Progressive (NYSE: PGR) reports June 2026 profit and policy growth
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
The Progressive Corporation reported June and second-quarter 2026 results, including June net premiums written of $6,772 million and net income of $779 million. June net premiums earned were $7,100 million, while the combined ratio was 90.0 versus 86.6 a year earlier.
For the quarter, net premiums written were $21,077 million and net income was $3,311 million, with a combined ratio of 87.3. Year-to-date net income reached $6,129 million and the combined ratio was 86.9. Total policies in force were 40,086 thousand, up 7% from June 30, 2025. In June, 845,952 common shares were repurchased at an average cost of $201.16, book value per share was $59.05, and trailing 12‑month return on equity based on net income was 34.7%. Property ratios include an 11.7‑point favorable, one-time actuarial methodology change affecting incurred but not reported reserves.
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8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net premiums written (June 2026): $6,772 million
Net income (June 2026): $779 million
Combined ratio (June 2026): 90.0
+5 more
8 metrics
Net premiums written (June 2026)
$6,772 million
For the month ended June 30, 2026
Net income (June 2026)
$779 million
For the month ended June 30, 2026
Combined ratio (June 2026)
90.0
Month ended June 30, 2026, vs 86.6 in 2025
Net income year-to-date 2026
$6,129 million
Year-to-date period ended June 30, 2026
Policies in force total
40,086 thousand
As of June 30, 2026, up 7% year over year
Common shares repurchased in June
845,952
Shares repurchased in the current month
Book value per common share
$59.05
As of June 30, 2026
Trailing 12-month ROE (net income)
34.7%
Return on average common shareholders’ equity
Key Terms
combined ratio, net premiums written, incurred but not reported, net catastrophe loss ratio, +1 more
5 terms
combined ratio financial
"Combined ratio | 90.0 | 86.6 | 3.4 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.
incurred but not reported technical
"impacted our incurred but not reported loss and loss adjustment expense reserves"
net catastrophe loss ratio financial
"Net catastrophe loss ratio | 2.4 | 8.9 | 2.6 | 0.6"
fixed-income portfolio duration financial
"Fixed-income portfolio duration | 3.5"
Earnings Snapshot
Net premiums written (June 2026): $6,772 million
month and quarter ended June 30, 2026
Net premiums written (June 2026)
$6,772 million
up 3% vs June 2025
Net income (June 2026)
$779 million
down 31% vs June 2025
Combined ratio (June 2026)
90.0
up 3.4 points vs June 2025
Net income (Q2 2026)
$3,311 million
up 4% vs Q2 2025
FAQ
What were Progressive (PGR)'s key June 2026 financial results?
In June 2026, Progressive reported net premiums written of $6,772 million, net premiums earned of $7,100 million, and net income of $779 million. Diluted earnings per share were $1.34, and the company’s combined ratio was 90.0.
How did Progressive (PGR)'s Q2 2026 profitability compare with Q2 2025?
For Q2 2026, Progressive recorded net income of $3,311 million, up 4% from $3,175 million in Q2 2025. The combined ratio was 87.3, compared with 86.2 a year earlier, indicating continued underwriting profitability with slightly higher loss and expense ratios.
What policy growth did Progressive (PGR) report as of June 30, 2026?
Total policies in force reached 40,086 thousand at June 30, 2026, a 7% increase from 37,315 thousand a year earlier. Direct auto policies were 16,721 thousand, up 10%, and agency auto policies were 11,211 thousand, up 8% year over year.
What were Progressive (PGR)'s year-to-date 2026 results through June?
Year-to-date 2026, Progressive reported net premiums written of $44,718 million and net premiums earned of $42,541 million. Net income was $6,129 million versus $5,742 million in 2025, and the year-to-date combined ratio was 86.9, reflecting strong underwriting performance.
What capital and return metrics did Progressive (PGR) disclose for June 2026?
At June 30, 2026, Progressive reported shareholders’ equity of $34,333 million and book value per share of $59.05. The company repurchased 845,952 shares in June at an average price of $201.16 and reported a 34.7% trailing 12‑month return on equity based on net income.
Did Progressive (PGR) note any one-time actuarial impacts in 2026?
Yes. For Personal Lines property, the loss and combined ratios include an 11.7‑point favorable impact from an actuarial methodology process change affecting incurred but not reported reserves. The company stated this one-time adjustment will not affect future periods.
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) July 15, 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 2.02 Results of Operations and Financial Condition.
On July 15, 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 June 30, 2026, and selected quarterly financial results. 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.
