84.0 87.0 89.4 87.4 
Net catastrophe loss ratio1
2.516.5 3.1 0.3 2.7 
Actuarial Adjustments2
Reserve Decrease/(Increase)
Prior accident years$146 
Current accident year61 
Calendar year actuarial adjustment$65 $102 $18 $185 $22 $207 
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment$146 
All other development394 
Total development$540 
Calendar year loss/LAE ratio67.1 
Accident year loss/LAE ratio69.0 
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)
April 30, 2026
CONDENSED GAAP BALANCE SHEET:
Investments, at fair value:
Available-for-sale securities:
Fixed maturities1 (amortized cost: $89,982)
$89,284 
Short-term investments (amortized cost: $1,034)
1,034 
Total available-for-sale securities90,318 
Equity securities:
Nonredeemable preferred stocks (cost: $259)
241 
Common equities (cost: $839)
4,324 
Total equity securities4,565 
Total investments2
94,883 
Net premiums receivable17,716 
Reinsurance recoverables (including $3,707 on unpaid loss and LAE reserves)
3,953 
Deferred acquisition costs2,174 
Other assets4,382 
Total assets$123,108 
Unearned premiums$28,062 
Loss and loss adjustment expense reserves44,975 
Other liabilities2
8,840 
Debt8,386 
Total liabilities90,263 
Shareholders’ equity
32,845 
Total liabilities and shareholders’ equity
$123,108 
Common shares outstanding583.5 
Common shares repurchased in the current month956,615 
Average cost per common share$200.60 
Book value per common share$56.29 
Trailing 12-month return on average common shareholders’ equity
Net income 35.1  %
Comprehensive income33.8 %
Net unrealized pretax gains (losses) on fixed-maturity securities$(703)
Increase (decrease) from the previous month$(125)
Increase (decrease) from December 2025$(851)
Debt-to-total capital ratio20.3 %
Fixed-income portfolio duration3.5 
Weighted average credit quality
AA- .
1 As of April 30, 2026, we held certain hybrid securities and recognized a change in fair value of $5 million as a realized gain during the period we held these securities.
2 Includes $494 million of net unsettled security transactions classified in “other liabilities.”

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Monthly Commentary
•The company has no additional commentary regarding April’s results.
Events
We plan to release May results on Wednesday, June 17, 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 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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Source: View Original Filing on SEC EDGAR

FAQ

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

Progressive reported higher profits in April 2026, with net income of $1,087 million versus $986 million a year earlier. Net premiums written rose to $7,278 million, and total revenues reached $7,982 million, reflecting solid premium and investment income growth.

What were Progressive (PGR) earnings per share for April 2026?

For April 2026, Progressive’s diluted earnings per share available to common shareholders were $1.86, up from $1.68 in April 2025. This 11% increase reflects higher net income supported by premium growth and investment gains on securities during the month.

What combined ratio did Progressive (PGR) report for April 2026?

Progressive reported a companywide combined ratio of 90.2 for April 2026, compared with 84.9 in April 2025. The higher ratio reflects a 70.8 loss/LAE ratio and 19.4 expense ratio, including the impact of catastrophe losses during the month.

How many policies in force did Progressive (PGR) have at April 30, 2026?

At April 30, 2026, Progressive had 39,767 thousand policies in force, up from 36,653 thousand a year earlier. Personal Lines totaled 38,560 thousand, while Commercial Lines reached 1,207 thousand, indicating broad-based policy growth across key segments.

What were Progressive (PGR) year-to-date 2026 revenues and net income?

For the year-to-date period ended April 30, 2026, Progressive reported total revenues of $30,170 million and net income of $3,905 million. This compares with revenues of $27,475 million and net income of $3,553 million for the same period in 2025.

How did catastrophe losses affect Progressive (PGR) in April 2026?

In April 2026, Progressive’s net catastrophe loss ratio was 7.0% companywide, with events primarily from hail and thunderstorms across the United States. These catastrophe losses contributed to a higher monthly loss/LAE ratio of 70.8 and a combined ratio of 90.2.

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