month and quarter ended September 30, 2026
Filed Oct 14, 2026Progressive reported September net income of $ 630 million and quarter net income of $ 2,542 million, with a 90.0 combined ratio for September and 88.7 for the quarter.
Quarter net premiums written increased 4% and net premiums earned increased 5%, while the combined ratio improved to 88.7 from 89.5. September net income more than doubled to $ 630 million, although quarter net income declined 3% and included $ (170) million of pretax net realized losses on securities.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| September net premiums writtenGAAP | $7.25B | – | 2 % |
| Quarter net premiums writtenGAAP | $22.30B | – | 4 % |
| September net premiums earnedGAAP | $7.16B | – | 5 % |
| Quarter net premiums earnedGAAP | $21.87B | – | 5 % |
| September net incomeGAAP | $630M | – | 107 % |
| Quarter net incomeGAAP | $2.54B | – | (3) % |
| September per share available to common shareholdersGAAP | $ 1.08 | – | 109 % |
| Quarter per share available to common shareholdersGAAP | $ 4.37 | – | (2) % |
| September total pretax net realized gains (losses) on securitiesGAAP | −$231M | – | (267) % |
| Quarter total pretax net realized gains (losses) on securitiesGAAP | −$170M | – | (158) % |
| September combined ratioGAAP | 90.0 | – | (10.4) pts. |
| Quarter combined ratioGAAP | 88.7 | – | (0.8) pts. |
| September average diluted equivalent common sharesGAAP | 581.7M | – | (1) % |
| Quarter average diluted equivalent common sharesGAAP | 582.2M | – | (1) % |
| September investment incomeGAAP | $352M | – | – |
| September fees and other revenuesGAAP | $105M | – | – |
| September service revenuesGAAP | $48M | – | – |
| September total revenuesGAAP | $7.43B | – | – |
| September losses and loss adjustment expensesGAAP | $4.96B | – | – |
| September policy acquisition costsGAAP | $528M | – | – |
| September other underwriting expensesGAAP | $1.07B | – | – |
| September investment expensesGAAP | $3M | – | – |
| September service expensesGAAP | $49M | – | – |
| September interest expenseGAAP | $29M | – | – |
| September total expensesGAAP | $6.63B | – | – |
| September income before income taxesGAAP | $800M | – | – |
| September provision for income taxesGAAP | $170M | – | – |
| September total comprehensive income (loss)GAAP | −$679M | – | – |
| Year-to-date net premiums writtenGAAP | $67.02B | – | – |
| Year-to-date net premiums earnedGAAP | $64.41B | – | – |
| Year-to-date investment incomeGAAP | $2.93B | – | – |
| Year-to-date total net realized gains (losses) on securitiesGAAP | $314M | – | – |
| Year-to-date fees and other revenuesGAAP | $913M | – | – |
| Year-to-date service revenuesGAAP | $421M | – | – |
| Year-to-date total revenuesGAAP | $68.99B | – | – |
| Year-to-date losses and loss adjustment expensesGAAP | $43.30B | – | – |
| Year-to-date policy acquisition costsGAAP | $4.71B | – | – |
| Year-to-date other underwriting expensesGAAP | $9.25B | – | – |
| Year-to-date policyholder credit expenseGAAP | $ 0 million | – | – |
| Year-to-date investment expensesGAAP | $28M | – | – |
| Year-to-date service expensesGAAP | $437M | – | – |
| Year-to-date interest expenseGAAP | $245M | – | – |
| Year-to-date total expensesGAAP | $57.98B | – | – |
| Year-to-date income before income taxesGAAP | $11.01B | – | – |
| Year-to-date provision for income taxesGAAP | $2.34B | – | – |
| Year-to-date net incomeGAAP | $8.67B | – | – |
| Year-to-date total comprehensive incomeGAAP | $5.82B | – | – |
| September diluted earnings per shareGAAP | $ 1.08 | – | – |
| Year-to-date diluted earnings per shareGAAP | $ 14.83 | – | – |
| September total portfolio FTE total returnother | (1.5)% | – | – |
| Year-to-date total portfolio FTE total returnother | (0.3)% | – | – |
| Year-to-date pretax annualized investment income book yieldother | 4.2% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Personal Lines Agency, September net premiums writtenSeptember net premiums earned were $ 2,510 million and grew 3%. | $2.59B | – | 1% |
| Personal Lines Direct, September net premiums writtenSeptember net premiums earned were $ 3,430 million and grew 6%. | $3.59B | – | 1% |
| Personal Lines Property, September net premiums writtenSeptember net premiums earned were $ 261 million and had 0% growth. | $276M | – | 4% |
| Total Personal Lines, September net premiums writtenSeptember net premiums earned were $ 6,201 million and grew 4%; the combined ratio was 89.8. | $6.46B | – | 1% |
| Commercial Lines, September net premiums writtenSeptember net premiums earned were $ 959 million and grew 8%; the combined ratio was 90.8. | $797M | – | 6% |
| Personal Lines Agency, year-to-date net premiums writtenYear-to-date net premiums earned were $ 22,821 million and grew 5%. | $23.39B | – | 3% |
| Personal Lines Direct, year-to-date net premiums writtenYear-to-date net premiums earned were $ 31,161 million and grew 11%. | $32.28B | – | 7% |
| Personal Lines Property, year-to-date net premiums writtenYear-to-date net premiums earned were $ 2,342 million and had 0% growth. | $2.42B | – | 1% |
| Total Personal Lines, year-to-date net premiums writtenYear-to-date net premiums earned were $ 56,324 million and grew 8%; the combined ratio was 87.2. | $58.08B | – | 5% |
| Commercial Lines, year-to-date net premiums writtenYear-to-date net premiums earned were $ 8,081 million and declined (2)%; the combined ratio was 89.0. | $8.93B | – | 5% |
Capital returns
- Common shares repurchased in the current month: 969,262.