- 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: | July 15, 2026 | |||||||||||||
| THE PROGRESSIVE CORPORATION | ||||||||||||||
| By: | /s/ Carl G. Joyce | |||||||||||||
| Name: | Carl G. Joyce | |||||||||||||
| Title: | Vice President and Chief Accounting Officer | |||||||||||||
- 2 -
EXHIBIT INDEX
| Exhibit No. Under Reg. S-K Item 601 | Form 8-K Exhibit No. | Description | ||||||||||||
| 99 | 99 | News release dated July 15, 2026, containing financial results of The Progressive Corporation and its consolidated subsidiaries for the month and year-to-date periods ended June 30, 2026, and selected quarterly financial results. | ||||||||||||
| 104 | 104 | Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document). | ||||||||||||
- 3 -
 | NEWS RELEASE | ||||||||||
| The Progressive Corporation | Company Contact: | ||||||||||
| 300 North Commons Blvd. | Julianna Paterra | ||||||||||
| Mayfield Village, Ohio 44143 | (719) 432-2509 | ||||||||||
http://www.progressive.com | investor_relations@progressive.com | ||||||||||
PROGRESSIVE REPORTS JUNE RESULTS
MAYFIELD VILLAGE, OHIO -- July 15, 2026 -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month and quarter ended June 30, 2026:
| June | Quarter | |||||||||||||||||||||||||||||||||||||
| (millions, except per share amounts and ratios; unaudited) | 2026 | 2025 | Change | 2026 | 2025 | Change | ||||||||||||||||||||||||||||||||
| Net premiums written | $ | 6,772 | $ | 6,605 | 3 | % | $ | 21,077 | $ | 20,076 | 5 | % | ||||||||||||||||||||||||||
| Net premiums earned | $ | 7,100 | $ | 6,954 | 2 | % | $ | 21,573 | $ | 20,310 | 6 | % | ||||||||||||||||||||||||||
| Net income | $ | 779 | $ | 1,124 | (31) | % | $ | 3,311 | $ | 3,175 | 4 | % | ||||||||||||||||||||||||||
| Per share available to common shareholders | $ | 1.34 | $ | 1.91 | (30) | % | $ | 5.67 | $ | 5.40 | 5 | % | ||||||||||||||||||||||||||
| Total pretax net realized gains (losses) on securities | $ | (13) | $ | 179 | (107) | % | $ | 604 | $ | 387 | 56 | % | ||||||||||||||||||||||||||
| Combined ratio | 90.0 | 86.6 | 3.4 | pts. | 87.3 | 86.2 | 1.1 | pts. | ||||||||||||||||||||||||||||||
| Average diluted equivalent common shares | 583.1 | 588.0 | (1) | % | 584.2 | 587.8 | (1) | % | ||||||||||||||||||||||||||||||
| June 30, | |||||||||||||||||
| (thousands; unaudited) | 2026 | 2025 | % Change | ||||||||||||||
| Policies in Force | |||||||||||||||||
| Personal Lines | |||||||||||||||||
| Agency – auto | 11,211 | 10,423 | 8 | ||||||||||||||
| Direct – auto | 16,721 | 15,245 | 10 | ||||||||||||||
| Special lines | 7,297 | 6,850 | 7 | ||||||||||||||
| Property | 3,631 | 3,608 | 1 | ||||||||||||||
| Total Personal Lines | 38,860 | 36,126 | 8 | ||||||||||||||
| Commercial Lines | 1,226 | 1,189 | 3 | ||||||||||||||
| Total | 40,086 | 37,315 | 7 | ||||||||||||||
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.
- 1 -
THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
COMPREHENSIVE INCOME STATEMENT
For the month ended June 30, 2026
(millions)
(unaudited)
| Current Month | Comments on Monthly Results1 | ||||||||||
Net premiums written | $ | 6,772 | |||||||||
Revenues: | |||||||||||
Net premiums earned | $ | 7,100 | |||||||||
Investment income | 329 | ||||||||||
Net realized gains (losses) on securities: | |||||||||||
Net realized gains (losses) on security sales | 28 | ||||||||||
Net holding period gains (losses) on securities | (41) | ||||||||||
Total net realized gains (losses) on securities | (13) | ||||||||||
Fees and other revenues | 104 | ||||||||||
Service revenues | 48 | ||||||||||
Total revenues | 7,568 | ||||||||||
Expenses: | |||||||||||
Losses and loss adjustment expenses | 4,937 | ||||||||||
Policy acquisition costs | 519 | ||||||||||
Other underwriting expenses | 1,037 | ||||||||||
Investment expenses | 3 | ||||||||||
Service expenses | 51 | ||||||||||
Interest expense | 30 | ||||||||||
Total expenses | 6,577 | ||||||||||
Income before income taxes | 991 | ||||||||||
Provision for income taxes | 212 | ||||||||||
Net income | 779 | ||||||||||
Other comprehensive income (loss): | |||||||||||
Changes in: | |||||||||||
Total net unrealized gains (losses) on fixed-maturity securities | (120) | ||||||||||
Foreign currency translation adjustment | (1) | ||||||||||
Other comprehensive income (loss) | (121) | ||||||||||
Total comprehensive income (loss) | $ | 658 | |||||||||
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.
