The Progressive Corporation (PGR) Q1 2026 earnings summary

Executive summary

• Achieved strong growth and profitability in Q1 2026, with a combined ratio of 86.4 and 6% net premiums written growth year-over-year, and 9% growth in policies in force.

• Personal Lines segment saw 9% growth in policies in force and 7% growth in net premiums written, maintaining an 86.0 combined ratio.

• Commercial Lines delivered 3% net premiums written growth, driven by transportation network company (TNC) business, with a combined ratio of 89.0.

• Net income increased by $251 million year-over-year, reflecting higher underwriting profit and investment income.

Financial highlights

• Net premiums earned: $20.97B, up 8% year-over-year.

• Net income: $2.82B, up from $2.57B in Q1 2025.

• Earnings per share (diluted): $4.80, up from $4.37 year-over-year.

• Total revenues: $22.19B, up from $20.41B year-over-year.

• Comprehensive income: $2.24B, down from $3.47B in Q1 2025 due to net unrealized losses on fixed-maturity securities.

Outlook and guidance

• Expect continued positive cash flows and sufficient capital resources to support operations and growth.

• Plan to continue investing in advertising and operational efficiency to drive growth and retention.

• Anticipate modest rate increases in personal property products and ongoing monitoring of loss cost drivers.