Progressive's September underwriting improved strongly from a weak month a year earlier. The companywide combined ratio was 90.0, against 100.4 in September 2025, and net income rose to $630m from $305m, or $1.08 a share against $0.52. Net premiums written grew 2% to $7.26bn and net premiums earned 5% to $7.16bn. The month included $231m of net realized losses on securities, against a $138m gain a year earlier.
For the third quarter, net premiums written rose 4% to $22.30bn and earned premiums 5% to $21.87bn. The combined ratio improved to 88.7 from 89.5, but net income fell 3% to $2.54bn, or $4.37 a share. Net realized losses on securities were $170m in the quarter, against a $295m gain in the third quarter of 2025.
In September, Personal Lines wrote $6.46bn, up 1%, at a combined ratio of 89.8, and Commercial Lines wrote $797m, up 6%, at 90.8. Agency auto ran at 88.6, direct auto at 92.7 and property at 63.3. Catastrophe losses added 1.4 points to the September loss ratio and 2.2 points for the year to date. Favourable prior-year reserve development was $143m in the month and $1.54bn for the year to date.
Policies in force reached 40.5 million at 30 September, up 6%. Direct auto grew 8% to 16.8 million and agency auto 7% to 11.3 million, while property was flat at 3.7 million. Progressive gave no further commentary on the month. It plans to file its quarterly report on 2 November, hold a conference call on 3 November and publish October results on 18 November.
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The Progressive Corporation (Form 8-K, Exhibit 99) ↗Company · 14 Oct 2026
This is an original brief based on the linked publication. Company statements and forecasts are attributed to their source.