- 2 -
THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
COMPREHENSIVE INCOME STATEMENTS
For the year-to-date periods ended June 30,
(millions)
(unaudited)
| Year-to-Date | |||||||||||
| 2026 | 2025 | ||||||||||
| Net premiums written | $ | 44,718 | $ | 42,282 | |||||||
| Revenues: | |||||||||||
| Net premiums earned | $ | 42,541 | $ | 39,719 | |||||||
| Investment income | 1,896 | 1,685 | |||||||||
| Net realized gains (losses) on securities: | |||||||||||
| Net realized gains (losses) on security sales | 112 | 20 | |||||||||
| Net holding period gains (losses) on securities | 372 | 155 | |||||||||
| Total net realized gains (losses) on securities | 484 | 175 | |||||||||
| Fees and other revenues | 602 | 590 | |||||||||
| Service revenues | 274 | 244 | |||||||||
| Total revenues | 45,797 | 42,413 | |||||||||
| Expenses: | |||||||||||
| Losses and loss adjustment expenses | 28,399 | 26,409 | |||||||||
| Policy acquisition costs | 3,105 | 2,967 | |||||||||
| Other underwriting expenses | 6,057 | 5,408 | |||||||||
| Investment expenses | 18 | 16 | |||||||||
| Service expenses | 285 | 256 | |||||||||
| Interest expense | 158 | 139 | |||||||||
| Total expenses | 38,022 | 35,195 | |||||||||
| Income before income taxes | 7,775 | 7,218 | |||||||||
| Provision for income taxes | 1,646 | 1,476 | |||||||||
| Net income | 6,129 | 5,742 | |||||||||
| Other comprehensive income (loss): | |||||||||||
Changes in: | |||||||||||
Total net unrealized gains (losses) on fixed-maturity securities | (949) | 1,327 | |||||||||
Net unrealized losses on forecasted transactions | 0 | 1 | |||||||||
| Foreign currency translation adjustment | (1) | 0 | |||||||||
| Other comprehensive income (loss) | (950) | 1,328 | |||||||||
| Total comprehensive income (loss) | $ | 5,179 | $ | 7,070 | |||||||
- 3 -
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 June 30,
(millions – except per share amounts)
(unaudited)
| The following table sets forth the computation of per share results: | ||||||||||||||||||||
| June | Year-to-Date | |||||||||||||||||||
| 2026 | 2026 | 2025 | ||||||||||||||||||
Net income | $ | 779 | $ | 6,129 | $ | 5,742 | ||||||||||||||
Per common share: | ||||||||||||||||||||
Basic | $ | 1.34 | $ | 10.49 | $ | 9.80 | ||||||||||||||
Diluted | $ | 1.34 | $ | 10.47 | $ | 9.77 | ||||||||||||||
Comprehensive income (loss) | $ | 658 | $ | 5,179 | $ | 7,070 | ||||||||||||||
Per common share: | ||||||||||||||||||||
Diluted | $ | 1.13 | $ | 8.84 | $ | 12.03 | ||||||||||||||
Average common shares outstanding - Basic | 581.8 | 584.3 | 586.1 | |||||||||||||||||
Net effect of dilutive stock-based compensation | 1.3 | 1.3 | 1.6 | |||||||||||||||||
Total average equivalent common shares - Diluted | 583.1 | 585.6 | 587.7 | |||||||||||||||||
The following table sets forth the investment results for the period: | ||||||||||||||||||||
| June | Year-to-Date | |||||||||||||||||||
