PGR · The Progressive Corporation

The Progressive Corporation delivered strong first quarter 2026 results, with net income rising 10% year-over-year to $2.82 billion. Diluted earnings per share increased to $4.80 from $4.37 in the prior year period. The profitability was underpinned by robust premium growth and disciplined underwriting, as evidenced by a combined ratio of 86.4%. Net premiums written grew 6% to $23.64 billion, while net premiums earned increased 8% to $20.97 billion. Growth was broad-based across segments, with total policies in force climbing 9% to nearly 39.6 million. The Direct Auto segment showed particular strength, growing policies by 12% year-over-year. Investment results reflected a challenging environment, with a total portfolio return of 0.1% for the quarter, though pretax investment income yield remained stable at 4.2%. The company reported net realized losses on securities of $120 million, an improvement from the $212 million loss in the same quarter last year. Capital return remains a priority, with the company repurchasing 768,273 shares in March at an average price of $204.48. Book value per share ended the quarter at $54.82. The company noted a nuance in the monthly closing process affecting March growth comparisons but affirmed that first-quarter growth rates were unaffected. Management scheduled the Q1 investor call for May 5, 2026.