- Average cost per common share: $ 207.92.
What drove it
- Policies in force totaled 40,489 thousand at September 30, 2026, up 6% from 38,078 thousand. Total Personal Lines policies in force were 39,237 thousand, up 6%, and Commercial Lines policies in force were 1,252 thousand, up 5%.
- September’s companywide loss/LAE ratio was 69.2, expense ratio was 20.8, and combined ratio was 90.0.
- Year-to-date companywide loss/LAE ratio was 67.2, expense ratio was 20.3, and combined ratio was 87.5.
- September calendar year actuarial adjustment was $ 161 million, including $ 65 million for prior accident years and $ 96 million for the current accident year.
- Year-to-date calendar year actuarial adjustment was $ 790 million, including $ 481 million for prior accident years and $ 309 million for the current accident year.
Concerns
- September total pretax net realized gains (losses) on securities were $ (231) million, versus $ 138 million in the prior-year month.
- Quarter total pretax net realized gains (losses) on securities were $ (170) million, versus $ 295 million in the prior-year quarter.
- September total portfolio FTE total return was (1.5)%, and the year-to-date total portfolio FTE total return was (0.3)%.
- The year-to-date Commercial Lines net premiums earned growth rate was (2)%.
- The year-to-date Property net catastrophe loss ratio was 11.3.
What to watch
- Progressive plans to file its Quarterly Report on Form 10-Q on Monday, November 2, 2026.
- The third quarter Investor Relations conference call is scheduled for Tuesday, November 3, 2026, at 9:30 a.m. eastern time.
- Progressive plans to release October results on Wednesday, November 18, 2026, before the market opens.
- The company stated that it has no additional commentary regarding September’s results.
Balance sheet and cash flow
- Total investments: $ 99,197 million as of September 30, 2026.
- Total assets: $ 127,744 million as of September 30, 2026.
- Debt: $ 8,389 million as of September 30, 2026.
- Shareholders’ equity: $ 34,485 million as of September 30, 2026.
- Debt-to-total capital ratio: 19.6 %.
- Book value per common share: $ 59.51.
- Net unrealized pretax gains (losses) on fixed-maturity securities: $ (3,455) million.
- Fixed-income portfolio duration: 3.6.
- Weighted average credit quality: AA-.
Analysis
Progressive reported continued premium growth in the period ended September 30, 2026. Quarter net premiums written rose 4% to $ 22,301 million and net premiums earned rose 5% to $ 21,869 million. September net premiums written increased 2% to $ 7,255 million and net premiums earned increased 5% to $ 7,160 million. Policies in force reached 40,489 thousand, up 6%, with total Personal Lines policies in force up 6% and Commercial Lines up 5%.
Underwriting performance improved on the reported quarter comparison. The quarter combined ratio was 88.7, compared with 89.5, while September’s combined ratio was 90.0, compared with 100.4. September’s companywide loss/LAE ratio was 69.2 and expense ratio was 20.8. For the year to date, the companywide combined ratio was 87.5, comprising a 67.2 loss/LAE ratio and 20.3 expense ratio.
Growth differed across the reported businesses. In September, Commercial Lines net premiums written grew 6% and net premiums earned grew 8%, compared with 1% and 4%, respectively, for total Personal Lines. On a year-to-date basis, Direct net premiums written grew 7% and net premiums earned grew 11%, while Commercial Lines net premiums earned declined (2)%. The Property business carried a 11.3 year-to-date net catastrophe loss ratio, versus 2.1 for Agency and 2.5 for Direct.
September net income was $ 630 million, up 107%, and diluted earnings per share was $ 1.08, up 109%. Quarter net income was $ 2,542 million, down 3%, and per share available to common shareholders was $ 4.37, down 2%. Securities results weighed on both measurements: September pretax net realized losses were $ (231) million and quarter pretax net realized losses were $ (170) million. The total portfolio FTE return was (1.5)% in September and (0.3)% year to date.
The balance sheet reported $ 99,197 million of total investments, $ 8,389 million of debt, and $ 34,485 million of shareholders’ equity. The company repurchased 969,262 common shares during the current month at an average cost per common share of $ 207.92. Progressive provided no forward financial guidance and no additional monthly commentary, leaving the November 2 Form 10-Q filing, the November 3 conference call, and the planned November 18 October-results release as the next disclosed events.
Not in the filing
stated, not guessed- Forward financial guidance was not provided.
- Previous-period outlook was not provided.
- Operating income was not reported.
- Gross margin was not reported.
- Operating cash flow and free cash flow were not reported.
- Cash and cash equivalents were not separately reported.
- Dividend declaration or payment information was not reported.
- Detailed quarter income-statement line items beyond the headline table were not reported.
- Quarter segment revenue or premium detail was not reported.
- Prior-year comparisons for the September detailed comprehensive income statement line items were not reported.
- Prior-quarter comparisons were not reported for the reported metrics.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.