| 2026 | 2026 | 2025 | ||||||||||||||||||
Fully taxable equivalent (FTE) total return: | ||||||||||||||||||||
Fixed-income securities | 0.2% | 0.9% | 4.3% | |||||||||||||||||
Common stocks | (0.3)% | 10.6% | 5.3% | |||||||||||||||||
Total portfolio | 0.2% | 1.3% | 4.3% | |||||||||||||||||
Pretax annualized investment income book yield | 4.2% | 4.2% | 4.2% | |||||||||||||||||
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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
For the month ended June 30, 2026
($ in millions)
(unaudited)
| Current Month | |||||||||||||||||||||||||||||||||||
| Personal Lines Business | Commercial | ||||||||||||||||||||||||||||||||||
| Vehicles | Lines | Companywide | |||||||||||||||||||||||||||||||||
| Agency | Direct | Property1 | Total | Business | Total | ||||||||||||||||||||||||||||||
| Net Premiums Written | $ | 2,458 | $ | 3,238 | $ | 297 | $ | 5,993 | $ | 777 | $ | 6,772 | |||||||||||||||||||||||
| % Growth in NPW | 0% | 5% | 4% | 3% | 1% | 3% | |||||||||||||||||||||||||||||
| Net Premiums Earned | $ | 2,507 | $ | 3,451 | $ | 258 | $ | 6,216 | $ | 884 | $ | 7,100 | |||||||||||||||||||||||
| % Growth in NPE | 0% | 6% | 2% | 3% | (6)% | 2% | |||||||||||||||||||||||||||||
| GAAP Ratios | |||||||||||||||||||||||||||||||||||
| Loss/LAE ratio | 70.5 | 72.1 | 35.2 | 69.8 | 66.6 | 69.5 | |||||||||||||||||||||||||||||
| Expense ratio | 18.6 | 20.3 | 30.4 | 20.1 | 23.5 | 20.5 | |||||||||||||||||||||||||||||
| Combined ratio | 89.1 | 92.4 | 65.6 | 89.9 | 90.1 | 90.0 | |||||||||||||||||||||||||||||
Net catastrophe loss ratio2 | 2.4 | 8.9 | 2.6 | 0.6 | 2.4 | ||||||||||||||||||||||||||||||
Actuarial Adjustments3 | |||||||||||||||||||||||||||||||||||
| Reserve Decrease/(Increase) | |||||||||||||||||||||||||||||||||||
| Prior accident years | $ | 56 | |||||||||||||||||||||||||||||||||
| Current accident year | 52 | ||||||||||||||||||||||||||||||||||
| Calendar year actuarial adjustment | $ | 19 | $ | 30 | $ | 14 | $ | 63 | $ | 45 | $ | 108 | |||||||||||||||||||||||
| Prior Accident Years Development | |||||||||||||||||||||||||||||||||||
| Favorable/(Unfavorable) | |||||||||||||||||||||||||||||||||||
| Actuarial adjustment | $ | 56 | |||||||||||||||||||||||||||||||||
| All other development | 180 | ||||||||||||||||||||||||||||||||||
| Total development | $ | 236 | |||||||||||||||||||||||||||||||||
| Calendar year loss/LAE ratio | 69.5 | ||||||||||||||||||||||||||||||||||
| Accident year loss/LAE ratio | 72.8 | ||||||||||||||||||||||||||||||||||
1 Loss/LAE and combined ratios include a favorable 11.7 point impact related to an actuarial methodology process change, which impacted our incurred but not reported loss and loss adjustment expense reserves for our property products. The resulting one-time adjustment will not have an impact on future periods.
2 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.
3 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.
