Progressive公布2026年9月月度业绩：净利同比+107%、综合成本率90.0，但承保增长仅+2%且Q3净利同比仍下滑

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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)
October 14, 2026
THE PROGRESSIVE CORPORATION
(Exact name of registrant as specified in its charter)
Ohio
001-09518
34-0963169
(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 class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $1.00 Par Value
PGR
New 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 2.02 Results of Operations and Financial Condition.
On October 14, 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 September 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:
October 14, 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
News release dated
October
1
4
, 2026, containing financial results of The Progressive Corporation and its consolidated subsidiaries for the month and year-to-date periods ended
September
3
0
, 2026
, and selected quarterly financial results
.
104
104
Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document).
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EX-99
2
pgr202609ex99earningsrelea.htm
EX-99
Document
NEWS RELEASE
The Progressive Corporation
Company Contact:
300 North Commons Blvd.
Julianna Paterra, CFA
Mayfield Village, Ohio 44143
(719) 432-2509
http://www.progressive.com
investor_relations@progressive.com
PROGRESSIVE REPORTS SEPTEMBER RESULTS
MAYFIELD VILLAGE, OHIO -- October 14, 2026 -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month and quarter ended September 30, 2026:
September
Quarter
(millions, except per share amounts and ratios; unaudited)
2026
2025
Change
2026
2025
Change
Net premiums written
$
7,255
$
7,128
2
%
$
22,301
$
21,384
4
%
Net premiums earned
$
7,160
$
6,827
5
%
$
21,869
$
20,849
5
%
Net income
$
630
$
305
107
%
$
2,542
$
2,615
(3)
%
Per share available to common shareholders
$
1.08
$
0.52
109
%
$
4.37
$
4.45
(2)
%
Total pretax net realized gains (losses) on securities
$
(231)
$
138
(267)
%
$
(170)
$
295
(158)
%
Combined ratio
90.0
100.4
(10.4)
pts.
88.7
89.5
(0.8)
pts.
Average diluted equivalent common shares
581.7
588.2
(1)
%
582.2
588.2
(1)
%
September 30,
(thousands; unaudited)
2026
2025
% Change
Policies in Force
Personal Lines
Agency – auto
11,347
10,630
7
Direct – auto
16,848
15,619
8
Special lines
7,390
6,980
6
Property
3,652
3,651
0
Total Personal Lines
39,237
36,880
6
Commercial Lines
1,252
1,198
5
Total
40,489
38,078
6
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 September 30, 2026
(millions)
(unaudited)
Current Month
Comments on Monthly Results
1
Net premiums written
$
7,255
Revenues:
Net premiums earned
$
7,160
Investment income
352
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales
(3)
Net holding period gains (losses) on securities
(228)
Total net realized gains (losses) on securities
(231)
Fees and other revenues
105
Service revenues
48
Total revenues
7,434
Expenses:
Losses and loss adjustment expenses
4,959
Policy acquisition costs
528
Other underwriting expenses
1,066
Investment expenses
3
Service expenses
49
Interest expense
29
Total expenses
6,634
Income before income taxes
800
Provision for income taxes
170
Net income
630
Other comprehensive income (loss):
Change in total net unrealized gains (losses) on fixed-maturity securities
(1,309)
Total comprehensive income (loss)
$
(679)
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 September 30,
(millions)
(unaudited)
Year-to-Date
2026
2025
Net premiums written
$
67,019
$
63,666
Revenues:
Net premiums earned
$
64,410
$
60,568
Investment income
2,931
2,609
Net realized gains (losses) on securities:
Net realized gains (losses) on security sales
103
32
Net holding period gains (losses) on securities
211
438
Total net realized gains (losses) on securities
314
470
Fees and other revenues
913
896
Service revenues
421
382
Total revenues
68,989
64,925
Expenses:
Losses and loss adjustment expenses
43,303
39,854
Policy acquisition costs
4,712
4,522
Other underwriting expenses
9,253
8,423
Policyholder credit expense
0
950
Investment expenses
28
26
Service expenses
437
400
Interest expense
245
209
Total expenses
57,978
54,384
Income before income taxes
11,011
10,541
Provision for income taxes
2,340
2,184
Net income
8,671
8,357
Other comprehensive income (loss):
Changes in:
Total net unrealized gains (losses) on fixed-maturity securities
(2,847)
1,611
Net unrealized losses on forecasted transactions
0
1
Other comprehensive income (loss)
(2,847)
1,612
Total comprehensive income (loss)
$
5,824
$
9,969
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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 September 30,
(millions – except per share amounts)
(unaudited)
The following table sets forth the computation of per share results:
September
Year-to-Date
2026
2026
2025
Net income
$
630
$
8,671
$
8,357
Per common share:
Basic
$
1.09
$
14.87
$
14.25
Diluted
$
1.08
$
14.83
$
14.21
Comprehensive income (loss)
$
(679)
$
5,824
$
9,969
Per common share:
Diluted
1
$
(1.17)
$
9.96
$
16.95
Average common shares outstanding - Basic
580.4
583.1
586.3
Net effect of dilutive stock-based compensation
1.3
1.5
1.8
Total average equivalent common shares - Diluted
581.7
584.6
588.1
1
Basic earnings per share is disclosed where a comprehensive loss is reported since diluted comprehensive earnings per share are antidilutive.