- 5 -
THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
For the year-to-date period ended June 30, 2026
($ in millions)
(unaudited)
| Year-to-Date | |||||||||||||||||||||||||||||||||||
| Personal Lines Business | Commercial | ||||||||||||||||||||||||||||||||||
| Vehicles | Lines | Companywide | |||||||||||||||||||||||||||||||||
| Agency | Direct | Property | Total | Business | Total | ||||||||||||||||||||||||||||||
| Net Premiums Written | $ | 15,482 | $ | 21,183 | $ | 1,549 | $ | 38,214 | $ | 6,498 | $ | 44,718 | |||||||||||||||||||||||
| % Growth in NPW | 4% | 9% | (2)% | 6% | 3% | 6% | |||||||||||||||||||||||||||||
| Net Premiums Earned | $ | 15,112 | $ | 20,605 | $ | 1,547 | $ | 37,264 | $ | 5,274 | $ | 42,541 | |||||||||||||||||||||||
| % Growth in NPE | 5% | 12% | 0% | 9% | (3)% | 7% | |||||||||||||||||||||||||||||
| GAAP Ratios | |||||||||||||||||||||||||||||||||||
| Loss/LAE ratio | 66.4 | 68.6 | 48.4 | 66.9 | 65.3 | 66.7 | |||||||||||||||||||||||||||||
| Expense ratio | 18.2 | 20.4 | 29.7 | 19.9 | 21.8 | 20.2 | |||||||||||||||||||||||||||||
| Combined ratio | 84.6 | 89.0 | 78.1 | 86.8 | 87.1 | 86.9 | |||||||||||||||||||||||||||||
Net catastrophe loss ratio1 | 2.3 | 13.0 | 2.7 | 0.4 | 2.4 | ||||||||||||||||||||||||||||||
Actuarial Adjustments2 | |||||||||||||||||||||||||||||||||||
| Reserve Decrease/(Increase) | |||||||||||||||||||||||||||||||||||
| Prior accident years | $ | 283 | |||||||||||||||||||||||||||||||||
| Current accident year | 145 | ||||||||||||||||||||||||||||||||||
| Calendar year actuarial adjustment | $ | 115 | $ | 173 | $ | 36 | $ | 324 | $ | 104 | $ | 428 | |||||||||||||||||||||||
| Prior Accident Years Development | |||||||||||||||||||||||||||||||||||
| Favorable/(Unfavorable) | |||||||||||||||||||||||||||||||||||
| Actuarial adjustment | $ | 283 | |||||||||||||||||||||||||||||||||
| All other development | 719 | ||||||||||||||||||||||||||||||||||
| Total development | $ | 1,002 | |||||||||||||||||||||||||||||||||
| Calendar year loss/LAE ratio | 66.7 | ||||||||||||||||||||||||||||||||||
| Accident year loss/LAE ratio | 69.1 | ||||||||||||||||||||||||||||||||||
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)
| June 30, 2026 | |||||
| CONDENSED GAAP BALANCE SHEET: | |||||
| Investments, at fair value: | |||||
| Available-for-sale securities: | |||||
Fixed maturities1 (amortized cost: $91,485) | $ | 90,435 | |||
Short-term investments (amortized cost: $1,978) | 1,978 | ||||
| Total available-for-sale securities | 92,413 | ||||
| Equity securities: | |||||
Nonredeemable preferred stocks (cost: $292) | 276 | ||||
Common equities (cost: $870) | 4,532 | ||||
| Total equity securities | 4,808 | ||||
Total investments2, 3 | 97,221 | ||||
| Net premiums receivable | 17,106 | ||||
Reinsurance recoverables (including $3,666 on unpaid loss and LAE reserves) | 3,919 | ||||
| Deferred acquisition costs | 2,211 | ||||
| Other assets | 4,468 | ||||
| Total assets | $ | 124,925 | |||
| Unearned premiums | $ | 27,401 | |||
| Loss and loss adjustment expense reserves | 45,567 | ||||
Other liabilities2 | 9,237 | ||||
| Debt | 8,387 | ||||
| Total liabilities | 90,592 | ||||
Shareholders’ equity | 34,333 | ||||
Total liabilities and shareholders’ equity | $ | 124,925 | |||
| Common shares outstanding | 581.4 | ||||
| Common shares repurchased in the current month | 845,952 | ||||
| Average cost per common share | $ | 201.16 | |||
| Book value per common share | $ | 59.05 | |||
Trailing 12-month return on average common shareholders’ equity | |||||
| Net income | 34.7 | % | |||
| Comprehensive income | 32.5 | % | |||
| Net unrealized pretax gains (losses) on fixed-maturity securities | $ | (1,053) | |||
| Increase (decrease) from the previous month | $ | (152) | |||
| Increase (decrease) from December 2025 | $ | (1,201) | |||
| Debt-to-total capital ratio | 19.6 | % | |||
| Fixed-income portfolio duration | 3.5 | ||||
| Weighted average credit quality | AA- . | ||||
1 As of June 30, 2026, we held certain hybrid securities and recognized a change in fair value of $3 million as a realized gain during the period we held these securities.
2 Includes $568 million of net unsettled security transactions classified in “other liabilities.”
3 Includes $7 billion, net of unsettled transactions, of investments in a consolidated, non-insurance subsidiary of the holding company.
- 7 -
Monthly Commentary
•The company has no additional commentary regarding June’s results.
Events
Our second quarter Investor Relations conference call is currently scheduled to be held on Tuesday, August 4, 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 approximate 45-minute presentation on our Robinsons consumer segment, followed by a question and answer session with Tricia Griffith, our CEO, and Andrew Quigg, our CFO. We plan to file our Quarterly Report on Form 10-Q with the SEC on Monday, August 3, 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 July results on Wednesday, August 19, 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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