The following table sets forth the investment results for the period:
September
Year-to-Date
2026
2026
2025
Fully taxable equivalent (FTE) total return:
Fixed-income securities
(1.6)%
(0.9)%
5.8%
Common stocks
(0.5)%
13.0%
13.8%
Total portfolio
(1.5)%
(0.3)%
6.1%
Pretax annualized investment income book yield
4.3%
4.2%
4.2%
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THE PROGRESSIVE CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
For the month ended September 30, 2026
($ in millions)
(unaudited)
Current Month
Personal Lines Business
Commercial
Vehicles
Lines
Companywide
Agency
Direct
Property
Total
Business
Total
Net Premiums Written
$
2,594
$
3,588
$
276
$
6,458
$
797
$
7,255
% Growth in NPW
1%
1%
4%
1%
6%
2%
Net Premiums Earned
$
2,510
$
3,430
$
261
$
6,201
$
959
$
7,160
% Growth in NPE
3%
6%
0%
4%
8%
5%
GAAP Ratios
Loss/LAE ratio
69.4
70.5
33.8
68.5
73.0
69.2
Expense ratio
19.2
22.2
29.5
21.3
17.8
20.8
Combined ratio
88.6
92.7
63.3
89.8
90.8
90.0
Net catastrophe loss ratio
1
1.3
5.0
1.5
0.4
1.4
Actuarial Adjustments
2
Reserve Decrease/(Increase)
Prior accident years
$
65
Current accident year
96
Calendar year actuarial adjustment
$
28
$
66
$
33
$
127
$
34
$
161
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment
$
65
All other development
78
Total development
$
143
Calendar year loss/LAE ratio
69.2
Accident year loss/LAE ratio
71.2
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 September 30, 2026
($ in millions)
(unaudited)
Year-to-Date
Personal Lines Business
Commercial
Vehicles
Lines
Companywide
Agency
Direct
Property
Total
Business
Total
Net Premiums Written
$
23,387
$
32,276
$
2,416
$
58,079
$
8,931
$
67,019
% Growth in NPW
3%
7%
1%
5%
5%
5%
Net Premiums Earned
$
22,821
$
31,161
$
2,342
$
56,324
$
8,081
$
64,410
% Growth in NPE
5%
11%
0%
8%
(2)%
6%
GAAP Ratios
Loss/LAE ratio
66.7
68.8
46.9
67.1
67.6
67.2
Expense ratio
18.4
20.8
29.4
20.1
21.4
20.3
Combined ratio
85.1
89.6
76.3
87.2
89.0
87.5
Net catastrophe loss ratio
1
2.1
11.3
2.5
0.4
2.2
Actuarial Adjustments
2
Reserve Decrease/(Increase)
Prior accident years
$
481
Current accident year
309
Calendar year actuarial adjustment
$
245
$
335
$
81
$
661
$
129
$
790
Prior Accident Years Development
Favorable/(Unfavorable)
Actuarial adjustment
$
481
All other development
1,055
Total development
$
1,536
Calendar year loss/LAE ratio
67.2
Accident year loss/LAE ratio
69.6
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)
September 30, 2026
CONDENSED GAAP BALANCE SHEET:
Investments, at fair value:
Available-for-sale securities:
Fixed maturities
1
(amortized cost: $95,719)
$
92,247
Short-term investments (amortized cost: $2,125)
2,125
Total available-for-sale securities
94,372
Equity securities:
Nonredeemable preferred stocks
(cost: $212)
193
Common equities (cost: $909)
4,632
Total equity securities
4,825
Total investments
2, 3
99,197
Net premiums receivable
17,337
Reinsurance recoverables (including $3,592 on unpaid loss and LAE reserves)
3,875
Deferred acquisition costs
2,300
Other assets
5,035
Total assets
$
127,744
Unearned premiums
$
27,873
Loss and loss adjustment expense reserves
46,786
Other liabilities
2
10,211
Debt
8,389
Total liabilities
93,259
Shareholders’ equity
34,485
Total liabilities and shareholders’ equity
$
127,744
Common shares outstanding
579.5
Common shares repurchased in the current month
969,262
Average cost per common share
$
207.92
Book value per common share
$
59.51
Trailing 12-month return on average common shareholders’ equity
Net income
34.4
%
Comprehensive income
25.7
%
Net unrealized pretax gains (losses) on fixed-maturity securities
$
(3,455)
Increase (decrease) from the previous month
$
(1,656)
Increase (decrease) from December 2025
$
(3,603)
Debt-to-total capital ratio
19.6
%
Fixed-income portfolio duration
3.6
Weighted average credit quality
AA-
.
1
As of September 30, 2026, we held certain hybrid securities and recognized a change in fair value of $17 million as a realized loss during the period we held these securities.
2
Includes $1,160 million of net unsettled security transactions classified in “other liabilities.”
3
Includes $6 billion, net of unsettled transactions, of investments in a consolidated, non-insurance subsidiary of the holding company.
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Monthly Commentary
•
The company has no additional commentary regarding September’s results.
Events
Our third quarter Investor Relations conference call is currently scheduled to be held on Tuesday, November 3, 2026, at 9:30 a.m. eastern time. This conference call, which will consist of both a conference call and audio-only webcast, is scheduled to last 60 minutes and will consist of 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, November 2, 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 October results on Wednesday, November 18, 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.
- 8 -
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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